Now, how did Tinubu persuade governors from four different political parties to save up more than fifty percent of the federal revenue generated last month, instead of sharing it? It is unprecedented. Moreover, that's the highest that has ever been generated.

  This is nearly quadruple the amount shared in June (N786.161 billion) and more than triple the amount shared in May (N655.93 billion). Allocations are typically made from the previous month's income, thus June will be distributed in July. The Federation Account Allocation Committee (FAAC) will meet in Abuja on Wednesday to allocate funds to the three levels of government based on the sharing criteria.

Statutory collections account for N1.7 trillion of federally collected revenues, with VAT accounting for N293 billion and electronic money transfer levies accounting for N12 billion. There have been rumors that there has never been a month with a larger monthly revenue in Nigeria's history. According to a data research team, the drop in the official exchange rate of the naira may have contributed to the seemingly unusual increase in revenue.

FAAC adopted N436.38/$ as the exchange rate for the calculation of the forex component of federally-collected revenues for June 2023 but this has now gone up to at least N750/$. There is no confirmation of the actual exchange rate used for July. FAAC comprises the minister of finance as chairman, all state commissioners of finance, state accountants-general, the accountant-general of the federation, and the permanent secretary of the federal ministry of finance.

 How did Tinubu persuade governors from four different political parties to save up more than fifty per cent of the federal revenue generated last month, instead of sharing it? It is unprecedented. Moreover that's the highest that has ever been generated.