FG, States, LGs share N620bn for May

Federation Accounts Allocation Committee FAAC shared N620.65 billion including Value Added Tax VAT among the three tiers of government for May.

The Minister of State for Finance, Yerima Ngama, made this known when he briefed newsmen shortly after the committee’s meeting.

The minister said that N48.87 billion derivation fund was paid to the six oil producing states.

Ngama said that the gross revenue of N590.77 billion received for the month was lower than the N621.07 billion received in the previous month by N30.29 billion.

The minister said that the mineral revenue collected for the month was N464.11billion, adding that the amount was less than N544.75billion received in the previous month.

He noted that the non-mineral revenue collected in May was N126.66, showing an increase of N50.35 billion compared to N76.31 that was collected in April.

The Chairman, Finance Commissioners Forum, Timothy Odah, commended President Goodluck Jonathan for his prompt response to issues surrounding the management of the federation account.