The Federal Accounts Allocation Committee has announced a disbursement of N1.2 trillion in revenue for August 2024, allocated to the Federal Government, states, and Local Government councils across Nigeria. This revenue distribution was revealed during the September 2024 FAAC meeting held in Abuja, according to a statement from the Office of the Accountant-General of the Federation.
This figure marks an 11 percent decline, amounting to a reduction of N155 billion, compared to the N1.358 trillion distributed in July. The statement detailed, “A total sum of N1.203 trillion in Federation Accounts Revenue for August 2024 has been shared among the Federal Government, states, and Local Government councils.”
The breakdown of the revenue includes statutory revenue of N186.636 billion, Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.02 billion, and Exchange Difference revenue totaling N468.25 billion. An analysis of the report indicated that a total of N2.278 trillion was accessible in August 2024.
From the total distributable revenue of N1.203 trillion, the Federal Government received N374.93 billion, while the state governments were allocated N422.86 billion. Local Government councils received N306.53 billion, and an additional N99.47 billion was distributed among benefiting states as derivation revenue, representing 13 percent of mineral revenue.
The communiqué further stated that the gross statutory revenue for August 2024 was N1.22 trillion, reflecting a decrease of N165.99 billion from the N1.39 trillion reported in July 2024. Additionally, the gross revenue from Value Added Tax for August 2024 was reported at N573.34 billion, down by N51.99 billion from the N625.33 billion recorded in July 2024.
