Breaking news: There is widespread celebration as the federal government, states, and local governments jointly receive more than N1 trillion in revenue from the Federation Account.
Yesterday, the federal, state, and local governments collectively received a substantial amount of N1.127 trillion from the total collectable revenue of N1.674 trillion in December 2023, which proved to be a significant monetary gain for them. Below are the advantages of smart beds and the range of prices for them.
Considerable savings of over N500 billion have been made for future requirements. The amount of money received from the central fund surpassing 1 trillion Naira has been achieved for the second month in a row.
It initially occurred in September of 2023. " Since President Bola Ahmed Tinubu assumed office and declared the elimination of petrol subsidy, the revenue has consistently increased from the N655.932 billion shared in May (refer to the TABLE).
According to analysts, the recently disclosed number presented after the FAAC meeting yesterday reflects the significant growth in the nation's economy.
As per their viewpoint, it also offers an occasion for governmental bodies at every level to guarantee progress and advancement.
Economists stated last evening that the citizens should now start reaping the benefits of democracy, particularly at the state and local levels, as revenue continues to rise.
According to a member, the decision made by FAAC members to permit savings amounting to N500 billion demonstrates their commitment to financial prudence. According to the FAAC statement, there was a significant increase in the revenue generated from various sources such as Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL).
However, there has been a small decrease in the revenue from oil and gas royalties, import duty, and CET levies.
"Although there were significant increases in revenue, there was no change in the balance of the Excess Crude Account (ECA), which stood at $473,754.57."
The excess funds in the federation account act as a protection against any unexpected economic difficulties that might occur.
A more detailed examination of the events concerning the Federation Account has revealed that in December 2023, the gross statutory revenue amounted to N875.382 billion, which was slightly below the N882.560 billion received in November. The Value Added Tax (VAT) experienced a notable rise in December 2023 when compared to the preceding month.
In November, the total revenue generated from VAT was N492.506 billion, exhibiting a significant growth of N132.051 billion.
The increase in value-added tax (VAT) earnings can be credited to the enhancement of economic operations and the rise in consumer expenditure during the holiday period.
Additional examination of the distribution of revenue showed that the total distributable revenue allocated N383.872 billion to the Federal Government, N396.693 billion to the states, and N288.928 billion to the local government areas.
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