The Federal Government, states, and local government councils in Nigeria shared a total revenue of N1.203 trillion for August 2024. The distribution was confirmed during the September 2024 Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
This total distributable revenue includes N186.636 billion in statutory revenue, N533.895 billion from Value Added Tax (VAT), N15.017 billion from the Electronic Money Transfer Levy (EMTL), and N468.245 billion in exchange difference revenue.
A FAAC communiqué revealed that the gross revenue for August 2024 stood at N2.278 trillion. After deductions for cost of collection (N81.975 billion) and various interventions and refunds (N992.617 billion), the remaining N1.203 trillion was distributed.
For August 2024, the Federal Government received N374.925 billion, while state governments were allocated N422.861 billion. Local government councils received N306.533 billion, and N99.474 billion was distributed to oil-producing states as derivation revenue (13% of mineral revenue).
Breaking down the statutory revenue of N186.636 billion, the Federal Government received N71.624 billion, states received N36.329 billion, and local councils got N28.008 billion. Of this, N50.675 billion was allocated to oil-producing states as derivation revenue.
From the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, states received N266.948 billion, and local councils were allocated N186.863 billion.
The EMTL revenue of N15.017 billion was shared with the Federal Government receiving N2.252 billion, state governments receiving N7.509 billion, and local councils receiving N5.256 billion.
The exchange difference revenue of N468.245 billion saw the Federal Government receiving N220.964 billion, states N112.076 billion, and local councils N86.406 billion, with N48.799 billion going to oil-producing states.
FAAC noted decreases in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, import and excise duties, EMTL, and Companies Income Tax (CIT) for August 2024. The Excess Crude Account (ECA) balance stood at $473,754.57.
