July 15, 2024

The federal, states and local government areas shared N3.95 trillionfrom the Federation Account within the first half of this year.

The disbursements made by the Federation Accounts Allocation Committee (FAAC)   represented an increase of 41% when compared to the N2.79 trillion disbursed in the first half of 2017 and a 95% increase in the N2trillion disbursed in the first half of 2016.

The analysis is contained in the latest edition of the NEITI Quarterly Review published by the Nigeria Extractive Industries Transparency Initiative (NEITI).  The review provided highlights and in-depth analysis of disbursements by FAAC for the second quarter and the first half of this year.

A breakdown of the disbursements showed that the Federal Government received N1.65 trillion, states received N1.38 trillion while local governments got the least share of N795billion. The disparity in the revenues received by each of the three tiers of government was based on the revenue sharing formula of the Federation as stipulated in the constitution.

The NEITI Quarterly Review shows that the lowest monthly figure of N635.6 billion disbursed in the first half of 2018 was N121.4 billion higher than the highest monthly figure (N514.2billion) disbursed in the first half of 2017 and N218 billion higher than the highest monthly figure (N417billion) for 2016.  “These figures clearly indicate that revenue accruing to the Federation in the first half of 2018 completely outstripped revenues in the previous two years”, stated the report.

The Quarterly Review further disclosed that total FAAC disbursements in the second quarter of this year was 46% higher than the figure for the same period last year and 127% higher than the figure for the same period in 2016. The report noted that while N2trillion was shared in the second quarter of this year, N1.38 trillion was disbursed during the same period last year and only N886.38 billion was shared in the second quarter of 2016. “In fact, Q2, 2018 was the first time an amount in excess of N2trillion was disbursed since Q3 2014. This is a run of 14 consecutive quarters of disbursements below N2trillion.”

The phenomenal increase of disbursements recorded in the second quarter of 2018, the report observed, was the highest to the Federation since the third quarter of 2014. The report attributed the positive development to the rise in crude oil prices and similar increase in oil production. “Average oil price in 2016 was $43.5 per barrel, while in 2017 oil price averaged $54.2 per barrel. However, in the first six months of 2018, average oil price was $70.6 per barrel. Thus, on the average, oil price increased by 62.2% between 2016 and the first half of 2018”, the NEITI Quarterly Review asserted. “Total oil production in 2016 was 661.1 million barrels while the figure was 690 million barrels in 2017. In 2016, average monthly oil production was 55.1 million barrels while it was 57.5 million barrels in 2017. For the first two months of 2018 for which data is available, average production was 59 million barrels.”

On net FAAC disbursement to states, the review disclosed that during the first half of this year, “the highest receiving state was Delta State with N101.19 billion, while the lowest receiving state was Osun State with N10.24 billion. This implies that Delta State received 988% more than Osun State received.”

 

 

31 thoughts on “FG, Others Share N3.95tr In First Half Of 2018

  1. I just want to mention I am just new to blogging and seriously loved your web blog. Most likely I’m likely to bookmark your blog . You surely come with great posts. Regards for revealing your blog.

  2. 911804 854263The book is great, but this review is not exactly spot-on. Being a Superhero is a lot more about selecting foods that heal your body, not just eating meat/dairy-free. Processed foods like those mentioned in this review arent what Alicia is trying to promote. Should you arent open to sea vegetables (and yes, Im talking sea weed), just stop at vegan. 597059

  3. 89920 178736You would endure heaps of different advised organized excursions with various chauffeur driven car experts. Some sort of cope previous features and a normally requires a to obtain travel within expense centre, and even checking out the upstate New York. ??????? 498250

  4. 87137 344268I quite glad to locate this web site on bing, just what I was searching for : D as effectively saved to favorites . 578063

  5. 967810 848258I discovered your weblog internet site on google and examine a number of of your early posts. Continue to sustain up the superb operate. I merely extra up your RSS feed to my MSN News Reader. In search of forward to reading much more from you later on! 613956

  6. 828974 92895Superb post but I was wanting to know if you could write a litte a lot more on this subject? Id be really thankful in case you could elaborate a little bit much more. Thanks! 332126

  7. 721827 56593I really dont accept this particular write-up. Nonetheless, I had searched with Google and Ive identified out that you are correct and I had been thinking in the improper way. Maintain on creating top quality material related to this. 76961

  8. 314661 713585Thanks for providing such an excellent article, it was exceptional and very informative. It is my 1st time that I visit here. I identified a great deal of informative stuff in your write-up. Maintain it up. Thank you. 851823

Leave a Reply

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