The National Bureau of Statistics (NBS) has reported that the Federation Accounts Allocation Committee (FAAC) distributed N3.16 trillion to the 36 states as net allocation from federally collected revenues in fiscal 2022. The Bureau, in its latest report on FAAC distributions for the year under review, indicated that the distributions to the state governments represented […]
Tag: Federation Accounts Allocation Committee (FAAC)
FAAC Distributes N590.55Bn To FG, Others In February
The Federation Accounts Allocation Committee (FAAC) on Tuesday disclosed that it shared a total sum of N590.546 billion to the three tiers of government as federation account allocation for the month of February, 2022. A statement by the Deputy Director, Ministry of Finance, Budget and National Planning, Mr. Tunde Oshundun, on behalf of the Director […]
Fuel Subsidy Hits N1.03Trn In 10 Months
The Nigerian National Petroleum Company (NNPC) Limited has reported that total payments on fuel subsidy in the 10-month period from January through October this year totalled N1.03 trillion. This is even as it stated that it would deduct N199 billion being October 2021 under-recovery from its November 2021 remittance to the Federation Account. The oil […]