A total sum of N1.203 trillion in August 2024 Federation Accounts revenue has been shared among the Federal, State, and Local Governments in the country. The balance in the Excess Crude Account (ECA) was $473,754.57.
The revenue distribution was announced at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja. The N1.203 trillion total distributable revenue comprised distributable statutory revenue of N186.636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion, and Exchange Difference revenue of N468.245 billion.
In a statement on Tuesday, Bawa Mokwa, Director of press and Public Relations) in the Office of the Accountant General of the Federation (OAGF), said a communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total revenue of N2.278 trillion was available in August 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% of mineral revenue) was shared with the benefiting States as derivation revenue.
