The Federal Accounts Allocation Committee (FAAC) announced the distribution of N1.2 trillion for August 2024 among the Federal Government, States, and Local Government Councils. This amount represents an 11% decrease from July’s N1.358 trillion.
The revenue breakdown includes:
Statutory Revenue: N186.636 billion
Value Added Tax (VAT):N533.895 billion
Electronic Money Transfer Levy: N15.02 billion
-Exchange Difference Revenue: N468.25 billion
The total gross revenue for August was N2.278 trillion, with N81.98 billion deducted for collection costs. The Federal Government received N374.93 billion, State Governments received N422.86 billion, and Local Government Councils received N306.53 billion. Additionally, N99.47 billion was allocated as derivation revenue to benefiting States.
The FAAC also reported a decrease in various revenue sources compared to July, including Oil and Gas Royalty and VAT. The balance in the Excess Crude Account (ECA) stood at $473,754.57.
