An economic expert, Dr Afolabi Olowookere, has said that oil revenue, in terms of contribution to federation account, fell from 46.9 per cent in 2017 to 7.4 per cent in the first half of 2022.
Olowookere, the Managing Director, Analysts Data Services and Resources Ltd., made this known on Tuesday in a statement entitled “Performance of Federation Distribution, Budget versus Actual.”
He said that overall, share of federation account to total distribution had reduced from 81.4 per cent in 2017 to 66.1 per cent in 2022.
Olowookere added that Value Added Tax (VAT) pool distribution increased steadily from 18.6 per cent to 33.9 per cent during the period.