The Federal Accounts Allocation Committee (FAAC) has disbursed a total of N3.473 trillion to three levels of government in the second quarter of 2024, representing an increase of N46.77 billion (1.42%) compared to the first quarter of the same year. This information was contained in a report released on Monday by the Nigeria Extractive Industries Transparency Initiative (NEITI).
During that period, the Federal Government received N1.102 trillion, or 33.35 percent of the total allocation, whilst the 36 states got N1.337 trillion (40.47 percent), and the 774 local government councils shared N864.98 billion (26.18 percent). It is further revealed that nine oil-producing states received N169.26 billion from mineral revenue as their derivation share.
Additionally, an upward trend in revenue allocations was reported for late 2023 and early 2024, from N1.094 trillion to N1.098 trillion, before dipping back slightly to N1.065 trillion during March 2024.
In Q2 2024, the largest allocations were made to Delta State, which got N137.357 billion gross allocation, inclusive of oil derivation, while Lagos State trailed at N123.282 billion, followed by Rivers State, ranking third with an amount of N108.104 billion worth allocated to it.
