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President Bola Ahmed Tinubu has said that with almost N2 trillion being shared by the three tiers of government, it is time Nigerians begin to demand more accountability from government officials both at the state and local government levels.
According to a statement by Senior Special Assistant (SSA) Media and Publicity to the President, Temitope Ajayi, the President noted that with this development, both levels of government will have more money for development
Experts have said that with the floating of the naira, the federal government, states and LGs are likely to share N1.9 trillion considering that the 2023 budget was predicated on an exchange rate of N425 to a Dollar.
At the I&E Window, the exchange is about N850/$1.
The Central Bank of Nigeria (CBN) said what it currently runs is a managed float of the naira.
“That FAAC will share almost N2 trillion 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 frittered away, in a month, via fuel subsidy will now go into the coffers of the 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,” the President said.
Peoplesmind
