NEITI Reports Record N15.26tn FAAC Allocations for 2024

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced a groundbreaking revenue disbursement of N15.26 trillion by the Federation Accounts Allocation Committee (FAAC) to federal, state, and local governments in 2024.

This figure represents the highest allocation recorded in Nigeria’s history and marks a significant 43% increase compared to previous years. The surge in disbursements was attributed to fiscal reforms such as the removal of fuel subsidies and adjustments to foreign exchange rates, which bolstered oil revenue remittances.

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Dr. Orji Ogbonnaya Orji, NEITI’s Executive Secretary, highlighted the role of these policy reforms in reshaping Nigeria’s revenue landscape. He stressed the importance of assessing debt sustainability and addressing dependency on natural resources, especially for states benefiting from the 13% derivation revenue.

Highlights:

• Federal Government: N4.95 trillion, 24% higher than 2023.
• State Governments: N5.81 trillion, up by 62% from the previous year.
• Local Governments: N3.77 trillion, a 47% increase year-on-year.

Lagos State led allocations with N531.1 billion, while Nasarawa received the least at N108.3 billion. Dr. Orji emphasized the need for continued fiscal reforms to ensure sustainable revenue growth and economic stability.