VAM News Update
THE three tiers of government are set to share N1.959 trillion in July 2023 — probably a record.
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.
The Cable 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 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.
Students of Delta State Polytechnic, Oghara, have reportedly arrested an Engineering department course representative over…
Gunmen who abducted five women in Erinmope-Ekiti, Moba Local Government Area of Ekiti State, have…
News Update Gunmen who abducted Tayese Adeyeye and Sunday Adewumi, two residents of Ora Igbomina,…
News Update A 30-year-old man has died in Kano State after he reportedly entered a…
Governor Ademola Adeleke of Osun state has described one of his predecessors, Prince Olagunsoye Oyinlola…
THE Governor of Ondo State, His Excellency, Dr Lucky Orimisan Aiyedatiwa, has approved the confirmation…