Economy

FG disburses N2.054 trillion to three tiers of govt in Q3- NEITI

The Federation Account Allocation Committee (FAAC) had disbursed N2.054 trillion to the three tiers of government and other statutory recipients in the third quarter of 2020.

The disclosure was made by Nigeria Extractive Industries Transparency (NEITI)’s latest edition of its Quarterly Review released in Abuja.

It said the disbursements were made in spite of COVID-19 pandemic and its attendants socio-economic consequences, NAN reports.

A breakdown in the review showed that the Federal Government received N812.22 billion; state governments received N676.5 billion, while local government areas got N429.16 billion.

This, it said, was the first time that total disbursement had exceeded N2 trillion for a quarter in 2020.

It said that the review analysed FAAC disbursements in the third quarter of 2020, using data from the National Bureau of Statistics and the Revenue Mobilization, Allocation and Fiscal Commission.

“Total disbursements of N2.054 trillion in 2020 Q3 were 6.2 per cent higher than total disbursements of N1.934 trillion in 2020 Q2, and 5.6per cent higher than total disbursements of N1.945 trillion in 2020 Q1.

“The disbursements in 2020 Q3 were lower than those of the corresponding quarters in 2019 and 2018 as a whole,” it said.

NEITI added that 2020 Q3 disbursements were 9.6per cent lower than the N2.273 trillion disbursed in the Q3 of 2019 and 9.8per cent lower than the N2.278 trillion disbursed in the third quarter of 2018.

The review further noted that the Federal Government of Nigeria (FGN) received N812.22 billion in the third quarter of 2020.

According to the review, this is 11.7per cent lower than the N920.2 billion and 10.2per cent lower than the N904.8 billion the Federal Government received in the third quarters of 2019 and 2018 respectively

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