The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.61 trillion to the three tiers of government in August 2024 from the total revenue generated in July 2024.
According to the National Bureau of Statistics report, this is slight decrease compared to N2.68 trillion disbursed in the previous month.
The amount disbursed comprised N1.37 trillion recorded from the Statutory Account, N581.7 billion from Exchange Gain, N13.65 billion from solid minerals, N19.6 billion from Electronic Money Transfer Levy, and N625.33 billion from Value Added Tax.
Of the total amount disbursed, the federal government received a total of N431.08 billion, state governments received N473.48 billion, and local governments received N343.70 billion.
Read also: Thirty-two states got most of their revenue from FAAC – Report
Meanwhile, in the month of July, the federal government received a total of N459.78 billion, states governments received total of N461.98 billion, and local governments received a total of N337.02 billion.
Further breakdown of the report indicates that the sum of N109.82 billion was shared among the oil-producing states from the 13 percent derivation fund as compared to N95.60 billion shared in July.
Also the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N25.03 billion, N53.15 billion, and N21.58 billion respectively, as cost of revenue collections in the period.
The report shows the distribution of revenue allocation to the Federal Government of Nigeria (FGN) as follows: N293.15 billion to the consolidated revenue account, N6.47 billion for derivation and ecology, N3.24 billion for the stabilization fund, N10.87 billion for natural resource development, and N11.97 billion to the Federal Capital Territory (FCT), Abuja.
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