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The Federal Accounts Allocation Committee has said it disbursed N1.2 trillion earned as revenue in August 2024 to the Federal Government, States, and Local Government councils in Nigeria, 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.
The figure represents a decrease of 11 per cent or N155 billion from N1.358 trillion distributed to the three tiers in July, 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.
Bawa added that from the N1.203 trillion total distributable revenue, the Federal Government received a total sum of N374.93 billion and the states governments received a total sum of N422.86 billion while the Local Government councils received a total sum of N306.53 billion and a total sum of N99.47 billion which is 13 per cent of mineral revenue, was shared with the benefiting states as derivation revenue.
