N1.203 Trillion Revenue Shared Among FG, States, LG

This distribution followed a meeting in Abuja chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

According to a statement by Bawa Mokwa, FAAC spokesperson for the Accountant General of the Federation, the total distributable revenue included ₦186.636 billion from statutory sources, ₦533.895 billion from Value Added Tax (VAT), ₦15.017 billion from the Electronic Money Transfer Levy (EMTL), and ₦468.245 billion from Exchange Difference.

The communiqué revealed that the balance in the Excess Crude Account (ECA) stood at $473,754.57 for the previous month.

It also noted a decrease in available revenue compared to July 2024, with August’s gross statutory revenue falling to ₦1.221 trillion from ₦1.387 trillion, and VAT revenue dropping to ₦573.341 billion from ₦625.329 billion.

From the total distributable revenue, the Federal Government received ₦374.925 billion, states were allocated ₦422.861 billion, and local government councils got ₦306.533 billion. An additional ₦99.474 billion was distributed to states as derivation revenue.

Further details showed that from the statutory revenue, the Federal Government received ₦71.624 billion, states received ₦36.329 billion, and local councils got ₦28.008 billion.

The VAT revenue distribution included ₦80.084 billion for the Federal Government, ₦266.948 billion for states, and ₦186.863 billion for local councils.

From the EMTL, the Federal Government received ₦2.252 billion, states received ₦7.509 billion, and local councils received ₦5.256 billion.

For the Exchange Difference revenue, the Federal Government got ₦220.964 billion, states received ₦112.076 billion, and local councils received ₦86.406 billion, with an additional ₦48.799 billion allocated as derivation revenue.

The communiqué also reported decreases in various revenue sources, including oil and gas royalties, Petroleum Profit Tax (PPT), VAT, import and excise duties, and other levies for August 2024.