FAAC disburses N3.95trn in first half of 2018

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Nigeria’s Federation Accounts Allocation Committee (FAAC) has disbursed N3.95 trillion in the first half of 2018 to Federal, state and local governments.

The Nigeria Extractive Industries Transparency Initiative (NEITI) quarterly report which was released in Abuja revealed this noting that the amount rose by Forty one point four per cent compared to Two point seven eight trillion naira disbursed in the first half of 2017 and Ninety five point four per cent higher than the Two point Zero One Nine trillion naira disbursed in the first half of 2016.

“The N2.008 trillion disbursed in second quarter 2018 was the highest since third quarter 2014. In fact, second quarter 2018 was the first time an amount in excess of N2 trillion was disbursed since third quarter 2014. Delta State, Akwa Ibom, Rivers and Bayelsa, received the highest allocation from the FAAC in the H1’18 period,” the NEITI report stated.

According to the report, Delta State, received the highest allocation of N101.19 billion in the six-month period, followed by Akwa Ibom with N100.2 billion; Rivers State with N85.01 billion, while Bayelsa received N77.14 billion.

In addition, in the top ten category are Lagos N59.52 billion, Kano N39.88 billion, Edo N32.88 billion, Kaduna N32.86, Ondo N30.96 billion and Borno N30.04 billion.

Conversely, the report revealed that the 10 states with the least federation allocation received a total of N189.45 billion, about six per cent less than the N201.39 billion total allocation received by only two states, Delta and Akwa Ibom.

Osun state received the least allocation in the six-month period with N10.24 billion, while Cross River, Ekiti, Zamfara and Ogun states received N17.13 billion, N17.92 billion, N18.64 billion, N18.79 billion respectively.

Others include Plateau, Gombe, Kwara, Ebonyi and Taraba, with allocation of N20.6 billion, N20.64 billion, N21.39 billion, N21.61 billion and N22.49 billion respectively.

Peace PIAK