In August 2024, FAAC disbursed ₦2.61 trillion to all tiers of government, slightly down from ₦2.68 trillion in July.
The federal government received ₦431.08 billion, states ₦473.48 billion, and local governments ₦343.70 billion.
In August 2024, the Federation Account Allocation Committee (FAAC) disbursed ₦2.61 trillion to Nigeria’s federal, state, and local governments, sourced from the revenue generated in July 2024.
This marked a slight decrease from the ₦2.68 trillion allocated in the previous month, according to the National Bureau of Statistics (NBS).
The disbursement included ₦1.37 trillion from the Statutory Account, ₦581.7 billion from Exchange Gain, ₦13.65 billion from solid minerals, ₦19.6 billion from the Electronic Money Transfer Levy, and ₦625.33 billion from Value Added Tax
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Of the total, the federal government received ₦431.08 billion, state governments got ₦473.48 billion, and local governments were allocated ₦343.70 billion.
In comparison, in July 2024, the federal government received ₦459.78 billion, state governments ₦461.98 billion, and local governments ₦337.02 billion.
This means that the local governments got more in August than they did in July.
Moreover, oil-producing states shared ₦109.82 billion from the 13 per cent derivation fund, up from the ₦95.60 billion allocated in July.
Additionally, the revenue-generating agencies received their share for collection efforts: the Nigeria Customs Service (NCS) received ₦25.03 billion, the Federal Inland Revenue Service (FIRS) received ₦53.15 billion, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received ₦21.58 billion.
Finally, the federal government received ₦293.15 billion for the consolidated revenue account, along with amounts for derivation and ecology, the stabilisation fund, natural resource development, and the Federal Capital Territory (FCT), Abuja.
