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Home Breaking News States get N1.51tn FAAC allocation in six months – NEITI

States get N1.51tn FAAC allocation in six months – NEITI

The 36 states of the federation received about N1.51tn, or 34.5 per cent of the total N4.37tn shared by the three tiers of the government between January and June 2023, the Nigeria Extractive Industries Transparency Initiative, said on Sunday.

It disclosed this in its second quarter ‘2023 Federation Account Statutory Revenue Allocations Report’ released in Abuja.

The report showed the states received about N817.79bn from the N2.32tn total distributable allocation in the first quarter, and N688.2bn of the N2.04tn allocation in the second quarter.

It stated that a 12 per cent decline in the overall allocation in the second quarter resulted in a 15.8 per cent reduction in the share to the states in the first quarter, from N817.8bn to N688.2bn.

Despite the decline in the overall allocation, the report noted that the share of the states’ allocations exceeded that of the Federal Government, when the 13 per cent derivation revenue was added.

Apart from the share of the statutory allocations, the report said the nine oil-producing states, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers received additional allocations as their share of the 13 percent derivation revenue to bring their total receipts to about N869.09bn

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