A total of N1.123tn for March 2024 has been disbursed by the Federation Account Allocation Committee to the federal, state, and local governments.
According to a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday, the allocation, which was derived from a gross total of N1.867tn, marks a significant distribution of funds aimed at supporting various government tiers.
Manga stated that the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.
“This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.
The statement added that the Federal Government received N345.890bn, states and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.
The FAAC statement also noted an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.
This increase reflects the country’s economic growth and improved tax compliance.
FAAC is responsible for examining and approving the distribution of financial resources to the states and the Federal Government.
Monthly, this committee is tasked with disbursing funds across Nigeria’s 36 states and its 774 local government areas.
This allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.