FAAC Disburses N2.054trn In Q3 2020 — NEITI

The Nigeria Extractive Indus­tries Transparency Initiative (NEITI) said the Federation Account Allocation Commit­tee (FAAC) disbursed N2.054 trillion to the three tiers of government and other stat­utory recipients in the third quarter of 2020.

NEITI disclosed this in the latest edition of Nigeria Extractive Industries Trans­parency (NEITI)’s quarterly review released in Abuja on Tuesday.

It said the disburse­ments were made in spite of COVID-19 pandemic and its attendants socio-economic consequences.

A breakdown in the re­view showed that the Federal Government received N812.22 billion; state governments re­ceived N676.5 billion, while local government areas got N429.16 billion.

This, it said, was the first time that total disbursement had exceeded N2 trillion for a quarter in 2020.

It said that the review an­alysed FAAC disbursements in the third quarter of 2020, using data from the National Bureau of Statistics and the Revenue Mobilisation, Alloca­tion and Fiscal Commission.

“Total disbursements of N2.054 trillion in 2020 Q3 were 6.2 percent higher than total disbursements of N1.934 tril­lion in 2020 Q2, and 5.6 percent higher than total disburse­ments of N1.945 trillion in 2020 Q1.”