The Federal Accounts Allocation Committee (FAAC) has shared ₦1.2 trillion in revenue to the Federal Government, states and Local Governments for August. This represents a short fall of 11 per cent from the N1.358 trillion shared in July. Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, announced the distribution of the allocations after the meeting of FAAC in September.
He said additional ₦99.47 billion, representing 13% of mineral revenue, was shared with oil-producing states. The revenue disbursed in August included ₦186.636 billion in statutory revenue, ₦533.895 billion from Value Added Tax (VAT), ₦15.02 billion from the Electronic Money Transfer Levy, and ₦468.25 billion from exchange differences, providing a comprehensive breakdown of the revenue distribution.
The total available revenue in August 2024 was ₦2.278 trillion out of which ₦1.203 trillion was distributed. The Federal Government received ₦374.93 billion, state governments got ₦422.86 billion, and Local Government councils were allocated ₦306.53 billion. The FAAC said the August revenue declined compared to July, with gross statutory revenue dropping by ₦165.99 billion and VAT revenue decreasing by ₦51.99 billion. The committee highlighted the allocations’ importance in ensuring the financial sustainability of government at all levels despite the revenue shortfall.
