The Extractive Industries Transparency Initiative (NEITI) on Monday reported that the three tiers of government in the country shared a total sum of N3.95 trillion from the Federation Account in the first half of this year.
NEITI, in its latest Quarterly Review Report, indicated that the figures represented an increase of 41 percent over the N2.79 trillion disbursed in the first half of last year and a 95 percent increase over the N2 trillion disbursed in the first half of 2016.
According to the report, a breakdown of the disbursements reflected that the Federal Government got N1.65 trillion, while states and local governments received N1.38 trillion and N795 billion respectively during the period under review.
In addition, the report further showed that the lowest monthly disbursement of N635.6 billion disbursed in the first half of 2018 was N121.4 billion higher than the highest monthly figure (N514.2billion) disbursed in the corresponding period of last year and N218 billion higher than the highest monthly figure (N417billion) for 2016.
The extractive industry transparency promoting agency noted that the figures clearly indicated that revenue accruing to the Federation in the first half of 2018 completely overshot revenues in the previous two years.
It reported further that total FAAC disbursements in the second quarter of this year was 46 percent higher than the figure for the same period last year and 127 percent higher than the figure for the same period in 2016.
The report further showed that while N2 trillion was shared in the second quarter of this year, N1.38 trillion was disbursed during the same period last year and only N886.38 billion was shared in the second quarter of 2016.
NEITI noted that Q2, 2018 was the first time an amount in excess of N2 trillion was disbursed over the past 14 consecutive quarters, specifically since Q3, 2014.
