Nigeria’s federally-collected revenue has dropped by 42 per cent in over the last three years, the local press reported Monday, quoting the Auditor-General of the Federation (AGF), Mr. Samuel Okura.
Okura said while addressing auditors in the capital city of Abuja at the weekend that revenue collection dropped from 4.136 trillion Naira in 2007 to 3.96 trillion Naira in 2008 and further down to 2.919 trillion Naira in year 200 9, representing about 42 per cent drop (US$1=150 Naira).
Accordingly, he said allocation to the various tiers of government had dropped.
”A critical look at these figures shows that the figures to the federal; states and the local governments have been on the decline. We must pay attention to th e
internally-generated revenue (IGR) at all levels.
”All leakages in revenue generation must be blocked. Failure to step up our IGR will negatively affect the capital projects in the local governments and conseq u ently the so-called dividends of democracy,” he told the auditors.