FG, states, LGs share N3.88trn in six months —NEITI

Etim Ekipmah

It attributed the 0.55 per cent decrease in Q2 2020 to a couple of factors such as the rebound in oil prices in the second quarter as a result of ease of lockdowns by countries across the world.

Others include the adjustment of the official exchange rate by the Central Bank of Nigeria from N307 per dollar to N360 per dollar in March resulting in higher naira disbursements.

NEITI also disclosed that from January to May 2020, actual government revenue was N1.62trn, representing 62 per cent of the expected pro-rata revenue of N2.62trn from the revised budget.