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FAAC Disbursements Rise by 43% in 2024, Hit N15.26tn

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The Federation Accounts Allocation Committee (FAAC) disbursements to the federal, state, and local governments surged by 43 per cent in 2024, reflecting a major boost in government revenue inflows.

According to the latest FAAC Quarterly Review released in Abuja on Tuesday, the Nigerian Extractive Industry Transparency Initiative (NEITI) disclosed that a total of N15.26 trillion was allocated to the three tiers of government within the year under review.

NEITI’s Acting Director, Communication & Stakeholders Management, Obiageli Onuorah, described the disbursements as a historic high, noting that the allocations surpassed previous years by a remarkable margin.

Key Drivers of Revenue Growth

The report attributed the surge in FAAC disbursements to sustained fiscal reforms by the Federal Government, particularly the removal of fuel subsidies and foreign exchange rate adjustments. These policies have significantly boosted oil revenue remittances and overall government earnings.

Speaking at the official release of the report in Abuja, NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, highlighted the impact of these reforms on national and subnational finances. He noted that the withdrawal of fuel subsidies in mid-2023 reshaped revenue distribution and affected debt repayment deductions from state allocations.

Dr Orji stated that the objective of the report was to assess the sustainability of government borrowing, the fiscal implications of resource dependence, and the economic realities confronting states benefitting from the 13% derivation revenue from oil, gas, and solid minerals.

“The analysis focused on crude oil revenue derivation states, as solid minerals continue to underperform despite their significant potential,” he added.

Breakdown of FAAC Allocations

According to the NEITI report, FAAC disbursements in 2024 were as follows:

Federal Government: N4.95 trillion

State Governments: N5.81 trillion

Local Governments: N3.77 trillion

Total FAAC Disbursement (Including Derivation Revenue): N15.26 trillion

State governments recorded the highest percentage increase in allocations, jumping by 62% from N3.58 trillion in 2023 to N5.81 trillion in 2024. Local government councils saw a 47% increase, while the federal government’s share rose by 24% from N3.99 trillion in 2023.

The report highlighted that FAAC allocations grew by 66.2% over three years, rising from N9.18 trillion in 2022 to N10.9 trillion in 2023 and N15.26 trillion in 2024, with the most significant leap occurring between 2023 and 2024.

Economic Risks and Challenges

Despite the revenue boost, NEITI cautioned that economic risks associated with fiscal reforms must be managed effectively. Key risks identified include:

Inflationary pressures

Possible rise in debt servicing costs

Fiscal uncertainty for oil-dependent states

The agency urged governments at all levels to adopt innovative measures to cushion the impact of these economic challenges.

State-by-State Allocation Analysis

Lagos received the highest FAAC allocation in 2024, with N531.1 billion, followed by:

Delta State: N450.4 billion

Rivers State: N349.9 billion

Conversely, the least allocations went to:

Nasarawa State: N108.3 billion

Ebonyi State: N110 billion

Ekiti State: N111.9 billion

The report also showed that six states—Lagos, Rivers, Bayelsa, Akwa Ibom, Delta, and Kano—each received over N200 billion, collectively accounting for 33% of total state allocations. Meanwhile, the six lowest-receiving states—Yobe, Gombe, Kwara, Ekiti, Ebonyi, and Nasarawa—received only 11.5% of total allocations.

Debt Deductions Raise Fiscal Concerns

A total of N800 billion was deducted from states’ allocations for foreign debt servicing and contractual obligations, representing 12.3% of total state allocations.

Lagos State had the highest debt deduction, with N164.7 billion, followed by:

Kaduna State: N51.2 billion

Rivers State: N38.6 billion

Bauchi State: N37.2 billion

NEITI warned that many states with high debt burdens were among the lower FAAC recipients, raising concerns about debt sustainability and overall fiscal health.

With the federal and state governments increasingly reliant on oil revenue, the report emphasized the need for economic diversification, stronger financial management, and sustainable debt practices to ensure long-term fiscal stability.

 

 

 

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Oseni celebrates Oyo APC Publicist,  Sadare, extols loyalty, commitment to progressive cause

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has congratulated the Oyo State Publicity Secretary of the party, Alhaji Wasiu Olawale Sadare, on the occasion of his birthday, describing him as a loyal progressive, effective communicator and committed party stalwart whose contributions have continued to strengthen the party in the state.

Oseni, in a statement issued on Sunday by his Media Aide, Idowu Ayodele, said Sadare has remained a consistent and dependable voice of the party, discharging his responsibilities with professionalism, integrity and an unwavering commitment to the ideals of the All Progressives Congress.

He noted that the Oyo APC spokesman has distinguished himself through responsible public communication, constructive engagement and an enduring commitment to promoting the party’s vision, values and programmes.

According to the chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Sadare’s humility, calm disposition and ability to articulate the party’s position with clarity have earned him the respect of party leaders, members and stakeholders, while also contributing to the unity and stability of the APC in Oyo State.

“Alhaji Wasiu Olawale Sadare is a committed progressive whose loyalty and dedication to our great party have remained steadfast over the years. He has served with uncommon diligence and has continued to project the ideals of the APC with dignity, courage and sincerity,” Oseni said.

The lawmaker added that the publicist’s birthday presents another opportunity to celebrate a man whose service has gone beyond official responsibility, noting that his contributions to strengthening internal cohesion and fostering constructive engagement within the party deserve commendation.

“As you mark another year today, I join your family, friends, political associates and the entire progressive family in celebrating God’s faithfulness in your life. Your commitment to duty, humility and sense of responsibility continue to inspire many within our party.”
Oseni prayed for greater accomplishments for the celebrant, asking Almighty Allah to bless him with good health, wisdom and renewed strength to continue serving the party and humanity.

“I pray that Almighty Allah grants you many more years in sound health, abundant grace and greater accomplishments. May He continue to guide your steps, enlarge your coast and reward your selfless service to our great party, Oyo State and our nation. Happy birthday, and many happy returns.”
The statement added that Oseni wished Sadare a memorable celebration and expressed confidence that his wealth of experience, dedication and leadership would continue to contribute meaningfully to the growth of the APC and the advancement of progressive politics in Oyo State.

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Oyo lawmaker, Oseni empowers Agbeni traders with ₦50m grant, rallies support for Tinubu

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The All Progressives Congress (APC) senatorial candidate for Oyo South, Hon. Aderemi Oseni, on Friday strengthened his grassroots engagement with traders by presenting a ₦50 million business grant to members of the Agbeni Amunigun Traders Association in Ibadan.

The empowerment package is expected to benefit traders across the market, which cuts across Ibadan North-West and Ibadan South-West Local Government Areas of Oyo State.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, also donated ₦5 million towards the completion of the association’s secretariat. He further pledged to install solar-powered streetlights within the market to improve security and make the business environment more conducive.

Speaking during an interactive meeting with the association’s leaders, executives and representatives of its 15 zones, the lawmaker described traders as key drivers of the local economy, saying they deserved continuous support to grow their businesses and improve their standard of living.

He also appealed to the traders to sustain their support for President Bola Ahmed Tinubu, expressing confidence that the economic reforms introduced by the administration would deliver lasting benefits for the country.

“The decisions taken by President Tinubu were difficult, but they were necessary. Today, fuel queues are gone, states and local governments receive higher allocations, and more resources are available for infrastructure, education, healthcare and other development projects, including the regular payment of salaries,” he said.

Oseni highlighted ongoing road rehabilitation projects, interventions in the health sector, agricultural support initiatives and the Nigerian Education Loan Fund (NELFUND) as some of the programmes making a difference under the current administration.

He noted that the student loan scheme had opened up access to higher education for many young Nigerians, while other economic reforms were laying a solid foundation for sustainable growth.

Looking ahead, Oseni promised that if elected to represent Oyo South in the Senate in 2027, he would facilitate an interest-free revolving loan scheme for traders. He said the programme would be jointly managed by the market leadership and a reputable microfinance bank to ensure genuine traders had access to affordable credit.

“I will continue to support policies and programmes that help small and medium-scale businesses thrive because traders remain the engine of our economy. My goal is to create opportunities that will help your businesses expand and improve the welfare of your families,” he said, assuring the association that the requests presented to him would receive prompt attention.

Earlier, the Babaloja of the market, Alhaji Abdul-Latifu Abdulganiyu; the Baale, Alhaji Muniru Oladayo; the General Chairman of the market, Alhaji Nureni Lawal; the Iyaloja’s representative, Alhaja Basirat Owolanwa; and the youth representative, Alhaji Adeyinka Basiru, praised Oseni for his consistent support for traders and other community-based empowerment programmes.

The market leaders unanimously endorsed his senatorial ambition and pledged to mobilise support for his 2027 bid, saying his record of empowerment, constituency projects and community development had earned him the confidence of the people.

 

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‎Oseni mourns C&S Movement Church Spiritual Head Alogbo, hails legacy of faith, service

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The lawmaker representing Ibarapa East/Ido Federal Constituency in the national Assembly and All Progressives Congress (APC) senatorial candidate for Oyo South, Hon. Aderemi Abass Oseni, has mourned the death of the Spiritual Father and Spiritual Head of the Cherubim and Seraphim Movement Church Worldwide (Ayo Ni O), His Most Eminence, Prophet Emmanuel Alogbo, describing his passing as a great loss to Christendom and Nigeria.

‎Prophet Alogbo died at the age of 93 after decades of devoted service to God, the church and humanity, leaving behind a legacy of faith, humility and exemplary spiritual leadership.

‎Contained in  a condolence message issued on Thursday by his media aide, Idowu Ayodele, the Chairman, House Committee on Federal Roads Maintenance Agency (FERMA) sympathised with the leadership and members of the Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, as well as the family of the late cleric, praying that God would comfort them in this difficult period.

The federal lawmaker described the late prophet as a revered servant of God whose ministry was marked by integrity, compassion and an unwavering commitment to the advancement of the Christian faith.

‎He noted that Prophet Alogbo dedicated his life to preaching the Gospel, promoting peace and mentoring generations of believers, saying his impact would continue to resonate far beyond the walls of the church.

‎Oseni said, “The passing of His Most Eminence, Prophet Emmanuel Alogbo, is a profound loss to the Cherubim and Seraphim Movement Church Worldwide, the Christian community and our nation. He lived an exemplary life of faith, humility, sacrifice and selfless service to God and humanity.

‎”Although we mourn his departure, we also celebrate a life that was wholly dedicated to God’s service. His teachings, exemplary character and unwavering devotion to humanity will continue to inspire generations to come,” Oseni said.

‎He urged members of the church and Christians across the country to honour the late spiritual leader by upholding the virtues of love, peace, righteousness and selfless service, which he consistently preached throughout his lifetime.

Oseni prayed that God would grant the Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, the Alogbo family and the entire Christian community the fortitude to bear the irreparable loss, while asking God to fill the vacuum his demise has left behind within the church.

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