FAAC: FG, State, LGAs Shares N1.203TN Revenue For August
The Federal, State and Local Governments in Nigeria shared N1.203 trillion as August 2024 revenue from the Federal Allocation Account Committee.
This was contained in a communique on Tuesday by the Director of Press and Public Relations in the Office of the Accountant General of the Federation, Bawa Mokwa.
The revenue distribution was announced at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja.
The distributable amount stems from total revenue of N2.278 trillion revenue available in August 2024.
The N1.203 trillion distributable revenue dropped by N155 billion or an 11 percent decline compared to the N1.35 trillion in revenue allocated in July 2024.
Total deductions for the cost of collection were N81.975 billion, while total transfers, interventions, and refunds were N992.617 billion.
According to the communiqué, gross statutory revenue of N1.221 trillion was received for August 2024, which was lower than the N1.387 trillion received in July 2024 by N165.994 billion.
Gross revenue of N573.341 billion was available from Value Added Tax (VAT) in August 2024. This was lower than the N625.329 billion available in July 2024 by N51.988 billion.
The communiqué stated that from the N1.203 trillion total distributable revenue, the Federal Government received a total sum of N374.925 billion, the State Governments received N422.861 billion, and the Local Government Councils received N306.533 billion.
A total sum of N99.474 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.
Accordingly, the balance in the Excess Crude Account (ECA) was $473,754.57, the same as in July.