The Nigerian government has confirmed that it has stopped the October monthly Federation Account Allocation Committee (FAAC) revenue payment to Rivers State. The development comes amid the ongoing face-off between Governor Simi Fubara and the Minister of Federal Capital Territory, Nyesome Wike. According to the Spokesperson of the Office of the Accountant General of the…
The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion as revenue for October 2024 among the Federal Government, State, and Local Government Councils. The allocation was finalised at the November 2024 FAAC meeting held in Bauchi State, presided over by the Accountant General of the Federation, Dr. Oluwatoyin Madein. A communiqué…
The federal government is proposing a major shift in the distribution of funds from the Federation Account Allocation Committee (FAAC). This was revealed by Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in a statement on his X (formerly Twitter) handle. Oyedele disclosed that the federal government is set to…
The Federation Account Allocations Committee (FAAC) disbursements to the Federal Government (FG), 36 states and 774 local governments (LG) rose by 149.4 percent year-on-year (YoY) to N13.72 trillion in the first seven months (January to July) of 2024, 7M ’24, from N5.5 trillion in the corresponding period of 2023. Details of data from the National…
The Federation Accounts Allocation Committee (FAAC) has shared N1.358 trillion to Federal Government, States and Local Government Councils in July 2024. This allocation, which came from the July 2024 Federation Accounts Revenue, is aimed at promoting equitable distribution of resources across the country. According to the communiqué at the end of the meeting, the Federal…