FAAC to share record N1.959trn July revenue to three tiers of government

The federal, state and local governments are to share N1.959 trillion in July 2023, the highest to be shared amongst the three tiers of government ever.

The Informant247 gayhered that 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.