N1.203 Trillion Shared Among Federal Government, States, and Local Governments
The Federation Accounts Allocation Committee (FAAC) has announced the sharing of a staggering N1.203 trillion revenue among the Federal Government, states, and Local Government Councils (LGCs) for the month of August.
According to the communique issued by FAAC, the total distributable revenue comprises statutory revenue of N186.636 billion, Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion, and Exchange Difference revenue of N468.245 billion.
A total revenue of N2.278 trillion was available in August, with a total deduction for cost of collection amounting to N81.975 billion. The communique also highlighted total transfers, interventions, and refunds worth N992.617 billion.
Gross statutory revenue received in August stood at N1.221 trillion, lower than the N1.387 trillion received in July by N165.994 billion. Gross revenue from VAT also declined, with N573.341 billion available in August compared to N625.329 billion in July 2024.
From the total distributable revenue, the Federal Government received N374.925 billion, while the state governments received N422.861 billion. LGCs received a total sum of N306.533 billion, with an additional N99.474 billion shared to benefiting states as derivation revenue.
In terms of VAT revenue, the Federal Government received N80.084 billion, state governments received N266.948 billion, and LGCs received N186.863 billion. The communique also noted that Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT) all recorded decreases.
The balance in the Excess Crude Account (ECA) currently stands at 473,754.57 dollars.
