The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.578 trillion among the Federal Government, states, and local governments as revenue for the month of March.
This information was released in a communiqué issued by FAAC on Saturday, as conveyed by Bawa Mokwa, the Director of Press and Public Relations for the Office of the Accountant-General of the Federation.
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The total revenue of ₦1.578 trillion comprised ₦931.325 billion in statutory revenue and ₦593.750 billion from Value Added Tax (VAT). It also included ₦24.971 billion from the Electronic Money Transfer Levy (EMTL) and ₦28.711 billion from Exchange Difference revenue.
FAAC reported that the total gross revenue available in March was ₦2.411 trillion. From this amount, ₦85.376 billion was deducted for collection costs, while ₦747.180 billion was allocated for transfers, interventions, and refunds.
The communiqué further stated that the gross statutory revenue of ₦1.718 trillion received in March was higher than the ₦1.653 trillion received in February by ₦65.422 billion.
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