Thread by @nigeriaeiti

WARNING: It's a THREAD! Join us here at 12PM Today as we help you slice up the latest #NEITIQuarterlyReview on 2018 FAAC Disbursement, including details and projections for the year 2019.

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THREAD: This review provides an overview of the Federal Accounts Allocation Committee (FAAC) disbursements to the three tiers of government in 2018. In addition, the review also makes revenue projections for 2019. Total FAAC Disbursements in 2018....

.... were 32.8% Higher than Total Disbursements in 2017 and 67.1% Higher than
Total Disbursements in 2016.

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Peep these highlights: #NEITIAuditReview.

The quarterly distribution of disbursements in the years and it is seen that disbursements in all quarters in 2018 were higher than disbursements in the corresponding quarters in 2016 and 2017. This is a clear indication of consistent increase in revenues and disbursements.

In 2018, FAAC Disbursements to the Federal, State and Local Governments were respectively 40.86%, 33.44% and 19.56% of the Total.
#NEITIQuarterlyReview.

Total FAAC disbursements between 2013 and 2018: The figures reveal that
following the drastic drop in disbursements from 2015 to 2016, disbursements have consistently been rising from 2017. #NEITIQuaterlyReview.

#NEITIQuarterlyReview: Quarterly Total FAAC Disbursements Exceeded N2 trillion in Three Quarters of 2018, the First Time Since 2014. With the exception of the third quarter of 2017, there has been a consistent rise in quarterly
disbursements since the second quarter of 2017.

The highest quarterly amount of N2.299 trillion disbursed in the 4th QR of 2018 is the highest quarterly disbursement since the 2nd quarter of 2014.There were 3 consecutive quarters in 2018 when total disbursements exceeded N2tril.The last time this happened was in 3rd QR of 2014

#NEITIQuarterlyReview: For the first quarter of 2018, total disbursements were N1.938 trillion, while total disbursements in the first quarter of 2017 were N1.411 trillion. This represents an increase of 37.3% over the 2017 figures.

Total disbursements in the 2nd quarter of 2018 were N2.008 trillion while corresponding figures for 2017 were N1.377 trillion, an increase of 45.8%. Total disbursements in the third quarter of 2018 (N2.278 trillion) increased by 18.1% over the 2017 figures (N1.929 trillion).

FAAC Disbursements to the FG were Highest in December and Lowest in February. Monthly FAAC disbursements to FG were highest in December (N326.75 billion) & lowest in February (N263.30 billion). This
indicates a difference of N63.5 billion.

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With the exception of September, the image above shows oscillating patterns in disbursements in successive months. As highlighted in previous issues of this review, this feature is symptomatic of volatility in revenue due to dependence
on commodity exports.
#NEITIQuarterlyReview

FAAC Disbursements to State Governments were Highest in December & Lowest in February. FAAC disbursements to state governments had a similar pattern as disbursements to the FG. Disbursements to states in 2018 were highest in December (N260.29B) and lowest in February (N224.90B).

... This shows a gap of N35.4 billion between disbursements in December and February, indicating an increase of 15.7% between the highest and lowest receiving months.

The figure reveals that for the first five months of 2018, disbursements were volatile & exhibited the zig-zag-type behavior observed for disbursements to the FG. However, states had two episodes where disbursements increased for 3 consecutive months (May to July, October to Dec)

FAAC Disbursements to Local Government Councils were Highest in December and Lowest in April. The highest disbursement of N153.53 billion was received in December while the lowest disbursement of N128.30B was recorded
in April.

There is a N25.2billion (19.7%) difference between the months with the highest and lowest disbursements. This difference is lower and milder than was observed last year. In 2017, disbursements to local government councils in the highest month were 143% higher than disbursements..

....in the lowest month. Thus, disbursements to local governments in 2018 were relatively more stable when compared to 2017.

Total FAAC disbursements were highest in July (N821.9B) and lowest in February (N635.6B), indicating a variance of N186.3 billion. This is lower than the variance of N390.3B observed for 2017. Th is reveals that disbursements were less volatile in 2018 than in 2017.

Considering the fact that disbursements were considerably higher in 2018 than 2017, this augurs well for the nation’s finances, as higher and more stable revenue is desirable.

Total FAAC disbursements were highest in July (N821.9B) & lowest in February (N635.6B), indicating a variance of N186.3B. This is lower than the variance of N390.3B observed for 2017. This reveals that disbursements were less volatile in 2018 than in 2017.

Total Net FAAC Disbursements to States Ranged between N22.8B & N213.6B. There is a wide disparity in disbursements received by different states. The state with the lowest disbursement was Osun State (N22.84B) while Delta State received the highest disbursement with N213.63B.

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Note: #NEITIQuarterlyReview.

FAAC 2019 Projections. #NEITIQuarterlyReview.

Daily Oil Production and Brent Oil Price: 2015 - 2018.

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