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.
FAAC disbursed the sum of N2.05trn to the three tiers of government in the third quarter of 2020.
The total sum of N547.3 was shared between the 3 tiers of government for May.
The Federal Account Allocation Committee (FAAC) disbursed the sum of N647.35 billion to the three tiers of government in February 2020.
Due to the crash in global oil prices, state governments have not received any federal allocation for the month of March 2020.
Members of FAAC have disagreed over the amount presented by revenue-generating agencies for allocation to FG, State and Local governments.
