Allocations from the Federation Account to the three tiers of government increased by N65.15bn from N400billion shared in December 2016 to N465.15billion in January this year, according to figures released by the Federation Account Allocation Committee, FAAC .
There was also an increase of N76.27bn in gross statutory revenue from N248.63bn in December 2016 to N324.99bn in the month of January.
According to reports, these came out of the FAAC meeting for the month of January, which was held yesterday at the headquarters of the Federal Ministry of Finance.
Addressing journalists shortly after the meeting, the Permanent Secretary, Ministry of Finance, Mahmoud Dutse, attributed the increase in revenue to improvement in the volume and price of crude oil.
He added that Petroleum profit tax collection rose significantly, while revenues from companies income tax, value added tax, import duty and royalty decreased slightly.
There was also an increase of N76.27bn in gross statutory revenue from N248.63bn in December 2016 to N324.99bn in the month of January.
According to reports, these came out of the FAAC meeting for the month of January, which was held yesterday at the headquarters of the Federal Ministry of Finance.
Addressing journalists shortly after the meeting, the Permanent Secretary, Ministry of Finance, Mahmoud Dutse, attributed the increase in revenue to improvement in the volume and price of crude oil.
He added that Petroleum profit tax collection rose significantly, while revenues from companies income tax, value added tax, import duty and royalty decreased slightly.
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