Gross total revenue that has accrued to the Federation Account exceeded N2 trillion, indicating that government efforts at generating more revenue have started yielding early dividends.

Data from the Federation Account Allocation Committee (FAAC) showed that a gross total sum of N2,326.148 trillion was generated in month of February 2024, representing an upsurge of about 101 percent, compared to the same period in the previous year.

Also, the balance in the Excess Crude Account (ECA) recorded marked improvement, and as of March 2024, it stood at $473,754.57.

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Further analysis of the Federation revenue profile indicates an upwards swing as the gross revenue from the Value Added Tax (VAT) for February 2024, was N460.487 Billion, showing an increase of N39.755 billion from the N420.733 billion that was distributed to the three tiers of government in the preceding month.

Similarly, the gross statutory revenue of N1,192.428 billion received in the month was higher than the sum of N1,151.808 billion received in the previous month of January 2024 by N40.620 billion.

Acknowledging the significant increase in government revenue, the Federation Account Allocation Committee (FAAC) said, “Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Excise Duty and Customs External Tariff levies (CET) increased significantly, while Oil and Gas Royalties increased marginally.

Electronic Money Transfer Levy (EMTL) and Companies Income Tax (CIT) recorded considerable decreases”.

Nigerian Tribune observed that, despite the surge in revenue accrual to the Federation, and subsequent distribution to the three tiers of government, hardship has continued to persist in Nigeria.

Workers and labour leaders, including Chairmen of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have expressed concerns that despite the increased revenue and subsequent allocation, some governors have not done enough to cushion the harsh impact of the prevailing economic situation on their citizens.

Appraising the situation, Wale Edun, Minister of Finance and Co-ordinating Minister of the Economy, informed that President Bola Ahmed Tinubu led administration in its avowed determination to achieve and ensure rapid and sustained economic growth in the country has commenced the intervention programme which is a direct payment to about 15 to 17 million poorest and vulnerable Nigerians, after carefully making sure that the system is fraud-free, using the Biometric Registration and Digital Registering.

He admitted that there is an increase in revenue, and “we are commending the revenue generating agencies for their hard work.”

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