NEITI Discloses States Receive N1.51tn Faac Allocation In Six Months

The Nigeria Extractive Industries Transparency Initiative, on Sunday has disclosed that 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.

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

According to the report, 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.

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

Different from the share of the statutory allocations, the report also disclosed that the nine oil-producing states, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers all received an additional allocations as their share of the 13 per cent derivation revenue to bring their total receipts to about N869.09bn.