Federal, states, LGAs shared N3.473trn in Q2 2024 – NEITI
The Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to the three tiers of government in the second quarter of 2024. This reflects an increase of N46.77 billion (1.42%) compared to the first quarter of 2024. These figures are part of NEITI’s latest Quarterly Report on Federation Account Revenue Allocations for Q2 2024. The Executive […]
Nigeria Extractive Industries Transparency Initiative (NEITI)
The Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to the three tiers of government in the second quarter of 2024.
This reflects an increase of N46.77 billion (1.42%) compared to the first quarter of 2024.
These figures are part of NEITI’s latest Quarterly Report on Federation Account Revenue Allocations for Q2 2024.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, announced in the report’s released at NEITI House, Abuja on Monday.
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Orji emphasised that “The Quarterly Review aims to highlight the sources of funds into the Federation Account and the factors affecting the growth or decline in revenues and distributions over time.
“The ultimate goal of this disclosure is to enhance knowledge, increase awareness, and promote public accountability in the management of public finances,” Dr. Orji stated.
The NEITI Executive Secretary urged the citizens and civil society organisations, particularly those involved in revenue and expenditure monitoring, to show interest and strengthen their capacity in budget tracking and monitoring of allocations and disbursements to all tiers of government.
Breakdown of allocations
The report reveals the breakdown of revenue allocations as follows: The federal government received N1.102 trillion, representing 33.35% of the total allocation. The 36 states received N1.337 trillion (40.47%) and the 774 local government councils shared N864.98 billion (26.18%).
Additionally, nine oil-producing states received N169.26 billion as their derivation share from mineral revenue.
A comparison with the previous quarter shows that the federal government’s allocation decreased by N41.44 billion (3.76%), while state governments saw an increase of N58.13 billion (4.29%), and local government councils experienced a rise of N30.82 billion (3.57%).