The Federal Accounts Allocation Committee says it has disbursed a total sum of N1.2tn earned as revenue in August 2024 to the Federal Government, States and Local Government Councils in the country.
The revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations, Bawa Mokwa, said on Tuesday.
The figure represents a decrease of 11 per cent or N155bn from N1.358tn distributed to the three tiers in July.
The statement read, “A total sum of N 1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country.
The OAGF official said the distributable revenue comprised statutory revenue of N186.636bn, distributable Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn and Exchange Difference revenue of N468.25bn.
Analysis of the communiqué issued indicated that total revenue of N2.278tn was available in the month of August 2024.
The total deduction for the cost of collection to revenue generating was N81.98bn
Bawa added that from the N1.203tn total distributable revenue, the Federal Government received a total sum of N374.93bn, and the State Governments received a total sum of N422.86bn. The Local Government Councils received a total sum of N306.53bn, and a total sum of N99.47bn (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
The statement read, “The N1.203 trillion total distributable revenue comprised distributable statutory revenue of N186.636 billion, distributable Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion. Total transfers, interventions and refunds were N992.617 billion.”
According to the communique, “Gross statutory revenue of N1.22tn was received for the month of August 2024. This was lower than the sum of N1.39tn received in the month of July 2024 by N165.99bn.
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“Gross revenue of N573.34bn was available from the Value Added Tax in August 2024. This was lower than the N625.33bn available in the month of July 2024 by N51.99bn.
“On the N186.636 billion distributable statutory revenue, the communiqué stated that the Federal Government received N71.62bn and the State Governments received N36.33bn. The Local Government
Councils received N86.41bn, while the sum of N48.79bn (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
“In August 2024, Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax, Import and Excise Duties, Electronic Money Transfer Levy, CET Levies and Companies Income Tax all recorded decreases.
“The balance in the ECA was $473,754.57.”
