The Federal Account Allocation Committee (FAAC) says the three tiers of government shared N409.354 billion from the federation account in the month of May.
The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwakobia gave the breakdown of the shared money to include revenues from mineral and non-mineral resources as well as taxes collected by the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) for the month of May.
According to her, a total of 317.236 billion was shared between the Federal Government and the States as statutory allocation in addition to the N54.548 billion from Value Added Tax (VAT).
Also shared was the sum of N6.330 billion which the Nigeria National Petroleum Corporation (NNPC) refunded to the federation account in May.
