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.