The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion to the Federal Government, state governments, and Local Government councils as revenue for August 2024. This was revealed during the FAAC meeting held in September 2024 in Abuja, according to a statement from Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
The N1.2 trillion allocation reflects an 11% decrease from the N1.358 trillion distributed in July 2024, representing a reduction of N155 billion.
“A total sum of N1.203 trillion from the August 2024 Federation Accounts Revenue has been shared among the Federal Government, states, and Local Government councils,” the statement noted. The distribution includes N186.64 billion from statutory revenue, N533.9 billion from Value Added Tax (VAT), N15.02 billion from the Electronic Money Transfer Levy, and N468.25 billion from exchange differences.
Breaking down the disbursement, the Federal Government received N374.93 billion, state governments were allocated N422.86 billion, and Local Government councils got N306.53 billion. Additionally, N99.47 billion, representing 13% of mineral revenue, was allocated to oil-producing states as derivation revenue.
According to the communiqué, gross statutory revenue for August 2024 amounted to N1.22 trillion, a decrease of N165.99 billion compared to the N1.39 trillion recorded in July 2024. Similarly, VAT revenue for August stood at N573.34 billion, down from the N625.33 billion recorded in the previous month, showing a decline of N51.99 billion.
