The Federation Accounts Allocation Committee (FAAC) announced on Tuesday that it dispersed N1.203 trillion to the Federal Government, states, and Local Government Councils (LGCs) for August.
This total includes statutory revenue of N186.636 billion and Value Added Tax (VAT) revenue of N533.895 billion, along with Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion.
According to a communiqué released after Tuesday’s meeting, total revenue available for August amounted to N2.278 trillion. Deductions for collection costs were N81.975 billion, while transfers, interventions, and refunds reached N992.617 billion.
The communiqué further stated that gross statutory revenue for August was N1.221 trillion, reflecting a drop of N165.994 billion from July’s N1.387 trillion.
VAT revenue for August totaled N573.341 billion, down N51.988 billion from July’s N625.329 billion.
From the total distributable revenue of N1.203 trillion, the Federal Government received N374.925 billion, while state governments received N422.861 billion. LGCs received N306.533 billion, and N99.474 billion, representing 13 percent of mineral revenue, was allocated to benefiting states as derivation revenue.
Concerning VAT revenue, the Federal Government received N80.084 billion, state governments received N266.948 billion, and LGCs received N186.863 billion. The Federal Government also collected N2.252 billion from the N15.017 billion EMTL, with state governments receiving N7.509 billion and LGCs receiving N5.256 billion.
The report highlighted declines across several revenue sources, including Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT).
Finally, the balance in the Excess Crude Account (ECA) stands at $473,754.57.
