FAAC allocation rises by 43% to N15.26trn in 2024
Disbursements from the Federation Account Allocation Committee (FAAC) to the federal, state, and local governments surged by 43% in 2024, reaching N15.26 trillion, according to a new report by the Nigeria Extractive Industries Transparency Initiative (NEITI).
JUSUN urges FG to deduct Judiciary funds from May FAAC
The Judiciary Staff Union of Nigeria (JUSUN) has urged the Federal Government to deduct funds meant for state judiciaries from the May 2021 Federal Account Allocation Committee, FAAC. This was part of the resolutions of a meeting of JUSUN National Working Committee (NWC) held in Abuja after the conciliation meeting with the Minister of Labour […]
NNPC makes U-turn, says FAAC remittance will be boosted
By Obas Esiedesa The Nigerian National Petroleum Corporation, NNPC, on Friday reversed its decision to make zero contribution to the Federation Account Allocation Committee, in the month of May, due to high cost of petrol subsidy. The Corporation in a statement by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru explained that […]
Petrol: No remittance to FAAC in May after N111bn subsidy deduction – NNPC
By Obas Esiedesa The Nigerian National Petroleum Corporation has warned that it would not make any remittance to the Federation Account Allocation Committee in the month of May after spending N111.966 billion to subsidy petrol consumption in March. NNPC’s Chief Financial Officer, Umar Isa in a letter to the Accountant General of the Federation explained […]
N50bn FAAC shortfall: We declined govs’ request to borrow from CBN — FG
…March allocation fell by N50 billion; govs asked to live within their means — FINANCE MINISTER …Adds govt aims to triple revenue ration to 15% of GDP …NGF deliberately mute on the issue of printing money — FAYEMI By Johnbosco Agbakwuru & Prince Okafor Controversy over claims by Edo State Governor, Godwin Obaseki, that the […]
March FAAC draws more controversy as fresh facts emerge
Against the backdrop of controversy generated by Edo State governor, Godwin Obadeki’s claim that N60 billion was printed to augment the March 2021 Federation Accounts Allocation Committee, FAAC, there are indications that there was a breakdown in negotiation between the federal government and states on the actual amount meant for sharing among the tiers of government.
