Connect with us


FAAC distributed N8.5trn in 2018, NEITI report says



FG recovers N605bn through whistleblower policy – Finance Minister

A quarterly review published by the Nigeria Extractive Industries Transparent Initiative (NEITI) has shown that the Federation Account Allocation Committee, FAAC, distributed the sum of N8.5 trillion to the three tiers of government and others in 2018.

According to the review, the figure marks the first time since 2014 disbursement from FAAC would hit the N2 trillion mark in three successive quarters, adding that the 2018 figure also represents 32.8 percent increase when compared to N6.418 trillion disbursed in 2017 and 67.1percent higher than N5.1 trillion shared in 2016.

A breakdown of the FAAC disbursements showed that the federal government received N3.483 trillion in 2018 representing 41percent while the 36 States received the sum of N2.85 trillion; representing 33.4percent and the 774 local governments got N1.667 trillion, representing 19.6percent.

According to the Director of Communications and Advocacy, Dr. Orji Ogbonnaya Orji, these pieces of information and data were contained in the latest edition of NEITI Quarterly Review which analysed disbursements from FAAC in 2018 and made revenue projections for 2019.

Breaking down what each state got from the disbursements, the review disclosed that five states received higher than N100 billion each in 2018. The States were Lagos (N119 billion), Bayelsa (N153.1 billion), Rivers (N172.6 billion), Akwa Ibom (N202.4 billion), Delta (N213.6 billion).

Read also: TAX DEFAULT: FIRS engages Police to pursue 85,000 rich businessmen

The NEITI review also indicated that twenty-three states received less than N60 billion each as total FAAC receipts in 2018.

These are Cross River, Ekiti and Ogun states which received N37 billion, N39.3 billion and N39.6 billion respectively, while Eight states namely: Zamfara, Gombe, Plateau, Kwara, Ebonyi, Nasarawa, Taraba, and Adamawa, received between N40 billion and N49.9 billion.

The NEITI publication observed that government revenues had continued to be on the increase since 2017.

“The rebound in federation revenue continued as a result of increases in both oil and non-oil revenue”, the review stated.

On quarterly basis, the 2018 disbursments showed a steady increase in the amount disbursed throughout the year. In the first quarter of the year, FAAC shared N1.938 trillion, while N2.008 trillion was disbursed in the second quarter. Disbursements in the third and fourth quarters were N2.278 trillion and N2.299 trillion respectively.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now