In August 2023, the Federation Account Allocation Committee (FAAC) disbursed a total of N1.1 trillion from the Federation Account Revenue to the Federal Government, States, and Local Government Councils, as reported by the Office of the Accountant General of the Federation on Friday.
This distribution included N357.398 billion in statutory revenue, N321.941 billion in Value Added Tax (VAT) revenue, N14.102 billion from Electronic Money Transfer Levy (EMTL), N229.568 billion from Exchange Difference revenue, and an augmentation of N177.092 billion.
The FAAC's September 2023 communique revealed that a total revenue of N1.48 trillion was available in August 2023. Deductions for the cost of collection amounted to N58.755 billion, total transfers and refunds equaled N254.046 billion, and savings reached N71.000 billion, as stated by the Office of the Accountant General of the Federation's Director of Press and Public Relations, Bawa Mokwa.
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