By Adedapo Adesanya
The sum of N1.3 trillion was disbursed to the federal, 36 states, and 774 local government areas of the federation in August 2024 from the revenue generated in July 2024.
The revenue distribution was announced at the August 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
A communiqué issued by FAAC stated that the N1.358 trillion total distributable revenue comprised a distributable revenue of N161 billion, Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.
Also included in the total distributable revenue was an Exchange Difference revenue of N581 billion, while solid mineral revenue of N13.6 billion was also realized.
The communique signed by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Mr Bawa Mokwa, showed that a total revenue of N2.6 billion was available in the month of July 2024.
The total deduction for the cost of collection was N99.756 billion while total transfers, interventions and refunds were N1,155.960 billion.
Meanwhile, The balance in the Excess crude account is put at $473,754.57.
