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FAAC to share N1.959tr revenue to FG, states, LGAs in July
FAAC to share N1.959tr revenue to FG, states, LGAs in July
The three tiers of government are set to share N1.959 trillion in July 2023.
The Cable reports that this is the highest the government has ever shared, as it is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May.
Allocations are usually shared from the preceding month’s revenue which means June will be shared in July.
The Federation Account Allocation Committee (FAAC) will meet in Abuja on Wednesday to allocate the revenue to the tiers of government which are, federal, state and local, based on the sharing metrics.
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Statutory collections make up N1.7 trillion of the federally collected revenues, followed by N293 billion from VAT and N12 billion from electronic money transfer charges.
It is yet to be established if there had been any higher monthly revenue in the history of Nigeria.
A snap analysis by TheCableIndex data team suggests that the fall in the official exchange of the naira might have contributed to the seemingly unprecedented rise in revenue.
FAAC adopted N436.38/$ as the exchange rate for the calculation of the forex component of federally-collected revenues for June 2023 but this has now gone up to at least N750/$.
FAAC is made up of the minister of finance as chairman, all state commissioners of finance, state accountants-general, the accountant-general of the federation and the permanent secretary of the federal ministry of finance.
