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Tag: FAAC

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 […]

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

NNPCL explains N123bn interim dividend to FAAC

The Nigerian National Petroleum Company Limited has provided explanations for why an N123 billion interim dividend for the month of June was paid to the Federation Account Allocation Committee. According to the News Agency of Nigeria, FAAC distributed N907 billion to the three levels of government on Thursday. NNPCL donated N81 billion as a monthly […]

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

FG’s revenue rose N321bn after exchange rate unification – FAAC

A recent communiqué from the Federation Account Allocation Committee has revealed that the unification of the country’s currency rate has greatly raised earnings from exchange differences. The Punch reported that the communiqué stated that the N320.89 billion in Exchange Difference earnings earned in June 2023 would be distributed in July 2023. This was significantly more than the N0.64 […]

News

FAAC to share N1.959 trn revenue for July on Wednesday

The Federation Account Allocation Committee is billed to meet in Abuja, today, July 19, to share the revenue generated in July among the three tiers of government.   It was gathered that the three tiers of government (Federal, State, Local Government Area) would share the sum of N1.959 trillion in July.   The revenue allocation […]

News

Overdue debt repayment weak in most states, DMO warns

The Director-General, Debt Management Office, Ms Patience Oniha, has said that many state governments still struggle to pay arrears, a development that threatens the level of debt sustainability in states. She said this in a presentation document titled ‘Paths to sustainable debt management: the SFTAS approach’, which was obtained by our correspondent on Monday. It […]

Economy

Subsidy deductions hit states hard, govs owe salaries

State workers and pensioners on Sunday lamented they were carrying the burden of a cash crunch in the country with many state governments failing to ensure regular payment of salaries, gratuities and other entitlements. Labour leaders, who spoke separately with our correspondents in Ekiti, Benue, Ogun, Ondo, Rivers, Abia, Ondo, Edo and Kano states, noted […]