Just another News Updates
The Federation Allocation Allocation Committee (FAAC) has announced that during its May 2024 meeting held in Abuja, N1.2tn from April 2024 Federation Account Revenue was distributed among the federal, state, and local governments. Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, disclosed this in a […]
The Socio-Economic Rights and Accountability Project (SERAP) has called on Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to provide a transparent account of the spending of Federal Account Allocation Committee (FAAC) allocations to states and the FCT since 2019. SERAP has also requested them to publish documents […]
The Federation Account Allocation Committee has disbursed a total of ₦1.123tn to the federal, state, and local governments for March 2024. The allocation, derived from a gross total of ₦1.867tn, marks a critical distribution of funds aimed at supporting various government tiers. This was revealed in a statement signed by the Director of Information and […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]