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FAAC allocation declines by 30%, states’ finances may worsen

Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn in May 2022, representing a 30 per cent reduction over the period. The decrease in allocation to these levels of government reveals the fiscal challenges facing various levels of government in Africa’s biggest economy. “It […]

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Again, NNPC Fails to Remit Monies to Federation Account in May as Petrol Subsidy Hits N1.27trn

The inability of the Nigerian National Petroleum Company Limited (NNPC) to carry out its statutory obligations to the federation continued for the fifth month in May, with the firm now recording a N704 billion deficit for the year thus far. In its latest monthly presentation to the Federation Account Allocation Committee (FAAC), the national oil […]

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FAAC: FG, states, LGAs share N680bn as allocation in May — up by N44bn

The federation account allocation committee (FAAC) says it shared N680.783 billion with the federal, states and local governments for May 2022. FAAC said this in a communiqué issued on Friday at the end of its meeting for June 2022, in Abuja. The figure represents an increase of N44.181 billion (6.7 percent) compared to April when […]

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CBN’s intervention funds fuelling inflation, World Bank warns Nigeria

The World Bank has said the Central Bank of Nigeria’s development finance intervention is fuelling inflation in the short term and weakening the ability of the apex bank to control inflation. According to the global bank, the CBN’s continued provision of subsidised funding to certain sectors has to slow down as it is undermining the […]

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