There are indications that Federation Account Allocation Committee (FAAC) is set to distrinute N700 billion in the month of August, which will be the highest allocation in the last 30 months, analysts at Financial Derivatives Company (FDC) Limited has revealed.
The month of July saw a significant increase to a total of N559 billion. This was an increase of 83.2% over the month of June (N305.12 billion). The increased spending likewise assisted to boost shipping activities during the month of July.
While explaIning this in Lagos, chief executive officer of FDC Bismarck Rewane, attributed the increase to partially improved tax collection and exchange rate gains. Rewane stated that increased exchange rate gains got to its highest level in 18 months.
Based on a surge in spending, Rewane said there were more ships in Lagos. He said ships awaiting berth increased to 45 in July. “Higher international trade activity, forex availability and settlement of backlogs were responsible,’’ he said.
In addition, the CEO of FDC stated that ships awaiting berth are expected to increase to 50, “boosted by budget implementation and flexible exchange rate.”
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