August 2024 Revenue: FG, States, LGs Share N1.203trn
BY COBHAM NSA – The Federal Government, States and Local Government Councils in the country have shared a total sum of N 1.203 trillion as their August 2024 Federation Accounts Revenue.
Rising from its September 2024 meeting in Abuja, the Federation Accounts Allocation Committee (FAAC) announced that 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.
According to the FAAC communiqué, the total revenue of N2.278 trillion was available in August 2024 while total deduction for cost of collection was N81.975 billion with total transfers, interventions and refunds put at N992.617 billion.
FAAC also listed that gross statutory revenue for August 2024 was N1.221 trillion, a figure lower than the sum of N1.387 trillion received in the month of July 2024 by about N165.994 billion.
Similarly, the gross revenue of N573.341 billion was available from Value Added Tax (VAT) for the month which represents N51.988 billion lower than the N625.329 billion available in July 2024.
From the N1.203 trillion total distributable revenue, the Federal Government received a total sum of N374.925 billion with the State Governments getting N422.861 billion. On their part, the Local Government Councils got N306.533 billion while the sum of N99.474 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N186.636 billion distributable statutory revenue, N71.624 billion went to the Federal Government, the State Governments got N36.329 billion while the Local Government Councils received N28.008 billion. For the benefiting mineral producing States, they received N50.675 billion as the 13 percent derivation revenue.
A statement by the Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa said; “From the N533.895 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N80.084 billion, the State Governments received N266.948 billion and the Local Government Councils received N186.863 billion
“A total sum of N2.252 billion was received by the Federal Government from the N15.017 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.509 billion and the Local Government Councils received N5.256 billion.
“From the N468.245 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N220.964 billion and the State Governments received N112.076 billion. The Local Government Councils received N86.406 billion, while the sum of N48.799 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.”
Meanwhile, the statement indicated that the August 2024 revenue accruals recorded shortfalls in Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), CET Levies and Companies Income Tax (CIT).
However, the statement explained that balance in the Excess Crude Account (ECA) currently stands at about $473,754.57
The ECA is the government fiscal account created to save revenues, in excess of the budgetary benchmark price, generated from the sale of oil.
