FAAC allocation: Uwaleke advises Tinubu government what to do with June’s revenue

Professor of Finance and Capital Markets, Uche Uwaleke, has identified ways the Federal Government can utilise the over N1.9 trillion revenue increase in Federation Account Allocation Committee (FAAC) for June.

NAN reports that Uwaleke on Friday described the revenue rise as remarkable.

He said that proper accountability and transparency of funds utilisation should be a top priority of the Tinubu-led government.

Newsmen recalls that the Federation Account Allocation Committee, FAAC, has shared N907.054 billion with the three tiers of Government.

Uwaleke said, “Regarding the remarkable increase in FAAC Allocation for June, the following steps are necessary for proper accountability and transparency of funds utilisation.

“Ascertain from the FAAC Allocation the proportion of the fund increase resulting from the Naira devaluation.

“Ring fence the funds by creating special accounts for them.

“Obtain approval from the National/State Assemblies, as the case may be, to apply them to special projects in education, health and infrastructure provision.

“Such funds should not be used to increase the minimum wage or applied to recurrent expenditures.

“All tiers of government should endeavour to increase workers’ salaries by reducing waste and the cost of governance as well as plugging loopholes in revenue collection and leveraging technology.”