By Ndubuisi Francis
The Federation Accounts Allocation Committee (FAAC) Wednesday shared to the three tiers of government, a total sum of N605.958 billion as federation allocation for the month of May 2021.
The shared amount is N10.928 billion lower than the N616.886 billion distributed for the preceding month of April.
The Director (Information), Ministry of Finance, Budget and National Planning, Charles Nwodo, in a statement said from the N605.958 billion, which was shared at FAAC’s virtual conference, including the cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS), the federal government received N242.120 billion.
The 36 states of the federation received N194.195 billion, the local government councils got N143.742 billion, while the oil producing states received N26.901 billion as mineral revenue under the 13 per cent derivation principle.
The communique issued by FAAC at the end of the…
Source: Thisday Newspaper