Tinubu held an emergency meeting with all the state governors.
Critical conversations were held on Thursday, February 15, at the federal executive chambers in Abuja.
“To put this in perspective, the National Bureau of Statistics (NBS) reports that in 2023, State Governors got the most cash in FAAC allocations in at least seven years.
“This was after the petrol subsidy was removed and the currency reform availed a 40 per cent increase to the country’s revenue.”
“According to the NBS, FAAC shared a total of N16.04 trillion to the three tiers of government in 2023, a 37.3 percent increase from N11.7 trillion in 2022. From this, the States and their Local Governments received a total FAAC allocation of N6.57 trillion, twice the N3.16 trillion they received in 2022.
“The NBS particularly notes that the amount shared by the federation surged in June 2023 following President Tinubu’s removal of the petrol subsidy and liberalisation of the foreign exchange market.”
