“It was therefore recommended that the over deduction of $62 million be refunded to Federation Account”, the AGF said. FAAC also said that NNPC is yet to refund the N450 billion it owes the Federation Account.
At the FAAC meeting yesterday, N329.085 billion was distributed to the three tiers of government as against N317. 474 billion shared in April, showing an increase of N11.611 billion or 3.66 percent.
The amount was made up of statutory revenue of N255.011 billion for the month as against N197.378 billion in the previous month, showing an increase of N57.633 billion or 29.20 percent. Value Added Tax (VAT) contributed N41.07 billion for the month as against N29.30 billion distributed in April showing an increase of N11.77 billion. On the Statutory allocation, N121.041 billion was given to FG as against N94.287 billion in April, States got N61.394 billion as against N13.570 billion in the previous month, while the LGAs were allocated N47.332 billion as against N36.870 billion in April. N25.244 billion was allocated to the minerals producing States as 13 percent derivation.