NIGERIA: Federal, States and LGs share N500.13bn for January

 

The federation Account Allocation committee yesterday shared the sum of N500.13 billion as revenue for the month of January, which is lower that N580.38 billion shared the previous month.

Briefing newsmen after the FAAC meeting, Minister of state for Finance and Chairman of the committee, Amb. Bashir Yuguda, stated that the gross revenue of N416.09 billion was received for the month of January, which indicated a decrease of N73.93 billion.

On Value Added Tax, Yuguda said the gross revenue collected for the month decreased by N9.5 billion from the N73.4 billion recorded in December, adding that N305.3 billion was generated as mineral revenue in January as against the N381.5 billion generated in the preceding month.

Speaking further the Chairman of the Finance Commissioners Forum, Mr Timothy Odah, expressed concern over the continued dwindling of the federation’s revenue.said the decline in revenue shared was as a result of the dwindling crude oil prices in the international market and subsequent devaluation of the Naira.

The next FAAC meeting holds on the 16th and 17th of March, 2015.

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