The federation account allocation committee (FAAC) says the three tiers of government shared a total of N1.203 trillion in August 2024 from a gross total of N2.278 trillion.
The federation account allocation committee a total of N1.203 trillion in August 2024 from a gross total of N2.278 trillion.
He said from that amount, the sum of N22.934 billion was allocated for the cost of collection and the sum of N16.512 billion was given for transfers, intervention and refunds while the remaining N533.895 billion was shared among the three tiers of government.The director said the federal government received N80.084 billion, the states got N266.948 billion, and local government councils were allocated N186.863 billion.
“The remaining balance of N186.636 billion was distributed as follows to the three tiers of government: federal government got the sum of N71.624 billion, states received N36.329 billion, the sum of N28.008 billion was allocated to LGCs and N50.675 billion was given to derivation revenue .“Also, the sum of N15.643 billion from electronic money transfer levy was distributed to the three tiers of government as follows: the federal government received N2.252 billion, states got N7.
“According to the communique, the total revenue distributable for the current month of August 2024, was drawn from statutory Revenue of N186.636 Billion, Value Added Tax of N533.636 Billion,
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