The Federation Accounts Allocation Committee on Friday allocated the sum of N616.24bn to the three tiers of government.
The amount, when compared to June, represented an increase of N9.8bn or 1.6 per cent.
The monthly meeting, which was chaired by the Minister of State for Finance, Dr. Yerima Ngama, was attended by the commissioners of finance from the 36 states of the federation.
Others in attendance were the Accountant-General of the Federation, Mr. Jonah Otunla; representatives of the Federal Inland Revenue Services Central Bank of Nigeria, the Nigeria Customs and the Revenue Mobilisation, Allocation and Fiscal Commission.
Addressing journalists shortly after the five-hour meeting, the minister put the gross revenue for the month of July at N906.76bn.
This, he noted, represented an increase of N23.45bn over the N883.3bn received in the preceding month.
He attributed the increase in statutory revenue to improved crude oil production and lifting witnessed during the month as a result of improvement in operations at some terminals after the maintenance work.
He pointed out that revenue was further boosted by payments of companies income tax made by large companies, as well as collections of arrears of royalties. He said that N275.37bn was credited into the excess crude account.
For the Sovereign Wealth Fund, the minister said that the account had been opened, but the managers of the fund had not been appointed.
On revenue generation, he said, “We are looking to a situation where our FAAC meeting will go beyond just the sharing of revenues.
“We want to be sharing ideas on how we can grow our revenue and seek strategies on how we can improve revenue so that we can fulfil our transformation agenda of the Federal Government.”
By Ifeanyi Onuba, Abuja Courtesy Of: Punch
The amount, when compared to June, represented an increase of N9.8bn or 1.6 per cent.
The monthly meeting, which was chaired by the Minister of State for Finance, Dr. Yerima Ngama, was attended by the commissioners of finance from the 36 states of the federation.
Others in attendance were the Accountant-General of the Federation, Mr. Jonah Otunla; representatives of the Federal Inland Revenue Services Central Bank of Nigeria, the Nigeria Customs and the Revenue Mobilisation, Allocation and Fiscal Commission.
Addressing journalists shortly after the five-hour meeting, the minister put the gross revenue for the month of July at N906.76bn.
This, he noted, represented an increase of N23.45bn over the N883.3bn received in the preceding month.
He attributed the increase in statutory revenue to improved crude oil production and lifting witnessed during the month as a result of improvement in operations at some terminals after the maintenance work.
He pointed out that revenue was further boosted by payments of companies income tax made by large companies, as well as collections of arrears of royalties. He said that N275.37bn was credited into the excess crude account.
For the Sovereign Wealth Fund, the minister said that the account had been opened, but the managers of the fund had not been appointed.
On revenue generation, he said, “We are looking to a situation where our FAAC meeting will go beyond just the sharing of revenues.
“We want to be sharing ideas on how we can grow our revenue and seek strategies on how we can improve revenue so that we can fulfil our transformation agenda of the Federal Government.”
By Ifeanyi Onuba, Abuja Courtesy Of: Punch
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