FAAC Transfers N11.5bn to Budget Sub-Committees

The Federation Account Allocation Committee (FAAC) has approved the transfer of ₦11.5bn from the 0.5% Stabilisation Fund to finance its sub-committees working on the 2026 national budget framework.

According to official documents, the withdrawal was authorised by Finance Minister Wale Edun on January 28, 2026, specifically for committees tasked with developing proposals for the fiscal programme.

The Stabilisation Fund account showed a balance of ₦61.11bn before the deduction, which temporarily reduced it to ₦49.61bn. By February 20, 2026, inflows and adjustments lifted the balance to ₦54.27bn.

The fund had earlier supported other obligations, including ₦7.89bn for the National Economic Council Secretariat in 2025, and transfers to the Nigerian Sovereign Investment Authority.

President Bola Tinubu presented the ₦58.18tn 2026 Appropriation Bill in December 2025, describing it as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” It is built on assumptions of $64.85 oil benchmark and an exchange rate of ₦1,400/$.

Budget defence sessions are ongoing, with ministries and agencies appearing before committees to justify allocations. Lawmakers are expected to recommend adjustments before harmonised reports are compiled for passage. The Senate has tentatively scheduled March 17, 2026 for final consideration.

Economic experts say the use of the Stabilisation Fund underscores the need for stronger fiscal coordination between federal and state governments in planning national budgets.

FAAC sub-committees typically handle critical components such as revenue projections, oil price benchmarks, and macroeconomic assumptions, shaping how funds are distributed across the three tiers of government.