FAAC Records Challenge Governor’s Assertion OFFICIAL records from the Federation Accounts Allocation Committee (FAAC) indicate that Akwa Ibom State received ₦119.82 billion in statutory 13 per cent oil derivation funds between September and December 2025 — a figure that appears to contradict a recent claim by Governor Umo Eno. Speaking during a prayer meeting on […]
By ESTHER McWILLIS-IKHIDE Uncertainty Trails Presidential Revenue Directive FRESH uncertainty has gripped Nigeria’s oil and gas sector following President Bola Tinubu’s executive order mandating the immediate remittance of oil and gas revenues to the Federation Account for distribution among the three tiers of government. The directive, which reinforces Section 162 of the Constitution, halts the […]
A Historic Revenue Upswing AKWA Ibom State has witnessed an unprecedented fiscal upswing under Governor Umo Eno, recording over ₦2.53 trillion in revenue within 32 months of his administration. Official data drawn from audited accounts, budget performance reports, and FAAC allocations confirm that the state’s earnings between May 2023 and December 2025 exceed the total […]
Governors Demand Evidence of Presidential Write-Off THE Federation Account Allocation Committee (FAAC) has been thrown into fresh scrutiny after Nigerian governors demanded evidence of President Bola Tinubu’s recent approval to write off $1.42 billion and ₦5.5 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) to the Federation. The request […]
By OBIOMA TORI GOVERNMENT REASSURANCE AND FAAC CLARIFICATION THE Federal Government has confirmed that civil servants have received their January 2026 salaries following the disbursement of ₦1.969 trillion from the Federation Account Allocation Committee (FAAC). The Minister of State for Finance, Dr. Doris Uzoka-Anite, clarified the situation on Sunday, dismissing claims that the January FAAC […]
By NJORIGE LYNUS The Constitutional Chess Game Judicial Victory, Political Defeat? ON 11 July 2024, the Supreme Court delivered what many hailed as a watershed judgment: the abolishment in practice of the State–Local Government Joint Account and the directive that federal allocations be paid directly to all 774 councils. The ruling, championed by President Bola […]
By TIMOTHY HAGGERTY-NWOKOLO NIGERIA’S public finances are awash with cash, yet its people are drowning in hardship. In less than four years, allocations to the federal, state and local governments have more than doubled, but poverty levels have climbed sharply, raising troubling questions about governance, accountability and the real impact […]
By FIDELUS ZWANSON NIGERIA’S latest VAT distribution for October 2025 has revealed sharp disparities between what the six geo-political zones contributed and what they received, according to FAAC data compiled by TheCableIndex. The South-West remained the highest contributor, generating ₦333.01 billion but receiving ₦91.88 billion, amounting to just 27.59 percent of its input. The South-South […]