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FAAC: FG, states, LGCs share N1.203trn for August

DailyTimesNGR DailyTimesNGR 18 September 2024 0

The Federation Accounts Allocation Committee (FAAC), has shared N1.203 trillion revenue among the Federal Government, states and Local Government Councils (LGCs). According to a communique issued by FAAC after its meeting on Tuesday, the N1..203 trillion total distributable revenue comprised

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FAAC: FG, States, LGs share N1.15trn revenue for February

DailyTimesNGR DailyTimesNGR 23 March 2024 0

The sum of N1.153 trillion February 2024 Federation Account Revenue has been shared out to the Federal Government, States and Local Government Councils by the Federation Accounts Allocation Committee (FAAC). FAAC shared the revenue at its March 2024 meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun. According to […]

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HoR to monitor FAAC allocations, utilisation

DailyTimesNGR DailyTimesNGR 14 February 2024 0

By Tom Okpe The House of Representatives has mandated its relevant Committees to look into States’ spending and utilisation of the increased allocation from the Federal Account allocation Committee (FAAC) to sub-nationals. This is due to an adoption of a motion brought under matters of ‘Urgent National Importance,’ sponsored by Rep Ademorin Kuye, (APC,

Business

FAAC disburses N1.127trn December Revenue to FG, States, LGAs

DailyTimesNGR DailyTimesNGR 24 January 2024 0

By Mathew Brangyet The Federation Account Allocation Committee (FAAC) has distributed N1.127 trillion December 2023 revenue allocation to the Federal Government, States and Local Government Areas in the country. A communique issued by FAAC at its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, stated this on Monday in […]

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FAAC: FG, States, LGs share N736.8bn in October

Ihesiulo Grace 24 November 2022 0

By Joy Obakeye The Federation Account Allocation Committee (FAAC) has distributed a total of N736.782 billion to the three tiers of government as federation allocation for the month of October 2022. The funds are inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from Non-Oil Revenue. Of the sum, the Federal […]

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FAAC: FG, States, LGAs share N700.2bn for Sep 2022

Ihesiulo Grace 28 October 2022 0

By Godwin Anyebe The Federation Account Allocation Committee (FAAC) has shared N700.235 billion to the three tiers of government as federation allocation for September 2022. From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL), the Federal Government received N262.636 billion, the States received

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FG, states, LGs share N740bn revenue

Ihesiulo Grace 29 October 2021 0

The federal, states and local governments have shared N739. 965 billion as federation revenue, which was earned in the month of September. This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for October. The N739.965 billion total Distributable Revenue comprised distributable Statutory Revenue

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FAAC disburses N676.40bn July allocation to FG, States, LGs

Ihesiulo Grace 20 August 2020 0

By Philip Clement The Federation Account Allocation Committee (FAAC) has allocated the sum of N676.407 billion as federal allocation for the month of July 2020, Daily Times gathered. The amount was allocated to the three tiers of government at the virtual meeting presided over by the Permanent Secretary, Federal Ministry of Finance, Budget and National […]

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FAAC disburses N581.57bn in March – NBS

Ihesiulo Grace 1 June 2020 0

The Federation Account Allocation Committee (FAAC) disbursed the sum of N581.57billion to the three tiers of government in March 2020 from the revenue generated in February 2020. The amount disbursed comprised of N466.06bn from the Statutory Account, N15.20billion from FOREX Equalisation Account, N99.55billion from Valued Added Tax (VAT) and N757.94million from Exchange

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FAAC: FG, others shared N1.95tn in Q1 – NEITI report

Ihesiulo Grace 12 May 2020 0

…Says Q1 2020 FAAC disbursements highest first quarter disbursements since 2014 The federal, state, local governments and other statutory agencies have shared the total sum of N1.95 trillion in the first quarter of 2020, the Nigerian Extractive Industries Transparency Initiative (NEITI) report has revealed. NEITI in its quarterly report, which was released on Monday

Business

FAAC shares N581.6bn to three tiers of govt for February

Ihesiulo Grace 24 March 2020 0

Following the stalemate of the last week’s Federation Accounts Allocation Committee (FAAC) meeting, may have been settled, with the announcement of the sharing of about N581.566 billion to the Federal, States and Local Governments for February 2020. The decision was announced at the end of the rescheduled meeting of the FAAC held in Abuja on […]

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FAAC shares N581.5bn for February

Ihesiulo Grace 23 March 2020 0

The Federation Accounts Allocation Committee (FAAC) has shared the sum of N581.566 billion to the federal, states and local governments for February. Director Press and Public Relations in the office of the accountant-general of the federation, Mr. Henshaw Ogubike, made this known in a statement in Abuja on Monday. COVID-19: We have the capacity to […]

Business

FAAC disbursed N716.30bn in January-NBS

Ihesiulo Grace 16 March 2020 0

The National Bureau of Statists (NBS) has said the Federation Account Allocation Committee (FAAC) disbursed the sum of N716.30billion to the three tiers of government in January 2020 from the revenue generated in December 2019. The report by NBS explained that the amount disbursed comprised of N600.31billion from the Statutory Account, N114.81billion from Valued Added […]

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FAAC: FG, States, LGs get N647.35bn for January

Ihesiulo Grace 20 February 2020 0

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared a total of N647.35 billion to the three tiers of government for the month of January 2020, representing a decline of 9.63 per cent when compared to N716. 29 billion shared in December 2019. The Federation Accounts Allocation Committee (FAAC) on Wednesday shared a total of N647.35 billion to the three

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Stop funding LGs with caretakers c’ttees , lawyer tells FG

Ihesiulo Grace 6 February 2020 0

A constitutional lawyer, Oba Maduabuchi (SAN) has called on the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) to direct the Federal Accounts Allocation Committee (FAAC) to stop the monthly allocations to local government areas with appointee chairmen. The call follows Malami’s recent statement that the operation of caretaker committees

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FAAC: FG, states, LGAs share N788.1bn in October

Ihesiulo Grace 29 November 2018 0

The Federation Account Allocation Committee (FAAC) has distributed a total of N788.139 billion to the Federal Government, State Governments and Local Government Councils for the month of October, 2018. The communiqué issued by the Technical Sub -Committee FAAC at the end of the special session held in Kaduna, after the 2018 National Council on Finance […]

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FG gets N904.8bn as FAAC shared N2.28tn in 9 months

Ihesiulo Grace 19 November 2018 0

The Federal Government has received the sum of N904.8 billion, the largest amount disbursed by the Federation Account Allocation Committee (FAAC) from the N2.28 trillion revenue shared in Q3 2018. The revenue shared is the highest in 2018 within Q1 and Q3, while the FG got N904.8 billion, states shared N718.5 billion and Local governments […]

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NEC, FAAC okays $1.05bn NLNG dividends for fuel subsidy

Ihesiulo Grace 8 November 2018 0

…We paid N128bn into federation account in August –NNPC Indications are rife that the National Economic Council (NEC) and the Federation Allocation Accounts Committee (FAAC) approved the use of Nigeria Liquefied Natural Gas dividends for the financing of the petroleum products importation. One of the members of FAAC, who revealed this on condition of anonymity […]

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FAAC shares N648.7bn to FG, States, LGAs for September

Ihesiulo Grace 26 October 2018 0

The Federation Account Allocation Committee (FAAC) had distributed a total of N648.710 billion to Federal, States and Local Government Areas for the month of September 2018. The gross statutory revenue for the month was N569.281 billion, which was lower than the N627.139 billion shared for August by N57.858 billion. Chairman of FAAC and Minister of […]

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States want FAAC to review 4 per cent cost of collection to FIRS

Ihesiulo Grace 9 October 2018 0

State governments have raised concern over the quantum sum that goes to the Federal Inland Revenue Service (FIRS) as its four per cent monthly cost of collection, demanding that the Federation Account Allocation Committee (FAAC) should review the law to enable the 36 states get a portion from the pertange. The states argued that they […]