Nigeria’s Gross Statutory Revenue Drops By Over 102bn Naira - iReporterNG.Com | No #1 News Media in Nigeria

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Nigeria’s Gross Statutory Revenue Drops By Over 102bn Naira

Nigeria’s Gross Statutory Revenue Drops By Over 102bn Naira

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Treasury bills-nigeria Nigeria’s Gross Statutory Revenue for the month of November dropped by 102 billion Naira to 297 billion Naira compered with the month of October, a government official said on Tuesday.

The current revenue position was made known by the Minister of Finance, Miss Kemi Adeosun, during the Federation Accounts Allocation Committee (FAAC) meeting.

The FAAC during the meeting distributed the sum of 369 billion Naira to the Federal, States and Local Governments for the month of November.

Addressing reporters in Abuja after the meeting, the Minister of Finance said that the Gross Statutory Revenue for the month which stood at 297 billion Naira was less than what it was in October.

She, however, promised that the government was looking at ways of increasing revenues from the non-oil sector.

The nation is looking to diversify its economy away from crude oil dependency, with more focus on agriculture.

Revenue generation of the oil-rich nation had dropped since the price of crude oil began to decline.

The allocation is coming on the same day that President Muhammadu Buhari presented the 2016 budget proposal to the National Assembly for their consideration and approval.

A budget of 6.08 trillion Naira was presented, with the President saying it was focused on youth employment.



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