Federal Accounts Allocation Committee (FAAC) Distributes 305.1bn Naira To FG, States, LGs

A total of 305.12 billion Naira has been distributed to the federal, state and local governments for the month of May.
At the end of the Federal Accounts Allocation Committee (FAAC) meeting on Wednesday night, the Minister of Finance, Mrs Kemi Adeosun, stated that the distributed amount was 23.62 billion Naira higher than what was doled out in April.
She explained that this was owing to a slight improvement in non-oil revenues.
Federal, State and Local government received N122.83bn, N57.22bn and N44.12bn respectively.
The Minster further explained that the revenue from companies’ income tax rose marginally despite the fact that the period when corporate organisations usually filed their tax returns was not due yet.
Mrs Adeosun added that an additional amount of N16.73bn was allocated to oil-producing states based on the 13% derivation principle.
The meeting, which was scheduled for Tuesday, held on Wednesday because of the protest by workers of the Ministry of Finance.
The Finance Minister refused to respond to journalists’ questions about her Ministry workers’ protest.

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