FG, states share two-year revenue of N70.022b

The Federation Account Allocation Committee (FAAC) has approved the sharing of N701.022 billion among Federal Government and states as revenue generated in the month of April 2018, representing an all-high level of revenue distributed in more than two years by FAAC.

The sharing, according to the Minister of Finance, Mrs. Kemi Adeosun, was buoyed by improvement in all revenue generation platforms, including the non-oil window, leading to N24 billion sent to the domestic crude account for the first time in a very long time.

Adeosun, represented by the Permanent Secretary in the ministry, Dr. Mahmoud Isa Dutse, also reported the refund of N11.269 billion being part of the contested withheld March revenue. He said reconciliation is still ongoing with the various Nigerian National Petroleum Corporation (NNPC) revenue generation units with a view to recovering more funds for distribution.