The Nigeria Extractive Industries Transparency Initiative has stated that the Federation Accounts Allocation Committee disbursed N3.473tn to the three tiers of government in the second quarter of 2024.
This reflects an increase of N46.77bn (1.42 per cent) compared to the first quarter of 2024, the agency stated in a statement on Monday.
The statement signed by its Assistant Director of Communications and Advocacy, Chris Ochonu, noted that these figures were part of NEITI’s latest Quarterly Report on Federation Account Revenue Allocations for Q2 2024.
Unveiling the report in Abuja, the NEITI Executive Secretary, Ogbonnaya Orji, emphasised that “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”.
“The ultimate goal of this disclosure is to enhance knowledge, increase awareness, and promote public accountability in the management of public finances,” Orji stated.
He said the Federal Government received N1.102tn, representing 33.35 per cent of the total allocation while 36 states received N1.337tn (40.47 per cent) and the 774 Local Government councils shared N864.98bn (26.18 per cent). Additionally, nine oil-producing states received N169.26bn as their derivation share from mineral revenue.
