In March 2021, the FG, States, and Local Government Areas will share N681.330 billion

The Excess Crude Account (ECA) currently has a balance of $72.413 million.
The Federation Accounts Allocation Committee (FAAC)

The Federation Accounts Allocation Committee (FAAC) distributed N681.33 billion in March 2021 Federation revenue to the federal, state, and local governments, as well as other related agencies in the country.

154 billion was allocated to the non-oil income savings account in March 2021.

The Excess Crude Account (ECA) currently has a balance of $72.413 million.

This was stated in a communiqué issued at the conclusion of the Federation Account Allocation Committee's (FAAC) virtual meeting for April 2021.

For the month of March 2021, gross statutory revenue was N466.687 billion, VAT revenue was N181.712 billion, and exchange gain was N2.931 billion.

The amount of N30 billion was applied to the overall distributive revenue, taking it to N681.330 billion.

According to the communique, the Federal Government obtained N212.146 billion, the State Governments received N179.242 billion, and the Local Government Council received N132.193 billion from the total distributive revenue.

The communique stated that

“the sum of N40.241 billion was shared to the relevant States as 13% derivation revenue, while the cost of revenue collection, transfers and refunds was N87.507 billion. The N30 billion augmentation was also shared as appropriate”.

The Federal Government received N185.365 billion from the total statutory revenue of N466.687 billion available in March 2021, while State Governments received N94.020 billion and Local Government Councils received N72.485 billion.

The related States received N40.028 billion in derivation income, and N74.788 billion was allocated to revenue collection, transfers, and refunds.

The Federal Government earned N25.349 billion from the N181.712 billion in VAT revenue available in March 2021. State governments received N84.497 billion, local government councils received N59.148 billion, and collection, transfers, and refunds costs totaled N12.719 billion.

From the total revenue of N2.931 billion available from Exchange Gain, the Federal Government received N1.432 billion, State Governments received N0.726 billion, Local Government Councils received N0.560 billion, and Oil Producing States received N0.213 billion, according to the communiqué.

Import Duty, Excise Duty, Value Added Tax (VAT), Companies Income Tax (CIT), and Oil and Gas Royalty all saw significant rises in March 2021, according to the communiqué, while Petroleum Profit Tax (PPT) decreased significantly.