Tag
FAAC
News and analysis about FAAC
In the one year between May 2023 and April 2024, exchange rates gain as a constituent of the monthly FAAC allocation stood at N4.23 trillion. This represents around 20% of the total FAAC allocation to the three tiers of government during the period.
The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.
The Federal Government of Nigeria has asked the Supreme Court to stop the governors of 36 states from spending or tampering with 20.6% allocation from the federation account to local government areas.
SERAP has sued Nigerian governors and FCT minister over FAAC Allocation.
The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.208 trillion to various levels of government in May 2024 from various revenue sources, including statutory allocations, value-added tax (VAT), and electronic money transfer levies (EMTL).
At least three Nigerian states Ekiti, Cross River and Ogun have proposed a suspension of foreign debt repayments due to severe foreign exchange volatility.
The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.123 trillion to various levels of government for March 2024 from various revenue sources, including statutory allocations, value added tax (VAT), and electronic money transfer levies (EMTL).
The Federal Government of Nigeria has committed to a monthly payment of around N16.1 billion over an eight-year period, aimed at resolving the debts incurred by States from bailout facilities.
The Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.15 trillion in revenue to the three tiers of government in February 2024, marking an N20 billion increase (1.77%) from the N1.13 trillion allocated in January 2024.
The House of Representatives has tasked its Committees on Special Duties, National Planning, and Economic Development to investigate the and utilization of increased allocations disbursed to state governments by the Federal Account Allocation Committee (FAAC).
The disbursement from the Federal Accounts Allocation Committee (FAAC) to the federal government, states and local government in 2023 reached N15.1 trillion representing an increase of 29.05% when compared to the figure for 2022.
The Federation Account Allocation Committee (FAAC) says it shared N1.13 trillion among the three tiers of government as...