In August 2024, the Federal Allocation Account Committee distributed N1.203 trillion in revenue to the Federal, State, and Local Governments in Nigeria.

Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, stated this in a communiqué on Tuesday.

The revenue distribution was declared at the Federation Accounts Allocation Committee (FAAC) meeting in Abuja in September 2024.

The distributable amount is based on the N2.278 trillion in total revenue that will be available in August 2024.

Comparing the N1.203 trillion distributable revenue to the N1.35 trillion in revenue allocated in July 2024, there was a decline of N155 billion, or 11%.

N81.975 billion was deducted overall for collection costs, compared to N992.617 billion for transfers, interventions, and refunds.

The communiqué states that gross statutory revenue for August 2024 was N1.221 trillion, N165.994 billion less than the N1.387 trillion received in July 2024.

Value Added Tax (VAT) generated N573.341 billion in gross income in August 2024. This was N51.988 billion less than the N625.329 billion that was available in July 2024.

According to the communiqué, the Federal Government got N374.925 billion, the State Governments got N422.861 billion, and the Local Government Councils got N306.533 billion out of the N1.203 trillion total distributable revenue.

The benefiting States received N99.474 billion in total as derivation money, or 13% of mineral revenue.

Consequently, the Excess Crude Account (ECA) balance remained at $473,754.57 from July.