Government at all tiers would breathe a collective sigh of relief as they received the highest allocation from the Federation Accounts as compared to the past 12 months for the month of June. This information was made available by the Minister of Finance, Kemi Adeosun as she further reiterated her belief that the economy would soon snap out of its current recession.
Speaking with journalists, Adeosun said that with the current measures being put in place, the current periods off negative growth being experienced by the country’s economy will soon be a thing of the past.
Fiscal discipline, improved revenue collection and better infrastructure were main aspects of the reforms that the FG was undertaking in order to ensure that the recession was reversed.
In the breakdown that the Minister gave, ThisDay reports that a total of N559.032 billion was available to be shared among the 3 tiers, as against the 374.093 billion that was available in May. The increase was accredited to higher revenue generation from the FIRS, Nigerian Customs as well as in the gains from depreciation of the naira.
Another positive from the report from the Minister was an increase in the Excess Crude Account from $2.59 billion in May to $3.09 billion in June.
News Team/This Day Newspaper