The Federation Account Allocation Committee is billed to meet in Abuja, today, July 19, to share the revenue generated in July among the three tiers of government.
It was gathered that the three tiers of government (Federal, State, Local Government Area) would share the sum of N1.959 trillion in July.
The revenue allocation is observed to be a high figure and may be the highest of its kind in the country’s history. The reported figure nearly triples the N786.161 billion shared in June and more than triples the N655.93 billion in May.
Allocations are usually shared from the preceding month’s revenue — meaning June will be shared in July.
According to The Cable, statutory collections make up N1.7 trillion of the federally collected revenues, followed by N293 billion from Value Added Tax and N12 billion from electronic money transfer charges.
However, it could not be established yet if there had been any higher monthly revenue in the history of Nigeria.
Data retrieved from the publication revealed 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/$. However, it could not be confirmed what exchange rate was 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.
