LAGOS, Nigeria (VOICE OF NAIJA)-The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion in revenue for August 2024 to the Federal Government, states, and local government councils in Nigeria.
According to a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, the distribution was revealed during the September 2024 FAAC meeting in Abuja on Tuesday.
This amount marks an 11 percent decrease, or N155 billion, from the N1.358 trillion allocated to the three tiers of government 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.”
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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 rate differences.
The analysis of the communiqué showed that N2.278 trillion in total revenue was available in August 2024.
Bawa further explained that out of the N1.203 trillion distributable revenue, the Federal Government received N374.93 billion, while state governments received N422.86 billion.
Local Government councils were allocated N306.53 billion, and N99.47 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.
According to the communique, “Gross statutory revenue of N1.22tn was received for August 2024. This was lower than the sum of N1.39tn received in July 2024 by N165.99bn.
“Gross revenue of N573.34bn was available from the Value Added Tax in August 2024. This was lower than the N625.33bn available in July 2024 by N51.99bn.