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Fed, States,LGs Shares N1.15trn
FAAC Allocation In February, Highest Revenue Distribution (Breakdown)

Fed, States,LGs Shares N1.15trn
FAAC Allocation In February, Highest Revenue Distribution (Breakdown)

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Fed, States,LGs Shares N1.15trn
FAAC Allocation In February, Highest Revenue Distribution (Breakdown)
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The Federation Account Allocation Committee (FAAC) disbursed a total of N1.152 trillion to the three tiers of government as Federation Allocation for the month of February 2024.


This allocation, derived from a gross total of N2.326 trillion, marks a notable increase from the figures recorded in the preceding month of January.


The breakdown of the disbursed amount reveals that the total distributable revenue of N1.152 trillion was drawn from various sources, including statutory revenue, value-added tax (VAT), electronic money transfer levy (EMTL), and exchange difference.


Notably, the Federal Government received N352.409 billion, while states, local governments, and oil-producing states received significant allocations as well.


The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presided over the FAAC meeting, emphasising the government’s commitment to economic growth and development. Edun highlighted ongoing intervention programmes aimed at supporting vulnerable Nigerians and ensuring sustained economic growth.


Revenue trends showcased significant increases in Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Excise Duty, and Customs External Tariff Levies (CET). However, Electronic Money Transfer Levy (EMTL) and Company Income Tax (CIT) witnessed considerable decreases.


Furthermore, the Excess Crude Account (ECA) balance as of March 2024 stands at $473,754.57, indicating stability in the country’s financial reserves.


Overall, the FAAC’s allocation underscores the government’s efforts to bolster revenue generation and support economic initiatives aimed at fostering growth and prosperity across Nigeria.


BREAKDOWN


Abia: 8.3BN

Adamawa: 8.4BN

Akwa Ibom: 26.6BN

Anambra: 10.1BN

Bauchi: 8.3BN

Bayelsa: 22.8BN

Benue: 9.7BN

Borno: 10.5BN

Cross River: 6.6BN

Delta: 38.1BN

Ebonyi: 7.3BN

Edo: 10.2BN

Ekiti: 6.9BN

Enugu: 8.5BN

Gombe: 7.1BN

Imo: 9.5BN

Jigawa: 9.8BN

Kaduna: 7.3BN

Kano: 13.6BN

Katsina: 9.8BN

Kebbi: 8.8BN

Kogi: 7.4BN

Kwara: 7.3BN

Lagos: 23.6BN

Nasarawa: 7.7BN

Niger: 8.5BN

Ogun: 7.1BN

Ondo: 10.3BN

Osun: 7.8BN

Oyo: 10.5BN

Plateau: 7.8BN

Rivers: 28.4BN

Sokoto: 8.4BN

Taraba: 8.1BN

Yobe: 7.9BN

Zamfara: 7.9BN

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