The Federation Accounts Allocation Committee, FAAC, has shared a total of N1.143 trillion to the federal government, states, and local government councils as revenue for May.
The amount is short of the N1.2 trillion shared for April, according to the figures provided by the Ministry of Finance.
By implications, what accrued to different levels of governments in the month of May has dropped. For instance, while FG received N390.412 billion, state governments received N403.403 billion from the federation account last month.
The development comes amidst debate over the new minimum wage.
State governments have insisted that they have no capacity to pay the N62,000 new minimum wage proposed by the committee set up by the federal government to negotiate with the Organised Labour. The labour unions lead by the NLC and TUC also rejected the amount, demanding N250,000 instead.
According to some school of thought state governors should be able to pay, considering that the allocations to state government have increased significantly since the administration of Bola Ahmed Tinubu came on board last year.
Announcing what was shared by the governments at the various levels on Monday, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the federal got the highest of N365.813 billion.
He said the shared revenue comprised of Statutory revenue: N157.183 billion, Value Added Tax , VAT, revenue: N463.425 billion, Electronic Money Transfer Levy, EMTL, revenue: N15.146 billion and Exchange Difference revenue: N507.456 billion
According to him, states received N388.419 billion, and local government councils received N282.476 billion. An additional N106.502 billion was shared to benefiting oil-producing states as derivation revenue.
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