Deposit Money Banks (DMBs) in Nigeria will start the deduction of the backlog of Electronic Money Transfer Levy (EMTL) on old foreign currency transactions carried out by Nigerians on January 31, 2024. According to the latest directive from the fiscal authorities to the banks, the deductions will cover transactions between 2021 and 2023. As expected, […]
The Federation Account Allocation Committee (FAAC) shared a total sum of N907.054 billion in June this year to the Federal Government, States and Local Government Councils. The figures were stated in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2023 presided over by the Accountant-General of the […]
The Federation Account Allocation Committee (FAAC) reported on Thursday that it shared a total sum of N655.932 billion in April 2023 from Federation Account revenue to the three tiers of government even as it stated that Excess Crude Account (ECA) dropped to $473,754.57 as of the date of its meeting in May this year. The […]
The Federation Account Allocation Committee (FAAC) has reported that a total sum of N714.629 billion was shared to the three tiers of government from the March 2023 federation account revenue. The committee’s disclosure was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for April 2023. The FAAC […]
The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion from the federation account revenue to the federal, state and local governments in February this year. The communiqué issued at the end of the FAAC meeting for March 2023 indicated that the N722.677 billion total distributable revenue comprised statutory revenue of […]
The Federation Account Allocation Committee (FAAC) on Friday disclosed that the three tiers of government shared a total sum of N680.783 billion as federation allocation for the month of May 2022. The committee stated that out of the revenues generated in Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL), the […]