The Nigeria Extractive Industries Transparency Initiative (NEITI) just dropped some major info about the revenue generating agencies in Nigeria. According to NEITI, these agencies remitted a whopping ₦14.38 trillion to the Federation Account between January 1, 2020 and December 31, 2021. That’s a whole lot of cash, right?
Here’s the breakdown: mineral revenue accounted for ₦6.40 trillion, while non-mineral revenue (excluding VAT) contributed ₦4.80 trillion. The report also highlighted the remittances to the Federation Account, allocation and disbursement to statutory recipients, and the utilization of funds between 2020 and 2021.
The report revealed that the Federal Government, States, and Local Government Areas shared a total of ₦5.42 trillion from the mineral revenue. That’s a whole lot of money being passed around!
But wait, there’s more! The report also delved into the disbursements to the three tiers of government. It showed that the Federal Government received about ₦2.80 trillion, the 36 state governments got ₦1.45 trillion, and the 774 Local Government Areas received a total of ₦1.17 trillion. It’s like a money party up in here!
And get this, the report even broke down the allocations to states in the six geopolitical zones. The South-South Zone got the highest allocation of N1.37 trillion, followed by the North-West, South-West, North-Central, North-East, and South-East. It’s like a money race between the zones!
The report also highlighted additional revenues from other sources, including exchange gain, excess crude, non-mineral revenue, solid mineral revenue, and NNPC refunds. It’s like money coming from all directions!
Overall, the report provides a detailed look at the revenue flow in Nigeria and how it’s being distributed. It’s a big deal, and NEITI is urging everyone to use this information for advocacy and accountability. So, there you have it, folks! That’s the lowdown on Nigeria’s revenue generating agencies. It’s a lot to take in, but it’s important stuff. Let’s keep an eye on where all that money is going!