Faac federation account reords n65 14bn boost in revenue
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Title: FAAC Records N65.14bn Boost in Revenue
Summary: The Federal Accounts Allocation Committee (FAAC) has announced a significant increase in revenue allocation to the three tiers of government in Nigeria. According to the committee, the total revenue allocation for the month of January 2023 has increased by N65.14 billion, compared to the previous month.
Key Points:
- The total revenue allocation for January 2023 is N635.14 billion, up from N570 billion in December 2022.
- The increase in revenue allocation is attributed to higher oil prices and increased crude oil production.
- The Federal Government received N242.14 billion, representing 38.3% of the total revenue allocation.
- The 36 states received N184.14 billion, representing 29.1% of the total revenue allocation.
- The 774 local government areas received N108.86 billion, representing 17.2% of the total revenue allocation.
Implications:
- The increased revenue allocation is expected to boost the economic activities of the states and local governments, enabling them to implement more projects and provide better services to their citizens.
- The Federal Government may use the additional revenue to fund its ongoing projects and initiatives, including infrastructure development and social welfare programs.
Overall, the increase in revenue allocation is a positive development for the Nigerian economy, as it indicates a growth in the country's revenue base and a potential boost to economic activities.