The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦1.203 trillion in August 2024 revenue among the Federal Government, states, and local government councils. The distribution was announced during the September 2024 FAAC meeting held in Abuja and chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
In a statement released on Tuesday, Bawa Mokwa, spokesperson for the Accountant General of the Federation, detailed the breakdown of the distributable revenue. The ₦1.203 trillion included ₦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 Difference revenue.
The balance in the Excess Crude Account (ECA) was reported at $473,754.57 as of August 2024.
A FAAC communiqué disclosed that the total revenue available for August 2024 was ₦2.278 trillion, with deductions amounting to ₦81.975 billion for collection costs and ₦992.617 billion for transfers, interventions, and refunds.
The Federal Government received ₦374.925 billion from the total distributable revenue, while state governments collected ₦422.861 billion, and local government councils were allocated ₦306.533 billion. Additionally, ₦99.474 billion, representing 13% of mineral revenue, was shared with oil-producing states as derivation revenue.
For the ₦186.636 billion statutory revenue, the Federal Government received ₦71.624 billion, state governments ₦36.329 billion, and local governments ₦28.008 billion. The derivation revenue for mineral-producing states stood at ₦50.675 billion.
From the ₦533.895 billion VAT, the Federal Government took ₦80.084 billion, while states received ₦266.948 billion, and local governments were allocated ₦186.863 billion.
The Federal Government also received ₦2.252 billion from the ₦15.017 billion EMTL, while state governments received ₦7.509 billion and local governments ₦5.256 billion.
From the ₦468.245 billion Exchange Difference revenue, the Federal Government collected ₦220.964 billion, states ₦112.076 billion, and local governments ₦86.406 billion, with ₦48.799 billion allocated as derivation revenue.
In August 2024, there were declines in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT).
