FAAC: FG, States, LGs Share N1.2trn in August 2024

A total sum of ₦1.203 trillion June 2024 federation accounts revenue has been shared with the Federal Government, states, and local government councils in the country.

The revenue was shared at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

This was disclosed in a statement on Tuesday by Bawa Mokwa, the FAAC spokesperson for the Accountant General of the Federation.

He explained that the ₦1.203 trillion total distributable revenue comprised distributable statutory revenue of ₦186.636 billion, distributable Value Added Tax (VAT) revenue of ₦533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.017 billion, Exchange Difference revenue of ₦468.245 billion.

Meanwhile, the balance in the Excess Crude Account (ECA) for last month was put at $473,754.57
.