A total sum of ₦1.203 trillion from the August 2024 Federation Accounts revenue has been distributed among the Federal Government, states, and local government councils.
Thank you for reading this post, don't forget to subscribe!This was disclosed during the Federation Accounts Allocation Committee (FAAC) meeting held in September 2024, chaired by Finance Minister Wale Edun. According to FAAC spokesperson Bawa Mokwa, the revenue distribution 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 differences.
Additionally, the Excess Crude Account (ECA) balance for last month stood at $473,754.57.
The total available revenue in August 2024 was ₦2.278 trillion, with ₦81.975 billion deducted for collection costs and ₦992.617 billion allocated for transfers, interventions, and refunds.
From the ₦1.203 trillion distributable revenue, the Federal Government received ₦374.925 billion, state governments received ₦422.861 billion, and local councils received ₦306.533 billion. An additional ₦99.474 billion was shared with states benefiting from mineral revenues.
Despite the significant allocations, the report showed declines in Oil and Gas Royalty, Petroleum Profit Tax, VAT, and other taxes compared to previous months.
