Home Business News Economy & Politics FAAC disbursements hit N1.9 trillion in Q1 2018

FAAC disbursements hit N1.9 trillion in Q1 2018


Federal Account Allocation Committee (FAAC) disbursements for the first quarter ended March 2018, jumped 37% compared to the corresponding period of the previous year. N1.93 trillion was disbursed in March this year, compared to N1.4 trillion disbursed in March 2017.

The Nigeria Extractive Transparency Initiative (NEITI) disclosed this in its Q1 2018 review released recently.  

How much did the 3 tiers get in March  ?

Federal Government received N812.8 billion, the 36 states got N683.4 billion, while N393.3 billion went to the 774 Local Governments. A further breakdown shows that N655.2 billion was disbursed by FAAC in January, N635.6 billion in February, and N647.4 billion in March this year.

These states had the highest allocations

Oil producing states, got the biggest allocations. Akwa Ibom had the largest allocation at N50.8 billion. Delta state followed closely with N49.4 billion. Rivers state rounds up the top 3 with a FAAC allocation of N42.75 billion.

These states had the smallest allocations

Osun state had the smallest FAAC receipt at N4.9 billion. Cross River had an allocation of N8.4 billion and Ekiti State N8.8 billion.

The Federation Account Allocation Committee [FAAC] is a joint committee consisting of representatives of the Federal, State and Local governments. The committee meets monthly during which revenues are shared.
Sources of income for FAAC include oil revenue and taxes, customs and excise taxes, company income taxes (CIT), any sale of national assets, and surpluses from state-owned enterprises.




Please enter your comment!
Please enter your name here
Coronation Research

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Understanding Mutual Fund Fees

INSIGHT: Why you really should consider investing in mutual fund today

A Mutual Fund is a Trust or Company that pools money from many investors and invests in a specified class of securities such as stocks, bonds, real estate or a balanced mix of asset classes.
Rubies Bank

Rubies Bank – The Future is here

Rubies is a fully digital banking platform, offering zero fee banking targeted at millennials, young professionals, SMEs, quasi-financial institutions and FINTECH companies.
Ellah Lakes appoints new Managing Director, Ellah Lakes appoints Chuka Mordi, Ellah Lakes acquires Telluria Limited, Nigerian Stock Exchange NSE

NSE has placed these 34 companies on red alert

Authorities of the Nigerian Stock Exchange (NSE) has placed red alerts on some 34 quoted companies as a disciplinary measure for breaching some of its extant rules.