Revenue allocation fell by Rp155 billion as the government, states and local governments shared Rp1.2 trillion in August.

The three tiers of government on Tuesday shared the N1.2 trillion revenue allocation for August.

Director (Press and Public Relations) of the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a communique issued at the end of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.

This figure is down by N155 billion when compared to the N1.358 trillion distributed by the three tiers of government in July.

Total distributable revenue comprises distributable statutory revenue of N186.6 billion, distributable Value Added Tax (VAT) revenue of N533.8 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.01 billion, and Exchange Difference revenue of N468.2 billion.

According to the communique, a total revenue of N2.278 trillion was available in August.

The total deduction for collection costs was N81.9 billion, while the total transfers, interventions and refunds was N992.6 billion.

The communique added that gross official revenue of N1.2 trillion was received in August, lower than the N1.38 trillion received in July of N165.994 billion.

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It reads: “A gross revenue of N573.341 billion was available from Value Added Tax (VAT) in August 2024. This is lower than the N625.329 billion available in July 2024 of N51.988 billion.

“Of the total distributable revenue of N1.203 trillion, the Federal Government received a total of N374.925 billion, State Governments received N422.861 billion, and Local Government Councils received N306.533 billion.

“A total of N99.474 billion (13% of mineral revenue) was distributed to beneficiary countries as derived revenue.

“On the state’s distributable revenue of N186.636 billion, the communique stated that the Federal Government received N71.624 billion, State Governments received N36.329 billion, and Local Government Councils received N28.008 billion.

“A total of N50.675 billion (13% of mineral revenue) was distributed to beneficiary countries as derived revenue.

“From the distributable Value Added Tax (VAT) revenue of N533.895 billion, the Federal Government received N80.084 billion, State Governments received N266.948 billion, and Local Government Councils received N186.863 billion.

“A total of N2.252 billion was received by the Federal Government from the Electronic Money Transfer Levy (EMTL) of N15.017 billion, while State Governments received N7.509 billion, and Local Government Councils received N5.256 billion.

“From the Foreign Exchange Revenue of N468.245 billion, the communique stated that the Federal Government received N220.964 billion, State Governments received N112.076 billion, and Local Government Councils received N86.406 billion, while N48.799 billion (13% of mineral revenue) was distributed to beneficiary states as derivation revenue.

“In August 2024, Oil and Gas Royalties, Petroleum Income Tax (PPH), Value Added Tax (PPN), Import Duty and Excise, Electronic Money Transfer Import Duty (BLT), Import Duty and Excise (BLT), and Corporate Income Tax (PPh Badan) all experienced a decrease.”

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