The Federal Government, state governments, and local government councils (LGs) shared a total of N2.25 trillion from the federation account as revenue for August, according to the latest figures released by the Federation Account Allocation Committee (FAAC). The meeting took place in Abuja on Wednesday.
The N2.25 trillion distributable revenue consisted of N1.48 trillion statutory revenue, N672.90 billion from Value Added Tax (VAT), N32.34 billion Electronic Money Transfer Levy (EMTL), and N41.28 billion from Exchange Difference. FAAC reported that the total gross revenue available in August was N3.64 trillion.
From this amount, N124.84 billion was deducted for collection costs, while N1.29 trillion was set aside for transfers, interventions, refunds, and savings, the communiqué stated.
VAT revenue rose to N722.62 billion in August, up from N687.94 billion in July, reflecting an increase of N34.68 billion.
From the N1.48 trillion statutory revenue, the Federal Government received N684.46 billion, states got N347.17 billion, and LGs received N267.65 billion. Additionally, oil-producing states earned N179.31 billion as 13% derivation revenue.
The N672.90 billion VAT revenue was distributed as follows: Federal Government – N100.94 billion, states – N336.45 billion, and LGs N235.52 – billion.
From the N32.34 billion EMTL revenue, the Federal Government received N4.85 billion, states N16.17 billion, and local governments N11.32 billion.
This latest FAAC allocation highlights an upward trend in VAT collection and continued support for all tiers of government from the federation account.