The Federation Account Allocation Committee has disbursed a total of N1.1 trillion to the Federal Government, States, and Local Government Areas for the month of August 2023.
This is the highest allocation for the year so far and represents a significant increase of N133.99 billion compared to the N966.11 billion disbursed in July 2023.
The increase is attributed to foreign exchange gains that have bolstered the government’s revenue.
The Federal Government received N431.25 billion, the State Governments N361.19 billion, and the LGAs N266.54 billion from the total distributable revenue of N1.1 trillion.
The communiqué released after FAAC’s recent meeting also revealed that the total revenue available for the month of August was N1.48 trillion, a 14% decrease from the N1.74 trillion reported in the preceding month.
Overall deductions for collection costs, total transfers and refunds, and savings were N58.76bn, N254.05bn, and N71bn, respectively.
The amount in the Excess Crude Account remained unchanged at $473,754.57.
