May 11, 2018

FAAC: South-South states received N206bn allocation in 3 months —NEITI

Breaking: South-South Governors to set up local security outfit

By Michael Eboh

States in the South-South region of the country received N206.25 billion, the highest allocation from the Federation Accounts Allocation Committee, FAAC, in the first quarter of 2018, according to data released yesterday by the Nigeria Extractive Industries Transparency Initiative, NEITI.

The report titled, Analysis of FAAC Disbursements for the First Quarter of 2018, disclosed that the amount received by the six south-south states — Bayelsa, Rivers, Delta, Akwa Ibom, Edo and cross River — accounted for 30.2 per cent of the total amount allocated to the 36 states.

In particular, the NEITI Quarterly Review, stated that Bayelsa, Rivers and Delta received allocations of N38.90 billion, N42.75 billion and N49.44 billion respectively, while Akwa Ibom, Edo and Cross River received N50.88 billion, N15.87 billion and N8.41 billion respectively.

Generally, the report noted that FAAC  disbursed a total of N1.938 trillion in the first quarter of 2018, representing an increase of 37.3 per cent when compared with N1.411 trillion shared during the same period in 2017 and 71.1 per cent of the N1.132 trillion shared in the same quarter of 2016.

Giving a breakdown of the allocations, the report explained that the Federal Government received N812.8 billion; the 36 states got N683.4 billion, while N393.3 billion went to the 774 local governments.