FAAC: Three Tiers Of Government Likely To Share N1.959tr Revenue In July - Probably Highest Ever. - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
July 20, 2023
This is nearly triple the 786.161billion naira shared in June and more than triple the 655.93billion naira shared in May.
Allocations are usually shared from the preceding month’s revenue – meaning 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 – federal, state and local – based on the sharing metrics.
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.
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.
Meanwhile, a snap analysis 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 to a dollar as 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 to a dollar.