Federation Accounts Allocation Committee
FAAC: FG, states, LGs share N716.2bn for month of December
The Federation Accounts Allocation Committee (FAAC) has shared N716.298 billion to the three tiers of government for the month of December 2019.
SERAP threatens to sue Okowa over primary school budget
*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,…
New revenue template exposes alleged NNPC’s lax probity
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…
FG, states, councils share N812.762 billion for November 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…
FAAC shares N715b revenue for July
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…
Confusion as FG ‘Unilaterally’ distributes N668.898B disputed may allocation to states, councils
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…
FIRS; simplifying tax compliance through ICT initiatives
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).
FAAC distributes N305.128b as May revenue target falls by N203.978b
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.