Federal Government, States and Local Governments share N2.8tn in six months
Written by Kaka Saratu Poga on August 21, 2017
The Quarterly Review of the Nigeria Extractive Industries Transparency Initiative has revealed the federal, state and local governments shared N2.788tn between January and June this year, representing a 38 per cent increase over the N2.019tn shared in the first half of 2016.
According to the review which focused on disbursements from the Federation Accounts and Allocation Committee, the N2.8tn was shared among the three tiers of government by FAAC.
NEITI said the review was based on data it obtained at the meetings of FAAC, the National Bureau of Statistics, Office of the Accountant General of the Federation, the Federal Ministry of Finance and the Debt Management Office.
It said out of $2.788tn disbursed in the first half of 2017, the Federal Government received N1.09tn; 36 state governments received N923bn; while N549.8bn went to the 774 local governments in Nigeria.
A further breakdown shows that total releases to the three tiers of government amounted to N430.16bn in January, N514bn in February, N496.4bn in March, N418.82bn in April, N418.82bn in May and N462.36bn in June. Copyright PUNCH