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Home Business News

Here is how much government shared as revenue in August

Onome Ohwovoriole by Onome Ohwovoriole
September 29, 2017
in Business News
My Dear President Buhari, Shame On You
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Federal Accounts Allocation Committee (FAAC) allocations for the month of August 2017 show a marked appreciation compared to the preceding month. Revenue shared in July was N467.8 billion, a 45% percent increase. Figures from the FAAC allocation for the August show the three tiers of government shared a total of N637.7 billion. According to the Account General of the Federation, Ahmed Idris the key driver of the increased revenue was non oil income.

The Federal Government received N273.1 billion; the states N173.9 billion and Local Governments N131.044 billion. The oil producing states received N41.98 billion as 13 per cent derivation revenue. FAAC is a committee comprising representatives of the Federal, State and Local Governments. The committee meets once a month to share revenue for all tiers.

 

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Why non oil revenue increased

Government is largely dependent on crude oil earnings for revenue. Crude oil prices and production volumes dropped last year leading to Nigeria’s economy going into a recession. Crude prices have since rebounded, and militant attacks have largely reduced leading to production hitting 1.8 million barrels per day. In response, the government has tightened leakages in the system, and enhanced tax collection.

Vice President Yemi Osinbajo in June signed the Voluntary Asset Income Declaration Scheme (VAIDS). Under the scheme, individuals and companies that were hitherto not paying tax have been given an amnesty period till July 2018 to settle all outstanding liabilities. The Scheme commenced on July 1st 2017, and will last for 9 months. Enforcement will be by both the Federal Inland Revenue Service (FIRS) and State tax boards. Government has also signed treaties with several foreign governments that will provide data on Nigerian citizens.


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Tags: FAACNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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