The Federal Accounts Allocation Committee (FAAC) has reported that it allocated N1.2 trillion in revenue earned during August 2024 to the Federal Government, states, and Local Government councils across Nigeria.
This revenue distribution was revealed at the FAAC meeting held in Abuja in September 2024, according to a statement released by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, on Tuesday.
The amount distributed reflects an 11 percent decrease, equivalent to N155 billion, compared to the N1.358 trillion allocated to the three tiers of government in July.
The statement read, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, states and Local Government councils in the country.”
The official from the Office of the Accountant-General of the Federation (OAGF) indicated that the revenue distribution included statutory revenue amounting to N186.636 billion, Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.02 billion, and revenue from Exchange Difference totaling N468.25 billion.
An analysis of the communiqué revealed that a total revenue of N2.278 trillion was available in August 2024.
Bawa further explained that from the total distributable revenue of N1.203 trillion, the Federal Government received N374.93 billion, while state governments were allocated N422.86 billion.
The Local Government councils were allocated a total of N306.53 billion, while N99.47 billion, representing 13 percent of mineral revenue, was distributed to the benefiting states as derivation revenue.
The communiqué stated that the gross statutory revenue for August 2024 amounted to N1.22 trillion, which is a decrease of N165.99 billion compared to the N1.39 trillion received in July 2024.
