EXCLUSIVE: FAAC to share N1.959tr revenue in July | #NwokeukwuMascot
This is nearly triple the and more than triple the
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.
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.
TheCable is yet to establish 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 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/$.
TheCable could not confirm the actual exchange rate used for July.
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.