Falling revenue poses threat to economy


Federal government’s inability to beef up revenue accruing to the federation has continued to pose serious threat to the management of the economies of the three tiers government in the country.
Following this ugly trend, which has been the hallmark of the nation’s revenue base for months, Permanent Secretary, Federal ministry of finance, Mrs. Anastasia Nwaobia told reports yesterday in Abuja that the federal government is worried about the dwindling revenue of the country and is working tirelessly to reverse it for good.
Mrs. Nwaobia who spoke after the monthly Federation Account Allocation Committee, FAAC, meeting said the federal government is exploring to earn more revenue from the solid mineral sector, and diversify from the oil and gas sector.
According to her, government, through the Federal Island Revenue Service, FIRS, is also perfecting strategies to bring in more people into its tax net, in addition to ensuring immediate remittance of the Value Added Tax, VAT, to government coffers.
Meanwhile, the federal, state and local governments recorded another sharp drop in revenues accruing to them as the FAAC, after its meeting declared total revenue of N389.936 billion distributable to the three tiers of government for the month of September, 2015.
- See more at: http://nigerianpilot.com/falling-revenue-poses-threat-to-economy/#sthash.CMdSTQsR.dpuf



Check the Nigerian Pilot newspaper for the full story.
































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