FAAC: FG, States, LGAs share N1.203trn in August

In September 2024, the Federal Government, States, and Local Government Councils (LGCs) shared N1.203 trillion from the revenue generated in August 2024, an 11.4% decrease from the N1.358 trillion distributed in August from July’s revenue.

This was confirmed during the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.

Revenue Components and Deductions

Of the N2.278 trillion total revenue generated in August, N81.975 billion was deducted for collection costs, while N992.617 billion was set aside for transfers, interventions, and refunds, resulting in a distributable revenue of N1.203 trillion.

Revenue Breakdown

Key figures for August include:

– Statutory revenue: N186.636 billion (up 15.5% from July).

– Value Added Tax (VAT): N533.895 billion (down 8.3% from July).

– Electronic Money Transfer Levy (EMTL): N15.017 billion (down 20.2% from July).

– Exchange Difference revenue: N468.245 billion (down 19.5% from July).

Distributable Revenue

– Federal Government: N374.925 billion (down 13% from July).

– States: N422.861 billion (down 10.7% from July).

– Local Government Councils: N306.533 billion (down 11% from July).

– Mineral-producing states (13% derivation): N99.474 billion (down 9.4% from July).

Declining Revenue Sources

August saw a decline in key revenue streams, including Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT). Additionally, the balance in the Excess Crude Account (ECA) stood at $473,754.57 at the end of August.