Revenue Leak: N4.1tn Hole in Government's Purse – FAAC

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Headlines

Revenue Leak: N4.1tn Hole in Government's Purse – FAAC - Nigeria is grappling with a massive revenue haemorrhage as government agencies fail to remit billions of naira to the Federation Account. The Federation Accounts Allocation Committee (FAAC) has revealed a staggering N4.1 trillion in unremitted funds as of June 2024, despite efforts to reconcile and recover outstanding debts. Read more

ESRI User Conference West Africa 2024: Uniting the Region with Geographic Information Systems - The NAF Conference Centre in Abuja, Nigeria is gearing up for a landmark event: the ESRI User Conference West Africa 2024. This premier gathering (September 10-11) unites GIS professionals, academics, and industry leaders across the region.

To register for the Esri User Conference West Africa 2024, please click the link:  https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

The conference highlights the growing importance of Geographic Information Systems (GIS) for sectors like infrastructure, environment, disaster response, and urban planning. Attendees will gain hands-on experience with the latest ArcGIS software, hear from renowned speakers, and participate in networking sessions to forge partnerships and share best practices. This event marks a pivotal moment for West African geospatial technology. Increased satellite imagery, proliferation of GPS-enabled devices, and open-source software like QGIS have democratized GIS data and fueled innovation. The ESRI User Conference serves as a springboard for the future. By bringing stakeholders together, showcasing advancements, and fostering collaboration, the event empowers participants to leverage GIS for a brighter future. Read more

FAAC Disburses N12.45tn to FG, States, LGs in H1 2024 - The federal government, 36 states, and 774 local governments in Nigeria shared a total of N12.45 trillion in the first half of 2024, significantly higher than the N5.2 trillion shared in the same period in 2023. This represents a 139.4% increase in revenue allocation. The monthly FAAC disbursements ranged from N1.67 trillion in January to N2.32 trillion in June, with the bulk of the funds coming from the Statutory Account, Exchange Gain, Electronic Money Transfer Levy, and Value Added Tax. Additionally, the nine oil-producing states received an extra N626.33 billion as 13% derivation fund, up from N544.9 billion in the first half of 2023. This increase is attributed to stable oil prices and the Naira devaluation by the Bola Tinubu administration. The significant rise in FAAC allocation is crucial, as many sub-national governments struggle to generate enough Internally Generated Revenue (IGR) to fund their projects, relying heavily on the monthly FAAC disbursements.

Upcoming Event