BREAKING: FG, States, And LGAs Share N2.517 Trillion FAAC Exchange Rate Gain In 2023 - 247Updates
Connect with us

Breaking News

BREAKING: FG, States, and LGAs share N2.517 trillion FAAC exchange rate gain in 2023

Published

on

The Federal government, 36 states, and all LGAs across the country shared around N2.517 trillion as FAAC exchange rate gain for the year 2023. This is from a gross FX gain of N2.836 trillion recorded during the 12 months.…CONTINUE READING

This is according to a review of the Federal Accounts Allocation Committee (FAAC) report from January to December 2023.

According to the reports, the federation received N2.836 trillion during the period and deducted N318.29 billion from the non-oil excess account for the period.

From the N2.517 trillion, the federal government received N1.211 trillion while the 36 states shared N614.49 billion and the LGAs received N473.92 billion. States producing mineral resources like oil received N217.38 billion as 13% derivation during the period.

An in-depth analysis of the figures reveals that between January and April, FAAC allocation shared by the component units of the federation did not include any FX gain. However, from May to December, the federation recorded the N2.836 trillion reported above.

Advertisement

The highest gain from forex was recorded in May with around N639.39 billion accruing to the federation’s account.

The FAAC report for the 12 months also contained FX differential/equalization payments for February, April, and July which totalled N246.31 billion.

For February, the FX differential/equalization stood at N120 billion, for April, it was at N70 billion. In July, the payment stood at N56.31 billion.

Advertisement

Grab This Opportunity Now👇👇👇

    
 
   
Continue Reading
Advertisement
Advertisement
Breaking News32 mins ago

BREAKING: We Are Not Responsible for Your Woes—CBN Tells Nigerians

Breaking News33 mins ago

BREAKING: Troops Rescue 10 Peace Mass Transit Passengers Kidnapped In Kogi

Breaking News36 mins ago

BREAKING: Return Oil Subsidy or Expect Military Coup, Protesters in Kano, Katsina, Jigawa Tell Tinubu

Breaking News43 mins ago

‘My generation is different’: Girl who can’t cook counters mum with meals from boyfriend

Breaking News56 mins ago

BREAKING: Naira Commences New Week On Recovery Path

Breaking News1 hour ago

BREAKING: Government lifts 5% import duty on India rice amid rising inflation

Breaking News1 hour ago

BREAKING: I’m Not Responsible For Nigeria’s Economic Woes — Cardoso

Breaking News1 hour ago

BREAKING: Cardoso Accuses Binance Nigeria Of Carrying Out $26bn Suspicious Transactions

Breaking News1 hour ago

BREAKING: CBN’s Decision To Raise Benchmark Lending Rate To 22.75% ‘An Overkill’ For Nigeria’s Economy— Uwaleke

Politics1 hour ago

BREAKING: Reduce Cabinet to 36, Ensure APC Doesn’t Hijack Youth Unemployment Allowances – HURIWA Urges Tinubu

Breaking News1 hour ago

JUST-IN: Alleged hajj fraud: EFCC quizzes ex-NAHCON Chairman Zikirullah

Breaking News1 hour ago

Kogi Guber Poll: Witnesses in Election Petition Case Reportedly Abducted in Abuja

Breaking News1 hour ago

Breaking: CBN intervenes in FX market, allocates $20,000 to each BDC to stabilise Naira

Breaking News1 hour ago

BREAKING: LASTMA officers operating with yellow buses to be sanctioned

Breaking News1 hour ago

BREAKING: Operator Urges Tinubu to Consider Banning Dollar Cash Transactions to Stabilize Naira

Breaking News2 hours ago

JUST IN: Ex Minister Pantami Opens Charity Foundation In Gombe

Politics2 hours ago

BREAKING: Top 12 Performing Ministers in Tinubu’s Administration

Breaking News2 hours ago

BREAKING: “Where him jungle boots?” – Corper with unique height celebrates as he commences NYSC

Breaking News2 hours ago

6 Confirmed dead as three-storey building collapses in Onitsha

Breaking News2 hours ago

JUST IN: Federal Government Insists on Relocating Kano Medicine Dealers to CWC

Breaking News2 hours ago

BREAKING: Nigerian Army rescues 10 Peace Mass Transit passengers from kidnappers in Kogi

Tech2 hours ago

Tecno Finally Launches Tecno Pova 6 Pro, 108MP camera, 6000mAh Battery

Breaking News2 hours ago

Top 10 Food Items With Highest Price Increase In January 2024

AFCON2 hours ago

BREAKING: Real Madrid Great Zinedine Zidane Has Confirmed His Return To Management

Breaking News2 hours ago

BREAKING: CBN Raises Nigeria’s Monetary Policy Rate to 22.75%

Politics2 hours ago

BREAKING: After Stoning Tinubu’s Picture Amid Hunger, Northern Children Disrespect Shettima

Breaking News2 hours ago

BREAKING: Many Workers, Others Trapped As Building Collapses

Breaking News2 hours ago

Great News For MTN, Airtel Users Who Are Yet To Link Sim Cards To NIN

Breaking News4 hours ago

Massive Crowd Recorded As NLC Nationwide STRIKE Begins (PHOTOS)

Politics4 hours ago

BREAKING: Reps reacts to alleged plan to create six more states

Breaking News2 days ago

Lady With The Heaviest Nyãsh in The World Forced To Buy Two Plane Tickets At Airport — See Who How She Struggled To Enter The Plane

Breaking News2 days ago

BREAKING: Nigerians Blame Sunday Igboho For Buhari’s Swollen Legs, Reactions Trail

Health18 hours ago

Stroke kills fast: reduce your consumption of these 4 things if you want to live long

Breaking News1 day ago

Rumble in RCCG as Pastor Adeboye Asks City of David Pastor to Resign Amidst Wigwe’s Death

Breaking News2 days ago

My Husband CHEATED On Me With My Best Friend, So I want to Cheat Him Back To Feel The Way I Did – Regina Life Experience

Health2 days ago

What are the signs of heart disease?

AFCON7 hours ago

He will be a monster if He joins Chelsea,if I’m to be Guardiola I will make sure I highjack the deal as soon as possible to avoid competition’: Ian Wright blown away by 21-year-old who Chelsea reportedly want to sign

Relationship1 day ago

Never Tell a Woman These 4 Things, It Will Hurt Her So Much

Relationship1 day ago

3 Secrets That You Should Never Tell Your Wife No Matter the Situation

Health2 days ago

Breakfast: 15 Foods You Should Never Eat In The Morning

Health2 days ago

Effective Home Remedies To Heal Menstrual Cramps

AFCON7 hours ago

He is a waste of money,I don’t know where Pochettino went to buy Him from,He killed our game last night’: Thiago Silva Blames ONE Chelsea for their disappointing loss yesterday

Health2 days ago

6 Effective Ways to Relieve Back Pain

Health2 days ago

Boost Your Immune System With These Effective Methods

Breaking News1 day ago

CBN Removes over N1trn Excess Cash from Access Bank, Zenith, Others To Fix Naira Fall, Inflation

Health2 days ago

3 Reasons Why You Should Have Morning Intercourse Regularly With Your Partner

Breaking News1 day ago

White woman gives birth to a Black child, says her great-great-great grandparent was Black, and the child took after them [VIDEO]

AFCON1 day ago

Meet 8 Brothers Who Play Football For Different Countries

Health18 hours ago

I ignored these cancer symptoms for years because I was scared – now I could die within months at 31

Health2 days ago

STDs Increasing Among Nigerian Youths – Foundation

Health2 days ago

Best Anti-Cancer Foods: Top 5 Superfoods Most Recommended by Experts

AFCON2 days ago

Breaking New: ”Warning” Chelsea owner Todd boehly review why Pochettino will be sacked if possible he loses the final against Liverpool today

Health18 hours ago

Experts say there is no need for gaps in the mouth | Health Focus

Breaking News1 day ago

Girls try to run out on restaurant bill, but had to come back because they left their car keys [VIDEO]

Health2 days ago

Positive Effects Of Apple On People With Low Sèx Drive

Health2 days ago

Baby Dove Teams Up With Black Owned Birth Justice Organization To Expand Doula Services To Black Mothers

Politics2 days ago

BREAKING: Nigerians will Never stop Suffering & Pains, Fact is that Nigeria’s Oil Production Is 1.7M Barrels per Day While the Same Quantity Is Stolen Every Day – Former President Obasanjo

AFCON2 days ago

BREAKING: Osimhen scores again for Napoli

AFCON7 hours ago

Enzo Fernandez review why he fights with 24-year-old Chelsea teammate after Liverpool cup defeat

Politics1 day ago

BREAKING: President Bola Tinubu Appoints Billionaire Business Leaders to Tackle Naira Depreciation

Trending