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

Date:

February 8, 2024.

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Azonuchechi Chukwu.

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.

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.

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.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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