FAAC hits N4.5 trillion, as 12 states receive 40% More Funding

Ten states in all obtained an increase in their monthly allotment from statutory federal monies of at least fifty percent.

This occurred as the monthly allotment increased by at least 40% for 12 of the 36 states.

The National Bureau of Statistics issued monthly reports from the Federation Accounts Allocation Committee, from which the data was derived. The report also showed that the overall allocation to the 36 states rose by 27% in 12 months, from N3.58tn to N4.5bn.

Our reporter examined the income-sharing amounts between June 2022 and May 2023 and June 2023 and May 2024 for this report.

The Federal Government, 36 states, and 774 local governments divided N10.13 trillion of the federation account’s statutory allotment during the first five months of 2024 (January to May).

According to the findings, Abia, Benue, Ekiti, Katsina, Kwara, Lagos, Ogun, Osun, Plateau, and Taraba states saw increases of more than 50%.

Other states that saw increases of over forty percent were Adamawa, Anambra, Borno, Cross Rivers, Ebonyi, Enugu, Kano, Kebbi, Nasarawa, Niger, Oyo, and Sokoto States.

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