FG, States, LGs to Receive N1.9tr From FAAC

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By Muhammadu Sabiu

The Federal, State, and Local Governments will get a portion of the N1.959 trillion in the income produced in June 2023 from the Federation Account Allocation Committee (FAAC).

To formally approve the sum that would go to the Federal, State and municipal governments, the FAAC will hold its technical and plenary meetings on Thursday.

Reports indicate that state statutory collections account for N1.7 trillion of the federally collected income, followed by N293 billion from Value Added Tax (VAT) and N12 billion from fees associated with electronic money transfers.

Tamitope Ajayi, Senior Special Assistant Media and Publicity to the President, while reacting to the development said, “that FAAC will share almost N2trillion in July, the first time in history, as revenue for the three tiers of government, is an immediate and major benefit of fuel subsidy removal.

“This money that would have been fretted away, in a month, via fuel subsidy will now go into the coffers of government to improve living conditions of the people. What this means is that there will now be more money available for real development.
“States and Local Governments will have enough money to pay salaries of workers and pensioners.

“Government at all levels will become more solvent, be in a stronger financial position to easily pay new minimum wage and fund development in critical sectors especially in education, healthcare and public transportation.” He added.

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