The Three Tiers Of Government ( Federal Government, States, LGs) Are Set To Share N1.959 trillion In July 2023.
●Statutory Collections Make Up N1.7 Trillion Of The Federally Collected Revenues, Followed By N293 Billion From VAT And N12 Billion From Electronic Money Transfer Charges.
That FAAC will share almost N2trillion in July, the first time in history, as revenue for the three tiers of government, is an immediate and major benefit of fuel subsidy removal.
This money that would have been frettered away, in a month, via fuel subsidy will now go into the coffers of government to improve living conditions of the people. What this means is that there will now be more money available for real development.
States and Local Governments will have enough money to pay salaries of workers and pensioners. Government at all levels will become more solvent, be in a stronger financial position to easily pay new minimum wage and fund development in critical sectors especially in education, healthcare and public transportation.
Going forward, we should begin to focus attention on our states and local governments to demand more accountability and transparency in the use of public fund.
The real governance impact should be at the State and local levels.