Breakdown of how States shared N5.3tr Fed. allocation in 2024
The Federation Account Allocation Committee (FAAC) disbursed a total of N5.38 trillion to the 36 states and the Federal Capital Territory (FCT) between January and December 2024, according to figures obtained by The Nation.
This amount represents an increase of about N1.46 trillion over the N3.92 trillion received by the states and the FCT in the previous year.
According to The Nation, the states received a total of N412.09 billion in January; N406.96 billion in February; N454.70 billion in March and N428.24 billion in April.
A total of N463.04 billion got to them in May; N365.81 billion (lowest allocation for the year) in June before going up to N461.98 billion in July and N473.48 billion in August.
Others were as follows: September: N422.86 billion; October: N453.72 billion; November: N490.70 billion and December: N549.79 billion which was the highest allocation for the year.
These variations in allocation were influenced by overall revenue performance and the criteria used by FAAC to calculate the allocations.
In comparison, 2023 allocations were much lower, peaking at N396.21 billion in January and hitting a low of N259.50 billion in April.
The discrepancies highlight improved revenue generation in 2024, driven by the removal of fuel subsidies, increased oil sales and better earnings from non-oil sectors, including taxes and royalties.
Among the states, Delta received the highest allocation in March 2024 with N62.7 billion, followed by Rivers State with N41.7 billion, and Akwa Ibom State with N41.6 billion. The oil-producing states benefit from the derivation principle, which ensures a part of oil revenue goes directly to Niger Delta states.
The increase in allocations is expected to assist state governments in enhancing infrastructure, education, healthcare and economic development. Stakeholders have urged responsible spending to ensure improvement in citizens’ quality of life.
A breakdown of the state by state allocations shows that Delta, Rivers, Akwa Ibom, Lagos and Bayelsa received the highest allocations
Delta got a total of N485bn; Rivers, N384bn; Akwa Ibom, N338bn; Lagos, N321bn and Bayelsa, N293bn.
Other top revenue allotees are: Kano, N166bn; Edo, N124bn; Ondo, N122bn; Anambra, N115bn and Oyo N113bn.
With a total of N5.38 trillion allocated in 2024, experts are optimistic about continued revenue growth into 2025.
