The Federation Accounts Allocation Committee (FAAC) shared a total of N1.203 trillion for revenue generated in August 2024 and distributed in September to Federal Government, states and Local Government Councils (LGCs). This represents a decrease of 11.4% compared to the N1.358 trillion shared from July 2024 revenue.
In August, a total revenue of N2.278 trillion was reported by the FAAC communiqué. After accounting for collection costs and other obligations, N81.975 billion was deducted for collection expenses, and N992.617 billion was allocated for transfers, interventions, and refunds. This left a distributable revenue of N1.203 trillion, which was shared among the Federal Government, States, and Local Government Councils in September 2024.
According to the Director of Press and Public Relations for the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, the total revenue included statutory revenue of N186.636 million, Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.02 billion and Exchange Difference revenue of N468.25 billion.
He added that from the N1.203 trillion total distributable revenue, the Federal Government received a total sum of N 374.93 billion, the state governments received a total sum of N422.86 billion while the Local Government councils received a total sum of N 306.53 billion and a total sum of N99.47 billion was shared with the benefiting states as derivation revenue (13 percent of mineral revenue)
In August 2024, there were declines in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, Electronic Money Transfer Levy (EMTL), CET Levies, and Companies Income Tax (CIT). By the end of the month, the balance in the Excess Crude Account (ECA) was $473,754.57.
