Just another News Updates
The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦1.411 trillion as revenue for October 2024 among the Federal, State, and Local Governments. The allocation was finalized during the November 2024 FAAC meeting in Bauchi State, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein. A communiqué released after the meeting […]
Despite a surge in revenue from the Federation Account Allocation Committee (FAAC), at least nine states in Nigeria reduced their wage bills during the first half of 2024, according to findings by Saturday Punch. Following the removal of the fuel subsidy in May 2023, revenues to federal, state, and local governments have significantly increased. While […]
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.298 trillion among the Federal Government, State Governments, and Local Government Councils, derived from September 2024 Federation Account revenues. In a statement released last night, Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, clarified […]
The Federal Accounts Allocation Committee (FAAC) has announced the disbursement of ₦1.2 trillion in revenue for August 2024, distributed among the Federal Government, States, and Local Government Councils. This was disclosed at FAAC’s September 2024 meeting held in Abuja, as per a statement released by Bawa Mokwa, Director of Press and Public Relations. The August […]
Disbursements from the Federation Account Allocations Committee (FAAC) to the Federal Government, 36 states, and 774 local governments surged by 149.4% year-on-year (YoY) to ₦13.72 trillion in the first seven months of 2024, compared to ₦5.5 trillion during the same period in 2023. According to data from the National Bureau of Statistics (NBS), the FAAC […]
The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.36 trillion to the federal, state, and local governments as part of the Federation Allocation for July 2024. This announcement came following the FAAC meeting in August 2024, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. […]
The Federal Government has issued a stern warning to Local Government Area (LGA) chairmen who misuse funds from the Federation Accounts Allocation Committee (FAAC), stating they could face imprisonment. This announcement was made by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), during the 17th-anniversary annual lecture of the Human […]
The Federation Account Allocation Committee (FAAC) has disclosed that the three tiers of government shared a total sum of ₦1.35 trillion in June. This amount was part of the ₦2.48 trillion revenue generated by various agencies and is ₦150 million more than the ₦1.2 trillion shared in May. A statement by the Director of Information […]
The Federal Government risks losing N2.97tn and $36.33m if revenue-generating agencies do not reconcile unremitted earnings. This figure, owed by several unnamed agencies as of April 2024, was disclosed during a Federal Account Allocation Committee (FAAC) meeting. The minutes of this meeting were obtained by our correspondent on Monday. Kabir Mashi, Vice President of the […]
The Federation Accounts Allocation Committee (FAAC) has distributed ₦1.143 trillion to the three tiers of government. A communique issued at the end of the committee’s meeting in Abuja indicated that the funds were from May’s Federation Accounts revenue, which totaled ₦2.324 trillion. The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister […]