Close Menu
OsunDailyNG
  • NATIONAL
  • LATEST
  • POLITICS
  • OSUN NEWS
  • METRO
  • ENTERTAINMENT
  • SPORT
  • BUSINESS
  • WORLD
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
OsunDailyNGOsunDailyNG
Subscribe
  • NATIONAL
  • LATEST
  • POLITICS
  • OSUN NEWS
  • METRO
  • ENTERTAINMENT
  • SPORT
  • BUSINESS
  • WORLD
OsunDailyNG
Home ยป Federal, states, LGAs share N2.517tn FAAC exchange rate gain in 2023
LATEST

Federal, states, LGAs share N2.517tn FAAC exchange rate gain in 2023

OsunDailyBy OsunDailyFebruary 8, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
FAAC shares N786bn May revenue to Tinubu govt, others
Share
Facebook Twitter LinkedIn Pinterest Email
Reach the right people at the right time with OsunDailyNG. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication at newsdesk@osundailyng.com Call or Whatsapp: +2348132512456 07056907162

The three tiers of government, federal, state and local government councils, shared N2.517 trillion Federation Allocation Account Committee, FAAC, exchange rate gains in 2023.

A review of the FAAC report from January to December 2023 disclosed this.

According to the reports, the federation received N2.836 trillion during the period and deducted N318.29 billion from the non-oil excess account, which made it N2.517 trillion.

From the N2.517 trillion, the federal government received N1.211 trillion, while the 36 states shared N614.49 billion, and the LGAs received N473.92 billion.

The eight states, which are Akwa Ibom, Delta, Rivers, Bayelsa Ondo, Edo, Imo State and Abia, producing mineral resources like oil, received N217.38 billion as 13 per cent derivation.

Further analysis of the figures reveals that between January and April, FAAC allocation shared by the component units of the federation did not include any FX gain. However, the federation recorded the N2.836 trillion reported above from May to December.

The highest gain from forex was recorded in May, with around N639.39 billion accruing to the federationโ€™s account.

The period of consistency in FX gain nearly coincides with the time the Central Bank of Nigeria (CBN) unified the forex market- a move analysts described as a partial float.

The FAAC report for the 12 months also contained FX differential/equalization payments for February, April, and July, totalling N246.31 billion.

For February, the FX differential/equalization stood at N120 billion; for April, it was at N70 billion. In July, the payment stood at N56.31 billion.

Recall that on June 14 last year, the Central Bank of Nigeria floated the Naira, which saw a hike to N708 per US dollar on June 21 from N464.5 in May.

Similarly, barely a week ago, CBN issued โ€˜Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodologyโ€™ last week, weakening Naira from N891.90 per US dollar on January 26 to N1418.78 on Wednesday.


Reach the right people at the right time with OsunDailyNG. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication at newsdesk@osundailyng.com Call or Whatsapp: +2348132512456 07056907162
Exchange FAAC Federal gain LGAs N2.517tn Rate Share States
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
OsunDaily
  • Website

Related Posts

Anti-Matawalle protests sponsored by Zamfara Govt – APC group

May 10, 2025

Gunmen kill three security personnel during attack on anti-banditry office in Jigawa

March 6, 2025

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th March 2025

March 6, 2025

Comments are closed.

Facebook X (Twitter) Instagram WhatsApp Telegram Threads
  • Home
  • Privacy Policy
  • Advertise with US
  • Contact Us
  • About Us
© 2025 OsunDailyNG Media Hub. Designed by OsunDailyNG Media Hub.

Type above and press Enter to search. Press Esc to cancel.

Join Osun DailyNG Media Hub

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.