FAAC Disburses N1.2 Trillion to FG, States, and LGs in August

The Federal Accounts Allocation Committee has said it disbursed N1.2 trillion earned as revenue in August 2024 to the Federal Government, states, and Local Government councils in Nigeria.

The revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated 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 N1.203tn 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 revenue comprised statutory revenue of N186.636bn, Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn, and Exchange Difference revenue of N468.25bn.

An analysis of the communiqué issued indicated that the revenue of N2.278tn was available in August 2024.

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.

According to the communique, “Gross statutory revenue of N1.22tn was received for August 2024. This was lower than the sum of N1.39tn received in July 2024 by N165.99bn.

“Gross revenue of N573.34bn was available from the Value Added Tax in August 2024. This was lower than the N625.33bn available in July 2024 by N51.99bn.