A whopping N668.8 billion has been shared between the Federal Government, States and Local governments in Nigeria.
Minister of Finance, Kemi Adeosun
The three tiers of government have finally received the sum of N668.8bn as allocation for the month of May after many after weeks of horse-trading over revenue underpayment by the Nigeria National Petroleum Corporation.
This was made public by the Director of Information in the Ministry of Finance, Mr Hassan Dodo confirmed the release of the fund in a statement issued on Friday in Abuja.
He said that the fund was released to the three tiers of government while reconciliation of the revenue underpayment was still ongoing.
The statement reads in part, “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 N668.898bn to the three tiers of government, while efforts are being intensified to address the unsatisfactory remittances.”