• About Us
  • Contact Us
  • Privacy & Policy
Tuesday, July 15, 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

Peter Obi urges Northern leaders to invest in education to tackle poverty
National

Just In: I will contest for office of the President in 2027 — Peter Obi

1 week ago
Breaking: Gunmen kill 11 Ebonyi indigenes at Ogboji meeting in Anambra. Survivor recounts horror.
News

Breaking: Gunmen kill 11 Ebonyi indigenes at Ogboji meeting in Anambra. Survivor recounts horror.

2 weeks ago
Mohbad: Court Dismiss Mohbad’s Father’s Case Against Naira Marley, Sam Larry
News

Mohbad: Court Dismiss Mohbad’s Father’s Case Against Naira Marley, Sam Larry

2 weeks ago
Speed Darlington Rejects NAPTIP Summons, Denies Allegations of Rape and Cyberbullying
News

Speed Darlington Rejects NAPTIP Summons, Denies Allegations of Rape and Cyberbullying

2 weeks 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

ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts
National

ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

20 hours ago
Coalition’s ADC takes over of PDP structures in North East
National

Hundreds Dump APC, PDP, NNPP for ADC in Katsina

22 hours ago
Nigeria Mourns as Tinubu Directs National Flags to Honour Late President Buhari
National

Nigeria Mourns as Tinubu Directs National Flags to Honour Late President Buhari

23 hours ago
Learn from Buhari’s Mistakes in Appointments, Shehu Sani Warns Tinubu
National

JUST IN: Former President Muhammadu Buhari Dies in London at 81

1 day ago
ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil
National

ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

2 days ago
Jonathan Blames Abandoned Niger Delta Projects on Frequent NDDC Leadership Changes
National

Jonathan Blames Abandoned Niger Delta Projects on Frequent NDDC Leadership Changes

2 days ago

POLITICS

Kwankwaso asserts refraining from making comments on political events

Kwankwaso Not Leaving NNPP for ADC – Dungurawa Clears the Air

13 hours ago
ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

ADC Accuses Tinubu of Plotting to Derail 2027 Momentum Through Courts

20 hours ago
ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil

2 days ago
2027: APC chieftain warns opposition leaders and ADC against reckless statements

2027: APC chieftain warns opposition leaders and ADC against reckless statements

2 days ago
Lagos LG election: APC leading across 57 councils

Lagos LG election: APC leading across 57 councils

2 days ago
Gbajabiamila Says ADC-Led Opposition Coalition Strengthens Democracy, Calls for Voter Education

Gbajabiamila Says ADC-Led Opposition Coalition Strengthens Democracy, Calls for Voter Education

3 days ago

YOUR ECONOMY

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

3 weeks ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

4 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

4 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

4 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

4 weeks ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

1 month ago

E & P

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid
Sports

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

by Steven Atogi
13 hours ago
0

Turkish football analyst Mustafa Göksu claims Osimhen Galatasaray transfer talks included direct calls to Napoli officials.Speaking on Arma Sports’ YouTube...

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

5 days ago
Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

6 days ago
Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

Just In: Osimhen agrees on personal terms with Galatasaray, rejects Al Hilal €75m bid

1 week ago
Breaking: Galatasaray submits €50m bid for Victor Osimhen

Breaking: Galatasaray submits €50m bid for Victor Osimhen

1 week ago
Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks

Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks

1 week ago

YOUR THOUGHT & HISTORY

El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
1 week ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
2 weeks ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
3 weeks ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
5 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
6 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

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

July 15, 2025
Kwankwaso asserts refraining from making comments on political events

Kwankwaso Not Leaving NNPP for ADC – Dungurawa Clears the Air

July 15, 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