FAAC Disbursed N907bn As Tinubu Approves Funds For Infrastructure

The Federation Account Allocation Committee has stated that the N907.05bn was disbursed among the three tiers of government.

According to the committee reports, it said the N907.05bn depicts an increase of N120.89bn in comparison to the N786.16bn that was disbursed in May 2023, and also confirmed that it is the highest this year and the second increase.

This was revealed in a statement in a meeting in Abuja by the Accountant General of the Federation, Dr Oluwatoyin Madein that, “the N907.05bn total distributable revenue comprised distributable statutory revenue of N301.50bn, distributable Value Added Tax revenue of N273.23bn, Electronic Money Transfer Levy revenue of N11.44bn and Exchange Difference revenue of N320.89bn.”

“From the N301.50bn distributable statutory revenue, the Federal Government received N146.71bn, the State Governments received N74.41bn and the Local Government Councils received N57.37bn. The sum of N23.01bn was shared to the relevant States as 13 per cent derivation revenue.

“For the month of June 2023, the gross revenue available from the Value Added Tax was N293.41bn.  This was higher than the N270.2bn available in the month of May 2023 by N23.21bn. The Federal Government received N40.98bn, the State Governments received N136.61bn and the Local Government Councils received N95.63bn from the N273.23bn distributable Value Added Tax revenue.”

‘The N11.44Bn Electronic Money Transfer Levy was shared as follows: the Federal Government received N1.72bn, the State Governments received N5.72bn and the Local Government Councils received N4bn.’

“From the N320.89bn Exchange Difference revenue, the Federal Government received N156.16bn, the State Governments received N79.20bn, the Local Government Councils received N61.06bn and the sum of N24.47bn was shared to the relevant States as 13 per cent mineral revenue.”

Another statement also announce the approval of infrastructural support by the president. The Special Adviser to the President, Special Duties, Communications & Strategy, Dele Alake, said that ,”the new Infrastructure Fund will enable the States to intervene and invest in the critical areas of Transportation, including farm to market road improvements; Agriculture, encompassing livestock and ranching solutions; Health, with a focus on basic healthcare; Education, especially basic education; Power and Water Resources, that will improve economic competitiveness, create jobs and deliver economic prosperity for Nigerians.”

“The committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues-occasioned by the subsidy removal and exchange rate unification-on money supply, as well as inflation and the exchange rate.”

The statement also disclosed that about N790bn would be saved to “complement the efforts of the Infrastructure Support Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.”

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