The Federal Accounts Allocation Committee (FAAC) has announced the distribution of N1.2 trillion in revenue earned in August 2024 to the Federal Government, State Governments, and Local Government Councils across the country.
This announcement was made during the FAAC’s September 2024 meeting in Abuja, as detailed in a statement by Bawa Mokwa, the Director of Press and Public Relations, on Tuesday.
The total revenue disbursed marks an 11 percent decline, equivalent to N155 billion less than the N1.358 trillion distributed in July 2024.
The statement clarified that the N1.2 trillion distributed included N186.64 billion from statutory revenue, N533.90 billion from Value Added Tax (VAT), N15.02 billion from the Electronic Money Transfer Levy, and N468.25 billion from exchange rate differences.
In total, the available revenue for August 2024 stood at N2.278 trillion, with N81.98 billion deducted for collection costs.
Out of the N1.2 trillion allocated, the Federal Government received N374.93 billion, the State Governments were allocated N422.86 billion, and Local Government Councils were given N306.53 billion. Additionally, N99.47 billion, representing 13 percent of mineral revenue, was distributed to eligible states as derivation revenue.
