Top Stories
FAAC To Share N1.959 Trillion Revenue In July
The three tiers of government are set to share N1.959 trillion in July 2023 — probably a record, TheCable can report.
This 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 — 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.
- News7 hours ago
Breaking: Tinubu Makes Fresh Appointment
- News5 hours ago
#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls
- Top Stories7 hours ago
Hardship: We’ll No Longer Watch Anyone Insult Tinubu – Doyin Okupe Vows
- Top Stories7 hours ago
#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election
- Entertainment20 hours ago
BBNaija’s Dorathy goes naughty on her birthday(Photos)
- Entertainment24 hours ago
Legendary music producer, Quincy Jones d!es at 91
- Top Stories21 hours ago
Breaking: Tinubu Directs Release Of Minors Arraigned For Hunger Protests
- News20 hours ago
I didn’t lose 2023 election, you stole it – Atiku to Tinubu