The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2tn to the Federal Government, States, and Local Government Councils from the revenue earned in August 2024.
This represents an 11% decrease from the N1.358tn distributed in July, amounting to a difference of N155bn.
The revenue distribution was disclosed at the FAAC meeting held in September 2024 in Abuja, according to a statement from Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF).
The total distributable revenue of N1.2tn comprised statutory revenue of N186.6bn, Value Added Tax (VAT) revenue of N533.9bn, Electronic Money Transfer Levy revenue of N15.02bn, and Exchange Difference revenue of N468.25bn. According to the communique, the overall revenue available in August 2024 was N2.278tn, while N81.98bn was deducted as collection costs by revenue-generating agencies.
From the total disbursement of N1.203tn, the Federal Government received N374.93bn, State Governments N422.86bn, and Local Government Councils N306.53bn. Additionally, N99.47bn was allocated as 13% derivation revenue to oil-producing states.
The breakdown of the distribution is as follows:
– From the N186.636bn statutory revenue, the Federal Government received N71.62bn, State Governments N36.33bn, Local Governments N28.1bn, and N50.68bn was shared as derivation revenue.
– From the N533.895bn VAT revenue, the Federal Government received N80.08bn, State Governments N266.95bn, and Local Government Councils N186.86bn.
– The N15.02bn Electronic Money Transfer Levy was shared, with the Federal Government receiving N2.25bn, State Governments N7.51bn, and Local Governments N5.26bn.
– The N468.25bn Exchange Difference revenue saw the Federal Government receiving N220.96bn, State Governments N112.08bn, Local Governments N86.41bn, and N48.79bn was distributed as derivation revenue.
The communique also revealed that several revenue streams, including Oil and Gas Royalty, Petroleum Profit Tax, VAT, Import and Excise Duties, Electronic Money Transfer Levy, CET Levies, and Companies Income Tax, experienced declines in August. The balance in the Excess Crude Account (ECA) was $473,754.57.