In the wake of the fuel subsidy removal by President Bola Tinubu, the monthly disbursement to the three tiers of government by the Federal Account Allocation Committee (FAAC) increased significantly.
Based on the statutory sharing formula, the federal government receives 52.68 per cent of the total sum, while the states and local government areas (LGAs) receive 26.72 per cent and 20.6 per cent respectively.
The monthly allocation, particularly to states and local governments, is meant to fast track execution of viable economic and social infrastructure development projects at the grassroots.
The allocation, which is readily available monthly, is expected to cushion the impact of the economic crunch and promote people-oriented programmes to improve the overall well-being of the people.
With the jettisoning of fuel subsidies which had cost the nation’s treasury over 10 billion dollar annually, more funds are made available by FAAC to the states.
However, a survey…