FG Boasts of 70% Non-Oil Revenue

The Federal Inland Revenue Service (FIRS) has stated that about 70 per cent of the over N500bn shared by the Federal Accounts Allocation Committee (FAAC), in June, was realised from the non-oil sector.

According to a report by the Punch ,the FIRS executive chairman, Mr Babatunde Fowler, was quoted in a Monday report by Economic Confidential as saying:

“Of the sum, 70 per cent came from non-oil sources while only 30 per cent came from oil sources. It was the first time in 2016 that the Federal Government shared over N500bn among the three tiers of government during the FAAC meeting.”

He added: “We are proud of the development and we tell ourselves that this is the time to fund the budget of the Federal Government from non-oil sources.”