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Sectoral allocation review of total credit to the private sector shows that the oil and gas sector has received the highest allocation over the last seven years. However, the sector’s contribution to the GDP did not match the volume of credit received. The sector contributed just 5.5 per cent to the overall GDP output and 7.24 per cent to the GDP growth.
In June, the Federation Account Allocation Committee (FAAC) disbursed a sum of ₦547.31 billion to the three tiers of government. Of this sum, the federal government (FG) received ₦219.80 billion, while states received ₦152.47 billion. Disbursement to local governments was ₦114.09 billion. The FAAC paid out the remaining funds as derivation funds to oil-producing states and other statutory agencies of government. From the report, DATAPHYTE have identified five subjects of attention.
