FAAC

A total sum of 1.3 trillion naira has been disbursed to the federal, state and local government areas for July.
The revenue distribution was announced at the August 2024 meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja.
A communiqué issued by FAAC stated that from the 1,358 trillion naira total distributable revenue, the Federal Government received a total sum of N431.079 billion, and the State Governments received a total sum of N473.477 billion.
The figure comprises a distributable revenue of 161 billion naira, Value Added Tax (VAT) revenue of N582.307 billion,n, and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was an Exchange Difference revenue of 581 billion naira while solid mineral revenue of 13.6 billon naira was also realized.

The communique signed by the Director Press and Public Relations at the office of the Accountant General of the Federation, Bawa Mokwa, shows that a total revenue of 2.6 billion naira was available in the month of July 2024.

Total deduction for cost of collection was N99.756 billion naira while total transfers, interventions and refunds was N1,155.960 billion .

Meanwhile, The balance in the Excess crude account is put at $473,754.57.