N1trn FAAC allocation: Benefit of economic diversification – BMO

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N1trn FAAC allocation: Benefit of economic diversification – BMO

The Buhari Media Organisation (BMO) has described the N990billion Federation Accounts Allocation (FAAC) for December 2022 among the three tiers of government as proof that the policies of the President Muhammadu Buhari administration in diversifying the country’s economy are working and currently yielding desired results.

Expressed this opinion in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the group noted that despite that the Buhari administration inherited an economy that was on a downslide, with the price of oil plummeting to the lowest level, President Muhammadu Buhari was able to diversify the economy and the country’s sources of revenue.

“Based on his foresight and vision, efforts were intensified towards earning more revenues from taxes and related areas, rather than depending on the country’s mono-economy of oil revenue with its associated unpredictability.

“We also note that were it not for the visionary leadership the President provided, today Nigeria would have been reeling from the drop in global oil prices and its debilitating effects on the country’s development.

“It is gratifying that with the huge allocations to the three tiers of government, they will be well-positioned to deliver on their mandates for the benefit of ordinary Nigerians,” it said.

Applauding Buhari for his foresight in diversifying the country’s economy, BMO posited that the benefits are already showing, “as it will help to stabilise the economy, and save the country from the vagaries of an unpredictable oil industry”.(NAN)