GOVT REVENUE DROPS BY N42BN AS FAAC ALLOCATES N610BN
Written by thereachfm on February 28, 2019
Analyst reports say 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 yesterday at the headquarters of the Ministry of Finance in Abuja.
Addressing newsmen shortly after the meeting, the Accountant-General of the Federation, 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He added that additional approval of N50bn to be withdrawn from the Foreign Exchange Equalisation Account for distribution was being awaited by the committee.