FAAC

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed in its latest report that a total of N10.143 trillion was shared among the federal government, states, and local government councils from the federation account as statutory revenue allocations in 2023. According to a statement released Tuesday by its spokesperson, Obiageli Onuorah, the disclosure aims to enhance public accountability in the country’s public finance. She said the Executive Secretary of NEITI, Orji Ogbonnanya, made this…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

The Nigerian National Petroleum Company Limited (NNPCL) has given reasons behind the payment of an interim dividend of N123 billion to the Federation Account Allocation Committee (FAAC) for the month of June. The News Agency of Nigeria (NAN) reports that FAAC had on Thursday shared N907 billion among the three tiers of government. From the money shared, NNPCL contributed N81 billion as a monthly interim dividend and N42 billion as 40 per cent oil Production Sharing Contract (PSC) profit totaling N123 billion. The…

The Federation Accounts Allocation Committee (FAAC) has shared a total of N990 billion as December 2022 federation revenue to the federal, state and local government councils and other relevant agencies in the country. The amount includes the gross statutory revenue, value-added tax, exchange gain and electronic money transfer levies. The federal government received N375.306 billion, the states received N299.557 billion, the local government councils got N221.807 billion, while the oil-producing states received…