FAAC Distributes N1.203 Trillion for August 2024 to FG, States, and LGs
The Federation Accounts Allocation Committee (FAAC) has shared N1.203 trillion among the Federal Government, states, and Local Government Councils (LGCs) as revenue for August 2024. This was revealed in a communiqué issued after FAAC’s meeting on Tuesday.
The total distributable revenue consisted of N186.636 billion in statutory revenue, N533.895 billion in Value Added Tax (VAT), N15.017 billion from the Electronic Money Transfer Levy (EMTL), and N468.245 billion in exchange difference revenue.
According to the communiqué, the total revenue generated for the month of August amounted to N2.278 trillion. However, deductions for cost of collection totaled N81.975 billion, while transfers, interventions, and refunds accounted for N992.617 billion.
The FAAC report highlighted a decline in gross statutory revenue for August, with N1.221 trillion recorded, down by N165.994 billion from the N1.387 trillion received in July. Similarly, VAT revenue for August stood at N573.341 billion, a reduction of N51.988 billion from the N625.329 billion received in July.
From the N1.203 trillion distributable revenue, the Federal Government received N374.925 billion, while the state governments were allocated N422.861 billion. Local Government Councils received N306.533 billion, and N99.474 billion was disbursed to mineral-producing states as 13% derivation revenue.
Regarding the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, state governments were allocated N266.948 billion, and LGCs received N186.863 billion.
Additionally, from the N15.017 billion EMTL revenue, the Federal Government was allocated N2.252 billion, while N7.509 billion and N5.256 billion went to the state governments and LGCs, respectively.
The report also noted declines in key revenue streams such as Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, Common External Tariff (CET) Levies, and Companies Income Tax (CIT).
The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of the end of August, according to the communiqué.
