By Obas Esiedesa, Abuja

Disbursements from the Federation Account Allocation Committee (FAAC) to the federal, state, and local governments surged by 43% in 2024, reaching N15.26 trillion, according to a new report by the Nigeria Extractive Industries Transparency Initiative (NEITI).

The NEITI FAAC Quarterly Review, released on Tuesday in Abuja, attributed the revenue increase to fiscal reforms by the Federal Government, particularly the removal of fuel subsidies and exchange rate adjustments, which boosted oil revenue remittances.

The report detailed the distribution of funds as follows:

Federal Government – N4.95 trillion

State Governments – N5.81 trillion

Local Governments – N3.77 trillion

Among the three tiers of government, state governments saw the highest percentage increase, with allocations rising 62% from N3.58 trillion in 2023 to N5.81 trillion in 2024. Local governments received 47% more than in 2023, while the federal government’s share grew by 24%, from N3.99 trillion to N4.95 trillion.

The report highlighted that total FAAC allocations grew by 66.2% over the past two years:

N9.18 trillion in 2022.




https://www.vanguardngr.com/2025/03/faac-allocation-rises-by-43-to-n15-26trn-in-2024/