Thursday, August 21, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » June 2023 Revenue: Seven Oil–Producing States Get N70.3b FAAC Allocation

June 2023 Revenue: Seven Oil–Producing States Get N70.3b FAAC Allocation

Delta State topped the chart with N23,261,593,427.19, according to the breakdown of the allocations

July 22, 2023
in News
0
545
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

ReadAlso

Nigeria Kills Her Sun: Death And Vindication For Ken Saro-Wiwa, Ogoni Nine

Harvested Hearts, Organs of Slain Soldiers in Delta recovered – DHQ

 Abuja, NIGERIA  – Seven of the nine oil mineral producing states left Abuja yesterday with a combined cheque value of N70.408 billion being their allocation from the June 2023 revenue distributed by the Federation Account Allocation Committee (FAAC) on Thursday.

Delta State topped the chart with N23,261,593,427.19, according to the breakdown of the allocations.

Rivers State trailed with N13,192,309,721.26,followed by Akwa Ibom State with N12,745,539,724.44 and Bayelsa State with N12,394,003,050.48.

Edo State got N3,400,607,899.11; Ondo State N2,968,156,301.71 and Anambra State N2,386,453,498.68.

The remaining oil producing states of Abia and Imo received N1,577,804,645.31 and N1,386,364,304.46 respectively.

Amongst the non-oil producing states, Borno received a net allocation of N2,215,429,199.27 after N48,678,953.74 foreign loan outstanding against it, among other deductions, was taken from its gross allocation.

Kano, after all deductions had been made, went away with N2,064,843,128.93 and Benue, N2,032,809,639.68.

But it was bad news for Lagos State which returned empty handed and even still has an outstanding debt of N79,711,202.02 to pay.

It was gathered that the state has an outstanding foreign loan of N2,637,685,277.47 that was deducted from its gross allocation, leaving its account with the FAAC in the red.

Gombe State received a net allocation mandate for N423,957,430.32 after deductions, and Bauchi N454,931,200.03.

In respect of local governments’ gross allocations for the period, Kano with 44 local government areas received a N3,278,667,445.50; the 34 local governments in Katsina got N2,496,105,333.87; Oyo with 33 local government areas was credited with N2,214,857,377.95; and Kaduna with 23 local governments pocketed N2,059,353,609.99.

The eight local government areas of Bayelsa State received N697,768.037.05; Gombe with 11 local government received N891,129,511.36; the 13 local government areas in Ebonyi have N965,808,866.31 to share while the 16 in Ekiti have N1,016,396,834.97.

The six Area Councils of the Federal Capital Territory received N521,264,251.82.

The document also revealed that the last time the FAAC had any information regarding certified subsidy claim was on the 20th of June, 2018 when N4,026,369,698,361.67 was paid out for “certified subsidy claims by PPPRA from January 2010 to December 2015.

Besides, the document says the Nigeria National Petroleum Company (NNPC) is withholding N12,841,029,760,113.20 from 17th May 2012 to 19th July, 2023.

During the Thursday meeting the FAAC agreed to share only N907 billion of the June 2023 distributable revenue of N1.9 trillion.

A sum of N790 billion was saved and the rest used for statutory deductions.

The savings, it said, “will complement the efforts of the Infrastructure Support Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.

Report says the Federal Government had convinced the governors to save N1 trillion of the June revenue and get FAAC to share the remaining N900 billion in order not to saturate the economy with cash and further worsen inflation.

Sharing the whole N1.9 trillion, the Federal Government argued, would also put additional pressure on the naira and whittle down the desired impact of any palliative measures to cushion the effects of subsidy removal.

ADVERTISEMENT
Source: The Nation
Tags: FAACNiger DeltaOil Producing State
ADVERTISEMENT
Previous Post

Many Nigerian Army Generals turn in applications for voluntary retirement, says DHQ

Next Post

FAAC shared N907 billion among three tiers of government

You MayAlso Like

News

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025
News

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025
News

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025
News

Nigeria Deletes Nearly 59 Million Harmful Posts, Shuts 13 Million social media accounts

August 20, 2025
News

Africa loses over $580 billion annually to corruption — AfDB President

August 19, 2025
News

Delta Governor Approves N10bn to Settle Pension Backlogs, Earns Praise from TUC Leadership

August 19, 2025
Next Post

FAAC shared N907 billion among three tiers of government

Swimmers sit on rocks by the sea, at Vioulagmeni suburb, southeast of Athens, Greece, Saturday, July 22, 2023. AP

Greece facing longest heat wave on record while record highs hit US

Discussion about this post

Ibom Air: My side of the story, by Comfort Emmanson

PUBLIC ANNOUNCEMENT: The Resumed Impunity Of Violent And Unlawful Dispossession of Agidiasie People’s Ancestral Land Inheritance and Farmlands Under the Custodian of the Iyase Of Ogwashi-uku Kingdom By “HRH” Ifechkwude Okonjo

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

The Unexplained Professorship of Stella Ngozi Lemchi, Vice-Chancellor of Alvan Ikoku Federal University

Stripped, Beaten, Accused: NYSC Corps Members Brutalized by Anambra Vigilantes

Adaora Umeoji Means Business

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1240 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    971 shares
    Share 388 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    903 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

August 20, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.