Federal, state and local governments shared the sum of N305.128 billion as revenue for May, 2016. The Minister of Finance, Mrs. Kemi Adeosun, announced this when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja.
She said the shared amount was an improvement on the N281.500 billion shared in the previous month by N23.628 billion. She attributed the rise in the revenue sharing to improvement in revenue collection at all levels, both in mineral and non-mineral avenues, despite the decrease in oil production.
“The shared amount, comprised the month statutory revenue of N237.466 billion. Also, there is the exchange gain of N2.546 billion and N302.582 from Value Added Tax, VAT, which are proposed for distribution bringing the total revenue for distribution to N305.128 billion” she said.