Monday, November 25

FG, States, LG share N467.8bn Revenue Allocation

Revenue allocation for the month of July distributed to the Federal Govern­ment, States and Local Governmentshrinked by N185bn

compared to what was shared in the for the month of June.

The Permanent Sec­retary of the Ministry of Finance, Alhaji Mam­mud Isa-Dutse who chaired the Federal Ac­count Allocation Com­mittee (FAAC) meeting yesterday, said the drop in the allocation was the fallout of a sharp drop in the revenue collected by the Federal Inland Revenue Service (FIRS) this month.

A breakdown of the money distributes to the three tiers showed that the Federal Govern­ment received N181.4 billion, the States got N92 billion while the Local Government re­ceived N70.9 billion.

Value Added Tax (VAT) collected for the month of July also went down compared to June. While the N81.6 billion was collected in June, N80.5 billion was col­lected in July. N77.312 billion was however shared among the three tiers.

The Permanent Secre­tary who explained that despite the sharp drop, the July revenue was the second highest revenue collected in 2017. He also noted that the June revenue was the high point in the collection of the FIRS.

Isa-Dutse also ex­plained that there was also a drastic fall in rev­enue from Companies Income Tax due to the expiration of the dead­line for filling returns. He said oil royalty re­corded a reasonable increase while revenue from Import and Ex­cise duties decreased slightly.

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