The Federal Account Allocation Committee (FAAC) has shared N1.2 trillion in revenue among the federal, state, and local governments for August 2024, marking an 11% decrease from the N1.358 trillion distributed in July.
The announcement was made by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, who attributed the reduction to fluctuating oil prices and lower tax collections, which affected national earnings.
Despite the decline, the funds are expected to cover essential services such as infrastructure and salaries across all government tiers. The federal government received the largest portion, followed by state and local governments.
Mokwa emphasized FAAC’s commitment to equitable revenue distribution while urging stakeholders to explore alternative revenue sources to reduce reliance on oil. The drop in allocation has raised concerns over some states and local governments’ ability to meet financial obligations in the current economic climate.
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