*Adeosun assures economy will come out of recession
The Minister of Finance, Mrs. Kemi Adeosun, on Friday
admonished Nigerians not to be agitated by the descent of the economy
into recession, assuring that the country will overcome the adversity.
Her admonition came on a day
the three tiers of government received a significant boost in their
monthly receipts from the Federation Account for the month of June.
Briefing journalists after
plenary of the Federation Account Allocation Committee (FAAC) in Abuja,
Adeosun said Nigerians should rest assured that in spite of the fact
that the economy has entered into recession after two successive
quarters of negative growth, measures being put in place would see the
country come out of it.
She stated that with fiscal
discipline, increased revenue collection and improvement in
infrastructure, recession would be a thing of the past, adding that the
federal government was already pursuing those objectives.
According to her, what should
agitate Nigerians was not whether or not the economy was in recession,
but whether it would pull through.
On the June allocations, the minister said N559.032 billion was shared among the three tiers of government, a significant lift from N374.093 billion distributed in May.
On the June allocations, the minister said N559.032 billion was shared among the three tiers of government, a significant lift from N374.093 billion distributed in May.
She attributed the increase allocation, the highest in 12 months
to improved collections by the Federal Inland Revenue Service (FIRS),
Nigeria Customs Service and an Exchange Gain of over N79 billion.
Giving further breakdown, the
minister said the N559.032 billion allocation includes Value Added
Tax (VAT) of NN67.401 billion, an improvement over the sum of N65.116
billion.
The minister, who commended
the revenue generating agencies for the drive which culminated in the
increased revenue, noted that the development underscored the fact that
the various measures out in place by the government were beginning to
yield dividends.
Adeosun also disclosed that the Excess Crude Account (ECA) increased from $2.59 billion in May to $3.09 billion in June.
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