Federation Account Allocation Committee (FAAC) announced that Nigeria’s three tiers of government shared a total of N1.203 trillion in August 2024, a decrease of N155 billion compared to July’s allocation of N1.35 trillion.
Gatekeepers News reports that according to Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, the federal government received N374.925 billion, states got N422.861 billion, and local government councils received N306.533 billion. Additionally, oil-producing states received N99.474 billion as derivation (13% of mineral revenue).
Manga explained that the gross revenue from Value Added Tax (VAT) for August was N573.341 billion, representing a decrease of N51.988 billion from July.
The federal government received N80.084 billion, states got N266.948 billion, and local government councils were allocated N186.863 billion.
Wale Edun, Minister of Finance, assured that Nigeria’s economy is on the right path, stating, “He is making sure that whatever the country is going through is stringent economic conditions aimed at repositioning the economy for the benefit and future of our country. The policies are for the good of the nation.”
