ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

NEITI: No state can fund its budget with IGR, FAAC allocation  

20th November 2018
in Business
0
IGR
0
SHARES
233
VIEWS
Share on FacebookShare on Twitter

No state in the country can finance its annual budget with its Internally Generated Revenue (IGR) and resources received from the Federation Accounts Allocation Committee (FAAC).

This is the observation of the Nigeria Extractive Industries Transparency Initiative (NEITI) in the latest edition of its quarterly magazine.

The report said FAAC shared a total of N2.28 trillion among the three tiers of government in the third quarter (Q3) of 2018.

A breakdown of the revenue showed that the Federal Government received N904.8 billion; states got N718.5 billion, and local governments received N432.1 billion.

READ ALSO Eurobond: Nigeria’s investment climate excites global investors

“There is virtually none of the states that can adequately finance their budgets from IGR and FAAC disbursements. The states will have to resort to different levels of borrowing,” the report read. The gap between the budgets and revenues is below N50 billion in three states (Enugu, Taraba and Yobe).

“The difference between the revenues and budgets is between N50 billion and N100 billion in 14 states (Abia, Anambra, Delta, Edo, Ekiti, Gombe, Jigawa, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau and Zamfara).

“However, this difference is above N100 billion in majority of the states (Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Imo, Kaduna, Kano, Katsina, Kwara, Lagos, Ogun, Osun, Oyo, Rivers, Sokoto).

“Akwa Ibom, Cross River, Lagos and Ogun states present special cases as the difference in these states is above N200 billion. Although IGR is historically high in Lagos and Ogun states, it is very unlikely that the states’ actual IGR for 2018 will be sufficient to cover the difference between revenue and budgets.”

According to the report, the total FAAC disbursements in Q3 2018, is the highest recorded since Q2 2014, with the closest being Q2 2018 when N2.008 trillion was disbursed.

Tags: FAACNEITI
Omotayo Edubi

Omotayo Edubi

Related Posts

Zoho launches Africa digital enabler package
Business

Zoho launches Africa digital enabler package

28th June 2022
Qatar Energy to cut emissions as methane movement grows
Business

Qatar Energy to cut emissions as methane movement grows

28th June 2022
2022: Manufacturers demand better forex market, infrastructure
Business

Manufacturers’ industrial capacity reduced to 30% over rising production cost

28th June 2022
Next Post
EAGLES

Eagles, Cranes set Asaba aglow in glamour friendly

police

2019: PSC to monitor policemen deployed for elections

Galatasaray wants N5.7b Ahmed Musa

Ahmed Musa: AFCON ticket crucial for Eagles

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Fayemi inaugurates audit service commission building

LSEF targets 10,000 jobs in Imo State

INEC mourns death of journalist in Abuja

2023: Peter Obi seeks NLC’s support 

Cattle Rustlers steal over 300 livestock in Sokoto farm center

Meet Katanah Tease, the model who can’t stop going viral

Trending

Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 
News

Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 

28th June 2022
0

  By Chinenye Anuforo  The National Commissioner and Chief Executive Officer, Nigeria Data Protection Bureau, Dr. Vincent...

OPC calls for joint, urgent intervention to end insecurity in Nigeria

OPC calls for joint, urgent intervention to end insecurity in Nigeria

28th June 2022
Herbalist in court over alleged N1.2m fraud

Court fix July 15 for judgment in suit seeking review of Judges salary

28th June 2022
Breaking: 2023 President,  Fayemi, Ekiti Governor declares to contest

Fayemi inaugurates audit service commission building

28th June 2022
LSEF targets 10,000 jobs in Imo State

LSEF targets 10,000 jobs in Imo State

28th June 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • Organ harvest case: NDPB investigates possible breach  of citizens’ data privacy 
  • OPC calls for joint, urgent intervention to end insecurity in Nigeria
  • Court fix July 15 for judgment in suit seeking review of Judges salary
  • Fayemi inaugurates audit service commission building
  • LSEF targets 10,000 jobs in Imo State
  • INEC mourns death of journalist in Abuja
  • 2023: Peter Obi seeks NLC’s support 
  • Cattle Rustlers steal over 300 livestock in Sokoto farm center
  • Meet Katanah Tease, the model who can’t stop going viral
  • Trail Census: NPC warns staff against disclosing information
  • Tinubu certificate non-issue if INEC’s record is efficient –  Uzodinma 
  • Anambra tricycle riders union backs Soludo’s anti touting policy
  • Kaduna: Participate at party levels, increase your election chances – ActionAid tells women, youths
  • Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat
  • Impeachment: Oyo deputy gov sues House of Assembly
  • Flood: HYPPADEC Partners Private Developer To Build Settlement Homes For Riverine Communities
  • 2023; police set to train personnel on election security duty
  • Edo frees 114 Correctional Centres’ inmates in 3 months
  • Boost crude production, crash operations cost, FG charges marginal field investors 
  • NAICOM liquidates Niger Insurance, Standard Alliance over poor performance

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....