URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    $6billion Debt: Atiku Slams NNPCL, Says Its Layers of Deceit
    September 2, 2024
    Leaked Memo: Zamfara Govts Response “Action Inline With Civil Service Rules
    September 15, 2024
    Davido, Sanwo-olu’s SSA Gawat  Disagrees Over Use of Word On X
    September 21, 2024
    Latest News
    There’s No Justification For Not Being In Peace With My Boss-Fubara
    May 30, 2025
    Concerns As Activists Fear Emergency Rule May Last Beyond Six Months
    May 28, 2025
    Obi , Atiku in Deep Blue Sea As Coalition Confused Over Choice of Candidate-Lere
    May 24, 2025
    US Ex- Ex-President Biden Diagnosed with Prostate Cancer
    May 19, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: How Allocation To FG, States, LG Increases From FAAC In Value of N8.5tn in Seven Months
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Business > How Allocation To FG, States, LG Increases From FAAC In Value of N8.5tn in Seven Months
BusinessUncategorized

How Allocation To FG, States, LG Increases From FAAC In Value of N8.5tn in Seven Months

urbanexpresslive
Last updated: August 25, 2024 6:42 am
urbanexpresslive
Share
2 Min Read
SHARE

Taiwo Popoola

The Federation Accounts Allocation Committee revenue shared to federal, state and local governments increased by over 344 percent to about N8.5 trillion in the last seven months of 2024 compared to about N1.912 trillion shared in the corresponding period last year.

This is according to FAAC distributed revenue data from January 2024 to July.

The distributed revenue in the period under review was drawn from Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference.

The revenue was distributed according to 52.68 percent to the federal government, 26.72 percent to states, and 20.60 percent to local governments revenue sharing formula.

A breakdown of FAAC shared revenue in the last seven months showed that N1.15trn was shared to the Federal, State and Local Government in January, N1.152.7 trillion in February, N1.123 trillion, in March, N1,208 trillion (April), N1.143 trillion (May), N1.354 trillion (June) and N1.358 trillion in July bringing the total to about N8.5 trillion.

Meanwhile, FAAC shared N1.51 trillion from January to June 2023 and N966.110 billion in July.

The development comes upon fuel subsidy removal in May 2024 which saw petrol price rise from N238 per liter to over N600.

This has also impacted the FAAC’s revenue which saw an astronomical increase from June 2023 till date.

Despite the surge in FAAC allocations and revenue accrual to the three tiers, Nigerians have continued to lament untold economic hardship.

You Might Also Like

How Lookman Resumes Training After Leaving Super Eagles Camp

Benin, Togo Owe Nigeria $5.79m Energy Dept. In Q2-NERC

Super Eagles Set To Play 4-Four Nation Tourney In England

Trump’s Tariffs: President of Mexico Vow To Retaliate

What Nigeria Spends Increased Revenue On- Coordinating Minister of the Economy, Edun Reveals

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Igbo Elders To FG; Nnamdi Kanu, Other Political Leaders Must Be Free
Next Article Modular Plants Refiners To FG, NNPCL, Sell Port Harcourt Refinery, Others to Fund Alternatives
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

Breaking Seals, Assaulting of Enforcement Officers, Lagos Govt Arrests 37 Defaulters
Crime Lence Crime Reports May 31, 2025
Why Offset Request Spousal Support From Cardi B Amid Divorce Battle
Entertainment May 31, 2025
Wizkid Vs Davido: What Linda Ikeji Chooses As Better Singer
Entertainment May 31, 2025
She Was Having Only N200 When I Met Her- Tems Manager Recounts Experience
Entertainment May 31, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account