This development was contained in a communiqué issued after the FAAC meeting, and made public by Mr Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, on Saturday.

According to the communiqué, the total distributable revenue of ₦1.578 trillion was made up of ₦931.325 billion from statutory revenue, ₦593.750 billion from Value Added Tax (VAT), ₦24.971 billion from the Electronic Money Transfer Levy (EMTL), and ₦28.711 billion from exchange difference earnings.

FAAC revealed that the total gross revenue available in March stood at ₦2.411 trillion, signalling a strong revenue performance. From this amount, ₦85.376 billion was deducted for the cost of collection, while transfers, interventions and refunds accounted for ₦747.180 billion.

Further breakdown of the report indicates that the gross statutory revenue of ₦1.718 trillion received in March represented an increase of ₦65.422 billion when compared to the ₦1.653 trillion recorded in February.

The disbursement reflects the continued dedication of public financial managers and revenue-generating agencies who are working relentlessly under challenging economic conditions to ensure that government at all levels is adequately funded to meet the needs of the populace.

Observers and analysts view this steady growth in revenue as a positive trajectory, albeit with the understanding that transparency, accountability and prudent utilisation of public funds remain key to achieving lasting socio-economic impact.

The post FAAC Shares ₦1.578tn  to FG, States,  LGs for March Allocation first appeared on MegaIcon Magazine.

The post FAAC Shares ₦1.578tn  to FG, States,  LGs for March Allocation appeared first on MegaIcon Magazine.