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