The Federal Accounts Allocation Committee (FAAC) has disbursed N1.2 trillion as allocation for the three tiers of government for the month of August.
The revenue distribution was revealed at the September 2024 FAAC held in meeting held in Abuja.
According to a statement signed by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, the figure represents a decrease of 11 per cent or N155bn from N1.358tn distributed to the three tiers in July.
According to the statement read, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, states and Local Government councils in the country.”
The funds according to the OAGF represents statutory revenue of N186.636bn, Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn, and Exchange Difference revenue of N468.25b.
The statement indicated that of the N1.203tn total distributable revenue, the Federal Government received a total sum of N374.93bn and the state governments received a total sum of N422.86b
The 774 Local Government Areas received N306.53bn and a total sum of N99.47bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.