Use 30% FAAC Revenue Against Hardship, Youth Party Tells Federal Govt

Youth Party (YP) has advised the federal and state governments to use the 30 percent increase in FAAC disbursements to the three tiers of government to address the the hardship faced daily by Nigerians.

The party, in a statement issued by its national publicity secretary, Ayodele Adio, in Lagos accused the government of applying a slow and unserious cosmetic “rice sharing” approach to a situation that demands a robust and sustainable economic plan.

They also claimed that President Bola Tinubu removed the petrol subsidy without any plan to protect the young, poor and vulnerable from the economic impact.

The party said despite the increase in the monthly revenue of the government since June, the growth has not translated into any severe effort towards affordable public transport, education or public health systems for the masses.

It stated that the Federation Account Allocation Committee (FAAC) disbursement was N786.16 billion in May and N1.11 trillion in August 2023.

The party said the disbursements had witnessed a steady increase since the removal of fuel subsidy upon assumption of office of the current administration, adding that it went from N786.16 billion in May to N907.054 billion in June, N966.12 billion in July and N1.11 trillion in August 2023.

The party further stated that, “The proposed Nigeria Labour Congress (NLC) industrial action to pressure the Government to act and protect the masses from the economic impact of the policy is an action supported by the Youth Party.

‘’However, we caution the NLC to take a creatively pragmatic approach that would not compound the economic hardship currently being experienced by the masses. We frown at an indefinite strike.’’