The Federal Accounts Allocation Committee (FAAC) announced it disbursed N1.2 trillion in revenue for August 2024 to the Federal Government, states, and local councils in Nigeria.
In a statement on Tuesday, Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, confirmed the announcement made at FAAC’s September 2024 meeting in Abuja.
The amount marks an 11% decrease, or N155 billion, from the N1.358 trillion distributed to the three tiers in July.
The statement read, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, states and Local Government councils in the country.”
According to the OAGF official, the revenue comprised N186.636 billion in statutory revenue, N533.895 billion from Value Added Tax, N15.02 billion from the Electronic Money Transfer Levy, and N468.25 billion from Exchange Difference revenue. The communiqué analysis revealed that N2.278 trillion was available in August 2024.
Bawa further explained that from the N1.203 trillion distributable revenue, the Federal Government received N374.93 billion, while the states received N422.86 billion. Local Government councils were allocated N306.53 billion, and N99.47 billion (13% of mineral revenue) was distributed to qualifying states as derivation revenue.
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