The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N547.309bn as federation allocation for the month of May 2020.
FAAC’s virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, according to a statement issued by the ministry in Abuja on Wednesday night.
“However, the cost of collection/Federal Inland Revenue Refund/Allocation to North East Development Commission was N23.958bn,” the statement added. It said the distribution was as follows, Federal Government got N14.49bn; states, N48.301bn; Local Government councils, N33.811bn; while derivation got N0.000; and cost of collection/FIRS refund/allocation to NEDC was N7.271bn.
From this, the Federal government received N191.58bn; states, N97.172bn; Local Governments, N74.915bn; derivation got N33.599bn; and cost of collection was N16.687bn.
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