FAAC disburses ₦1.2tn in August revenue to FG, states, LGAs

President Bola Tinubu. [Facebook]

The FAAC noted a revenue decline compared to July, with gross statutory revenue dropping by ₦165.99 billion and VAT revenue decreasing by ₦51.99 billion.

The Federal Accounts Allocation Committee (FAAC) has distributed ₦1.2 trillion in revenue to the Federal Government, state governments, and Local Government councils for August 2024.

This represents an 11% decrease from the ₦1.358 trillion shared in July.

According to a statement released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the distribution was announced at the September FAAC meeting in Abuja.

The statement confirmed that the revenue disbursed in August included ₦186.636 billion in statutory revenue, ₦533.895 billion from Value Added Tax (VAT), ₦15.02 billion from the Electronic Money Transfer Levy, and ₦468.25 billion from exchange differences, providing a comprehensive breakdown of the revenue distribution.

August revenue

An analysis of the communiqué showed that the total available revenue in August 2024 was ₦2.278 trillion, of which ₦1.203 trillion was distributed.

The Federal Government received ₦374.93 billion, state governments got ₦422.86 billion, and Local Government councils were allocated ₦306.53 billion.

An additional ₦99.47 billion, representing 13% of mineral revenue, was shared with oil-producing states.

The FAAC noted a revenue decline compared to July, with gross statutory revenue dropping by ₦165.99 billion and VAT revenue decreasing by ₦51.99 billion.

The committee highlighted the allocations' importance in ensuring the financial sustainability of government at all levels despite the revenue shortfall.

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