The Federation Account Allocation Committee (FAAC) disbursed N2.61 trillion to the three tiers of government in August 2024 from the total revenue generated in July 2024, a slight decrease from the N2.68 trillion disbursed the previous month. The amount disbursed included N1.37 trillion from the Statutory Account, N581.7 billion from Exchange Gain, N13.65 billion from solid minerals, N19.6 billion from Electronic Money Transfer Levy, and N625.33 billion from Value Added Tax.
Of the total amount disbursed, the federal government received N431.08 billion, state governments received N473.48 billion, and local governments received N343.70 billion. In comparison, the federal government received N459.78 billion, state governments received N461.98 billion, and local governments received N337.02 billion in July.
Additionally, N109.82 billion was shared among oil-producing states from the 13 percent derivation fund, compared to N95.60 billion in July. Revenue generating agencies like Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission received N25.03 billion, N53.15 billion, and N21.58 billion, respectively, as cost of revenue collections.
The distribution of revenue allocation to the Federal Government of Nigeria (FGN) included N293.15 billion to the consolidated revenue account, N6.47 billion for derivation and ecology, N3.24 billion for the stabilization fund, N10.87 billion for natural resource development, and N11.97 billion to the Federal Capital Territory (FCT), Abuja.
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