Federation Accounts Allocation Committee

Nigeria’s Revenue Slumps, 3 Tiers Of Government Share N547.3 Billion

Nigeria’s Revenue Slumps, 3 Tiers Of Government Share ₦547.3 Billion

June 18, 2020 7:29 am

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.

It was the lowest amount shared this year, reflecting the downside effect of COVID-19 pandemic.

In January the three tiers shared ₦716billion.

It was ₦647billion in February, ₦780 billion in March and N606billion in April.

Out of the N547.3 billion available for May, the Federal Government received N219.799 billon, States N152.436 billion and Local Government Councils N114.095 billion.

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Oil producing states received …

Democracy Has Failed Nigerians – Abu Gidado

March 7, 2020 10:09 am

An elder statesman, Alhaji Abu Gidado was Minister of State for Finance and Chairman of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) during the regime of late Head of State, Gen. Sani Abacha. Having started his career with Shell Petroleum Development Company, Gidado later served at various times as Commissioner for Finance in both the old Kaduna State and Katsina State.

In this interview, Gidado reviews current political and socio-economic developments in the country and concluded that democracy has failed Nigeria and Nigerians, adding that several years after the return of democratic rule, committed leaders are yet …