The revenue allocations from the Federation Account, distributed among the three tiers of government in 2023, amounted to N10.14 trillion.
According to the latest report from the Nigeria Extractive Industries Transparency Initiative released on Tuesday, data on Federation Account revenue allocations for 2023 revealed an increase of N1.93 trillion compared to the previous year. This surge was distributed among the federal, state, and local governments.
NEITI attributed this increase to the removal of subsidy on petrol by President Bola Tinubu in May 2023, when he declared during his inaugural address on May 29, 2023 that fuel subsidy was gone.
Tinubu’s declaration was immediately implemented by the Nigerian National Petroleum Company Limited the next day, as petrol price jumped from N198/litre to about N500/litre.
The cost of the commodity moved up again within a month to N617/litre at filling stations operated by NNPCL, while other marketers dispense the product at between N660 and N700/litre depending on the area of purchase.
Commenting on the latest report, NEITI’s Executive Secretary, Dr Ogbonnaya Orji, who announced the release of the report at the NEITI House, Abuja, said that the agency embarked on the NEITI FAAC Quarterly Review to enhance public understanding of Federation Account allocations and disbursements as published by government.
“The ultimate objective of this disclosure is to strengthen knowledge, awareness and promote public accountability of all institutions in public finance management,” Orji explained.
