In a significant achievement, the Federal Government has managed to save a whopping N1.83 trillion within a span of just three months after discontinuing the payment of subsidies on petrol. These impressive savings were accrued from the revenue generated in June and July, which flowed into the federation account.
According to sources, N1,051,946,000,000 was saved from the N1.97 trillion revenue generated in June. Additionally, an astonishing N779,890,000,000 was saved from the N1.746 trillion revenue raked in during July. These substantial sums of money were deposited into the federation account to act as a backup for unexpected circumstances or as funding for future projects.
Recently, the Minister of Finance and Coordinating Minister for the Economy (CME), Mr. Wale Edun, held a meeting with the heads of revenue-generating agencies to discuss the government's plans for utilizing these savings. One of the key objectives outlined by the CME was to execute projects without relying on borrowing, emphasizing the importance of financial autonomy.
The N1.831 trillion savings have been securely placed in the federation account, managed by the Central Bank of Nigeria (CBN). The federal government has successfully persuaded most members of the Federation Account Allocation Committee (FAAC) to prioritize saving a portion of their revenue. The understanding is that if the available funds for sharing fall below a certain threshold in any given month, FAAC will have the liberty to utilize the savings to meet the required amount.
This smart and strategic move by the government showcases its commitment to responsible financial management and the prudent use of resources. With this substantial amount of money saved, the government will be better equipped to undertake essential projects and investments, ultimately benefitting all citizens.
The news of these remarkable savings has caused a wave of optimism and confidence in the government's ability to make sound financial decisions. As the Federal Government continues its efforts to strengthen the economy and improve the lives of its citizens, this achievement serves as a testament to their commitment and effective governance.
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