Finance Minister Taiwo Oyedele says Nigeria's economic reforms have pushed monthly FAAC allocations to states and local governments above N2 trillion up from an average of N300 billion under previous administrations with a record N2.8 trillion distributed in June 2026.
Speaking at a national finance retreat in Owerri, Oyedele attributed the increase to the removal of petrol subsidy and unification of the foreign exchange market under President Tinubu.
Oyedele warned, however, that higher revenues alone would not guarantee prosperity without strategic investments in infrastructure, human capital, and local productivity.
He urged states to expand their internally generated revenue bases and called for an urgent review of the national revenue allocation formula to ensure equity across all 774 local government areas.
Source: The Cable
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