Wednesday, 20th October 2021
Breaking News:

Federation Accounts Allocation Committee

11 Nov 2020
Despite benefitting from proceeds of alcohol sale through the Federation Accounts Allocation Committee (FAAC), Kano State Government, for religious reasons, destroyed 1,975,000 bottles of beer
16 Oct 2020
The Federal Government, states and local government councils have shared N639.901 billion for the month of September, Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning, has said.
12 May 2020
No fewer than N1.95 trillion was shared by the federal, state and local governments from the Federation Accounts Allocation Committee (FAAC) in the first quarter of this year.
17 Jan 2020
The Federation Accounts Allocation Committee (FAAC) has shared N716.298 billion to the three tiers of government for the month of December 2019.
8 Apr 2019
*Demands detail of spending on school Socio-economic Rights and Accountability Project (SERAP) has threatened to sue the Delta State governor, Ifeanyi Okowa, over primary education spending. The threat was contained in a Freedom of Information (FoI) request signed by the deputy director of the Lagos-based rights group, Kolawole Oluwadare, to the governor dated April 5,…
7 Feb 2019
The new revenue template for revenue-generating agencies of government that came into existence last November may have exposed the alleged tardiness in accountability at the Nigerian National Petroleum Corporation (NNPC). The Federation Accounts Allocation Committee (FAAC) document revealed that the development was largely responsible for the past squabbles between the agency and the states, who…
20 Dec 2018
A total of N812.762 billion has been shared among the federal, states and local councils as revenue that accrued to the Federation Account for November 2018. According to a statement by Mr. Oise D. Johnson, the head, Press & Public Relations, Office of the Accountant-General of the Federation (OAGF), the Technical Sub-Committee of the Federation…
31 Aug 2018
The Federation Accounts Allocation Committee (FAAC) yesterday shared N714.8b among the three tiers of governments for the month of July. A break down of the figures shows that the amount comprised statutory revenue of N598b; Value Added Tax (VAT) of N79.8b; foreign exchange (Forex) equalisation of N25.9b and additional withheld funds by the Nigerian National…
21 Jul 2018
It was confusion yesterday as the Federal Government “unilaterally” distributed the disputed revenue generation figures, particularly the Nigerian National Petroleum Corporation (NNPC) component of the generated revenue for the month of May this year. The Federation Accounts Allocation Committee (FAAC) meeting where federally generated revenue are collated and distributed met twice in June and once…
4 Aug 2016
In June 2016, the Federal Government of Nigeria allocated over N500 billion among the three tiers of government. This is the first time this year that such an amount of money has been allocated by the Federation Accounts Allocation Committee (FAAC).
23 Jun 2016
The amount realized however, was better than the preceding month’s volume by N23.628 billion, according to the Minister of Finance and Chairman of FAAC, Mrs. Kemi Adeosun.
26 May 2016
The Minister of Finance, Kemi Adeosun, said in Abuja on Wednesday that N1.5 billion, being excess bank charges, was recovered and paid into the Federation Account.


10 mins ago
President Muhammadu Buhari is at the moment holding a meeting with his Turkish counterpart, Recep Tayyip Erdogan, at the Presidential Villa in Abuja. Erdogan, who arrived Abuja Tuesday evening, is expected to also hold bilateral talks with President Buhari, as the two leaders are expected to consider about 24 agreements and Memoranda of Understanding (MOU)…
33 mins ago
Nigerian singer-songwriter and producer, Okwudili Okoli, professionally known as 6UFF, has said songwriters, and producers deserve more credit than they receive. The Anambra-born producer stated this while addressing some major challenges confronting the Nigerian music industry. According to him, a song will be a fruitless effort without the contributions of producers, songwriters, and engineers. "A…
45 mins ago
Recent findings by McKinsey shows that many organizations are experiencing one or more failure modes as part of their cloud journey. The reason for these failures were attributed to lack of flexibility and cost optimisation benefits despite migrating to public cloud platforms, and chaotic on-premise cloud environments leading to security risks. As organizations continue to…
52 mins ago
Financial commitment aims to secure dedicated, low-cost supply of molnupiravir, if the drug is authorized by regulators; builds on long-term efforts to increase access to tests, treatments, vaccines SEATTLE, October 20, 2021 -/African Media Agency(AMA)/- The Bill & Melinda Gates Foundation announced today a commitment of up to $120 million to accelerate access to the investigational…
52 mins ago
LUANDA, Angola, 20 October 2021 -/African Media Agency(AMA)/- The South Atlantic Cable System (SACS) has seen a considerable increase in traffic as major telco players look for direct access to markets in the US and South America.When the 6 156 km intercontinental subsea cable came on stream in September 2018, latency between Africa and the Americas was almost…