The office of the Accountant General of the Federation says a total of ₦1.203 trillion August 2024 federation accounts revenue has been shared amongst the Federal Government, states, and local government councils in the country.
The Federation Accounts Allocation Committee (FAAC) spokesperson for the Accountant General of the Federation, BAWA MOKWA, revealed that the revenue was shared at the September 2024 meeting of FAAC held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, WALE EDUN.
Giving a breakdown , MOKWA explained that the ₦1.203 trillion total distributable revenue comprised; distributable statutory revenue of ₦186.636 billion, distributable Value Added Tax (VAT) revenue of ₦533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.017 billion, Exchange Difference revenue of ₦468.245 billion.
He said that from the N1.203 trillion total distributable revenue, the Federal Government received total sum of N374.925 billion and the State Governments received total sum of N422.861 billion, while the Local Government Councils received total sum of N306.533 billion and a total sum of N99.474 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Meanwhile, the balance in the Excess Crude Account (ECA) for last month was put at four hundred and seventy three thousand, seven hundred and fifty four point five seven dollars.
