NEITI Reports N4.37Tn Allocation Split Among FG, States, And LGs In Six Months

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has just revealed its latest insights, shedding light on the distribution of a substantial N4.37 Trillion among Nigeria’s three tiers of government in the first half of 2023. This sizable allocation originates from the Federation Account, encompassing the statutory revenue shares distributed among the Federal Government, State Governments, and Local Government Areas.

At a press conference hosted at NEITI House in Abuja, Ogbonnanya Orji, NEITI’s Executive Secretary, disclosed the comprehensive breakdown of these allocations. The figures for the first and second quarters of 2023 indicate distributable FAAC funds exceeding N2.32 Trillion and N2.04 Trillion, respectively.

Notably, the second quarter of 2023 witnessed a conspicuous 23% decrease in inflows into the Federation Account; exerting a consequential 12% drop in distributable revenue compared to the initial quarter.

A remarkable achievement showcased in NEITI’s analysis is that all three tiers of government received over N1 trillion each during this six-month period.

Delving deeper into the specifics, the Federal Government claimed a substantial N1.78 Trillion, equivalent to 40.7% of the total distribution. Meanwhile, state governments secured N1.5 Trillion (34.5%), and the Local Government Councils accessed N1.08 Trillion (24.8%).

In a year-on-year comparison, NEITI reported a notable 16.7% surge in distributable revenue allocated to the federal, state, and local governments between January and June. This trend echoes across the board, with the Federal Government’s share experiencing a 19.8% uptick, state governments seeing an 11.2% increase, and Local Government Councils benefiting from a 16.8% rise in 2023, as opposed to the corresponding period in 2022.

This data points to a favorable trajectory in revenue distribution; aligning with previous years where half-yearly allocations displayed consistent growth, signaling a brighter financial outlook for Nigeria’s governmental bodies.

 

 

 

 

 

 

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