Tags : FAAC

Nigeria’s Three Tire-government Share  N736.782bn In October

The Federation Account Allocation Committee, FAAC, has shared a total of N736.782bn to the three tiers of government as the allocation for the month of October 2022. According to the Ministry of Finance, Budget and National Planning’s statement, from this stated amount, inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from […]Read More

FG, States, LGs Share N673.137bn For August

The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion, […]Read More

FG, States and LGs share N954bn In July

The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion Federation Account Revenue to the Federal Government, States and Local Government Councils in July 2022. According to a communiqué issued, N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 […]Read More

FAAC Allocation Rises By 18%

The federal, state and local governments have shared N802.407bn as federation allocation for the month of June, 2022 representing 18 percent increase from N681bn shared in May. The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to by the Director of Press/Information, Federal Ministry of Finance, Mrs […]Read More

FG, States, LGs Share N725bn In March 2022

For the month of March, 2022, the Federation Accounts Allocation Committee shared a total sum of N725.57bn among the three tiers of government, as federal allocation. This indicates a 23 percent increase from the N590bn that was shared by the three tiers of government in February. The latest figure for March was contained in a […]Read More

FG, States, LGAs Share N574.668 As Revenue In January 2021

In a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February, 2022, the federal, state and local government areas have shared a total of N574.668 billion as revenue for the month of January, 2022. The N574.668bn total distributable revenue comprises distributable statutory revenue of N291.400bn; distributable […]Read More

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How FAAC Distributed N9.079tn In 2021

A compiled data of the Federation Account Allocation Committee disbursement has revealed that a total of N9.079 trillion was shared by all three tiers of government in 2021. According to the National Bureau of Statistics, the distribution was made to the Federal Government, States’ government and Local governments from revenue… You must be registered to […]Read More

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Within Five Years, Almost All Depended On FAAC

Between 2016 and 2020, the 36 states in Nigeria earned N5.30 trillion. The states also got N10.19 trillion from the Federation Accounts Allocation Committee and borrowed N1.84 trillion from domestic sources. These figures are according to data from National Bureau of Statistics through analyses of IGR and FAAC data from… You must be registered to […]Read More

Nigeria Lost N221.64bn In July To Oil Production Incidents

In July, a total of 7,193,520 barrels of crude oil was lost due to about 39 production shut-in incidents. This is according to the latest figures released by the Nigerian National Petroleum Corporation, which gave the analysis in the September 2021 presentation of the NNPC to the Federation Account Allocation Committee. The corporation showed that […]Read More

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Explainer: VAT War Might Crush States Revenue

Value Added Tax, according to the Federal Inland Revenue Service, is a consumption tax paid when goods are purchased and services rendered. It is borne by the final consumer; that is all goods and services, both produced within or imported into the country, are taxable- except those exempted by the… You must be registered to […]Read More