The Federation Accounts Allocation Committee (FAAC) announced that a total of N1.203 trillion from August 2024 federation accounts revenue has been allocated to the Federal Government, States, and Local Government Councils.
Daily Report Nigeria reports that the announcement was made on Tuesday in a statement titled:
“FG, STATES, LGCs SHARE N1.203 TRILLION AUGUST 2024 REVENUE” and signed by Bawa Mokwa, the FAAC spokesperson for the Accountant General of the Federation (AGF).
It revealed that the distributable revenue includes N186.636 billion in statutory revenue, N533.895 billion from Value Added Tax (VAT), N15.017 billion from the Electronic Money Transfer Levy (EMTL), and N468.245 billion from exchange differences.
A communiqué from FAAC revealed that the total revenue available for August 2024 was N2.278 trillion.
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Deductions for collection costs amounted to N81.975 billion, while transfers, interventions, and refunds totalled N992.617 billion.
Gross statutory revenue for August 2024 was N1.221 trillion, a decrease of N165.994 billion from July 2024’s N1.387 trillion.
VAT revenue for August stood at N573.341 billion, down by N51.988 billion from July’s N625.329 billion.
READ ALSO: FG, States, LGs Share N1.35tn in June Allocation– FAAC
From the N1.203 trillion distributable revenue, the Federal Government received N374.925 billion, State Governments N422.861 billion, and Local Government Councils N306.533 billion.
In addition, N99.474 billion (13% of mineral revenue) was allocated to benefiting states as derivation revenue.
The communiqué detailed that from the N186.636 billion statutory revenue, the Federal Government received N71.624 billion, State Governments N36.329 billion, and Local Government Councils N28.008 billion, with N50.675 billion shared as derivation revenue.
From the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, State Governments N266.948 billion, and Local Government Councils N186.863 billion.
The Federal Government received N2.252 billion from the N15.017 billion EMTL, with State Governments getting N7.509 billion and Local Government Councils N5.256 billion.
From the N468.245 billion exchange difference revenue, the Federal Government received N220.964 billion, State Governments N112.076 billion, and Local Government Councils N86.406 billion, with N48.799 billion shared as derivation revenue.
In August 2024, revenues from Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT) all saw decreases.
Meanwhile, the balance in the Excess Crude Account (ECA) stood at $473,754.57.
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