Posted by Grand News | 19 November 2018 | 1,123 times
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed Revenue disbursements by the Federation Account Allocation Committee (FAAC) to the three tiers of Nigeria’s government has witnessed a steady increase in three consecutive quarters of this year with N2.28 trillion shared in the third quarter (Q3) of 2018.
NEITI, in a statement sent to THISDAY Sunday in Abuja, said out of this sum, the federal government received the highest of N904.8 billion, followed by states, which received N718.5 billion and then local governments which got the lowest disbursements of N432.1 billion within the period.
The statement, which was signed by the Director of Communications of NEITI, Dr. Orji Ogbonanya Orji, explained the information was contained in the latest edition of its Quarterly Review.
“Total FAAC disbursements in the third quarter of 2018 amounted to N2.28 trillion representing a 17.6 per cent increase over the N1.938 trillion disbursed in the first quarter of 2018 and 13.5 per cent higher than the N2.008 trillion disbursed in the second quarter,” said the statement.
It further noted that: “It is interesting that with the exception of July, the lowest amount disbursed so far in 2018 is higher than disbursements in all other months in 2016 and 2017.”
The NEITI also stated that the last time the total FAAC disbursements exceeded the N2.5 trillion mark was in the second quarter of 2014, when N2.510 trillion was disbursed.
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