At the latest FAAC meeting in Abuja, it was disclosed that a total of N1.2tn in revenue earned in August 2024 has been allocated to the Federal Government, States, and Local Government Councils. This amount is slightly lower by 11% compared to the previous month’s distribution.
The breakdown of the distributable revenue included statutory revenue, Value Added Tax revenue, Electronic Money Transfer Levy revenue, and Exchange Difference revenue. The total revenue available for distribution in August 2024 was N2.278tn, with deductions made for the cost of collection.
From the total distributable revenue, the Federal Government received N374.93bn, State Governments received N422.86bn, and Local Government Councils received N306.53bn. Additionally, N99.47bn was shared with benefiting States as derivation revenue.
The communique also highlighted decreases in various revenue sources such as Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax, Import and Excise Duties, Electronic Money Transfer Levy, CET Levies, and Companies Income Tax for August 2024. The balance in the Excess Crude Account was reported to be $473,754.57.