The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion in revenue earned in August 2024 to the Federal Government, state governments, and local government councils across Nigeria, Okay.ng reports.
The revenue distribution was disclosed during the September 2024 FAAC meeting held in Abuja. The announcement came via a statement released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), on Tuesday.
The total disbursed amount of N1.203 trillion reflects a decrease of 11 percent (or N155 billion) from the N1.358 trillion distributed in July 2024.
“A total sum of N1.203 trillion in August 2024 Federation Accounts revenue has been shared among the Federal Government, states, and Local Government councils in the country,” the statement read.
The disbursed revenue includes:
- N186.64 billion in statutory revenue
- N533.90 billion from Value Added Tax (VAT) revenue
- N15.02 billion from the Electronic Money Transfer Levy (EMTL)
- N468.25 billion from the Exchange Difference revenue.
From the N1.203 trillion distributable revenue, the Federal Government received N374.93 billion, while state governments were allocated N422.86 billion. Local Government councils received N306.53 billion, and N99.47 billion was shared with benefiting states as derivation revenue (13 percent of mineral revenue).
The communiqué revealed that gross statutory revenue for August 2024 amounted to N1.22 trillion, which was lower by N165.99 billion compared to July 2024’s revenue of N1.39 trillion. Similarly, VAT revenue for August stood at N573.34 billion, down from N625.33 billion in July 2024.
The OAGF also noted that total available revenue for the month was N2.278 trillion, with allocations made to the three tiers of government.
