August revenue drops by N165.994b as FAAC shares N1.203tr to FG, states, LGs

The revenue available for sharing among the three tiers of government in August was N165.994 billion lower than what they shared in July. This is as the Federation Accounts Allocation Committee (FAAC) shared a total sum of N1.203 trillion as August 2024 Federation Accounts Revenue to the Federal Government, States, and Local Government Councils in the country.

FAAC announced this at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja yesterday. It said the N1.203 trillion total distributable revenue comprised distributable statutory revenue of N186.636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion, and Exchange Difference revenue of N468.245 billion.

A communiqué issued by FAAC indicated that total revenue of N2.278 trillion was available in the month of August 2024. It said total deduction for the cost of collection was N81.975 billion, while total transfers, interventions, and refunds amounted to N992.617 billion.

According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month of August 2024. This was lower than the sum of N1.387 trillion received in July 2024 by N165.994 billion. It said gross revenue of N573.341 billion was available from Value Added Tax (VAT) in August 2024. This was lower than the N625.329 billion available in July 2024 by N51.988 billion.

The communiqué stated that from the N1.203 trillion total distributable revenue, the Federal Government received a total sum of N374.925 billion, and the State Governments received a total sum of N422.861 billion. The Local Government Councils received a total sum of N 306.533 billion, and a total sum of N99.474 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.

On the N186.636 billion distributable statutory revenue, the communiqué stated that the Federal Government received N71.624 billion, the State Governments received N36.329 billion, the Local Government Councils received N28.008 billion, and the sum of N50.675 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.

From the N533.895 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N80.084 billion, the State Governments received N266.948 billion, and the Local Government Councils received N186.863 billion.

It noted that a total sum of N2.252 billion was received by the Federal Government from the N15.017 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.509 billion, and the Local Government Councils received N5.256 billion.

From the N468.245 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N220.964 billion, the State Governments received N112.076 billion, the Local Government Councils received N86.406 billion, while the sum of N48.799 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.

“In August 2024, Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), CET Levies, and Companies Income Tax (CIT) all recorded decreases,” the communiqué said.

Meanwhile, the balance in the excess crude account (ECA) was $473,754.57.