In the latest meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, the Federation Account Allocation Committee (FAAC) announced the disbursement of a total of ₦1,152.756 billion as February 2024 Federation Account Revenue to the Federal Government, States, and Local Government Councils.
This amount includes distributable statutory revenue, Value Added Tax (VAT) revenue, Electronic Money Transfer Levy (EMTL) revenue, and Exchange Difference revenue.
The FAAC revealed that there was an increase in gross statutory revenue compared to the previous month, with significant rises in revenue from Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT, and CET Levies.
However, there were decreases in Companies Income Tax (CIT) and EMTL. The meeting also noted that the balance in the Excess Crude Account (ECA) stood at $473,754.57.
