2024 FAAC Distribution: Lagos gets highest revenue of N531.1bn – NEITI
…as FG disbursement increases by 43%
By Tunde Opalana
Lagos State in 2024 received the highest allocation of N531.1 billion from the Federation Account.
The Nigeria Extractive Industries Transparency Initiative (NEITI) which revealed this said the Federation Accounts Allocation Committee (FAAC) disbursed a total N15.26 trillion to the federal, state, and local governments in 2024.
In a NEITI FAAC Quarterly Review released on Tuesday in Abuja, the agency said the total disbursement
marks a 43% increase in revenue distribution compared to previous years.
The surge in revenue disbursements was attributed to the Federal Government’s sustained fiscal reform policies, particularly the removal of fuel subsidies and the adjustment of foreign exchange rates.
These policies have significantly boosted oil revenue remittances, which have been a major driver of the increased allocations.
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In the report, a state-by-state allocation analysis listed top recipients to include Lagos State which received the highest allocation of N531.1 billion, followed by Delta (N450.4 billion) and Rivers (N349.9 billion).
Lowest recipients include Nasarawa State which received the least allocation of N108.3 billion, followed by Ebonyi (N110 billion) and Ekiti (N111.9 billion).
“Six states—Lagos, Rivers, Bayelsa, Akwa Ibom, Delta, and Kano—each received over N200 billion, collectively accounting for 33% of total allocations to all states.
“In contrast, the six lowest-receiving states—Yobe, Gombe, Kwara, Ekiti, Ebonyi, and Nasarawa—accounted for only 11.5% of total allocations,” the report said.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, highlighted that the analysis was conducted against the backdrop of major fiscal reforms that have reshaped Nigeria’s revenue landscape.
A breakdown of allocations showed that
“Federal Government received N4.95 trillion, a 24% increase from N3.99 trillion in 2023.
“State Governments received N5.81 trillion, marking a 62% increase from N3.58 trillion in 2023.
“Local Governments received N3.77 trillion, a 47% increase from the previous year.
“The total FAAC disbursements, including derivation revenue, amounted to N15.26 trillion, reflecting a 66.2% increase from N9.18 trillion in 2022 and N10.9 trillion in 2023.”
