FAAC shares N606bn for May

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The Federal Accounts Allocation Committee yesterday said it shared a total of 605 billion 958 million naira as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies.

Director, Information, Ministry of Finance, Budget and National Planning, Charles Nwodo, in a statement in Abuja, said the amount was shared during a virtual conference of the committee.

The committee, in a communique, noted that the 605 billion 958 million naira shared included cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service.

The committee also stated that the Federal Government received 242 billion 120 million naira, the states got 194 billion 195 million naira while the local governments received 143 billion 742 million naira.

It added that the oil producing states received 26 billion 901 million naira as derivation.

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