The three tires of governments comprising federal, states and local government councils shared the total sum of N1.203 trillion as August revenue from federation purse.
The distribution was endorsed yesterday at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC) presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, 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 FAAC report released by Director of information in the Office of the Accountant General of the Federation ( OAGF) indicated that total revenue of N2.278 trillion was available in the month of August 2024.
Total deduction for cost of collection was N81.975 billion while total transfers, interventions and refunds was N992.617 billion.
The report put the gross statutory revenue in August at N1.221 trillion, an amount lower than the sum of N1.387 trillion received in the month of July 2024 by N165.994 billion.
The sum of N573.341 billion ( gross) was available from the Value Added Tax (VAT). This amount was lower than the N625.329 billion available in the month of July 2024 by N51.988 billion.
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