the Federal Government, states and local governments in the country depreciated by 0.45 per cent to N1.929 trillion between January and March 2019, from N1.938 trillion recorded in the same period in 2018.NEITI, in a statement on its Quarterly Review of total FAAC disbursements in first quarter 2019, however, noted that the amount disbursed by FAAC in the period under review represented an improvement of 36.7 per cent compared with the N1.411 trillion recorded in the first quarter of 2017.
It also warned that dependence on oil exports given its volatility was largely unsustainable and would continue to make planning and budgeting difficult. It said, “Oil prices were above $80 per barrel in October 2018 but by December 2018, they had dropped to $57 per barrel. Average oil price for the first quarter of 2019 was $63.17 per barrel. Average oil price for year 2018 was $71.06 per barrel. Thus, oil prices have been considerably lower in the first three months of 2019 than they were in 2018,” NEITI stated.
NEITI also observed that this year’s budgets as already presented by 35 states cannot be adequately funded even by combined net FAAC disbursements to each state in 2017 and 2018. “Also, net disbursements to states in 2018 as a percentage of the 2019 budgets ranged between 3.54 per cent and 57.7 per cent . Thus, clearly, no state can finance its 2019 budgets solely based on FAAC disbursements,” NEITI noted.
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