In a recent allocation by the Federation Account Allocation Committee (FAAC), a staggering N966.110 billion in revenue for July 2023 has been divided amongst the federal government, state governments, and local government areas. The allocation includes a distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, electronic money transfer levy revenue of N12.840 billion, and exchange difference revenue of N283.904 billion.
The meeting, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the significance of these funds. The director of information in the Office of Accountant-General of the Federation, Bawa Mokwa, highlighted the distribution of the revenue.
However, it’s crucial that these funds are utilized effectively and transparently to benefit citizens across the nation. With N62.419 billion dedicated to the cost of collection and N717.962 billion allocated for savings, transfers, refunds, and tax credit cancellation, the need for accountability becomes evident.
Furthermore, the allocation distributed N374.485 billion to the federal government, N310.670 billion to state governments, and N229.409 billion to local government areas. An additional N51.545 billion was shared among relevant states as a 13 percent derivation revenue.
While the total gross statutory revenue of N1.150 trillion for July 2023 is substantial, it’s important to note a decline from the previous month. The gross revenue available from VAT, on the other hand, increased to N298.789 billion, signalling potential economic growth.
With these financial figures in mind, it becomes imperative for all tiers of government to allocate and use these funds wisely, addressing pressing needs like infrastructure development, healthcare, education, and social services. Proper utilization of taxpayer money holds the key to building a stronger and more prosperous nation for all.
Written by Nwokwu Chukwuemeka (Obinwannem News correspondent Ebonyi State) Date: August 30, 2023
Published by Ugwu Okechukwu (Obinwanne ndi Igbo)
