FAAC explained that a total revenue of N1,483.902 trillion was available in the month of August, with total deductions for cost of collection being N58.755 billion; total transfers and refunds stood at N254.046 billion while savings were N71.000 billion.
The FAAC also revealed that the balance in the Excess Crude Account (ECA) stood at $473,754.57 million as of September 27, 2023.
According to the Committee, the August Allocation showed an increase of N133.991 billion over the N966.110 billion shared in the preceding month of July.
Gross statutory revenue of N891.934 billion was received for the month of August 2023. This was lower than the N1150.424 billion received in the month of July 2023 by N258.490 billion.
Giving a further breakdown, the Committee noted that N1,100.101 trillion total distributable revenue comprised of distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N229.568 billion and Augmentation of N177.092 billion.
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