The Federation Accounts Allocation Committee (FAAC) has distributed N1.203 trillion in revenue among the Federal Government, states, and Local Government Councils (LGCs).
This was revealed in a communiqué issued after its meeting on Tuesday.
The total distributable revenue comprised N186.636 billion in statutory revenue, N533.895 billion from Value Added Tax (VAT), N15.017 billion from the Electronic Money Transfer Levy (EMTL), and N468.245 billion from exchange rate gains.
FAAC disclosed that a total of N2.278 trillion was available in August, with N81.975 billion deducted for collection costs, and N992.617 billion set aside for transfers, interventions, and refunds.
The Federal Government received N374.925 billion, state governments received N422.861 billion, while LGCs got N306.533 billion. Additionally, N99.474 billion was shared as derivation revenue to oil-producing states.
From VAT, the Federal Government received N80.084 billion, states received N266.948 billion, and LGCs got N186.863 billion. The communiqué also noted a decrease in Oil and Gas Royalty, Petroleum Profit Tax (PPT), and other revenue sources. The balance in the Excess Crude Account stood at $473,754.57.
