• About Us
  • Contact Us
  • Privacy & Policy
Thursday, September 18, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

FAAC Revenue Soars As 24Million Nigerians Groan Under Agonizing Economy

Vincent Amadi by Vincent Amadi
June 3, 2024
in Economy, News
Reading Time: 4 mins read
A A
0
FAAC Revenue Soars As 24Million Nigerians Groan Under Agonizing Economy
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

By Vincent Amadi
Poverty and staggering debt remain the albatross on the shoulders of the federal government, 36 States and the Federal Capital Territory (FCT), and the 774 Local Government Areas, in spite of sharing a whopping N17.9 trillion as the cumulative Federal Account Allocation Committee (FAAC) revenue under President Bola Tinubu.
The figure, which is the most elevated by the Nigerian government in history, speaks to a 42.6 percent surge when compared to the N12.56 trillion it was a year prior.
The increase sprang from the removal of the petrol subsidy which freed more funds for month-to-month FAAC payouts.
The disclosure came from a recent FAAC report released by the National Bureau of Statistics (NBS).
Notwithstanding the higher monthly subvention, a report from the World Bank shows that Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent in December 2023. It implies that the number of poor individuals expanded from 79 million to 104 million.
According to the report, more individuals have fallen below the poverty line due to sluggish economic development and rising persistent inflation.


“Sluggish growth and rising expansion have expanded the poverty rate from 40 percent in 2018 to 46 percent in 2023, pushing an extra 24 million individuals underneath the national poverty line,” the World Bank said.
The report included that the number of poor individuals in urban areas (more exposed to inflation) expanded from 13 million to 20 million, whereas the number of poor individuals in country zones rose to 84 million from 67 million during the same period.
The most exceedingly bad five states in poverty headcount rate for 2019, according to Statista are; Sokoto, 87.73%, Taraba, 87.72%, Jigawa, 97.02%, Ebonyi, 79.76% and Adamawa, 75.41%. The least five states are; Lagos, 4.5%, Delta, 6%, Osun 8.5%, Ogun 9.3% and Oyo, 9.8%
Analysts say the figures have not moved forward since the variables dependable for the compounding poverty, like terrorism, climate change crisis, lack of cultivate input, inflation, and others, are however to abate.
The World Bank, however, anticipated a silver lining, clarifying that the increment in destitution rate will be fixed by the later changes of President Bola Tinubu from 2024 forward, reversing the rise to 44 percent in 2026.
Figures from the Debt Management Office (DMO) show that Nigeria’s total public debt stock as of December 31, 2023, was N97. 34 trillion or $108.229 billion.
Sub-national domestic debt stood at N5.863 trillion, whereas external debt stock was $4.61 billion.
Topping the debtor list is Lagos State, Nigeria’s commercial center, which had an external debt of $1.24 billion in 2023. In any case, this figure is marginally less than the $1.25 billion in 2022. The slight decay is likely due to a dependence on more domestic debt, which is around N1.05 trillion. Taking after closely is Kaduna State, which has an outside obligation of $587.07 million in 2023, climbing from $573.74 million within the past year. Too exposed to offshore lenders is Edo State with external debt bouncing to $314.45 million in 2023 from $261.15 million in 2022.
An investigation by the Whistler shows that Delta, Waterways, Akwa-Ibom, Bayelsa, Lagos, and Kano states got the most noteworthy FAAC allocation under Tinubu.
On the flip side, Gombe, Ekiti, Ogun, and Cross-River States for the least.
In spite of the fatter month-to-month FAAC salary, there are veritable concerns as 15 Nigerian states have however to implement the N30,000 least wage for their laborers since it was marked into law in 2019.
Considering the humongous stores accessible to states, the organized work is demanding a month-to-month least wage of almost N600,000 as millions of Nigerians fight multi-dimensional destitution.
According to BudgiT, though 15 states are however to implement the least wage of N30,000, the 36 states of the alliance developed their total staff cost by 13.44 percent to N1.75 trillion in 2022 from N1.54 trillion in 2021.
Moreover, these states developed their overhead bills by 23.42 percent to N1.24 trillion in 2022.
Under the current administration Delta, Rivers, Akwa-Ibom, Bayelsa, Lagos, and Kano states got the most elevated FAAC revenue during the period.


In any case, at the conclusion of the 10 months of February 2023 beneath previous President Buhari, Delta, Akwa-Ibom, Waterways, Bayelsa, Lagos, and Kano states got the most elevated income.
Further breakdown appeared that Delta state in spite of being the state with the foremost assignment in both periods, saw a decay of 3.77 percent to N326.64 billion as against N339.44 billion it got beneath Buhari.
Rivers State, which received the highest allocation from the FAAC under the Tinubu administration, experienced a slight decrease of 0.88% in its allocation compared to the Buhari era. The state’s allocation now stands at N261.48 billion, down from N263.79 billion under Buhari.

Experts have pushed for a more frugal administration of resources across the three tiers of government so that the picks up of good administration can cascade down to all nooks and corners of society.
The Director General of, the Centre for the Promotion of Private Enterprise (CPPE) Dr. Muda Yusuf, said it was disheartening that advancement at the sub-national level has remained horrifying, calling on governors to see past the state capital to develop the rural areas where the bulk of the citizens dwell.
He said:
“It’s not pleasant that poverty has continued to ravage the citizens in spite of higher FAAC distributions.
“The extra income ought to be went through on ventures that emphatically affect the lives of the individuals.
“It’s not around governors building flyovers at state capitals and dismissing numerous parts of their states.
“Look at what your citizens are predominantly engaged in. Are they farmers, fishermen, traders, and so on? You invest in what they do so you make the state more inclusive, not just building airplane terminals, flyovers, etc.
“Corruption could be a major issue really. The more cash accessible, the more the debasement component of it.
“People should be made accountable. A system carrying too many parasites cannot grow.
The citizens ought to request responsibility and not fair regret and go to bed after voting”, he said.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Nine rescued from burning six-storey building in Lagos — Fire Service
News

Nine rescued from burning six-storey building in Lagos — Fire Service

1 day ago
IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery begins nationwide distribution of petrol

3 days ago
Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15
Economy

Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15

6 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

APC Chieftain Condemns Rivers State Emergency Rule, Says Nigerians Failed to Act
National

APC Chieftain Condemns Rivers State Emergency Rule, Says Nigerians Failed to Act

3 hours ago
Full text of Tinubu’s reinstating Fubara as Rivers Governor
National

Full text of Tinubu’s reinstating Fubara as Rivers Governor

3 hours ago
Rivers PDP warns Fubara against defecting to APC
National

Political actors learnt nothing from Rivers emergency rule – Lawyer

3 hours ago
Umoren Organs Were  Not Missing; Family Denies Organ Harvesting Allegations Against Akpabio
National

NBA to Senate: Stop blocking Natasha’s resumption

3 hours ago
2027: Other aspirants can contest against Tinubu for presidential ticket — APC
National

FAAC August 2025 Revenue Rises to N2.225tn, Shared Among FG, States and LGAs

3 hours ago
Pensioners threaten nationwide protest over unpaid benefits
National

Pensioners threaten nationwide protest over unpaid benefits

1 day ago

POLITICS

Rivers PDP warns Fubara against defecting to APC

Rivers PDP warns Fubara against defecting to APC

1 day ago
2027: Why Peter Obi may return to PDP

2027: APC engaged in early campaign against electoral act – PDP

1 day ago
APC’s only member in Abia House of Assembly dumps party

APC’s only member in Abia House of Assembly dumps party

1 day ago
2027: We won’t condone members with ulterior motives – ADC

2027: We won’t condone members with ulterior motives – ADC

4 days ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

10,000 APC, PDP members defect to ADC in Benue

4 days ago
I will break second term jinx in Ekiti – Gov Oyebanji

I will break second term jinx in Ekiti – Gov Oyebanji

1 week ago

YOUR ECONOMY

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery begins nationwide distribution of petrol

3 days ago
Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15
Economy

Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15

6 days ago
Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

3 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

4 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

4 weeks ago

E & P

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System
Sports

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

by Steven Atogi
2 days ago
0

Poor Recruitment, Not Amorim’s Tactics, at Fault Manchester United legend Paul Scholes defends manager Ruben Amorim’s system despite the club’s...

Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

1 week ago
Chelsea Push £78m Fermin Lopez Transfer Bid

Chelsea Push £78m Fermin Lopez Transfer Bid

3 weeks ago
The Rise And Fall Of Sports Institute, Isaka

The Rise And Fall Of Sports Institute, Isaka

4 weeks ago
KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

1 month ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

1 month ago

YOUR THOUGHT & HISTORY

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
2 weeks ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
2 weeks ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
4 weeks ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
2 months ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

APC Chieftain Condemns Rivers State Emergency Rule, Says Nigerians Failed to Act

APC Chieftain Condemns Rivers State Emergency Rule, Says Nigerians Failed to Act

September 18, 2025
Full text of Tinubu’s reinstating Fubara as Rivers Governor

Full text of Tinubu’s reinstating Fubara as Rivers Governor

September 18, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address