Centre calls for transparency as FAAC allocation jumps

The Centre for Fiscal Transparency and Integrity Watch (CefTIW) has demanded accountability and transparency as the Federal Accounts and Allocation Committee (FAAC) has recorded increase in revenues.

The federal government in June recorded a revenue of N1.959 trillion with the Federal Account Allocation Committee (FAAC) recently sharing a total sum of N907.054 billion as the Federal Government took N345.564 billion, States N295.948 billion and Local Government Areas N218 billion.

In a statement released in Abuja on Monday it’s Head of Public Relations Victor Agi, CefTIW said it “Welcome the revenue jump into the federation account after removing subsidy and floating of the naira. However, it is disturbing that the government has not devised measures to monitor its expenditure to forestall the habitual abuse of government resources.

“We recall that the immediate past administration of President Muhammadu Buhari launched the Open Treasury Portal where the Office of the Accountant General of the Federation (OAGF) is mandated to publish payments of at least N10 million, while all Ministries, Department and Agencies of Government (MDAs) are equally expected to publish payments above N5 million made out of all public funds under their purview.

“This initiative was novel and intended to promote transparency through the timely disclosure of financial information to civil society organizations and the public at large.”

The centre called on “State governments to borrow a leaf from the open treasury portal policy of the federal government, and entrench culture of transparency and accountability in the administration of state’s resources,”

“A political will that will grant financial and administrative autonomy to the local government, after a bill that sought to “abrogate the state-local government joint account…” suffered a setback, state governors must put measures in place that will promote openness in how local government resources are utilized.”