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GOVERNMENT REVENUE DROPS BY N42BN AS FAAC ALLOCATES N610BN

The gross revenue that accrued into the federation account dropped by N42.21BN from N547.46BN recorded in December last year to N505.24BN in January.

This was disclosed shortly after the end of the federation account allocation committee meeting held at the headquarters of the ministry of finance in Abuja.

The meeting was attended by the commissioners of finance of the 36 states of the federation and representatives of revenue generating agencies.

Addressing journalists shortly after the meeting, the accountant-general of the federation, Alhaji Ahmed Idris, said that despite the revenue decline, the committee was able to allocate the sum of N610.36BN to the three tiers of government.

He said that additional approval of N50BN to be withdrawn from the foreign exchange equalisation account for distribution was being awaited by the committee.

The approval, which is expected to be given by the minister of finance, Mrs Zainab Ahmed, would bring the total amount to be received during the period to N660.36BN.

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