The Federal Accounts Allocation Committee (FAAC) has disbursed N1.2 trillion in revenue earned in August 2024 to the Federal Government, states, and Local Government councils.
This represents an 11% decrease from the N1.358 trillion distributed in July 2024.
The announcement was made during FAAC’s September 2024 meeting, according to a statement from the Office of the Accountant-General of the Federation.
The distributed revenue includes N186.6 billion from statutory sources, N533.9 billion from Value Added Tax, N15 billion from the Electronic Money Transfer Levy, and N468.25 billion from exchange difference revenue.
The Federal Government received N374.93 billion, state governments got N422.86 billion, and Local Government councils received N306.53 billion. An additional N99.47 billion was distributed to oil-producing states as derivation revenue.
The report also noted that total gross statutory revenue for August 2024 was N1.22 trillion, lower than the N1.39 trillion in July.
Similarly, VAT revenue decreased from N625.33 billion in July to N573.34 billion in August. This reduction reflects a general dip in revenue collections across all categories.