The third quarter of 2016 witnessed substantially higher inflows of revenue from the Federation Account Allocation Committee (FAAC) when compared to the first and second quarters of the year, according to data released today by the Nigeria Extractive Industries Transparency Initiative (NEITI) quarterly review.
All three months in the third quarter (Q3) recorded FAAC disbursements above N200 billion.
Prior to the third quarter, the highest disbursement to the Federal Government was N180.34 billion in January.
A similar trend can be observed in disbursements to the States and Local Government Areas.
Figure’s for states show that there was a 62.5 percent increase in disbursements between June and July and all months in the third quarter had disbursements above N160 billion, while local government areas FAAC disbursements increased by 72.6 percent between June and July.
A reason for this is the rebound in oil prices from below $40 a barrel earlier in the year (Q1) to more than $50 per barrel last month.
PATRICK ATUANYA
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
