Seemberg News

Latest Nigeria Business News

FAAC disburses N3.842tr in first half of 2019 —NEITI


The Nigerian Extractive Industries Transparency Initiative, on Monday, revealed that the three tiers of government shared the sum of N3.842 trillion in the first half of 2019.

According to the NEITI quarterly review shared on it verified Twitter handle, the Initiative revealed that the Federal Government received N1.599 trillion; states received N1.335 trillion and Local Governments received N792 billion from the Federation Account Allocation Committee.

Some of the highlights of the NEITI review include, “Total FAAC disbursements in the second quarter were N1.913 trillion, the lowest since Q4 2017.

“Total FAAC disbursements in H1 2019 were 2.61 per cent lower than in the first half of  2018 and 37.79 per cent higher than in the first half of 2017;

“Net monthly FAAC disbursements to states in H1 2019 ranged between N1.51 billion and N19.32 billion;

“Only nine states had net FAAC disbursements in H1 2019 higher than in H1 2018;

“Delta State not only moved from fourth highest recipient in H1 2017 to the first in H1 2018 but also maintained the lead in H1 2019.”

Part of the review showed that revenue in 2018 increased over the 2017 figures. However, such improvements have not been sustained so far in 2019, as revenue in first half of 2019 was slightly lower than the first half of 2018.

Previous Article

New capital base for insurance sector threatens local investment

Next Article

Heineken unveils new 33cl cans

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *