BEVERLY HILLS, May 24, (THEWILL) –Â The Federation Accounts Allocations Committee (FAAC) has distributed the sum of N701.022 billion to the three tiers of government for the month of April.
This was revealed by the Permanent Secretary in the Ministry of Finance, Mahmoud Isa Dutse, as he briefed journalists after the monthly FAAC meeting in Abuja.
Representing the Minister of Finance, Mrs. Kemi Adeosun, Dutse attributed the increase to the improvement in the price of crude oil globally.
He stated that the gross statutory revenue distributed was higher than the N480.559 billion received in the month of March by N132.458 billion.
A breakdown of the figures showed that the FG got N276.535 billion, the States went home with N140.262 billion while the Local Governments took N108.136 billion.
Also distributed to the oil producing States was the 13 per cent derivation mineral derivation of N49.756 billion and the NNPC refund of N11/269 billion.
Added to that is the cost of collection/Transfer/FIRS refund of N38.368 billion.
Dutse added that FAAC also remitted the sum of N24.5 billion to the Excess Crude Account (ECA), leading to the ibcrease of the ECA to $1.99 billion
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