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Tag: FAAC

Nigeria’s fiscal system not under threat, FG counters misreading of World Bank report

Business Pointer Admin04 mins

By Seun Ibiyemi The Federal Government through the Ministry of Finance has dismissed recent media reports alleging that a significant portion of Nigeria’s federation earnings is being diverted or concealed, describing such interpretations as a misrepresentation of findings in the latest Nigeria Development Update by the World Bank. In a statement issued, the Honourable Minister…

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States sink deeper into debt, poverty worsens, despite record FAAC windfalls

Business Pointer Admin04 mins

By Adeyemi David Nigeria’s state governments have witnessed unprecedented revenue growth in the past two years, driven by rising Federation Account Allocation Committee (FAAC) disbursements, fuel subsidy removal, foreign exchange reforms, and improved oil receipts. Total FAAC allocations surged from N8.21 trillion in 2022 to N15.26 trillion in 2024, and preliminary data for 2025 indicates…

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