Three tiers of Government share N305bn for month of May

Federal, States and Local Governments have shared revenue totaling N305.12 billion as their allocation from the Federation Account for the month of May.

The revenue shared is higher than N281.5 billion they collected for the month of April, due to the increase in the revenue from non-oil sectors of the economy.

Finance minister, Mrs Kemi Adeosun, addressing newsmen in Abuja at the end of the monthly meeting of the federation account allocation committee, said crude oil export during the month of May dropped, due to the shutdown of some pipelines, and the Forcados Export Terminal.

Of the shared revenue, the Federal Government received N88.45 billion, 36 state governments (N66 billion) 774 local governments (N44.1 billion), while oil producing states received extra N16.7 billion as 13 per cent derivation.

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