NBS: States Received N1.23tn FAAC Allocation In Six Months

The 36 states of the federation received a total sum of N1.23 trillion as net allocation from the Federation Account Allocation Committee (FAAC) in the first half of this year, the National Bureau of Statistics (NBS) has said.

It added that a total revenue of N1.74 trillion was available to the states within the review period.

Also, the statistical agency said the states, including the Federal Capital Territory (FCT) generated a total of N579.49 billion as Internally Generated Revenue (IGR) within the first half of the year.

This indicated a growth of 27.7 per cent year-on-year when compared to the sum of N453.83 billion recorded within the first six months of 2017.

The NBS, in its State Level IGR report for the second quarter (Q2, 2018) released on Tuesday, further explained that 28 states posted growth in IGR, while eight states including Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu recorded a decline at the end of the half year estimate.

It, however, pointed out that the value of foreign debt stood at $4.22 billion, while domestic debt had reached N3.38 trillion as at the end of June 2018.