The Federation Account Allocation Committee (FAAC) in Nigeria has shared a total of N966.11 billion ($2.35 billion) among the three tiers of government for July 2023. This amount is a marginal increase of N59.06 billion compared to the N907.05 billion shared in June 2023, making it the highest monthly allocation this year.
The distribution includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levies, and exchange rate difference revenue. The breakdown shows that the Federal Government received N374.49 billion, state governments received N310.67 billion, and local government councils received N229.41 billion. Additionally, N51.55 billion was shared as a 13% derivation revenue to relevant states.
The gross revenue available from VAT was N298.79 billion, higher than the N293.41 billion available in June 2023. From this revenue, the Federal Government received N40.79 billion, state governments received N135.97 billion, and local government councils received N95.18 billion.
The new Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired the FAAC meeting. Edun emphasized the need for discipline in money supply to control inflation in the nation’s economy, and he advised that resources should be mobilized to deliver on the government’s mandate to increase employment and reduce poverty.