The disbursed ₦2.225 trillion comprised Statutory Revenue of ₦1.478 trillion, VAT (₦672.903 billion), ₦32.338 billion from Electronic Money Transfer Levy, and the sum of ₦41.284 billion from Exchange Difference.
Out of the distributable revenue, the federal government received ₦810.047 billion, the 36 states and local governments received ₦709.831 billion and ₦522.228 billion respectively, while the oil producing states got ₦183.012 billion as derivation.
Cost of collection accounted for ₦124.839 billion, while ₦1.285 trillion was allocated for Transfers, Intervention, and Refunds.
The Gross Revenue available from VAT for August was ₦722.619 billion, an increase of ₦34.679 billion from the previous month. From that amount, ₦28.905 billion was allocated for cost of collection, and ₦20.811 billion was given for Transfers, Intervention, and Refunds. The remaining ₦672.903 billion was distributed to the three tiers of government, with the federal government receiving ₦100.935 billion, states getting ₦336.452 billion, and local government councils receiving ₦235.516 billion.
Gross Statutory Revenue of ₦2.838 trillion was received for the month, lower than the previous month by ₦231.913 billion. From this, ₦94.587 billion was allocated for cost of collection, and ₦1.265 trillion was set aside for Transfers, Intervention, and refunds. The balance of ₦1.478 trillion was distributed among the three tiers of government, with the federal government receiving ₦684.462 billion, states getting ₦347.168 billion, local councils allocated ₦267.652 billion, and ₦179.311 billion going to mineral-producing states as derivation revenue.
Additionally, ₦33.685 billion from Electronic Money Transfer Levy was distributed, with the federal government receiving ₦4.851 billion, states getting ₦16.169 billion, local councils receiving ₦11.318 billion, and ₦1.347 billion allocated for cost of collection.
Oil and Gas Royalty, VAT, and CET levies increased significantly, while Petroleum Profit Tax, Import Duty, Electronic Money Transfer Levy, Companies Income Tax, and Excise Duty declined.
The Minister of Finance and Coordinating Minister of the Economy commended the committee for their diligent efforts in ensuring effective resource allocation. He noted that the federal government’s economic reforms are yielding positive results and expressed optimism about future growth. The minister emphasized the need for prudent management of public resources to meet citizens' needs and assured that better days are ahead.