FAAC Allocation to FG, Others Rises 179% To N10.13trn

The Federal Government (FG), 36 states and 774 local governments (LG) shared N10.13 trillion as statutory allocation from the Federal Account Allocations (FAAC) in the first five months (January to May) of 2024, 5M ’24. This represents a 179 percent year-on-year (YoY) increase when compared to N3.63 trillion shared in the same period of 2023, 5M’23.....Read The Full Story Here ▶

Data from the National Bureau of Statistics, NBS, FAAC report for the review period showed that in 5M’24, FG received N1.88 trillion, up YoY by 37.2 percent from N1.37 trillion received in 5M’23.

The 36 states received N2.05 trillion in 5M’24, representing a 72 percent YoY increase from N1.19 trillion in 5M’23.

The 774 LG received N1.41 trillion in 5M’24, rising by 43 percent YoY from N987.66 billion in 5M’23.

Further analysis showed that allocations from Value Added Tax (VAT) rose YoY by 228.8 percent to N2.42 trillion in 5M’24 from N736.06 billion in 5M’23.

The 13 percent derivation fund received by Oil producing States also rose YoY by 234 percent to N519.83 billion in 5M’24 from N155.5 billion in 5m’23.

Month-on-Month analysis showed fluctuating trend in allocations received by the three tiers of government from FAAC.

Allocations received in January stood at N1.67 trillion.

In February allocations increased by 24 percent, MoM to N2.07 trillion and further up by 12.5 percent MoM to N2.33 trillion in March.

The upward trend was reversed in April when allocations fell by 19.7 percent to N1.87 trillion. The upward trend resumed in May when allocation rose by 17 percent MoM to N2.19 trillion.

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