In July, a total of 1.3 trillion naira was disbursed to federal, state, and local governments.
This distribution was announced at the August 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
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According to a communiqué from FAAC, out of the 1.358 trillion naira total distributable revenue, the Federal Government received 431.079 billion naira, while the State Governments were allocated 473.477 billion naira.
The total distributable revenue includes 161 billion naira from Value Added Tax (VAT), 582.307 billion naira from VAT revenue, and 18.818 billion naira from Electronic Money Transfer Levy (EMTL) revenue.
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Also part of the distributable revenue were 581 billion naira from Exchange Difference and 13.6 billion naira from solid mineral revenue.
The communiqué, signed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, noted that a total revenue of 2.6 billion naira was available for July 2024.
Deductions for the cost of collection totaled 99.756 billion naira, while transfers, interventions, and refunds amounted to 1,155.960 billion naira.
The balance in the Excess Crude Account stands at $473,754.57.
