FG, others share N409.354bn for May

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The three tiers of government on Wednesday, shared a total sum of N 409.354 billion for the month of May.
This is made up of N324.061billion from statutory allocation, N56.04 billion from Value Added Tax, VAT, N6.330 billion as refund by the Nigeria National Petroleum Corporation, NNPC, to Federal Government, as well as the N31.240 billion exchange gain.
The amount represents N30.113 billion increase from the N388.339 billion shared in the month of April.
A break-down of the distributions showed that the Federal Government got N151.805 billion from statutory allocation, which represents 52.68 percent, while states and local governments received N76.998 billion and …Read More

Source:: New Mail