By Aaior K. Comfort

The Federal Accounts Allocation Committee (FAAC) allocated N1.2 trillion in revenue for August 2024 to the Federal Government, states, and Local Government councils, as announced during FAAC’s September meeting in Abuja. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, confirmed the disbursement.

This allocation marks an 11% decrease from the N1.358 trillion distributed in July. The funds included N186.64 billion in statutory revenue, N533.9 billion from Value Added Tax (VAT), N15.02 billion from the Electronic Money Transfer Levy, and N468.25 billion from Exchange Difference revenue.

The Federal Government received N374.93 billion, state governments were allocated N422.86 billion, and Local Government councils got N306.53 billion. An additional N99.47 billion was distributed as derivation revenue to states benefiting from mineral resources.

The drop in August’s revenue underscores ongoing challenges in national revenue generation.