Federation Account Allocation Committee (FAAC) (March 2024 Disbursement)


1. The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦2.33 trillion to the three tiers of government in March 2024 from the total revenue generated in February 2024.
2. The amount disbursed comprised:
• ₦1.19 trillion recorded from the Statutory Account,
• ₦657.44 billion from Exchange Gain,
• ₦15.79 billion from Electronic Money Transfer Levy (EMTL), and
• ₦460.49 billion from Value Added Tax.
3. The allocations to the three tiers of government for March 2024 were:
• Federal Government with a total of ₦352.41 billion
• States with a total of ₦366.95 billion, and
• Local Governments with a total of ₦267.15 billion.
4. The sum of ₦166.24 billion was shared among the oil-producing states from the 13% derivation fund.
5. The revenue generating agencies comprising Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS) received ₦20.04 billion, and ₦26.91 billion respectively, as cost of revenue collections.  

Data source: National Bureau of Statistics