Centre for Policy Advocacy and Transparency (CPAT) has applauded President Bola Tinubu and the Nigerian National Petroleum Corporation Limited (NNPCL) for the steady rise in the nation’s revenue.
The centre, in its Independence Day message to Nigerians, said President Tinubu is already keeping his promise to revive the economy.
In a statement signed by its executive director, Nkechi Mary Odoma, the centre said the latest disbursement from the Federation Account Allocation Committee (FAAC) is the highest this year and in a long time.
She also commended the NNPCL managing director, Mele Kyari, for paying an interim dividend of N14.657 billion (13 percent of savings) to the relevant states as derivation revenue.
Odoma said this was a result of foreign exchange gains with sharing to the federal, state and local governments surging to N1.1 trillion in September.
Of the distributable revenue, she recalled that it comprises distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion and Augmentation of N177.092 billion.
According to Odoma, this feat was made possible due to the fuel subsidy removal.
She said the president and Kyari have set the country on a path to greatness by singularly ending the “scandalous” subsidy regime.
“The latest figures from the Federation Account Allocation Committee (FAAC) show the highest allocations to federal, state and local governments this year,” Odoma said.
“N1.1 trillion in September alone. Staggering! This confirms that the nation is on the right track. President Tinubu pledged to address business unfriendly fiscal and monetary policies, especially the multiplicity of taxes.
“His preference for a market-driven economy is well known, particularly the growing quest to maximise revenue growth for developmental purposes.
“In his quest to remodel the economy to bring about growth and development through job creation, food security and an end to extreme poverty, he has charted a course of action targeted at achieving a higher GDP growth, which would in turn enhance significant reduction in unemployment,” she said.