•Marks highest monthly allocation under Buhari
•Excess Crude Account balance now $470,599.54
Ndubuisi Francis in Abuja
The recent increase in monthly distributable revenue to the three tiers of government continued in July as the Federation Account Allocation Committee (FAAC) yesterday shared the sum of N954.085 billion among the federal, state and local governments.
This represented an increase of N151.678 billion over the N802.407 billion shared in the preceding month of June.
It also indicated the highest monthly revenue shared by FAAC since the emergence of the incumbent administration under President Muhammadu Buhari.
Although no official explanation was given for the steady rise in monthly allocations in the last few months, facts on the ground point to significantly increasing haul in Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties.
In the same vein, the balance in the Excess…
Source: Thisday Newspaper
