The Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that revenue generating agencies remitted a whopping ₦14.38 trillion to the Federation Account (FA) between January 1, 2020 and December 31, 2021. This includes ₦6.40 trillion from mineral revenue and ₦4.80 trillion from non-mineral revenue. The remittances were shared between the Federal, States, and Local Government Areas, amounting to ₦5.42 trillion. The report also highlighted the distribution of revenue to the different tiers of government and the observations and recommendations made by NEITI. The findings provide valuable insights into the management of Nigeria’s extractive revenues and call for greater accountability and prudent use of these funds for sustainable development.
