The sum of N1.2 trillion earned as revenue in August 2024, has been disbursed to the Federal Government, states, and Local Government councils in Nigeria.
This was disclosed by the Federal Accounts Allocation Committe.
The revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated on Tuesday.
However, the revenue shared in August represents a decrease of 11 per cent or N155bn from N1.358tn distributed to the three tiers in July.
The statement read, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the Federal Government, states and Local Government councils in the country.”
The OAGF official said the revenue comprised statutory revenue of N186.636bn, Value Added Tax revenue of N533.895bn, Electronic Money Transfer Levy revenue of N15.02bn, and Exchange Difference revenue of N468.25bn.
An analysis of the communiqué issued indicated that the revenue of N2.278tn was available in August 2024.
READ ALSO
•FG Alerts States As Cameroon Releases Lagdo Dam
•Only NNPCL Will Buy Dangote Petrol – FG
Bawa added that from the N1.203tn total distributable revenue, the Federal Government received a total sum of N374.93bn and the state governments received a total sum of N422.86bn.
The Local Government councils received a total sum of N306.53bn and a total sum of N99.47bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
According to the communique, “Gross statutory revenue of N1.22tn was received for August 2024. This was lower than the sum of N1.39tn received in July 2024 by N165.99bn.
“Gross revenue of N573.34bn was available from the Value Added Tax in August 2024. This was lower than the N625.33bn available in July 2024 by N51.99bn.”
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
In a novel disciplinary action, a Nigerian university lecturer has gained widespread attention online for…
Nigerian Fuji singer King Wasiu Ayinde Marshall, popularly known as Kwam 1 or K1, is…
A video has emerged as to what led to the alleged illegal detention of a…
The National Examinations Council, NECO, has announcement the release of the 2024 SSCE internal results.…
Nollywood actress Adunni Ade and Indrive cab driver Francis Njoku are embroiled in a heated…
Patients and their relatives have voiced their frustration after reports emerge of doctors, nurses, and…
This website uses cookies.