Business
States Get N1.51trn FAAC Allocation In Six Months – NEITI
Nigeria’s 36 states received about N1.51trillion, or 34.5 per cent of the total N4.37trillion shared by the three tiers of the government between January and June 2023.
This is according to the Nigeria Extractive Industries Transparency Initiative, which made the disclosure in its second quarter “2023 Federation Account Statutory Revenue Allocations Report” released in Abuja.
According to the report, the states received about N817.79billion from the N2.32trillion total distributable allocation in the first quarter, and N688.2billion of the N2.04trillion allocation in the second quarter.
It stated that a 12 per cent decline in the overall allocation in the second quarter resulted in a 15.8 per cent reduction in the share to the states in the first quarter, from N817.8 billion to N688.2 billion.
Despite the decline in the overall allocation, the report noted that the share of the states’ allocations exceeded that of the Federal Government, when the 13 per cent derivation revenue was added.
The report said the nine oil-producing states – Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers – received additional allocations as their share of the 13 per cent derivation revenue to bring their total receipts to about N869.09 billion.
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