The Federal Inland Revenue Service (FIRS) has announced the distribution of Value Added Tax (VAT) revenue for August 2024, amounting to N533.89 billion. The funds have been allocated among the three tiers of government according to the statutory sharing formula.

The Federal Government received N80.08 billion, representing 15% of the total revenue. State governments took the largest share, with N266.95 billion, accounting for 50% of the total. Local Government Areas (LGAs) were allocated N186.86 billion, equivalent to 35% of the VAT revenue.

The distribution is part of ongoing efforts to ensure equitable revenue sharing among the three levels of government, supporting their respective development and operational needs.

The FIRS emphasized the importance of VAT collections in driving government programs and urged stakeholders to continue complying with tax regulations to sustain the country’s revenue base.