In June, the Federal Government, states, and Local Government Areas (LGAs) received a total of ₦1.35 trillion from the Federation Account Allocation Committee (FAAC). This substantial allocation marks a significant distribution of resources among the different tiers of government.
The allocation is part of a regular monthly appropriation administered by the FAAC, which oversees the equitable distribution of revenues from various sources, including oil and gas taxes, and other government revenues.
The federal government had the largest share, followed by state governments and then LGAs. The allocation process is designed to ensure that all government agencies have the necessary funds to effectively execute operational responsibilities and development programmes.
This allocation comes at a critical time as the country continues to grapple with various economic challenges, including rising prices and infrastructure. The funds will be used in areas such as education, health, transport and social services, contributing to the overall growth and development of the country.
The continued distribution of funds through FAAC underscores the government’s commitment to economic stability and support the financial needs of all sectors in the country.