Chairman, Joint Tax Board (JTB) and Executive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, has explained how the Federal Government raised over N500 billion distributed at the Federation Accounts Allocation Committee (FAAC) in June.
Fowler said yesterday in Abeokuta, Ogun State, when he led 36 state chairmen of the State Board of Internal Revenue (SBIR) to the state Governor, Senator Ibikunle Amosun, that 70 per cent of the N500 billion 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 N500 billion among the three tiers of government during the Federation Accounts Allocation Committee (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,” Fowler said.
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