Local

What FG Should Do With N1.9trn FAAC Revenue—Uwaleke

The Federal Government generated N1.9trn in June which was majorly driven by fuel subsidy removal and naira depreciation.


The Federation Account Allocation Committee (FAAC) will share the proceed among the Federal, State and Local Governments.


It is reported that statutory collections were N1.7trn, Value Added Tax (VAT) N293bn while N12bn was generated from electronic money transfer charges.


This is the highest ever allocation that would be shared. Nigeria removed petroleum subsidy and deregulated the importation of petroleum products.