Rephrased passage: The Federation Account Allocation Committee (FAAC) has disclosed that a total of N907.05 billion was shared among the three tiers of the Nigerian government in June 2023.....KINDLY READ THE FULL STORY HERE▶
This figure marks a marginal increase of N120.89 billion compared to the N786.16 billion distributed in May 2023, and it stands as the highest allocation for the year, representing the second increase following a consistent decline since January…CONTINUE READING
The latest FAAC meeting, chaired by the new Accountant General of the Federation, Dr.
Oluwatoyin Madein, revealed the breakdown of the total amount, which includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levies, and exchange rate difference revenue.
The Federal Government received N345.56 billion, the states received N295.95 billion, and the local government councils got N218.06 billion. Additionally, the oil-producing states received N47.48 billion as derivation, which constitutes 13% of mineral revenue.
The gross statutory revenue for June 2023 amounted to N1.15 trillion, higher than the previous month by N451.13 billion. Similarly, the Value Added Tax (VAT) revenue for June was N293.41 billion, surpassing May’s figure by N23.21 billion.
In response to the fuel subsidy removal, President Bola Tinubu has approved the establishment of an Infrastructure Support Fund for the 36 states of the federation.
This measure aims to cushion the effects of the subsidy removal on the people by enabling the states to invest in crucial areas like transportation, agriculture, healthcare, education, power, and water resources.
Furthermore, the committee plans to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues on inflation and the exchange rate while ensuring tangible improvements in the lives and living standards of Nigerians.
