In July 2023, the three levels of government are expected to share N1.959 trillion, which is likely the highest amount ever.
This is more than quadruple the N655.93 billion in May and nearly triple the N786.161 billion shared in June.
Since allocations are typically made from the revenue of the previous month, June’s allocation will be made in July.
On the basis of sharing criteria, the Federation Account Allocation Committee (FAAC) will convene in Abuja on Wednesday to distribute the revenue to the federal, state, and local levels of government.
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.
TheCable is yet to establish if there had been any higher monthly revenue in the history of Nigeria.
A snap analysis by TheCableIndex data team suggests 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 the 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/$.
FAAC is made up of 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.
