A communique issued by FAAC at its September, 2023 meeting showed that a total revenue of N1,483,902 trillion was available in the month of August 2023. Total deductions for cost of collection was N58.755 billion, total transfers and refunds were N254.046billion and savings were N71.000 billion.
Gross statutory revenue of N891.934 billion was received for the month of August 2023. This was lower than the N1, 150, 424 trillion received in the month of July 2023 by N258.490 billion.
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.101 trillion revenue that was generated in August, 2023 to the three tiers of government being monthly allocation from the Joint Federation Account.
Despite the recent increase in monthly revenue generation, the balance in the excess crude account (ECA) has remained $473,754.57.
The communique indicated that the N1.1 trillion total distributable revenue is comprised of distributable statutory revenue of N357.398 billion, N321.941 billion raised from Value Added Tax (VAT), N14.102 billion generated from electronic money transfer levy, N229.568 billion that came in from exchange rate differential, and augmentation of NN177.092 billion.
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