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FG, states, councils shared N2.28tr in Q3

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Executive Secretary, NEITI, Waziri Adio

Disbursements from the Federation Account Allocation Committee (FAAC) to the three tiers of government have been on a steady rise in 2018.

An analysis of documents from the Nigerian Extractive Industry Transparency Initiative (NEITI) yesterday showed that N2.28 trillion was shared in the third of this year, sustaining the upswing in the three quarters.

The Q3 allocation represented a 17.6 per cent increase over the N1.938 trillion disbursed in the first quarter and 13.5 per cent higher than the N2.008 trillion of the second quarter.

A breakdown of the Q3 disbursement revealed that the Federal Government got N904.8 billion while the states and councils were allocated N718.5 billion and N432.1 billion.

Correspondingly, the sums in the period under review were 31 per cent and 18 per cent higher over those of 2016 and 2017.

The NEITI noted that the last time total disbursements exceeded the N2.5 trillion mark was in the second quarter of 2014 (N2.510 trillion).

Also yesterday, some legal practitioners insisted that the nation was yet to have a petroleum industry.


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