The federal government, the 36 states of the federation and the over 700 local government areas share revenues from the sale of crude oil on a monthly basis. All the tiers of government are meant to use the funds alongside their Internally Generated Revenues (IGR) to take care of their recurrent expenditures, capital projects and other needs. The fund is disbursed by the Federation Account Allocation Committee (FAAC).
Meanwhile, while some states depend heavily on FAAC to meet their financial needs, others are not so dependent on the federal monthly allocation as its percentage in their total revenues is relatively small.
Below are the “10 least FAAC-dependent states”: 1. Lagos (22.8%) 2. Ogun (35.3%) 3. FCT (49.1%) 4. Rivers (53.0%) 5. Osun (57.5%) 6. Kwara (58.1%) ADVERTISING 7. Kaduna (59.9%) 8. Cross River (61.2%) 9. Enugu (62.6%) 10. Ondo (65.8%)
You want to share a story with us? You want to advertise? You need publicity for a product, service, or event? Contact us on WhatsApp – +234 803 3018 881