In July, a total of 1.3 trillion naira was allocated to the federal, state, and local governments. This distribution was revealed at the August 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
According to a communiqué from FAAC, the N1.358 trillion total distributable revenue was divided as follows: the Federal Government received N431.079 billion, while State Governments were allocated N473.477 billion. This sum includes N161 billion in Value Added Tax (VAT) revenue, N582.307 billion in distributable revenue, and N18.818 billion from the Electronic Money Transfer Levy (EMTL). The total also comprised N581 billion in Exchange Difference revenue and N13.6 billion from solid mineral revenues.
The communiqué, signed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, indicates that the total revenue available for July 2024 was N2.6 billion. Deductions for collection costs amounted to N99.756 billion, while total transfers, interventions, and refunds reached N1,155.960 billion. Additionally, the balance in the Excess Crude Account stands at $473,754.57.
