Money makes the world go ’round, and in Nigeria, it’s no different. Brace yourselves for the juicy details of how the federal, state, and local governments got their hands on a whopping N4.37tn from the Federation Account in the first half of 2023! Hold on tight, because this financial rollercoaster is about to take you for a ride.
According to the Nigeria Extractive Industries Transparency Initiative (NEITI), the grand revelation took place at the vibrant NEITI House in Abuja. Ogbonnanya Orji, the master of ceremonies, spilled the beans about the sweet slice of the pie each government tier devoured. Brace yourselves for the numbers!
In this gripping tale of cash flow, the Federation Account witnessed a 23% dip in inflows during the second quarter of 2023. Naturally, this dip had a ripple effect, causing the distributable revenue to take a 12% nosedive compared to the first quarter. But don’t let these twists and turns fool you – there’s still a jaw-dropping N4.37tn to go around!
Hold onto your seats as we unravel the magic numbers. Picture this: every government tier walked away with more than a trillion nairas during this six-month fiesta. Talk about a jackpot! The Federal Government strutted its stuff with a cool N1.78tn (that’s a whopping 40.7%), while state governments claimed their stake with N1.5tn (34.5%). Not to be outdone, the Local Government Councils nabbed N1.08tn (a solid 24.8%).
But that’s not all, folks! Let’s time travel a bit. A peek into the past shows that the total distributable revenue of N4.37tn is a sizzling 16.7% jump from the same period in 2022. It’s like leveling up in a financial game! The Federal Government wasn’t shy about its 19.8% surge in 2023’s allocation compared to the previous year. State governments flaunted their 11.2% growth, while Local Government Councils celebrated a 16.8% boost.
Buckle up, because this isn’t just a one-time spectacle. NEITI’s report spills the beans that this financial fireworks show has been consistent over time. Comparing the first halves of 2021 and 2022, there was a 16.7% rise from N3.47tn to N4.05tn in distributable revenue. And hey, the good news keeps rolling in, with allocations to federal, state, and local governments leaping by 8.8%, 26.5%, and 14.2%, respectively.
So there you have it – a whirlwind tour through Nigeria’s financial saga. From jaw-dropping figures to heart-stopping jumps, the story of N4.37tn flowing through the veins of the federal, state, and local governments is nothing short of a rollercoaster you won’t want to miss!