The three tiers of government heaved a sigh of relief as they shared N305.128 billion at the end of the May Federation Account Allocation Committee (FAAC) meeting in Abuja as against N281.5 billion shared in previous month.The slight improvement in revenue was as a result increased accruals into the Federation Account from non-oil and mineral revenue sources in the month of May.
Minister of finance, Mrs. Kemi Adeosun told journalists at the end of the meeting that, statutory allocation and Value Added Tax (VAT) also recorded slight improvements during the month under review.
According to the finance minister, the sum of N237.466 billion was available for statutory allocation compared to N213.817 billion realised last month, while Value Added Tax( VAT) improved slightly to N62.649 billion compared to N62.511 billion shared last month.
Mrs. Kemi Adeosun announced that a gross statutory revenue of N237.566 billion was received for the month which was higher than the N213.817 billion received in the previous month by N23.649 billion. According her, “Companies Income Tax ( CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due.”
Of the net statutory allocation of N230.9 billion approved for sharing, the federal government got N122.830 billion, states got N57.229 billlion; Local governemnt councils got N44.121 billion while oil producing states got. N16.738 billion representing their share of 13% derivation.
The balance in Excess crude account remained unchanged at $2.261 billion.
Meanwhile, the protesting staff of finance ministry have given minister seven day ultimatum to meet their demand for improved welfare or face another protest.
A source privy to the meeting between the minister and aggrieved staff told journalists that, “the staff gave the notice at a brief meeting convened yesterday morning by the minister. The Minister having listened to our complaints told the staff that, there was no money to implement their demand and she urged them to be patient for the economy to improve, but we would have none of her excuse.”
The protesting ministry staff then told the minister that they would resume their protest after seven days”, she said and sought for identity protection.
The minister arrived at the ministry at 8am but was asked to come down from her official vehicle and walk into the building to address the workers. Initially scared that she might be attacked, the finance minister was assured by the workers that no harm will come to her that they only wanted to hold discussions with her.
Thereafter she was led to the ministry auditorium where she told the staff that there was no money to meet their demands. However, the workers intimated her that there is “a below the line option” that the ministry can explore to pay them their Special Overtime Allowances.
The ministry had earlier described the demands of the workers as illegal and unjustified.