Nigeria In One Minute
NEITI hopeful of increased FAAC disbursements from higher oil production
With expectations that the nation will increase its oil production, consolidated by price moderation efforts of the Organization of Petroleum Exporting Countries (OPEC), the Nigeria Extractive Industries Transparency Initiative (NEITI) has projected improved revenue receipts into government coffers from the oil and gas sector.
NEITI went on to add that the Federation Allocation Account Committee (FAAC) disbursed N8.5 trillion to the three tiers of government and others, the first time since 2014 that disbursements would exceed N2 trillion in three consecutive quarters.
The total of N8.52 trillion shared represents 32.8% increase when compared to N6.418 trillion disbursed in 2017 and 67.1% higher than N5.1 trillion shared in 2016.
The Guardian, February 9, 2019
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