Tag federation accounts allocation committee

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Tag Federation Accounts Allocation Committee (FAAC)

The Federation Accounts Allocation Committee (FAAC) is a committee established by the Nigerian government to allocate revenue generated from the federation account among the three tiers of government in Nigeria: the Federal Government, the 36 states, and the 774 local governments.

Functions:

1. Allocation of revenue: FAAC is responsible for allocating revenue generated from the federation account among the three tiers of government.
2. Revenue forecasting: FAAC forecasts revenue for the federal government and allocates it among the three tiers of government.
3. Monitoring and evaluation: FAAC monitors and evaluates the performance of the three tiers of government in terms of revenue generation and allocation.
4. Conflict resolution: FAAC resolves disputes that may arise between the three tiers of government over revenue allocation.

Composition:

1. Chairman: The Minister of Finance, Budget, and National Planning
2. Deputy Chairman: The Accountant-General of the Federation
3. Permanent Secretary, Ministry of Finance, Budget, and National Planning
4. Permanent Secretary, Ministry of State for Finance
5. Permanent Secretary, Ministry of Budget and National Planning
6. Permanent Secretary, Ministry of Local Government and Chieftaincy Affairs
7. Permanent Secretary, Ministry of State for Local Government and Chieftaincy Affairs
8. Representative of the 36 states
9. Representative of the 774 local governments

Meetings:

FAAC meets quarterly to review and allocate revenue generated from the federation account. The committee also meets as and when necessary to address any issues that may arise.

Revenue allocation formula:

The revenue allocation formula is as follows:

1. Federal Government: 52.68%
2. States: 26.72%
3. Local Governments: 20.60%

Note: The revenue allocation formula is subject to change based on the needs of the country and the recommendations of the FAAC.