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Tag: FAAC

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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
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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
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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 […]

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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 […]

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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
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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
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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 […]

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