FAAC Shares N1.123trn March 2024 Revenue to FG, States, LGs

The Federation Account Allocation Committee (FAAC) has distributed a sum of N1.123 trillion to the federal, state, and local governments for March 2024.

Mohammed Manga, who works at the Ministry of Finance, shared this news in a statement. He said that this money will help the government keep working on projects and providing important services to people.

The breakdown of the money goes like this: The Federal Government got N345.890 billion, state governments got N398.689 billion, local governments got N288.688 billion, and states that produce oil got N90.224 billion from a special fund.
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There’s also good news about the money the government gets from Value Added Tax (VAT). In March 2024, the government got N549.698 billion from VAT, which is a lot more than the month before. This shows that the country’s economy is getting better and more people are paying their taxes.

But there’s also some not-so-good news. The total money the government got in March was less than what it got in February. This is because some taxes, like excise duty and petroleum profit tax, went down.

Overall, the government now has N473,754.57 in a special account to use in case of emergencies. This is really important for keeping the country’s finances stable.

By giving out this money, the FAAC hopes to help the economy grow and make life better for everyone. They want to use the money to improve things like roads, hospitals, schools, and other important parts of the country.