By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: FAAC Disburses N1.2 Trillion Revenue for August 2024 to Federal, State, and Local Governments
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
EconomyNews

FAAC Disburses N1.2 Trillion Revenue for August 2024 to Federal, State, and Local Governments

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: September 18, 2024
Share
2 Min Read
SHARE

The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of N1.2 trillion in revenue earned in August 2024 to the Federal Government, state governments, and local government councils across Nigeria, Okay.ng reports.

The revenue distribution was disclosed during the September 2024 FAAC meeting held in Abuja. The announcement came via a statement released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), on Tuesday.

The total disbursed amount of N1.203 trillion reflects a decrease of 11 percent (or N155 billion) from the N1.358 trillion distributed in July 2024.

“A total sum of N1.203 trillion in August 2024 Federation Accounts revenue has been shared among the Federal Government, states, and Local Government councils in the country,” the statement read.

- Advertisement -

The disbursed revenue includes:

  • N186.64 billion in statutory revenue
  • N533.90 billion from Value Added Tax (VAT) revenue
  • N15.02 billion from the Electronic Money Transfer Levy (EMTL)
  • N468.25 billion from the Exchange Difference revenue.

From the N1.203 trillion distributable revenue, the Federal Government received N374.93 billion, while state governments were allocated N422.86 billion. Local Government councils received N306.53 billion, and N99.47 billion was shared with benefiting states as derivation revenue (13 percent of mineral revenue).

The communiqué revealed that gross statutory revenue for August 2024 amounted to N1.22 trillion, which was lower by N165.99 billion compared to July 2024’s revenue of N1.39 trillion. Similarly, VAT revenue for August stood at N573.34 billion, down from N625.33 billion in July 2024.

The OAGF also noted that total available revenue for the month was N2.278 trillion, with allocations made to the three tiers of government.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:FAAC
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article INEC Reports Over 379,000 Uncollected PVCs Ahead of Edo State Governorship Election
Next Article Jude Ighalo’s Ex-Wife Sonia Tenders Apology to Him Over Social Media Controversies

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?