FAAC disburses N668bn from federation account

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The Federation Accounts and Allocation Committee (FAAC) has released N668.898 billion to the three tiers of government for the month of May.

The release followed weeks of deadlock on account of disagreement between the states and the Nigerian National Petroleum Corporation (NNPC) over the sums to be released with the latter accusing the corporation of shortchanging it.

The Federal Ministry of Finance director of information, Hassan Dodo in a statement to announce the release wrote: “Owing to the disagreement on remittances by the revenue generating agencies, especially the NNPC, the sharing of revenue 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.”

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