FG, states, others share N2.3 trillion

THE Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the Federation Account Allocation Committee (FAAC) disbursed N2.273 trillion to the three tiers of government and other statutory bodies between July and September this year.

The details, contained in the latest quarterly report of the agency, showed that the payment was 18.79 per cent higher than the N1.913 trillion distributed in the second quarter of and 17.81 per cent higher than the N1.929 trillion disbursed in the first quarter.

According to the report, the payment is an improvement over the N886.48 billion posted in 2016 but lower than N2.607 trillion of the first quarter of 2013.

Of the disbursement, the Federal Government received N920.2 billion while the states and local councils got N724.16 billion and N44.19.

The document noted that what was received by the Federal Government in the third quarter of 2019 was 15.6 per cent higher than the N795.84 billion it got in the second quarter, adding that it was equally 14.6 per cent higher than the N803.13 billion taken in the first quarter of same year.

The amount received by the states during the period was 9.6 per cent higher than the N660.2 billion received in the second quarter and 7.3 per cent higher than the N675.2 billion received in the first quarter of same year.

The funds gotten by the councils for the period under review were 12.02 per cent higher than the N393.95 billion received in the second quarter and 10.73 per cent higher than the N398.44 billion tally of the first quarter.