FAAC revenue declines again in March, see how much FG, states and local government got as allocations

• The FAAC has disclosed that revenues person declined again successful March 2025, the 3rd clip this year
• This means that the national government, states, and section governments get adjacent little allocation this month
• The diminution is contempt increases seen successful institution income tax, petroleum taxes, and respective others

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The federal government, 36 authorities governments, and 774 section governments person experienced a gross diminution this month, arsenic national allocations person decreased for the 3rd consecutive month.

The Federation Account Allocation Committee reported a gross of N1.703 trillion for January 2025, which decreased to N1.678 trillion the pursuing month.

March, being the 3rd period of the year, has seen the gross diminution adjacent further to N1.578 trillion.

Value Added Tax has reduced significantly, indicating that depletion has dropped nationwide. Photo credit: State House
Source: Facebook

The Press connection issued by Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, connected Tuesday disclosed this accusation aft the April FAAC meeting.

Breakdown of March 2025 revenues

The connection mentioned a gross gross of N2.411 trillion, but anterior deductions included N85.376 cardinal for postulation costs and N747.180 cardinal for transfers, refunds, and different interventions.

The breakdown of the gross shows that;

• Statutory gross made up N931.325 billion
• Value Added Tax accounted for N593.75 billion
• The Electronic Money Transfer levy was N24.971 cardinal
• Exchange quality gross was N28.711 cardinal

Overall, statutory gross accrued from N1.653 trillion the erstwhile period to N1.718 trillion successful March, portion VAT reduced N654.456 cardinal to N637.618 billion, on with EMTL, Excise duties, import duties, and lipid and state royalties.

The connection indicated that the funds were distributed during the April FAAC gathering held successful Abuja connected Tuesday, arsenic reported by The PUNCH.

How overmuch FG, states, and section governments received

The connection besides gave a breakdown of however the money was shared.

• The Federal authorities received N528.696 billion.
• The authorities governments received a combined N530.448 billion.
• The section authorities councils received N387.002 billion.
• The oil-producing states received N132.611 cardinal arsenic 13% derivation revenue.

The N931 cardinal statutory gross was shared 3 ways, with the national authorities receiving N422.485 billion, authorities governments receiving N214.290 billion, and the section authorities receiving N165.209 billion. Oil-producing states got an further N129.341 cardinal arsenic derivation.

The Electronic Money Transfer Levy was besides shared 3 ways – N3.746 cardinal to national government, N12.485 cardinal and N8.740 cardinal to the states and section governments councils.

The FAAC allocations are done monthly utilizing the law sharing formula. Photo credit: State House
Source: Twitter

The Value Added Tax gross was shared likewise - N89.063 billion, N296.875 billion, and N207.813 cardinal to the federal, states, and section governments, respectively.

The Exchange quality was besides divided into N13.402 billion, N6.798 cardinal and N5.241billion, to the federal, states and section governments respectively. Oil-producing states got an further N3.270 cardinal arsenic derivation.

Local governments to person nonstop allocations from FG

In related news, Legit.ng has reported that the section authorities councils present get nonstop FAAC allocation from the national authorities successful furtherance of the Supreme Court judgement connected section authorities autonomy.

This started with the January FAAC allocations, arsenic the presidency noted that it had enactment successful spot the indispensable mechanisms.

The Supreme Court ruled successful July 2024 that the states did not person the law close to power the funds of the section government.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng