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FAAC July revenue drops to N387.31b

The revenue shared yesterday to the federal, state and local governments from the Federation Account for July dropped by N183.26 billion from the amount shared for June.

The amount shared yesterday is N387.31billion compared to June’s N570.58 billion.

The Permanent Secretary in the Ministry of finance, Dr. Mahmoud Isa Dutse, confirmed the amount yesterday at the close of the joint monthly Federation Account Allocation Committee (FAAC) meeting.

The amount shared comprised Value Added Tax (VAT), Company Income Tax (CIT) and Petroleum Profit Tax (PPT).

Dr. Dutse said the decline in revenue was caused by a drastic fall in revenue from Companies Income Tax due to the expiration of the deadline for filing tax returns.

He noted that while oil revenue recorded increases due to rise in export sales for the federation by $62 million, the same could not be said of non-oil revenues.

Dutse said: “Though the month under consideration recorded increase in average price of crude oil from $50.27 to $51.05 per barrel and significant increase in export volume by 1.20 million barrels, resulting in increase revenue from export sales for federation by $62 million, the amount shared reduced drastically.”

A breakdown of the total allocation for July showed that the Federal Government received N193.04 billion, states (N130.69 billion) and local government areas (N98.01 billion) while N31.59 billion was given to the nine oil producing states as 13 per cent derivation.

Chairman, Forum of Finance Commissioners, Mahmud Yunusa, lamented the drop in revenue.

He warned: “The time has come for states to start looking inwards to shore up revenue. We need to block leakages in revenue and come up with reforms to shore up revenue. We are also working on cost of running governance and any cost that is not necessary in running government needed to be reduced.”The Nation

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