Nigeria’s Federal Accounts Allocation Committee (FAAC) has said it disbursed N1.2 trillion earned as revenue in August 2024 to the three tiers of government – the Federal Government, states, and Local Government councils in the country.
The statement issued on Tuesday after the September 2024 FAAC meeting in Abuja by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, said that the figure represented a decrease of 11 per cent or N155bn from N1.358tn distributed to the three tiers in July.
“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,” the statement said.
The OAGF official said that the revenue comprised statutory revenue of N186.636bn, Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn, and Exchange Difference revenue of N468.25bn.
According to the statement, the revenue of N2.278tn was available in August 2024 and that from the N1.203tn total distributable revenue, the Federal Government received a total sum of N374.93bn and the state governments received a total sum of N422.86bn and the Local Government councils received a total sum of N306.53bn, while a total sum of N99.47bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
“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,” the statement added.
GIK/APA