What you need to know about FAAC allocation as seven oil producing states receive N70.4b

By Arabinrin Aderonke

In a big step for Nigeria’s oil-producing states, the Federation Account Allocation Committee (FAAC) recently shared N70.4 billion among seven states from the money.

The FAAC ensures that the money is fairly distributed among the federal government, states, and Local Government Councils. From the N907.054 billion earned in June 2023, a significant portion is set aside for the development of oil-producing states.

This shows a commitment to making sure every region grows together and that no one is left behind.

Among the seven states, Delta state got the most, receiving N23 billion. This is fantastic news for Delta state as they can now invest in things like good roads, quality schools, and adequate healthcare, making life better for everyone living there.

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Even though Anambra received the least amount at N2.386 billion, it’s still a valuable contribution to their finances. This money can help them plan for their future and invest wisely.

The other oil-producing states, like Rivers, Akwa Ibom, Bayelsa, Edo, and Ondo,also got substantial amounts ranging from N2.968 billion to N13 billion and with these fund, the benefiting states can start new projects, boost local businesses, and create jobs for the people, making their lives happier and more prosperous.

These oil-producing states now have more control over their finances & can plan and spend the money according to their specific needs. They won’t have to rely as much on money from the government, which is a good step towards independence & long-term stability.

As a writer, I’m eager to witness the transformative impact of this allocation on Nigeria’s oil-producing states and the positive changes it will bring to the nation as a whole. This milestone achieved by the Tinubu-led administration represents a genuine dedication to the well-being of its people and the nation’s progress.

Arabinrin Aderonke is an Award-Winning investigative journalist. Good Governance, Gender Rights, and Peace Advocate. She writes from Abuja