Home BANKING & FINANCE Finance Minister By-Passes FAAC, Shares N668.9 Billion To 3-Tiers Of Govt

Finance Minister By-Passes FAAC, Shares N668.9 Billion To 3-Tiers Of Govt

Finance Minister, Kemi Adeosun

The minister of finance, Kemi Adeosun has by-passed the Federation Accounts Allocation Committee (FAAC) by sharing the sum of N668.898 billion to the three tiers of government for the month of May.

Director of Information at the Federal Ministry of Finance, Hassan Dodo, who made this known in a statement today, Friday in Abuja, said that the sharing of revenues for May, which was meant to be distributed in June, was put on hold because of the disagreement on remittances by the revenue generating agencies, especially the Nigerian National Petroleum Corporation (NNPC).

Dodo said that the money was distributed due to the urgent need to cushion the undue hardships being experienced by workers nationwide. He, however, said the government was intensifying efforts to address the unsatisfactory remittances.

“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. The Oil Producing States received N53.071 billion as 13 per cent derivation.”

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Source: Channels TV.