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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria: National revenue drops by N154.56b, says FAAC

Posted on 20 August 2014

The fortunes of the three tiers of government suffered a huge decline last month as the Federal Government said the country recorded a N154.56 billion decline in gross federally collected revenue from N784.88 billion received in June to N630.32 billion in July, this year.
The Minister of State for Finance, Ambassador Bashir Yuguda said Federation Accounts Allocation Committee (FAAC) transferred N6.2 billion to the Excess Crude Account thus bringing the balance in the account to $4 billion while the sum of N35 billion was transferred to the domestic excess crude account for payment to oil marketers as subsidy………………………………………..Full Article: Source


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