Facc Shares.354 Naira To Fg,state And Lga
The Federation Account Allocation Committee(FAAC) on Tuesday shared thel sum of 409.354billion naira to the three tiers of government as allocation for the month of May.
The allocation accrues to 324.061 billion naira as statutory,56.821 billion naira as value added tax,6.330 billion naira refunds by Nigerian national petroleum corporation to the federal government..
Federal government got 151.805 billion naira which represents 52%,state government got 76.99 billion naira representing 26%,local government got 59.362billion naira representing 20%,while the oil producing state shared 29.071 billion naira as 13% derivation.
Briefing news men,today in Abuja,the permanent secretary ministry of finance,Anastasia Nwabiala said the gross revenue of 324.061 billion naira received for the month was greater than the 282.062 billion naira received in the previous month by 41.999 billion naira.
She noted that an increase in the average price of crude oil from $56.04m in March, 2015 to $59.88m in April brought about $19.7 gain in revenue. EDN!