Amidst the growing challenges of the COVID-19 pandemic and lockdowns across the world, the Federation Accounts Allocation Committee (FAAC)...
Amidst the growing challenges of the COVID-19 pandemic and lockdowns across the world, the Federation Accounts Allocation Committee disbursed N1.95 trillion to the Federal, States, Local government areas and other statutory agencies in the first quarter of 2020.
The NEITI report also notes that the Q1 2020 FAAC disbursements are the highest first quarter disbursements since 2014. “Total disbursements were N1.648 trillion in Q1 2015, N1.132 trillion in Q1 2016, N1.411 trillion in Q1 2017, N1.938 trillion in Q1 2018, and N1.929 trillion in Q1 2019,” the publication stated.
On FAAC disbursements to states between January and March this year, there was a wide disparity between states as Osun State with the lowest allocation received N6.44 billion and Delta State with the highest disbursement received N52.03, a difference of 708%. Furthermore, the review disclosed wide disparity in the amounts deducted from the states as their debt obligations. For instance, Lagos State had the highest deductions of N14.92 billion, while Yobe State had the lowest deductions of N820.18 million.
The NEITI Quarterly Review called for innovative and concerted actions on the part of governments at all levels to mitigate the impact of COVID-19, not just on revenues but also on the economy as a whole.
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