The Federation Accounts Allocation Committee (FAAC) has disbursed a total of ₦1.203 trillion in revenue to the Federal, State, and Local Governments for August 2024. This was revealed during FAAC’s September 2024 meeting held in Abuja.
The ₦1.203 trillion distributable revenue comprises several components: ₦186.636 billion from statutory revenue, ₦533.895 billion from Value Added Tax (VAT), ₦15.017 billion from the Electronic Money Transfer Levy (EMTL), and ₦468.245 billion from exchange rate differences.
According to FAAC’s communiqué, the total revenue generated in August 2024 amounted to ₦2.278 trillion. However, deductions amounting to ₦81.975 billion were made for collection costs, while transfers, interventions, and refunds totaled ₦992.617 billion.
The gross statutory revenue for August 2024 was ₦1.221 trillion, representing a drop of ₦165.994 billion compared to the ₦1.387 trillion collected in July 2024. VAT revenue for August stood at ₦573.341 billion, also lower than July’s figure of ₦625.329 billion, marking a decline of ₦51.988 billion.
Of the ₦1.203 trillion distributed, the Federal Government received ₦374.925 billion, State Governments got ₦422.861 billion, and Local Government Councils were allocated ₦306.533 billion. Additionally, ₦99.474 billion was disbursed to oil-producing states as derivation revenue, representing 13% of mineral revenue.
Breaking down the ₦186.636 billion in statutory revenue, the Federal Government received ₦71.624 billion, States received ₦36.329 billion, Local Governments received ₦28.008 billion, and ₦50.675 billion was shared to oil-producing states.
From the ₦533.895 billion VAT revenue, the Federal Government received ₦80.084 billion, States received ₦266.948 billion, and Local Governments received ₦186.863 billion.
The EMTL revenue of ₦15.017 billion was divided with the Federal Government receiving ₦2.252 billion, States receiving ₦7.509 billion, and Local Governments receiving ₦5.256 billion.
In terms of the ₦468.245 billion exchange rate difference revenue, the Federal Government received ₦220.964 billion, States ₦112.076 billion, and Local Governments ₦86.406 billion, with ₦48.799 billion allocated to oil-producing states.
The communiqué noted decreases across several key revenue sources in August 2024, including oil and gas royalties, Petroleum Profit Tax (PPT), VAT, import and excise duties, EMTL, CET levies, and Companies Income Tax (CIT). The balance in the Excess Crude Account (ECA) stood at $473,754.57.
This revenue allocation serves as a vital financial boost for all tiers of government, helping them meet their financial obligations across various sectors.
