The Federal Government of Nigeria, states, and local government councils shared a total of ₦1.203 trillion in August 2024 revenue from the Federation Accounts. The revenue was distributed during the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
In a statement on Tuesday, Bawa Mokwa, spokesperson for the Accountant General of the Federation, explained the breakdown of the distributed revenue. He stated, “The ₦1.203 trillion total distributable revenue comprised ₦186.636 billion in distributable statutory revenue, ₦533.895 billion in Value Added Tax (VAT), ₦15.017 billion from the Electronic Money Transfer Levy (EMTL), and ₦468.245 billion from Exchange Difference revenue.”
The balance in the Excess Crude Account (ECA) for last month stood at $473,754.57.
According to the communiqué issued by FAAC, the Federal Government received ₦374.925 billion, the State Governments ₦422.861 billion, and Local Government Councils ₦306.533 billion. Additionally, ₦99.474 billion, representing 13% of mineral revenue, was allocated to oil-producing states as derivation revenue.
In terms of distributable statutory revenue, Mokwa added, “The Federal Government received ₦71.624 billion, State Governments ₦36.329 billion, and Local Government Councils ₦28.008 billion. A sum of ₦50.675 billion was shared as derivation revenue to the oil-producing states.”
From the ₦533.895 billion VAT, the Federal Government received ₦80.084 billion, while ₦266.948 billion and ₦186.863 billion went to the State Governments and Local Government Councils, respectively. Furthermore, ₦2.252 billion was allocated to the Federal Government from the ₦15.017 billion EMTL, with State Governments and Local Government Councils receiving ₦7.509 billion and ₦5.256 billion, respectively.
The statement concluded by noting that oil and gas royalties, petroleum profit tax (PPT), VAT, import and excise duties, EMTL, CET levies, and companies’ income tax (CIT) all recorded decreases in August 2024.
