The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to the federal, state, and local governments in the second quarter of 2024.
This represents an increase of N46.77 billion, or 1.42%, compared to the disbursements in the first quarter of the year.
The figures were part of NEITI’s latest *Quarterly Report on Federation Account Revenue Allocations for Q2 2024,* which was unveiled in Abuja.
According to a statement signed by NEITI’s Assistant Director of Communications and Advocacy, Chris Ochonu, the report provides a detailed analysis of revenue sources and factors impacting allocations to the various tiers of government.
NEITI Executive Secretary Dr. Ogbonnaya Orji, speaking at the report’s unveiling, emphasized the importance of this quarterly review in promoting transparency and accountability in the management of public finances.
“The quarterly review aims to highlight the sources of funds into the Federation Account and the factors affecting the growth or decline in revenues and distributions over time,” Orji stated.
The Federal Government received N1.102 trillion, accounting for 33.35% of the total disbursement, while the 36 states shared N1.337 trillion, representing 40.47%.
Local governments across the country received N864.98 billion (26.18%), and nine oil-producing states were allocated N169.26 billion as their derivation share from mineral revenues.
