The Federation Accounts Allocation Committee (FAAC) on Wednesday shared N610.368 billion to the three tiers of government partly from the revenue accruals to the Federation Account in January. The Accountant-General of the Federation (AGF), Ahmed Idris, who made this disclosure at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, disclosed that […]
Tag: Federation Account Allocation Committee (FAAC)
NEITI Raises Concern Over States’ Inability To Fund Budgets
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that no state in the country can totally finance its annual budget with its Internally Generated Revenue (IGR) and resources received from the Federation Accounts Allocation Committee (FAAC). The agency, in its latest edition of its quarterly magazine, noted that despite the substantial distributions to the […]
FG, States, LGs Share N698.7Bn In October
The Federal Government, States and Local Governments in the country shared N698.7 billion in October from the total revenues that accrued to the Federation Account in the month of September this year. The Minister of Finance, Mrs Zainab Ahmed, gave this hint on Thursday while briefing journalists on the decisions taken at the Federation Account […]
FG, Others Share N741.84Bn As Allocations In August
The Federation Accounts Allocations Committee (FAAC) on Wednesday disclosed that the Federal, State and Local Governments shared a total sum of N741.843 billion for the month of August this year. This was confirmed by the Permanent Secretary of the Ministry of Finance, Alhaji Mahmoud Isa Dutse, while briefing the media on the decisions taken at […]
FAAC Disburses N714.81Bn To FG, Others In August – NBS
The National Bureau of Statistics (NBS) in its latest Federation Account Allocation Committee (FAAC) (August 2018 Disbursement) report has put the total revenue distributions to the three tiers of government at N714.81 billion during the month. According to the national official statistics producing agency, the amount disbursed comprised N597.97 billion from the Statutory Account, N79.81 […]
President Buhari Orders Review Of Federation Account’s Revenue Template
President Muhammadu Buhari on Friday ordered the review of the revenue reporting template for the Federation Account Allocation Committee (FAAC). The Presidential order was conveyed by the Minister of Finance, Mrs. Kemi Adeosun, while giving a breakdown on how the N821.9 billion June revenue accrual was distributed to tiers of government. The minister said that the […]
FAAC Shares N668.8bn To Tiers Of Govt
Despite the lingering controversies over under-remittance of collected revenues by the Nigeria national Petroleum Corporation (NNPC) to the Federation Account, the Federation Accounts Allocation Committee (FAAC) on Friday confirmed the disbursement of N668.8 billion to the three tiers of government for the month of May this year. The Director of Information in the Federal Ministry […]
Again, FAAC Meeting Deadlocked Over NNPC’s Under-remittance
The Federation Account Allocation Committee (FAAC) meeting, convened yesterday to consider and approve revenue distributions to the three tiers of government for the month of May ended in a deadlock. Prior to yesterday’s meeting, the committee had shifted its meeting thrice due to failure to resolved alleged under-remittance of revenue to the Federation Account by […]
Presidency Intervenes in States/NNPC Revenue Remittance Feud
The Presidency has intervened in the week-long crisis in the Federation Accounts Allocation Committee (FAAC) over unresolved discrepancies in the Nigerian National Petroleum Corporation’s (NNPC’s) revenue report to the committee which stalled disbursement of funds to the tiers of government for June. Some sources at the Presidency confirmed that the Vice President, Prof. Yemi Osinbajo, […]