The Federation Account Allocation Committee (FAAC) received 100 percent of profit oil from Production Sharing Contracts (PSCs) remitted by the Nigerian National Petroleum Company Limited (NNPC Ltd).
State Seek Transparency in $8.8bn Crude-for-loan Agreements
State governments have called for a forensic audit of Nigeria’s crude oil-backed borrowing arrangements, warning that opaque crude-for-loan and swap deals may be undermining inflows into the Federation Account.
Economic Confidential earlier reported that the Nigerian National Petroleum Company...
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.
NEC Secretariat Gets N7.9bn Amid Funding Shortfalls for Agencies
The Federation Accounts Allocation Committee (FAAC) approved the disbursement of N7.895bn as funding for the operations of the Secretariat of the National Economic Council in 2025, despite widespread complaints by Ministries, Departments, and Agencies over inadequate...
FAAC Sub-Committee Recovers ₦2.36tn, $7.87m in Unremitted Revenue
The Federation Account Allocation Committee Post-Mortem Sub-Committee has recovered N2.36tn and $7.87m in outstanding revenue arrears collected by revenue-generating agencies but not remitted into the Federation Account, according to findings from the committee’s latest reconciliation released on...
