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LIRS sets January 31st deadline for filing tax returns

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LIRS sets January 31st deadline for filing tax returns

LIRS begins enforcement of substitution powers for tax recovery

Business
Tinubu orders NNPC to sell Crude to Dangote in Naira

Tinubu heads to Turkey for strategic state visit Monday

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Tag: FAAC

FAAC funds to FG, states hit 7-year high in 2023
featured Finance

FG, states, LGs shared N6trn FAAC in Q3 2025

The Nigerian Extractive Industries Transparency Initiativ has disclosed that the Federal Government, states and local governments shared a total of N6 trillion from the Federation Account in the third quarter of 2025. The disclosure was made in NEITI’s Quarterly Review of the Federation Account Allocation Committee disbursements, where the agency described the amount shared during […]

Finance

States plan N4.3tn borrowing to fund 2026 budgets

Ten Nigerian states are planning to raise about N4.287tn from loans, bonds, grants, capital receipts and public-private partnerships to finance capital projects contained in their 2026 budgets. The states, Lagos, Abia, Ogun, Enugu, Osun, Delta, Sokoto, Edo, Bayelsa and Gombe, collectively presented budgets totalling N14.174tn to their respective Houses of Assembly. An analysis of the […]

FAAC funds to FG, states hit 7-year high in 2023
featured Finance

FAAC, loans dominate govs’ funding plans for 2026 budget

State governments are heading into 2026 with expansive spending plans, but weak internally generated revenue is compelling many of them to depend heavily on federal transfers, borrowing, and temporary inflows to finance their budgets, according to an analysis by The PUNCH. A review of appropriation bills and approved estimates across several states indicates that only […]

FAAC funds to FG, states hit 7-year high in 2023
featured Finance

FAAC: FG, states, LGAs share N2.094tr in October

The Federal Accounts Allocation Committee has approved the disbursement of N2.094 trillion as revenue from October 2025 to the federal, state, and local governments of the federation. This reflects a marginal decline from the N2.103 trillion shared to the three tiers of government from the federation account revenue generated in September 2025. The N2.094 trillion […]

News

FAAC flags $42.37b unreconciled revenues from NNPC

The Federation Accounts Allocation Committee has flagged renewed concerns over massive unreconciled revenues, revealing that more than $42.37 billion allegedly owed by the Nigerian National Petroleum Company Limited to the Federation Account remains unsettled. Meanwhile, the Office of the Accountant-General of the Federation has been asked to account for over N2.03 trillion in outstanding payables […]

FAAC funds to FG, states hit 7-year high in 2023
Finance

FAAC shares N2.225trn August revenue among FG, states, LGs

The Federation Account Allocation Committee has announced that the Federal Government, states, and Local Government Councils shared a total of N2.225 trillion as August 2025 revenue. This represents an 11.2 per cent increase, or N224.118 billion, compared to the N2.001 trillion distributed in July. According to the Office of the Accountant General of the Federation, […]

FAAC funds to FG, states hit 7-year high in 2023
News

FAAC demands recovery of N101.17bn misremitted by Customs

A financial audit by OOM Professional Services has uncovered discrepancies amounting to approximately N101.17 billion in revenue remittances by the Nigeria Customs Service, prompting the Federation Account Allocation Committee to call for a full recovery and redistribution of the funds to the rightful recipients. A document from the FAAC Post Mortem Sub-Committee, obtained on Monday […]

LG association accuses finance commissioners of obstructing FAAC funds
News

LG association accuses finance commissioners of obstructing FAAC funds

The Incorporated Trustees of the Association of Local Governments of Nigeria have leveled serious accusations against State Commissioners for Finance, alleging a coordinated effort with governors to obstruct the direct payment of allocations from the Federation Account to the 774 local government councils. In a letter dated July 30 and addressed to the Chairman of […]

News

FG owed N3tn by revenue-generating agencies – FAAC

The federal government could face a potential loss of N2.97 trillion and $36.33 million if revenue-generating agencies in the country do not reconcile unremitted revenues received. The amount owed by an undisclosed number of agencies as of April 2024 was revealed at the Federal Account Allocation Committee on Monday, according to The Punch. The Vice […]

Economy

FG, states, LGAs share N1.123trn in March

Alex Omenye The Federation Account Allocation Committee has disclosed the distribution of N1.123 trillion to various levels of government in March 2024, sourced from diverse revenue streams including statutory allocations, value-added tax, and electronic money transfer levies. In a statement from the Office of the Accountant General, signed by Director Bawa Mokwa, it was revealed […]

FAAC funds to FG, states hit 7-year high in 2023
News

FAAC funds to FG, states hit 7-year high in 2023

In 2023, the total amount disbursed by the Federation Account Allocation Committee to Nigeria’s 36 states reached its greatest level in at least seven years. According to BusinessDay, FAAC shared a total of N16.04 trillion to the three levels of government, according to the most recent data from the National Bureau of Statistics (NBS). This represents a […]

FAAC funds to FG, states hit 7-year high in 2023
Business

FAAC shares N907bn revenue from October 2023

The Federation Account Allocation Committee distributed N906.955 billion to the federal, state, and local governments during a meeting on Wednesday, November 23, 2023, out of the N1.345 trillion that Nigeria generated from various sources in October 2023. The Times reported that this is according to a communiqué that was issued at the end of the […]

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