36 Nigerian states collectively received a total sum of N1.51 trillion in the first half of the year.
This accounts for 34.5 percent of the total N4.37 trillion disbursed among the three tiers of government, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).
The NEITI’s latest report titled the ‘2023 Federation Account Statutory Revenue Allocations Report’ released for the second quarter in Abuja states shared N817.79 billion from the N2.32 trillion total distributable allocation in the first quarter followed by an allocation of N688.2 billion from the N2.04 trillion allocation in the second quarter.
It is important to note that the overall allocation declined by 12 percent during the second quarter, resulting in a 15.8 percent reduction in the amount shares by states from N817.8 billion to N688.2 billion in the first quarter.
Despite this decrease in the overall allocation, the report noted that the states’ share of revenue actually surpassed that of the Federal Government when accounting for the 13 percent derivation revenue.
In addition to their share of the statutory allocations, the report stated that the nine oil-producing states, which include Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers, received supplementary allocations corresponding to their 13 percent derivation revenue to push their total receipts to N869.09 billion.
This distribution of revenue signifies a crucial aspect of Nigeria’s fiscal landscape as the states play a pivotal role in the nation’s economic development and governance.
NEITI’s comprehensive report sheds light on the intricate financial dynamics that shape the nation’s economic landscape, providing valuable insights into revenue allocation and distribution.
