Nigeria’s FAAC Shares N1.25tn Among Federal, State, And Local Governments In Q3

Nigeria’s FAAC Shares N1.25tn Among Federal, State, And Local Governments In Q3....KINDLY READ THE FULL STORY HERE▶

The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion in revenue for August 2024 to the Federal Government, states, and Local Government Councils. This was disclosed during the September 2024 FAAC meeting in Abuja, according to a statement released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation…….CONTINUE READING 

The N1.2 trillion allocation represents an 11% decrease from the N1.358 trillion shared in July 2024. The breakdown of the distributed revenue includes N186.636 billion from statutory revenue, N533.895 billion from Value Added Tax (VAT), N15.02 billion from Electronic Money Transfer Levy, and N468.25 billion from Exchange Difference.

In detail, the Federal Government received N374.93 billion, state governments were allocated N422.86 billion, while Local Government Councils were allotted N306.53 billion. Additionally, N99.47 billion was distributed as derivation revenue (13% of mineral resources) to qualifying states.

The communiqué also noted that the gross statutory revenue for August 2024 stood at N1.22 trillion, marking a decrease of N165.99 billion compared to July’s N1.39 trillion. Similarly, VAT revenue declined to N573.34 billion in August from N625.33 billion in July.