Federal, States and Local Government Councils have shared N668. 89 billion from the federation account as revenue generated in May.
The Director of Information, Federal Ministry of Finance, Mr Hassan Dodo, made this known in a statement on Friday in Abuja.
Dodo, however, said that the distribution of the funds did not signify the end of the dispute between the Federation Account Allocation Committee (FAAC) and some revenue generation agencies.
“Owing to disagreement on remittances by the Revenue Generating Agencies, especially the NNPC, the sharing of revenues for May 2018 that was meant to be distributed in June 2018 was put on hold.
“However, the urgent need to cushion the undue hardships being experienced by workers nationwide has made it necessary to distribute the May figures, totalling N668.898 billion to the three tiers of government.
“Efforts are being intensified to address the unsatisfactory remittances, ” he said.
Dodo said that the N668.89 billion shared was made up of statutory revenue of N575.47 billion and N 93.42 billion from Value Added Tax (VAT).
He said that the May revenue was shared in line with the extant formula as follows: Federal Government, N282.22 billion; State Governments, N181.16 billion; and Local Government Councils, N136.49 billion.
He said the oil producing states received additional N53.071 billion as 13 per cent derivation while N15.947 billion was paid to the revenue generating agencies as costs of collections.
The News Agency of Nigeria (NAN) reports that FAAC has been unable to share May revenue to the three tiers of government following rejection of NNPC remittances.
When FAAC meeting was held on June 27, representatives of the 36 states rejected the NNPC remittance for May, on the grounds that it was less than the projected revenue for the month.
Again, when the meeting reconvened on July 12, the state commissioners for finance insisted that a permanent solution must be explored to resolve the recurring issue around NNPC under-remittances to the federation account. (