FAAC disburses N2.054trn in Q3 2020 – NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) said the Federation Account Allocation Committee (FAAC) disbursed N2.054 trillion to the three tiers of government and other statutory recipients in the third quarter of 2020.
NEITI disclosed this in the latest edition of Nigeria Extractive Industries Transparency (NEITI)’s quarterly review released in Abuja on Tuesday.
It said the disbursements were made in spite of COVID-19 pandemic and its attendants socio-economic consequences.
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 Mobilisation, Allocation and Fiscal Commission.
“Total disbursements of N2.054 trillion in 2020 Q3 were 6.2 percent higher than total disbursements of N1.934 trillion in 2020 Q2, and 5.6 percent higher than total disbursements of N1.945 trillion in 2020 Q1.”