The Federation Account Allocation Committee (FAAC) has announced that the Federal Government, 36 states, and 774 local government councils shared a total of N2.225 trillion as August 2024 revenue. This represents an 11.2% increase compared to the N2.001 trillion distributed in July 2024.
Key Highlights of the August Revenue Distribution
- *Total Revenue*: N2.225 trillion was shared among the three tiers of government.
- *Increase*: The August revenue distribution saw an increase of N224.118 billion or 11.2% compared to July's N2.001 trillion.
- *Revenue Breakdown*: The distributable revenue comprised:
- *Statutory Revenue*: N1.298 trillion
- *Value Added Tax (VAT)*: N768.258 billion
- *Exchange Difference Revenue*: N99.342 billion
- *Electronic Money Transfer Levy*: N17.142 billion
- *Augmentation*: N42.463 billion
Allocation to Tiers of Government
- *Federal Government*: Received N717.290 billion
- *State Governments*: Received N727.911 billion
- *Local Government Councils*: Received N568.510 billion
- *Oil Producing States*: Received N135.635 billion as 13% derivation revenue
The increase in revenue distribution is a positive development for the country's economy, and it is expected to have a positive impact on the nation's economic growth and development.
