During its September meeting in Abuja, the Federal Accounts Allocation Committee (FAAC) declared that the Federal Government, states, and Local Government councils will receive N1.2 trillion in income for August 2024. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, verified the payment.
Compared to the N1.358 trillion distributed in July, this allotment represents an 11% drop. In addition to N186.64 billion from statutory revenue, the monies came from Value Added Tax (VAT) of N533.9 billion, the Electronic Money Transfer Levy of N15.02 billion, and Exchange Difference revenue of N468.25 billion.
N422.86 billion was given to state governments, N306.53 billion to local government councils, and N374.93 billion to the federal government. A further N99.47 billion was given to states that benefited from mineral resources as derivation money.
The decline in August’s revenue highlights the continuous difficulties in generating national revenue.
