How much is allocated to local government in Nigeria?

A monthly average of N139,117,586 or an annual average of 1.67 billion naira (N1,669,411,036) has accrued to each local government in Nigeria.

What is statutory allocation in local government?

Statutory Allocation means funds provided by the Department to the Authority for the performance of statutory functions.

What is Federation Account Allocation?

Federation Account means the pool of revenue of the Borrower for distribution between the three tiers of government using an agreed distribution formula; Sample 1.

What are the functions of Federation Account Allocation Committee?

(3) The functions of the Committee shall be to ensure that allocations made to the Local Government Councils in the State from the Federation Account and from the State concerned are promptly paid into the State Joint Local Government Account and distributed to Local Government Councils in accordance with the …

Which local government is the richest in Nigeria?

Lagos Island LGA Lagos island which is popularly known as Isale-Eko is the richest local government area in Nigeria and it is located in the southwestern part of the country.

What is Nigerian Faac?

The Federation Accounts Allocation Committee (FAAC) has shared a total of N733. 095 billion as June 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

Which local government has the highest revenue in Nigeria?

Lagos State
”Lagos State has the highest Internally Generated Revenue with N418. 99bn recorded, closely followed by Rivers with N117. 19bn while Yobe State recorded the least Internally Generated revenue,” the NBS report indicated.

What other name is the Federation account called?

Consolidated Revenue Fund
But to an expert, especially in the office of the Accountant- General, the decision is meaningless since, to them, the Federation Account is the same account called the Consolidated Revenue Fund of the Federation Account.

What is the full meaning of FAAC?

Acronym. Definition. FAAC. Federal Accounts Allocation Committee (Nigeria)

What is the full meaning of Rmafc?

Revenue Mobilisation Allocation and Fiscal Commission (Nigeria) Governmental. Rate it: RMAFC.

Who is the richest man in Rivers state in Nigeria?

Atedo Peterside CON
Meet the richest man in Rivers State according to FORBES. Atedo Peterside CON (born in July 1955) is a Nigerian entrepreneur, investment banker, and economist. He is the founder of Stanbic IBTC Bank Plc, Anap Business Jets Limited (Anap Jets),and the Atedo N. A. Peterside Foundation (Anap Foundation).

Which state is D richest in Nigeria?

List of Nigerian states by GDP

How are States over reliance on FAAC in Nigeria?

States’ Over-reliance on FAAC: The monthly federal statutory allocation has been the driver of economic activities in most states in Nigeria. As seen in recent years, salaries of workers and other government recurrent expenditures are funded using the allocation that comes from the Federal Government.

How much money does each state share in Nigeria?

States and Local Governments in Nigeria shared a total of N294.83 billion in May 2019. This was revealed in the latest report on the disbursements made by the Federation Account Allocation Committee (FAAC).

Which is the highest state government in Nigeria?

Delta, Bayelsa, Lagos and Rivers received the highest allocation. The Federation Accounts Allocation Committee (FAAC) disbursed N649.19 billion to the three tiers of government in January 2019 from the revenue generated in December 2018, the National Bureau of Statistics says.

What is the Rivers State Government doing for the people?

TRADERS CELEBRATES GOVERNOR WIKE, AS MILE ONE MARKET AND FRU… In commitment to Rivers People, the Rivers State Government is building a new ultra modern fruits and vegetable market in D/Line that was gutted by fire.