FAAC allocation to FG, others rises 179% to N10.13trn

Date:

July 9, 2024.

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Azonuchechi Chukwu.

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.

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.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://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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