Tag
FAAC
News and analysis about FAAC
The Federal Government, states, and local government councils shared a total of N1.727 trillion in revenue generated in November 2024.
The Federation Accounts Allocation Committee (FAAC) has disbursed a total of N1.411 trillion to the Federal Government, State Governments, and Local Government Councils (LGCs) for October 2024.
The Delta State Government has approved the submission of a proposed budget of N936 billion for the 2025 fiscal year to the State House of Assembly for review and deliberation.
The revenue of the Federation Account earnings (FAAC) rose to N6.28 trillion in the second quarter of 2024, driven by significant collections from Value Added Tax (VAT), customs, and excise duties.
Rivers State, a major oil-producing region in Nigeria and often referred to as the "Treasure Base of the Nation," received 60.44% of its total revenue from the Federation Account Allocation Committee (FAAC) in 2023.
The Federation Account Allocation Committee (FAAC) has disbursed N1.298 trillion to the Federal Government, state governments, and Local Government Councils (LGCs) for the month of September.
The Central Bank of Nigeria (CBN) has alluded that there is a correlation between monthly disbursement from the Federation Account Allocation Committee (FAAC) and liquidity in the banking system stating that it impacts the exchange rates.
The Federal Government, States, and Local Government Councils (LGCs) shared a total of N1.203 trillion for revenue generated in August 2024 and distributed in September 2024.
The Kwara State Independent Electoral Commission (KWSIEC) and the Kwara State Government have accused the People's Democratic Party (PDP) of plotting to block federal allocations to the state’s Local Government Areas through an application seeking to halt the September 21 LG election in the state.
Nigerian states have collectively spent about N139.92 billion on servicing external debt in the first half of 2024.
The Nigerian National Petroleum Company Limited (NNPCL) has informed the Federal Account Allocation Committee (FAAC) of an outstanding of N4.56 trillion for selling petrol at a subsidized price between August 2023 and June 2024.
The federal, state, and local governments collectively gained approximately N2.74 trillion in revenue from exchange gains during the first six months of 2024.