FG, States, and LGs Shared N1.2tn in August – FAAC.
The Federal Accounts Allocation Committee has reported that N1.2 trillion in revenue was disbursed to the Federal Government, states, and Local Government councils in Nigeria for August 2024. This announcement was made during the FAAC meeting held in September 2024 in Abuja, as stated by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
This amount reflects an 11% decline, equating to N155 billion, compared to the N1.358 trillion allocated in July. The statement highlighted that a total of N1.203 trillion from the August 2024 Federation Accounts Revenue was shared among the three tiers of government.
According to the OAGF official, the revenue consisted of various components: statutory revenue of N186.636 billion, Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.02 billion, and Exchange Difference revenue of N468.25 billion.
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An analysis of the communiqué revealed that a total revenue of N2.278 trillion was available in August 2024. From the N1.203 trillion total 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 an additional N99.47 billion, representing 13% of mineral revenue, was distributed to the benefiting states as derivation revenue. This distribution reflects the ongoing adjustments in revenue allocation amidst changing economic conditions.
The communiqué further detailed that the gross statutory revenue for August 2024 was N1.22 trillion, which is N165.99 billion lower than the N1.39 trillion received in July. Additionally, the gross revenue from Value Added Tax in August amounted to N573.34 billion, down by N51.99 billion from the N625.33 billion available in July.
