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
    PDP Rejects Fuel Price Hike, Calls it Thoughtless
    September 5, 2024
    How NWC, PDP Govs Resolve To Remove Wike’s Loyalist, Damagun As Acting National Chairman
    September 18, 2024
    Vice President Shettima Arrives Yew York For 79th Sessom Of UN Assembly
    September 23, 2024
    Latest News
    What Ex-NTA Director, Shittu-Alamu, Said In Support of Adeshina’s Views On Nigeria, Knocks Onanuga
    May 10, 2025
    What Kwankwaso Described As Greatest Political Sin Once Anyone Takes Such Direction
    May 10, 2025
    Last Minute Push To Stop Three PDP Senators From Kebbi To APC Stall
    May 10, 2025
    Labour Party; Upholding Democratic Principles: Group Hails Supreme Court,  INEC
    May 9, 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 Police Recovers Firearms In Kaduna, Arrest Two Gunrunners

Few Hours To Deadline Senate Suspends 2025 Budget Defense of Office of Auditor General

UCL: How All Teams That Had Qualified For Knockout Stages Eliminated Ahead of Final Matches

BBNaija S9: How Cultists Forced Me Out of University-Mayor Frosh

Exchange Rates At Black Market Near N2000 Per Dollar

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

I’m Indeed Grateful To Osimhen expresses Deep Affection For Galatasaray
Urban Sports May 10, 2025
Very Expensive it is, now Being Boyfriend Than husband- BBNaija Tochi
Uncategorized May 10, 2025
2025 BET Awards: How Burna Boy, Rema, Ayra Starr, Others Bag Nomination
Entertainment May 10, 2025
How Netflix Rejection Almost Broke me Filmmaker, Arese Ugwu
Entertainment May 10, 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