Categories: Finance

FG, States, LGA Shared N2.054 Trillion in Q3 2020 Despite COVID-19

Despite the negative impact of COVID-19, the Federal Government, States and Local Government Areas shared a total sum of N2.054 trillion in the third quarter of 2020.

The Nigeria Extractive Industries Transparency Initiatives (NEITI) report showed on Tuesday.

According to NEITI, the Federal Government received N812.22 billion while the state governments collected N676.5 billion.

The Local Government Areas received a total sum of N429.16 billion in the same quarter.

“This was the first time that total disbursement has exceeded N2tn for a quarter in 2020,” NEITI revealed in the report.

The report 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 N2.05tn in 2020 Q3 were 6.2 per cent higher than total disbursements of N1.93tn in 2020 Q2, and 5.6 per cent higher than total disbursements of N1.95tn in 2020 Q1,” the report stated.

However, the report noted that the amounts disbursed during the third quarter of 2020 were lower than those of the corresponding quarters of 2019 and 2018.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.