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Tag: FAAC

featured Finance

States receive ₦435bn from new FAAC infrastructure, security funds

State governments are receiving billions of naira through a relatively new Federation Account Allocation Committee intervention for infrastructure and security, with available half-year budget implementation reports showing that at least N435bn in revenue was recorded under the funding window by 29 states between January and June 2026. The intervention, classified in state financial records as […]

featured Finance

Federal, states, LGs share ₦3.007trn July FAAC

The three tiers of government have shared N3.007 trillion as July 2026 revenue. The revenue was shared at the Federation Account Allocation Committee meeting held on Tuesday, on the sidelines of the ongoing National Council on Federation and Economic Development in Owerri, Imo State. This month’s shared revenue was higher than the N2.551 trillion shared […]

Economy featured

Tinubu’s reforms pushed FAAC to ₦2trn monthly, from ₦300bn — Oyedele

Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, says the Federal Government’s economic reforms have pushed the monthly Federal Allocation to over N2 trillion, up from an average of N300 billion under past administrations. Oyedele disclosed the fiscal shift on Monday in Owerri, while declaring open the 2026 National Council on […]

featured Finance

FAAC shares ₦2.3trn revenue for May

The Federation Account Allocation Committee has shared a total of N2.3 trillion among the Federal Government, state governments and local government councils from revenues generated in May 2026. The latest allocation represents an increase of N43 billion compared to the N2.257 trillion distributed from April revenues, reflecting continued growth in federally collected income. Details of […]

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

FAAC shares ₦2.04tn March revenue across FG, states, LGs

The Federation Account Allocation Committee shared a total of N2.04tn as revenue for March 2026, reflecting a N150bn increase from the N1.89tn distributed in February, amid stronger statutory inflows. The disclosure was contained in a statement issued on Wednesday by the Office of the Accountant-General of the Federation and signed by its Director of Press […]

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

FG rejects claims of diversion from federation revenue

The Federal Government says deductions from the federation earnings by the Federation Account Allocation Committee are being misrepresented as a diversion of revenue. In a statement on Sunday signed by Taiwo Oyedele, minister of state for finance, the ministry said some media reports are misrepresenting the findings of the World Bank in the Nigeria Development […]

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

Nigeria loses 41% revenue to deductions before FAAC sharing — W’Bank

Nigeria’s federation revenues rose to N84 trillion over the past three years, but 41 per cent of these earnings was lost to pre-distribution deductions, significantly shrinking what is eventually shared among the three tiers of government, findings by The PUNCH have revealed. Latest fiscal data obtained from the World Bank’s Nigeria Development Update, analysed by […]

featured Finance

Professionals dismiss ₦210tn missing funds claim in NNPCL accounts

A coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited. Addressing journalists on Thursday, The PUNCH reported that ASF National Coordinator Usman Hamza described the claim as “mathematically impossible” and politically motivated. The group’s position responds to a […]

featured Oil and Gas

Govs endorse Tinubu’s direct oil revenue remittance to FAAC

The 36 state governors, under the aegis of the Nigeria Governors’ Forum, have thrown their weight behind President Bola Tinubu’s reforms requiring oil and gas revenue entitlements to be remitted directly into the Federation Account. In a statement on Monday by NGF’s Director of Media & Strategic Communications, Yunusa Tanko Abdullahi, the Forum described the […]

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

FG begins direct oil revenue remittance to FAAC

The Federal Government has begun implementing Executive Order 9 of 2026, requiring the direct remittance of oil revenues to the Federation Account Allocation Committee. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this in a statement released on Monday. He outlined the main decisions from the recent meeting. The action […]

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

FG, states, LGs shared ₦26tn FAAC revenue in 2025

The Federal Government, 36 states and 774 Local Government Areas shared N26 trillion from Federation Account Allocation Committee revenue in 2025. This represents an 84.2 per cent year-on-year increase when compared to N14.11 trillion shared in 2024. Vanguard analysis of data in the FAAC communiques issued during the period showed that the Federal Government received […]

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