FAAC shares N679.69bn for May among the three tiers of government

The Federal Account Allocation Committee (FAAC), has shared N679.69 billion among the three tiers of government as federal allocation for the month of May.

A statement by Hassan Dodo, the Director, Information, Ministry of Finance, said the allocation was shared at FAAC’s joint session at the African House, Kano State.

Mr Dodo said that a communiqué issued by the Technical Sub-Committee gave the breakdown of the distribution to the three tiers of government.

According to him, it is inclusive of cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to figures given, the federal government gets 284163 billion naira,36 states will share 187,605 billion naira while the 774 local governments get 140,997 billion naira.

He added that the oil producing states received N40.43 billion as 13 per cent derivation revenue.

The next FAAC meeting is slated for Tuesday July 23 in Abuja.

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