Federation Account Allocation Committee (FAAC) Archives

Buhari’s Govt Sinks Excess Crude Account From $35.37m to $376.6k In 25 Days

July 28, 2022July 28, 2022 ADEOLA YUSUF

No explanation was given for the huge drop in the ECA The balance in Nigeria’s Excess Crude Account (ECA) has reduced significantly from the $35.7 million it was as of June 2022 to $376,655.09 as at July 25, 2022 under President Muhammadu Buhari. Platforms Africa reports that a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja yesterday disclosed this. READ ALSO How Buhari Reacted After Hearing Terrorists’ Plan to Kidnap Him -El-Rufai EXCLUSIVE: Buhari Declines Ministerial Consent For…

Federal, States, LGCs Share N656bn April 2022 Revenue

May 26, 2022 ADEOLA YUSUF

The Federation Account Allocation Committee (FAAC) has shared a total sum of N636.602 Billion April 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils. This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022. The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion In…

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