minister-of-finance-Kemi-Adeosun

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.

 

DOWNLOAD NEITI REVIEW ON FAAC ALLOCATION FOR Q1 2018

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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