The Federation Account Allocation Committee (FAAC), at its September 2024 meeting chaired by the minister of finance and coordinating minister of the economy, Wale Edun, allocated a total of N1.203 trillion to the three tiers of government as the Federation Allocation for August 2024.
This amount was drawn from a gross total of N2.278 trillion. From the total allocation, which includes Gross Statutory Revenue, Value Added Tax (VAT), electronic money transfer levy, and exchange difference, the federal government received N374.925 billion, the states received N422.861 billion, local government areas got N306.533 billion, while the oil-producing states received N99.474 billion as derivation (13% of mineral revenue).
A sum of N81.975 billion was set aside for the cost of collection, while N992.617 billion was earmarked for transfers, interventions, and refunds.
According to the communique issued by FAAC after the meeting, the gross revenue from VAT for August 2024 was N573.341 billion, a decrease of N51.988 billion from the N625.329 billion distributed in July.
