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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the Federal Government has surpassed its revenue targets for the first half of 2024.
Edun made this announcement during a press briefing in Abuja, where he also clarified that the Supreme Court's decision on financial autonomy for Local Governments had not yet been officially communicated to the Attorney-General of the Federation for thorough review and implementation.
The Supreme Court's decision, which was made on July 11, 2024, has faced opposition from some state governors.
The minister explained that the process was still in its early stages and further steps would be taken once all details are available.
A Federal Government committee has been established to assess the feasibility of the judgment.
"The official decision has not yet been handed over to the AGF," the finance minister stated.
He noted: "This means that the direct allocation of funds to Local Governments, which was initially expected to begin at the monthly meeting of the Federation Account Allocation Committee last week, will be postponed until the committee completes its review of the Supreme Court's decision."
Edun also mentioned that the President supports federalism and fiscal federalism and that a new fiscal regime is now in place, allowing funds to be directly allocated to Local Governments through the state joint Local Government account.
Edun explained that a committee, consisting of representatives from federal, states, local governments, and the Attorney-General, was working on the implementation.
However, he noted that there are practical obstacles, including the requirement for elected LGA officials to receive the funds.
In addition to this update, Edun highlighted other significant achievements and strategic initiatives of the Federal Government, emphasising its success in fiscal management and revenue generation despite challenging global economic conditions.
