By Adedapo Adesanya
The federal government, the 36 states and the 774 local government councils across the country shared the sum of N1.203 trillion from the revenue generated in August 2024.
The revenue distribution was announced at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
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 noted.
It added that N2.278 trillion was available in August 2024, while N81.975 billion was deducted as the cost of collection, with N992.617 billion removed for total transfers, interventions and refunds.
According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month, lower than the N1.387 trillion received in July 2024 by N165.994 billion.
Gross revenue of N573.341 billion was available from the Value Added Tax (VAT) in August 2024 versus the N625.329 billion available in the preceding month.
It was stated further that from the N1.203 trillion total distributable revenue, the federal government received N374.925 billion and the state governments got N422.861 billion, while the local government councils shared N306.533 billion, with N99.474 billion given to the benefiting states as 13 per cent derivation revenue.
On the N186.636 billion distributable statutory revenue, the communiqué stated that the federal government got N71.624 billion, the state governments received N36.329 billion, and the councils took N28.008 billion, while N50.675 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
Further, from the N533.895 billion distributable VAT revenue, N80.084 billion was given to the federal government, N266.948 billion was taken by the state governments, and N186.863 billion was shared by the 774 local government areas.
The 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 councils got N5.256 billion.
From the N468.245 billion Exchange Difference revenue, the communiqué stated that the federal government received N220.964 billion and the state governments received N112.076 billion. The LGCs received N86.406 billion, while the sum of N48.799 billion (13 per cent of mineral revenue) was shared to 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, while the balance in the Excess Crude Account (ECA) was $473,754.57.
