The Federal Government, states, and local councils in Nigeria shared a total of N1.2 trillion in revenue for August 2024, according to the Federal Accounts Allocation Committee (FAAC).
This was disclosed during the FAAC’s September meeting in Abuja, as stated by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, on Tuesday. The August distribution marks an 11% decrease from the N1.358 trillion shared in July, a drop of N155 billion.
In total, N1.203 trillion was allocated, including statutory revenue of N186.64 billion, VAT revenue of N533.90 billion, Electronic Money Transfer Levy (EMTL) of N15.02 billion, and an exchange difference of N468.25 billion.
The breakdown shows that the Federal Government received N374.93 billion, state governments were allocated N422.86 billion, and local governments received N306.53 billion. An additional N99.47 billion was shared with mineral-producing states as derivation revenue.
According to the FAAC communiqué, August’s gross statutory revenue totaled N1.22 trillion, which is N165.99 billion less than July’s N1.39 trillion. Similarly, VAT revenue for August stood at N573.34 billion, down from July’s N625.33 billion by N51.99 billion.
