For the month of August, the three levels of government received an allocation of N1.1 trillion from the federation account thanks to the Federation Account Allocation Committee (FAAC). In a statement made public following its meeting in September 2023, FAAC announced the distribution of the money. The N1.1 trillion in income was made up of statutory revenue of N357.398 billion, VAT revenue of N321.94 billion, EMTL revenue of N14.1 billion, exchange difference revenue of N229.568 billion, and augmentation of N177.09 billion.

In August 2023, there was N1.48 trillion in total income available, while N58.755 trillion was deducted for collection costs, N254.046 trillion was transferred and refunded, and N71 trillion was saved, according to the communiqué. A total of N 891.934 billion in gross statutory income was reported for the month of August 2023, which is N258.49 billion less than the N1.15 trillion reported for the month of July 2023. The total amount of gross VAT income that was available was N345.727 billion, which was N46.938 billion more than the N298.789 billion that was available in July 2023.

 According to the communiqué, out of the N1.1 trillion in total income, the federal government collected N431.245 billion, the state governments N361.18 billion, and the local government councils N266.538 billion. VAT, Import and Excise Duties, and the Electronic Money Transfer Levy (EMTL) all had considerable increases in August, whilst the Petroleum Profit Tax (PPT), the Companies Income Tax (CIT), and Oil and Gas Royalties all saw notable declines. The Excess Crude Account (ECA) has a balance of $473,754.57.