FAAC: 5 States That Received The Highest Monthly Allocations In 2020

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Every month, the Federation Account Allocation Committee (FAAC) shares revenues from the nation’s Statutory Account, FOREX Equalisation Account and Value Added Tax and other sources with the three tiers of the government, that is, the federal, state and local governments.

Citing data from the National Bureau of Statistics (NBS), Business Day reported that in 2020, FAAC disbursed a total of N2.49 trillion to the federal government while states received a total of N2.30 trillion within the same period.

Below is a list of the top five states that received the highest amounts from the monthly federal allocations, according to the report.

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1. Delta – N186.828 billion

2. Akwa Ibom – N146.265 billion

3. Rivers – N141.187 billion 4. Bayelsa – N116.401 billion

5. Lagos – N115.932 billion

In another report, an NBS data indicates that for two solid years, 11 out of the 36 states in Nigeria failed to attract foreign investments.

 

It was gathered that the 11 affected states were not able to attract any foreign investor in 2019 and 2020, according to the capital importation report recently published by the NBS.

The 11 states are: Bayelsa, Ebonyi, Ekiti, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe and Zamfara.

On the other hand, Lagos has retained its position as an investor’s favourite in Nigeria as it tops the list of states that attracted the most investments in 2020, outshining other states and the Federal Capital Territory (FCT)

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