FG, States and Local government shares N547 Billion naira

The Federation Accounts Allocation Committee (FAAC) shared the three tiers of government. A total sum of N547.31billion naira as federation allocation for the month of May in the year 2020.

The ministry stated that from this amount, including the value added tax(VAT)exchange and bank charges recovered.

The three tiers, Federal allocations was said to be distributed accordingly:

The Federal government :N219.8bn.

The state Government :N152.44bn.

The local Government: N114.1bn.

FAAC’s virtual meeting was held at abuja on Wednesday night. According to the statement given:

"Oil producing states received N37.2billion naira as induction {13 per cent of mineral revenue}".

"However, Federal Inland Revenue Refund/Allocation to North East Development Commission was N23.958bn".

The statement also says: "Federal Government got N14.4 billion naira, States government got N48.3billion natural, while Local Government had N33.8billion naira.

While the cost of collections for Funds and allocations to NEDC was said to be 7.2 billion naira.