July: N1.959tr revenue to be shared by FAAC

In July 2023, the three levels of government are expected to receive N1.9 trillion from the Federation Account Allocation Committee (FAAC).

The amount is more than quadruple the N655.93 billion in May and nearly triple the N786.161 billion shared in June, according to a report by TheCable.

Typically, allocations are distributed based on the income of the preceding month, thus June will be distributed in July.

In accordance with the parameters for sharing, FAAC will convene in Abuja on Wednesday to distribute the funds to the three levels of government (federal, state, and local).

The federal government collects N1.7 trillion in statutory collections, N293 billion in VAT, and N12 billion in electronic money transfer fees.