FG, States, LGs Share N2.28tr in Q3, Says NEITI

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The federal government, states and local government councils shared the sum of N2.28 trillion in the third quarter of this year Federation Account Allocation Committee (FAAC).
This was disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in a statement to released Sunday.
A breakdown by the Director of Communications of NEITI, Dr. Orji Ogbonanya Orji in a statement showed that N904.8 billion with the federal government, N718.5 billion to states and the sum of N432.1 billion to the local government councils.
Orji said the information is contained in the Quarterly Review by the agency.
The statement said, “Total FAAC disbursements in the third quarter of 2018 amounted to N2.28 trillion representing a 17.6 per cent increase over the N1.938 trillion disbursed in the first quarter of 2018 and 13.5 per cent higher than the N2.008 trillion disbursed in the second quarter.
“It is interesting that with the exception of July, the lowest amount disbursed so far in 2018 is higher than disbursements in all other months in 2016 and 2017.
“The amount disbursed to states represented an increase of 5.1 per cent over the N683.5 billion disbursed in the first quarter, and an increase of 3.8 per cent over the N692.1 billion disbursed in the second quarter. For LGCs, the amount received was 9.8 per cent and 7.5 per cent higher than the respective amounts of N393.4 billion and N402.1 billion received in the first and second quarters.

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