Wed Sep 18 02:55:20 UTC 2024: ## FAAC Disburses N1.2 Trillion in August Revenue to Federal, State, and Local Governments
**Abuja, Nigeria** – The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion in revenue earned during August 2024 to the Federal Government, state governments, and Local Government councils across Nigeria. This represents an 11 percent decrease from the N1.358 trillion distributed in July.
The revenue distribution was announced at the September 2024 FAAC meeting held in Abuja, according to a statement issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
The total revenue of N1.203 trillion was comprised of N186.636 billion in statutory revenue, N533.895 billion in Value Added Tax (VAT) revenue, N15.02 billion in Electronic Money Transfer Levy revenue, and N468.25 billion in Exchange Difference revenue.
The breakdown of the distribution shows that the Federal Government received N374.93 billion, while state governments received N422.86 billion. Local Government councils received N306.53 billion, and a total of N99.47 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.
The communiqué released by FAAC indicated that a total of N2.278 trillion in revenue was available for distribution in August. However, this represented a decrease from July, with gross statutory revenue falling by N165.99 billion to N1.22 trillion, and gross VAT revenue falling by N51.99 billion to N573.34 billion.
First Piper 