The Federation Account Allocation Committee (FAAC) has scheduled a meeting for today, July 19, 2023, in Abuja. During this meeting, the committee will allocate revenue to the federal, state, and local tiers of government based on the sharing metrics.
Out of the revenues collected by the federal government, N1.7 trillion comes from statutory collections, followed by N293 billion from VAT and N12 billion from electronic money transfer charges.
It is currently unknown if Nigeria has ever experienced higher monthly revenues, as news providers have yet to confirm this information.
A preliminary analysis conducted by the news providers team suggests that the decrease in the official exchange rate of the naira may have contributed to the unprecedented increase in revenue.
In June 2023, FAAC adopted an exchange rate of N436.38/$ for calculating the forex component of federally-collected revenues. However, this rate has now risen to at least N750/$.
The news providers were unable to confirm the exact exchange rate used for July.
FAAC consists of the Minister of Finance as the chairman, all state commissioners of finance, the state accountant-general, the accountant-general of the federation, and the permanent secretary of the federal ministry of finance.
Source: The Cable
