FG, states, LGs shared N1.53trn in Q3 of 2016 —NEITI

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8 years ago

THE three tiers of government in the country shared about N1.534 trillion in the third quarter of 2016, the Nigeria Extractive Industries Transparency Initiative (NEITI), stated on Tuesday in Abuja.

A statement by Dr Orji Ogbonnaya Orji, Director of Communication, NEITI, statede that the amount was the highest disbursement so far in 2016.

It is, however, 19 per cent lower than the third quarter of 2015, according to the News Agency of Nigeria (NAN).

It added that the analysis of allocations to the three tiers in the third quarter of 2016 presented a mixed picture.

It stated that the figure for the third quarter of 2016 was a major improvement over what was shared in each of the first and second quarters of 2016.

It added that yet the figure was still a significant dip when compared to the amount shared in the third quarter of 2015.

The statement indicated that government allocations were improving even when the 2016 figures still lagged behind the corresponding ones for 2015.

“These are some of the highlights of the second issue of the NEITI quarterly review, which shows that the Federal Government, states and local governments got a total of N1.534 trillion as allocations from the Federation Account Allocation Committee (FAAC) for July, August and September 2016.

“Though the figure for the third quarter of 2016 represents 18.9 per cent decline against the N1.89 trillion shared in the third quarter of 2015. The picture is not all gloomy, as the disbursement from FAAC in the third quarter of 2016 was a 35 per cent increase on the N1.132 trillion shared in the first quarter of 2016 and a 74 per cent rise on the N881.65 billion shared in the second quarter of 2016,” it read.

“A breakdown of the allocations for the third quarter of 2016 shows that the Federal Government received N697.9 billion; the states got N512.66 billion while local governments collected N324.31 billion.

It added that major spike was in July, when three tiers of government shared N546.62 billion as against N304.91 billion shared in June, an increase of 79 per cent.

The statement stated that July trajectory was not sustained as revenues to the three tiers of government dipped to N486.02 billion in August but increased marginally to N502.23 billion in September, “a dip of 11 per cent and 8.12 per cent respectively on the July figure.”