The Federation Account Allocation Committee (FAAC) has shared N2.55 trillion among the Federal Government, state governments and local government councils from June 2026 revenue. This marks the highest monthly allocation so far this year as stronger tax collections and oil-related revenues boosted the distributable pool. Details of the distribution were contained in a statement signed …
The Federation Account Allocation Committee (FAAC) has distributed N2.3 trillion as May 2026 revenue allocation to the Federal, state, and local government councils. This was supported by a sharp rise in statutory revenue despite a decline in value-added tax (VAT) collections. The allocation was announced after the June 2026 FAAC meeting in Abuja, according to …
Reactions have trailed President Bola Tinubu’s approval for the major write-off of debts owed by the Nigerian National Petroleum Company (NNPC) Limited to the Federation Account, clearing over 90% of legacy obligations up to the end of 2024. A report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) presented during the November 2025 Federation Account …
Borrowings by states and local governments from commercial banks fell to ₦2.13 trillion in June 2025, down from ₦2.68 trillion a year earlier. This represents a reduction of about ₦547.5 billion, or 20.4 per cent, in the review period. In a report on Monday, the CSL research firm said the trend reflects a deliberate effort …
Federation allocation to the federal government, states and local councils declined to N1.928 trillion in November, according to the Federation Account Allocation Committee (FAAC). A statement on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that the revenue was shared at the …
The Federation Account Allocation Committee (FAAC) stated that it has allocated N2.094 trillion to the three tiers of government as the Federation Allocation for October. It was disclosed at its November 2025 meeting, chaired by the Accountant-General of the Federation, Shamsudeen Ogunjimi, according to a statement signed by the Director of Information and Public Relations …
Federation allocation to the federal government, states and local council areas (LCAs) declined to N2.103 trillion in September, compared to N2.22 trillion shared in August. The Federation Account Allocation Committee (FAAC) disclosed this on Friday, October 17. It said the allocation was shared at its October meeting, chaired by the Accountant General of the Federation, …
By Esthere Ososanya The Indigenous Contractors Association of Nigeria (AICAN) has accused the Federal Government of misrepresenting facts on outstanding liabilities and warned that prolonged payment delays are pushing its members into severe financial distress. The association said hundreds of contractors now risk losing properties and equipment to banks, microfinance institutions, and private lenders after …
