A total sum of N 1.203 trillion being the Federation Accounts revenue generated in August this year had been shared to the Federal Government, States and Local Government Councils, the Federation Accounts Allocation Committee (FAAC) reported on Tuesday.
The revenue distribution was announced during the September 2024 meeting of the committee held in Abuja.
The FAAC, in a statement issued by Director (Press and Public Relations), Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, reported that the N1.203 trillion total distributable revenue comprised distributable statutory revenue of N186.636 billion, distributable 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.
The communiqué issued by the FAAC at the end of its meeting indicated that total revenue of N2.278 trillion was available in the month of August 2024. Total deduction for cost of collection was N81.975 billion while total transfers, interventions and refunds was N992.617 billion.
According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month of August this year, representing a lower collection when compared with the sum of N1.387 trillion generated in July 2024 by N165.994 billion.
The committee further revealed that Gross revenue of N573.341 billion was available from the Value Added Tax (VAT) in the month under review, lower by N51.988 billion when compared with the N625.329 billion raked in from the source in the preceding month.
The FAAC’s communiqué stated 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. 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.
On the N186.636 billion distributable statutory revenue, the communiqué reflected that the Federal Government received N71.624 billion and the State Governments received N36.329 billion. The Local Government Councils received N28.008 billion and the sum of N50.675 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The communiqué further indicated that out of the N533.895 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N80.084 billion, the State Governments got N266.948 billion while the Local Government Councils received N186.863 billion
In addition, the FAAC reported that a total sum of N2.252 billion was received by the Federal Government from the N15.017 billion Electronic Money Transfer Levy (EMTL) compared to the State Governments’ N7.509 billion and the Local Government Councils’ N5.256 billion.
The committee also disclosed that from the N468.245 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N220.964 billion and the State Governments received N112.076 billion. The Local Government Councils received N86.406 billion, while the sum of N48.799 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month under review, Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), CET Levies and Companies Income Tax (CIT) all recorded decreases.
The communiqué showed that the balance in the ECA totaled $473,754.57
