The three tiers of government, Federal, State and Local governments are set to share N1.959 trillion in July 2023.
This amount which is nearly triple the N786.161 billion shared in June and more than triple the N655.93 billion in May is the highest the government has ever shared.
According to the report, the Federation Account Allocation Committee (FAAC) will meet in Abuja on Wednesday, July 19, 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.
The report believes 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/$.
