Hope rises for March salary as three tiers of government share N647bn

Federal, states, local govts share N462.4 billion in May

Hope has risen for the timely payment of March salaries, following the partial resolution of the dispute over the revenue available for sharing by the three tiers of government, for the month of March.

The state governments, temporarily resolved their differences with the Nigerian National Petroleum Corporation (NNPC) overnight, after the breakdown of the monthly meeting of the Federation Account Allocation Committee (FAAC) on Tuesday.

Following the intervention of finance minister, Kemi Adeosun, the federal, 36 states and 774 local governments shared the available revenue, totalling N647.39 billion on Wednesday morning, as their allocation from the federation account for March.

At the Wednesday’s meeting convened by the minister, the federal government collected N270.8 billion, 36 states (N173.7 billion) 774 local governments (N130.9 billion), while oil producing states received extra N57.3 billion as 13 percent derivation.

Adeosun promised to meet with NNPC management over the discrepancies in the revenue figure.

Meanwhile, the state governments have vowed to retrieve from NNPC the outstanding balance of the March revenue payable into the federation account.

Chairman of the Commissioners of Finance Forum, Mahmoud Yunus, made this known while addressing newsmen after the meeting of the Federation Account Allocation Committee.

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