States Federation Allocation Increases by 69% to N5.54tn

According to figures from the approved 2024 budget, the federation allocation to coffers of state governments will increase by 69% to N5.54tn in 2024.

From the 2024 approved budget, states are projected to receive N2.24tn more than the N3.3tn disbursed in 2023.

The bulk of the revenue shared at FAAC meetings by the federal, state, and local governments are earnings from oil exports, taxes, and other statutory allocations.

Under the current revenue-sharing formula, the Federal Government gets 52.68 per cent of the revenue, states 26.72 per cent, and local governments 20.60 per cent.

The fund is to ensure development at different levels of government and also to enable the states and LGs to meet their obligations.

A breakdown of projected revenue showed that Lagos State will get the highest revenue of N596.63bn, followed by Delta and Akwa Ibom with N564.29bn and N510.02bn respectively.

Other states such as Adamawa will get N141.62bn, Anambra (199.52bn), Bauchi (196.12bn), Benue (120bn), Borno (201.87bn), Ebonyi (N108.32bn), Edo (N185.35bn), Ekiti (N81.85bn), Gombe (N99.6bn), Enugu (N120bn), Imo (N136bn), Jigawa (N107.5bn), Kogi (N138.17bn), Kwara (N125.45bn), Nasarawa (N96.95bn), Niger (N236.9bn).

Also, Kaduna would get a revenue injection of N84.39bn, Katsina will get N148.06bn while Kebbi will receive N145.02bn.

Other states include Ondo (N45.36bn), Osun (N99.09bn), Oyo (N201.27bn), Taraba (N112bn), Plateau (N151.42bn), Sokoto (N108bn) Yobe (N87.94bn) and Zamfara (N107.93bn).