The Federal Accounts Allocation Committee (FAAC) has distributed N1.2 trillion in revenue earned in August 2024 to the Federal Government, states, and Local Government councils across Nigeria. This figure marks an 11% decline from the N1.358 trillion disbursed in July, representing a drop of N155 billion.
This announcement was made during the FAAC’s September 2024 meeting in Abuja, as detailed in a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, on Tuesday.
The breakdown of the N1.203 trillion revenue included statutory revenue of N186.6 billion, Value Added Tax (VAT) revenue of N533.9 billion, Electronic Money Transfer Levy of N15.02 billion, and an Exchange Difference revenue of N468.25 billion.
The communiqué also highlighted that the total revenue generated in August 2024 stood at N2.278 trillion. Of the distributable revenue, the Federal Government received N374.93 billion, while state governments got N422.86 billion. Local Government councils were allocated N306.53 billion, and N99.47 billion (13% of mineral revenue) was shared with the oil-producing states as derivation revenue.
The statement further noted that gross statutory revenue in August was N1.22 trillion, which is N165.99 billion lower than the N1.39 trillion received in July. Additionally, VAT revenue for August amounted to N573.34 billion, a decrease from the N625.33 billion recorded in the previous month by N51.99 billion.
This revenue distribution is part of Nigeria’s federal system, where earnings are shared across different levels of government to fund public services and development projects.
