September 17, (THEWILL) – The Federation Allocation Account Committee (FAAC) has shared a total sum of N1,203 trillion to the Federal Government, States and Local Government Councils as August 2024 Federation Account Revenue.
The figure represents a decrease of 11 percent or N155bn from N1.358tn distributed to the three tiers of government in July.
Mohammed Manga, the Director, Information and Public Relations, Federal Ministry of Finance, in a statement, said the allocation was shared at the September 2024 meeting of the FAAC in Abuja, on Tuesday.
A communiqué issued by FAAC and signed by a spokesperson for the Accountant General of the Federation, Bawa Mokwa, explained that the N1.203 trillion total distributable revenue comprised statutory revenue of N186.636bn, distributable Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn and Exchange Difference revenue of N468.25bn.
Analysis of the communiqué issued indicated that total revenue of N2.278tn was available in the month of August 2024. The total deduction for the cost of collection to revenue generating was N81.98bn.
Bawa added that from 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 N422.86bn. The Local Government Councils received a total sum of N306.53bn and a total sum of N99.47bn (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.
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 N1.203 trillion total distributable revenue comprised distributable statutory revenue of N186.636 billion, distributable Value Added Tax revenue of N533.895 billion, Electronic Money Transfer Levy revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion. Total transfers, interventions and refunds were N992.617 billion.
“Gross statutory revenue of N1.22tn was received for August 2024. This was lower than the sum of N1.39tn received in July 2024 by N165.99bn.
“Gross revenue of N573.34bn was available from the Value Added Tax in August 2024. This was lower than the N625.33bn available in July 2024, by N51.99bn.
“On the N186.636 billion distributable statutory revenue, the communiqué stated that the Federal Government received N71.62bn and the State Governments received N36.33bn. The Local Government Councils received N28.1bn, and the sum of N50.68bn (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.
“From the N533.895bn distributable Value Added Tax revenue, the Federal Government received N80.084bn, the State Governments received N266.948bn and the Local Government Councils received N186.86bn.
“A total sum of N2.25bn was received by the Federal Government from the N15.02bn Electronic Money Transfer Levy. The State Governments received N7.509bn and the Local Government Councils received N5.26bn.
“From the N468.25bn Exchange Difference revenue, the communique stated that the Federal Government received N220.964bn and the State Governments received N112.08bn. The Local Government Councils received N86.41bn, while the sum of N48.79bn (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.
“In August 2024, Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax, Import and Excise Duties, Electronic Money Transfer Levy, CET Levies and Companies Income Tax all recorded decreases.
“The balance in the ECA was $473,754.57.”
