July 3, 2023/Coronation Research

The latest gross monthly distribution for the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N786.2bn in June ’23 (from May revenue).

This marks an increase of 19.8% or N130.3bn from the previous payout largely due to an increase in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and gas royalties, Value Added Tax (VAT), and import excise duties. Meanwhile, contributions from the Electronic Money Transfer Levy (EMTL) declined marginally.

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