Embattled minister fo finance Kemi Adeosun (photo courtesy Twitter)
The Federal Government says it has disbursed N668.898 billion to the three tiers of government for the month of May.
But members of the Federation Accounts Allocation Committee (FAAC) have yet to resolve issues delaying the payment of monthly allocation to states.
The payments were put on hold because of the disagreement on remittances by the revenue generating agencies, especially the Nigerian National Petroleum Corporation (NNPC).
Director of Information at the Federal Ministry of Finance, Hassan Dodo, explained that the sharing of revenues for May was meant to be distributed in June.
As stated by Dodo, the money was distributed due to the urgent need to cushion the undue hardships being experienced by workers nationwide.
The N668.898 billion is made up of the statutory distributable sum of N575.475 billion and N93.423 billion from the Value Added Tax (VAT).
“The total revenue realised for the month, was shared in line with the extant formula as follows: Federal Government – N282.223 billion; State Governments – N181.167 billion; and Local Government Councils – N136.490 billion,” he said.
“The Oil Producing States received N53.071 billion as 13 per cent derivation. The sum of N15.947 billion was paid to the revenue generating agencies as costs of collections.”