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The Federation Account Allocation Committee (FAAC) shared a total of ₦903.480 billion for the September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs). | Pulse Nigeria
By Tony Obiechina, Abuja The Federation Account Allocation Committee (FAAC), shared a total sum of N903.480 billion to the three tiers of government as Federation Allocation for the month of September, 2023. The meeting was chaired by the Minister of Finance and Co-ordinating minister of the Economy, Mr. Wale Edun. From the stated amount inclusive
Governments, at the federal, state, and local levels, and banks, gained about N2.21tn following the exchange rates unification policy of the Central Bank of Nigeria, findings by The PUNCH have shown.
The three tiers of government and commercial banks gained about N2.21 trillion from foreign exchange revaluation revenue. The development comes from
“Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71 billion."