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Tag: FAAC

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 […]

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

FG proposes ₦3.6tn FAAC deduction for electricity subsidies 2026-2028

The Federal Government has proposed deducting a total of N3.6 trillion from the Federation Account to fund electricity subsidies over 2026, 2027, and 2028. This initiative aims to distribute the financial burden of electricity subsidies across the federal, state, and local government tiers. The proposal addresses the mounting electricity subsidy debt that has limited liquidity […]

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 […]

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