Oyo state government received the sum of N4.88 billion as total net allocation from the federation account in May for the revenue generated in April 2018, according to a document seen by insideoyo.com.
The document released by the National Bureau of Statistics, NBS, showed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N701.02bn to the three tiers of government in May 2018 from the revenue generated in April 2018.
The amount disbursed comprised of N612. 64bn from the Statutory Account, N87.97bn from Valued Added Tax (VAT) and N418.88m being excess bank charges recovered.
Further breakdown of revenue allocation distribution by the Federal Government of Nigeria (FGN) revealed that the sum of N123 million, N99 million and N400 million was deducted from Oyo state allocation for the month. The deductions comprised of debt payment, contractual obligations and others.
For the period, the local government councils in the state received a gross statutory allocation of N4.1 billion.