FAAC: FG, States, others received N2.05trn in third quarter – NEITI

By Michael Eboh

The Nigeria Extractive Industries Transparency Initiative, NEITI, Tuesday, disclosed that the Federation Account Allocation Committee, FAAC, disbursed a total of N2.054 trillion to the three tiers of government and other statutory recipients in the third quarter of 2020.

In a statement in Abuja, NEITI noted that despite COVID-19 pandemic and its attendant socio-economic consequences, the amount disbursed in the third quarter of 2020 was 6.2 per cent higher than the N1.934 trillion disbursed in the second quarter of 2020 and 5.6 per cent higher than total disbursements of N1.945 trillion in first quarter 2020.

However, NEITI, in its Quarterly Review on FAAC Disbursements, disclosed that the amount shared by the FAAC in third quarter 2020 were lower than those of the corresponding quarters in 2019 and 2018 as a whole and to the three tiers of government.

According to NEITI, third quarter 2020 disbursements were 9.6 per cent lower than the N2.273 trillion disbursed in the third quarter of 2019 and 9.8 per cent lower than the N2.278 trillion disbursed in the third quarter of 2018.

FG, states, LGs received N1.86trn FAAC in Q1’20 — NEITI

“Total disbursements to the FGN were N791.44 billion, N739.2 billion and N812.22 billion for the first, second and third quarters of 2020, respectively. This means that disbursements in the third quarter were 9.9 per cent higher than disbursements in the second quarter, and 2.6 per cent higher than disbursements in the first quarter.”