Revenue Rises By N19.26bn, FG, States, LGs Share N676.41bn
Nigeria, Russia Rev Up Economic Ties
The Federation Accounts Allocation Committee has shared a total of N676.41billion for July 2020 Federation Account revenue to the federal, states and local government councils and relevant agencies across the country.
This was made known after the monthly FAAC meeting for August 2020 held through virtual conferencing and chaired by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse.
The gross statutory revenue of N543.79 billion was received for the month of July 2020. This was higher than the N524.53 billion received in the previous month by N19.26 billion.
The gross revenue available from the Value Added Tax was N132.62 billion as against N128.83 billion available in the preceding month, resulting in an increase of N3.79 billion.
A communiqué issued by FAAC indicated that from the total distributable revenue of N676.41billion, the Federal Government received N273.19 billionn, state governments received N190.85bn and Local Government councils received N142.76 billion.
The oil producing states received N42.85 billion as 13 per cent derivation revenue, while two sub-heads namely, cost of collection and transfers to relevant agencies collectively had allocation of N26.76 billion.
The Federal Government received N254.69 billion from the gross statutory revenue of N543.79 billion, the states received N129.18 billion and the Local Government Councils received N99.59 billion.
Meanwhile diplomatic relations between the Russian Federation and the Federal Government on Thursday assumed another positive dimension with the commencement of the Nigeria-Russia Chamber of Commerce and Industry. The newly established chamber of commerce and industry had Dr Obiora Okonkwo as president and founder, with Alhaji Sardina Dantata, a business man with strong links with Russia; Chijioke Okoli (SAN), Mr Linus Awute, a Russian trained-graduate and former Permanent Secretary, Ministry of Health; Chief Nnamdi Nwigwe, Emeka Obianozie as directors. Speaking during the introduction of the chamber of commerce and industry to the Russian Ambassador to Nigeria, Alexey Shebarshin in Abuja, Okonkwo said he was at the embassy to present the founding directors of the Nigeria-Russia Chamber of Commerce and Industry to the Russian envoy. Okonkwo also said Russia has done to Nigeria what no other nation has done in terms of manpower development, noting that Russia had a whole lot in common with Nigeria, having been a great friend of Nigeria in so many ways. He added that, diplomatically, both countries have not had any disagreement on any issue, even at the multilateral level, noting that Russia and Nigeria have always supported each other for their mutual interest when it mattered most.
