A total sum of N1.203 trillion from the Federation Accounts Revenue (August 2024) was distributed among the Federal Government, States, and Local Government Councils across Nigeria.
This was revealed by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), during the September 2024 Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
The total amount of N1.203 trillion was derived from various revenue streams, including distributable statutory revenue amounting to N186.636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue totaling N15.017 billion, and Exchange Difference revenue of N468.245 billion.
Mokwa further explained that a communiqué issued by the Federation Accounts Allocation Committee indicated that the total revenue available for August 2024 stood at N2.278 trillion. From this, N81.975 billion was deducted as the cost of collection, while N992.617 billion was allocated for transfers, interventions, and refunds.
The communiqué also highlighted that gross statutory revenue for August 2024 was N1.221 trillion, marking a decline of N165.994 billion compared to the N1.387 trillion received in July 2024. Additionally, the gross Value Added Tax (VAT) revenue for August stood at N573.341 billion, which was lower by N51.988 billion than the N625.329 billion recorded in July 2024.
In terms of distribution, the Federal Government received N374.925 billion from the N1.203 trillion total distributable revenue, while the State Governments were allocated N422.861 billion. Local Government Councils received N306.533 billion, and a sum of N99.474 billion, representing 13% of mineral revenue, was shared among the benefiting States as derivation revenue.
From the N186.636 billion distributable statutory revenue, the Federal Government took N71.624 billion, the State Governments received N36.329 billion, and Local Government Councils were allocated N28.008 billion. Additionally, N50.675 billion, or 13% of mineral revenue, was distributed as derivation revenue to eligible States.
For the N533.895 billion distributable VAT revenue, the Federal Government obtained N80.084 billion, State Governments received N266.948 billion, and Local Government Councils were given N186.863 billion.
From the N15.017 billion Electronic Money Transfer Levy (EMTL), the Federal Government collected N2.252 billion, while the State Governments and Local Government Councils received N7.509 billion and N5.256 billion, respectively.
Regarding the N468.245 billion Exchange Difference revenue, the Federal Government received N220.964 billion, State Governments were allocated N112.076 billion, and Local Government Councils received N86.406 billion. Furthermore, N48.799 billion, or 13% of mineral revenue, was shared among the benefiting States as derivation revenue.
The communiqué also noted that August 2024 saw decreases in 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).
- The balance in the Excess Crude Account (ECA) as of August 2024 was $473,754.57.
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