FGN, states, LGAs share N668.898bn for May

In spite the lingering crisis over alleged under remittance of revenue to the federation account by the NNPC, N66.898bn has been disbursed to the three tiers of government as revenue for May 2018. Three Federation Accounts Allocation Committee (FAAC) meetings had been deadlocked over alleged under remittances.

A statement from the Ministry of Finance indicated that though the crisis hasn’t been resolved, the funds had to be shared to mitigate the hardship experienced by workers.

“However, the urgent need to cushion the undue hardship being experienced by workers nationwide has made it necessary to distribute the May figures totaling N668.898 billion to the three tiers of government, while efforts are being intensified to address the unsatisfactory remittances” the statement said.

It said N668.898billion was made up of statutory distributable sum of N575.475 billion and N 93.423 billion from the Value Added Tax (VAT).

It said “the total revenue realised for the month, was shared in line with the extant formula as follows: Federal Government - N282.223 billion; State Governments N181.167 billion; and Local Government Councils - N136.490 billion.”

“The Oil Producing States received N53.071 billion as 13 per cent derivation. The sum of N15.947 billion was paid to the revenue generating agencies as costs of collections” it said.

According to the statement, “the statutory revenue of N575.475 billion received for the month of May 2018 was lower than the N613.057 billion received for April 2018 by a total of N37.582 billion.”