FAAC SHARES N2.55TN AS JUNE REVENUE SURGES

The Federation Account Allocation Committee (FAAC) has distributed N2.55 trillion to the three tiers of government for the month of June, reflecting a significant jump in revenue generation.

The increase in revenue was attributed to improved collections from various sources, including oil and non-oil sectors. The distribution was made in accordance with the revenue sharing formula, with the Federal Government, states, and local governments receiving their respective portions.

Officials noted that the higher allocation would provide additional resources for development projects and public service delivery across the country. Stakeholders welcomed the development as a positive sign of strengthening government revenue streams.

Analysts, however, cautioned that while the jump in revenue is encouraging, prudent management and transparent utilisation of funds remain critical to achieving meaningful development outcomes. They also called for continued efforts to diversify revenue sources and reduce dependence on oil.

The FAAC meeting concluded with a commitment from all parties to work towards sustainable revenue growth and efficient allocation of resources for the benefit of Nigerians.