South-South Receives Highest Allocation From Federation Account
In a new report released by the Nigeria Extractive Industries Transparency Initiative, NEITI, South-South states received N206.25 billion, the highest allocation from the Federation Accounts Allocation Committee, FAAC, in the first quarter of 2018.
The report was titled, “Analysis of FAAC Disbursements for the First Quarter of 2018″
NEITI disclosed the six south-south states to be Bayelsa, Rivers, Delta, Akwa Ibom, Edo and cross River accounted for 30.2 per cent of the total amount allocated to the 36 states.
The review showed that Bayelsa received allocations of N38.90 billion, Rivers, N42.75 billion and Delta N49.44 billion, Akwa Ibom N50.88 billion, Edo N15.87 billion and Cross River received N8.41 billion.
The report also revealed that FAAC gave a total of N1.938 trillion in the first quarter of 2018, which represents an increase of 37.3 per cent in comparison with N1.411 trillion shared during the first quarter in 2017 and 71.1 per cent of the N1.132 trillion shared in the same quarter of 2016.
The report explained that the 774 local governments received N393.3 billion, 36 states got N683.4 billion, while the Federal Government received N812.8 billion.Copyright Naija News 2018. All rights reserved. You may only share Naija News content using our sharing buttons. Send all news and press releases to [email protected].