FAAC: FG, States, LGs share whopping ?1.727tr revenue for Nov.

FAAC FG, States, LGs share

The Federation Accounts Allocation Committee (FAAC) has disbursed a total of ?1.727 trillion among the Federal, State, and Local Government Councils as revenue for November 2024. A communiqu, issued after the FAAC meeting on Thursday in Abuja, detailed the breakdown of the distribution. The total distributable revenue included: Statutory revenue, ?455.354 billion; Value-Added Tax (VAT) revenue – ?585.700bn; Electronic Money Transfer Levy (EMTL) – ?15.046bn and Exchange Difference revenue – ?671.392 billion. The communiqu highlighted that a gross revenue of ?3.143 trillion was generated in November. However, deductions for cost…

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‘Revenue generating agencies fail to remit N4.1tr’ FAAC

FAAC on remittances

The monies unremitted by revenue generating agencies to the coffers of the Federal Government increased to N4.1trillion as of June 2024, the Federation Accounts Allocations Committee, (FAAC), has revealed. FAAC stated that this was despite the agencies reconciliation and payment of outstanding debts of N94.96 billion in May 2024. The latest development was disclosed in a report by the Federation Account Allocation Committee post-mortem sub-committee meeting and signed by the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, Mohammed Shehu. A breakdown of the agencies indebted to the Government showed…

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Lagos, Kano, Abia, 9 other States allocation rise by 40%, as FAAC allocation hits N4.5trillion

FAAC allocation

No fewer than 10 States across the federation received a boost of 50 percent or more in their monthly allocation from statutory federal funds, findings have shown. This was as 12 out of the 36 States received an increase of 40% or more in their monthly allocation. According to data sourced from monthly reports of the Federation Accounts Allocation Committee, (FAAC), as released by the National Bureau of Statistics, (NBS), the total allocation to the 36 States also increased by 27% to N4.5bn in 12 months, from N3.58trillion in the…

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FAAC: FG, States, LGCs share N1,208.081tr for April

FAAC alloc

The Federation Account Allocation Committee, (FAAC),  shared a total sum of N1,208.081 trillion to the three tiers of government as Federation Allocation for the month of April, 2024, from a gross total of N2,192.007 trillion. ?According  to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed this after ?chairing  the FAAC May 2024 meeting, stated that from the amount, inclusive of Gross Statutory Revenue, Value-Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N390.412bn, the States received N403.403bn,…

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“Account for trillions of FAAC allocations or face legal action”, SERAP tells 36 governors, FCT MinisterWike

SERAP writes2

Socio-Economic Rights and Accountability Project (SERAP) has urged Nigerias 36 State governors and the Minister of the Federal Capital Territory, Abuja, Nyesom Wike to provide our organisation with documents on the spending of trillions of FAAC allocations received by your state and the FCT since 1999, and to widely publish any such documents. SERAP also urged them to invite Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to jointly track and monitor the spending of FAAC allocations by your state and the…

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Minimum Wage: TUC asks FG to pay FAAC allocations of defaulting States to workers

…Says current minimum wage of N30, 000 unsustainable The Trade Union Congress, (TUC), has asked the Federal Government to pay the Federation Account Allocation Committee (FAAC) allocations of defaulting States to workers. TUC President, Festus Osifo, who stated this in an interview during a television programme, said the union is designing a clause in the framing of a new minimum wage that will sanction state governments who fail to pay the revised minimum wage when approved. He said, We are designing a system as part of this new minimum wage…

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Federal, States, LGs shared ?10tr in 2023 NEITI

The three tiers of government – the federal, State and local government councils shared the total sum of ?10.1tn from the Federation Account as statutory revenue allocations in 2023. Contained in the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the Federation Account revenue allocations for the year 2023, its Executive Secretary, Dr. Orji Ogbonnaya, who announced the release of the report at the NEITI House in Abuja, said a breakdown of the revenue receipts showed that the Federal Government received about ?4trn, representing about 39 per…

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Forex Crisis: ‘Govs. converting monthly allocations to dollars’, Activist alleges

Executive Director ofa prominent Data-mining and Public Relations company, Cell HUB, Idris Etanami Usman, has voiced serious concerns regarding the economic crisis afflicting the nation. The companys investigations have reportedly uncovered troubling evidence pointing to the involvement of certain State governors in worsening the dire economic situation. In a statement issued to newsmen yesterday, Usman expressed regret over the situation, emphasising the need to bring attention to the role of several state governors in Nigeria in exacerbating the current economic crisis. The findings suggest a pattern of behaviour where these…

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FIRS didnt give N30bn to any State; Akpabio playing politics Makinde

Oyo State governor, Seyi Makinde, has refuted the claim by the Senate President, Godswill Akpabio, that the Federal Inland Revenue Services, (FIRS), disbursed N30 billion to each State of the federation for food security, describing the statement as mere propaganda. Makinde, who spoke in the Iseyin area of Oyo State yesterday, during the commissioning of the renovated Iseyin Central Mosque, wondered why the President of the Senate would rely on an unconfirmed report. The Governor, who is the Vice-Chairman of the Nigeria Governors Forum, (NGF), said he could speak for…

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FG, States, LGCs shares N1.08trn FAAC November revenue

The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs). This is according to the communique issued by the FAAC at its meeting on Friday. The communique said that the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion. According to the communique, total revenue of N1.620 trillion was available in the month of November.…

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