Economy and Business

Federal, State, and Local Governments to Share Record N1.959 Trillion in July

The three tiers of government in Nigeria are set to share a record N1.959 trillion in July 2023 due in part to a fall in the official exchange of the naira.

POLITICS NIGERIA reports that this is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May.

The Federation Account Allocation Committee (FAAC) will meet in Abuja on Wednesday to allocate the revenue to the tiers of government based on the sharing metrics, according to The Cable.

Statutory collections comprise 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.

FAAC adopted N436.38/$ as the exchange rate for calculating the forex component of federally-collected revenues for June 2023, but this has now gone up to at least N750/$. The actual exchange rate used for July could not, at this time, be confirmed.

FAAC comprises 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.

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