Economy

FAAC Disburses ₦1.15 Trillion to Fed Govt, States, LGs

The Federation Account Allocation Committee (FAAC) has allocated N1.15 trillion to the three tiers of government for last month. Last month’s revenue into the federation account totaled N2.33 trillion, with deductions and savings of N1.17 trillion, including the cost of collection, transfers, interventions, refunds, and savings of N250 billion. Notable highlights from the distributable revenue […]

News

FAAC: FG, States, LGs Share ₦1.149 Trillion for January 2024

In January 2024, a total revenue of ₦2.068 trillion flowed into the Federation Account, including ₦78.412 billion for collection costs, ₦639.926 billion for transfers, interventions, and refunds, and ₦200.000 billion in savings. After deductions, the Federation Account Allocation Committee (FAAC) allocated ₦1.149 trillion from January 2024’s revenue to the Federal Government, States, and Local Government […]

News

Reps To Investigate Utilization Of States’ Increased FAAC Allocations

The House of Representatives has initiated a probe into the utilization of funds allocated to states by the Federal Account Allocation Committee (FAAC). This decision, reached during a plenary session on Tuesday, comes amidst concerns over the effectiveness of state spending. The motion, introduced by Ademorin Kuye, representing Shomolu Federal Constituency, Lagos State, highlighted the […]

Economy

FAAC: Fed Govt, States, LGs Distribute ₦1.13 Trillion December Revenue

The Federation Account Allocation Committee has reported the distribution of a total sum of N1.13 trillion in earnings for December 2023 among the Federal Government, States, and Local Government Councils. This marks an increase of N500 billion compared to the N1.08 trillion allocated to each state in November. In a communique released after its January […]

Economy

FAAC: Federal, State, LGs Share ₦1.088 Trillion November Allocation

The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.088 trillion to the Federal Government, States, and Local Government Councils based on the November 2023 Federation Account revenue. In a communique released at the conclusion of the FAAC meeting in Abuja on Friday, it was disclosed that the ₦1.088 trillion distributable revenue included […]

Economy

Revised Fiscal Framework Anticipates ₦14tn FAAC Allocation To States And LGs

The Federal Government’s Revised 2024 – 2026 Medium-Term Fiscal Framework foresees a substantial increase of 109.74% in federal allocation to states and local government areas, reaching ₦14.04tn in 2024. According to the projections, disbursements to states and local governments are set to rise from the ₦6.69tn projected in 2023 to ₦14.04tn in 2024. The Federation […]

Economy

FAAC: FG, States, LGs Share ₦906.955bn October Revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N906.955 billion October 2023 Federation Account Revenue to the Federal, States and Local Governments. A communique issued by the FAAC at its November, 2023 meeting indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added […]

Economy

FAAC Allocates ₦903bn To Federal, State, LGAs As September Revenue

The Federation Account Allocation Committee (FAAC) has disbursed ₦903.480 billion in September 2023 from the Federation Account Revenue to the Federal, State, and Local Governments. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, stated that the FAAC’s communique reported a total revenue of ₦1,594.763 billion […]

Economy

FAAC Allocation For August 2023: FG, States, LGs Share ₦1.1trn

In August 2023, the three tiers of government, comprising the Federal, State, and Local Government Councils, distributed a total sum of N1.1 trillion as accrued revenue. This information was confirmed by a statement from the Federation Account Allocation Committee (FAAC), issued by Mallam Bawa Mokwa in Abuja on Friday. The shared sum includes the following […]

Economy

FAAC: FG, State And Local Gov’ts Share ₦966 Billion For July

The Federation Account Allocation Committee (FAAC) has distributed a total of N966.110 billion in revenue from the July Federation Account to the Federal Government, States, and Local Councils. This information was conveyed in a communiqué released at the conclusion of the FAAC meeting held in Abuja on Tuesday. Chaired by Wale Edun, the Minister of […]