Chairman of the Federal Inland Revenue Service, Tunde Fowler, has disclosed that 70% of the N500 billion generated in the Federal Accounts Allocation Committee, FAAC, in June, was generated from non-oil sectors, while only 30% came from the oil sector.
Fowler said this at a meeting with the Ogun state governor, Ibikunle Amosun, on Monday July 25th;
“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.
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”he said