The Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.203 trillion for August 2024, allocated to the Federal Government, State Governments, and Local Government Councils. This was disclosed in the FAAC communiqué after its September meeting held in Abuja.
According to the report, the Federal Government received N374.925 billion, State Governments N422.861 billion, and Local Governments N306.533 billion. Additionally, oil-producing states were allocated N99.474 billion under the 13% derivation formula.
The total distributable revenue comprises multiple sources, including statutory revenue (N186.636 billion), Value Added Tax (VAT) (N533.895 billion), Electronic Money Transfer Levy (EMTL) (N15.017 billion), and Exchange Difference revenue (N468.245 billion). However, the total available revenue of N2.278 trillion was reduced following deductions for collection costs, refunds, and interventions, resulting in the final distributable amount of N1.203 trillion.
A significant portion of the revenue sources experienced declines, with statutory revenue down by N165.994 billion and VAT dropping by N51.988 billion compared to July 2024. These fluctuations reflect ongoing volatility in some of the country’s key revenue streams.
From the distributable statutory revenue, the Federal Government received N71.624 billion, the State Governments N36.329 billion, and the Local Government Councils N28.008 billion, while oil-producing states were allocated N50.675 billion as derivation revenue. Similarly, from the VAT revenue, the Federal Government took N80.084 billion, while the States and Local Governments received N266.948 billion and N186.863 billion, respectively.
The N15.017 billion generated from EMTL was distributed with the Federal Government receiving N2.252 billion, the States N7.509 billion, and the Local Governments N5.256 billion. Furthermore, the Exchange Difference revenue of N468.245 billion saw the Federal Government receive N220.964 billion, States N112.076 billion, and Local Governments N86.406 billion, with N48.799 billion allocated to oil-producing states as part of the derivation.
This August disbursement reflects the government’s reliance on diverse revenue sources while grappling with fluctuations in major sectors.
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