The Federation Account Allocation Committee (FAAC) has announced that N1.203 trillion was shared among federal, state, and local governments for August 2024. This allocation, derived from a gross total of N2.278 trillion, was disclosed by Mohammed Manga, Director of Information at the Ministry of Finance, following FAAC's September meeting chaired by Finance Minister Wale Edun.

The distribution marks a decrease of N155 billion compared to July's allocation. From the total amount:

- Federal government received N374.925 billion

- States received N422.861 billion

- Local government councils got N306.533 billion

- Oil-producing states received N99.474 billion as derivation

Additionally, N81.975 billion was allocated for collection costs, while N992.617 billion was set aside for transfers, interventions, and refunds.

Value Added Tax (VAT) revenue decreased by N51.988 billion to N573.341 billion. After deductions, N533.895 billion of VAT funds were distributed among the three tiers of government.

Gross statutory revenue also declined by N165.994 billion to N1.221 trillion. After allocations for collection costs and other purposes, N186.636 billion was shared among the government tiers.

The Electronic Money Transfer Levy (EMTL) contributed N15.643 billion, which was distributed accordingly.

An exchange difference of N468.245 billion was also shared among the government levels.

The communique noted decreases in various revenue sources, including Companies Income Tax, Import and Excise Duties, and Petroleum Profit Tax.

As of September 2024, the balance in the Excess Crude Account was $473,754.57.​​​​​​​​​​​​​​​​