The three tiers of government shared a total of N305.128
billion for the month of May as the Federation Account Allocation Committee
(FAAC) concluded it’s plenary in Abuja on Wednesday, June 22, 2016.
The increased allocation, which is N23. 628 billion higher
than the N281.500 billion shared on April was attributable largely to improved
collections in mineral and non-mineral receipts.
Of the N305.128 billion shared, the federal government
received N187.367 billion while the states and local governments got N95.035
billion and N73.268 billion respectively.
The sum of N18.423 billion is for 13 per cent Derivation to
oil and gas producing states.
Briefing journalists at the end of the meeting, the Minister
of Finance, Mrs. Kemi Adeosun, disclosed that the gross revenue available from
the Value Added Tax (VAT) was N65.116 billion as against N65.259 billion
distributed in the preceding month, resulting in a decrease of N0.143 billion.
She stated that the gross statutory revenue of N237.466
billion received for May was higher than the N213.817 billion in April.
Adeosun added that crude oil production and export dropped by
about 2.3 million barrels in February due to Force Majeure declared at Forcados
Terminal, Shut-in and Shut-down of pipelines at other terminals for repairs.
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