INVESTIGATION : Lagos, Ogun,Oyo Received N2.3 Trillion FAAC Allocations, Generated N5.1 Trillion in Five Years

Daud Olatunji & Enoch Oyedibu

Three states in the South West of Nigeria—Lagos, Ogun, and Oyo—have collectively received N2,459,298,807,953.19 from the Federal Account between 2019 and 2023. 

During the same period, these states generated N5,085,208,261,206.21 through Internally Generated Revenue (IGR).

Further investigation by PLATFORM TIMES revealed that Lagos topped the three states with a total of N4.34 trillion in IGR and N1.52 trillion in FAAC allocations over five years.

 Ogun State followed with N429,208,261,206.16 in IGR and N276,944,533,233.19 from FAAC. 

Oyo State, with the least among the three, received N480.3 billion from FAAC and generated N316.8 billion in IGR in the last five years.

The data obtained from the states’ portal, www.openstates.com, disclosed that apart from IGR and FAAC, the states had other means of generating funds, including Value Added Tax and grants, among others.


… Ogun Secures N706.15 Billion in Five Years from IGR,FAAC

Ogun State, also known as the Gateway State, accumulated N706,152,794,439.19 as revenue from both FAAC and IGR between 2019 and 2023. 

The breakdown of the figures indicates that in 2019, the state collected N40.5 billion while generating N81.4 billion as IGR.

 In 2020 and 2021, the state received N34.6 billion and N37.8 billion from FAAC, respectively, while generating N50.5 billion in 2020 and N100.9 billion in 2021 as IGR.

 In 2022 and 2023, FAAC allocations were N83 billion and N80 billion, respectively, with IGR figures at N119.83 billion and N76.99 billion.


… Oyo Receives N480.3 Billion FG Allocation, Generates N316.8 Billion in Five Years

Over five years, Oyo State received N480.3 billion from the Federal Government Account Allocation Committee (FAAC) and generated approximately N316.8 billion in IGR. 

Although the 2019 audited financial data for Oyo State was unavailable, PLATFORM TIMES analysis relied on authoritative data from the state’s approved audited financial statements for 2020 to 2024. 

In 2020, Oyo State received N39.36 billion from FAAC and generated N30.53 billion in IGR.

 In 2021, FAAC allocations increased slightly to N39.71 billion, with IGR at N33.49 billion.

 The state also received N90 billion from FAAC and generated N76.82 billion in IGR in 2022. 

In 2023, Oyo State received N110 billion from FAAC and generated N83.25 billion in IGR. 

By 2024, FAAC allocations reached N201.27 billion, with IGR at N92.79 billion.

FAAC is a Federal Government fund disbursed to states in Nigeria to support federal government-aided projects. It comprises multiple accounts specific to different sectors or business types.

… Lagos Receives N1.52 Trillion FG Allocation, Generates N4.34 Trillion in Five Years

Under Governor Sanwo-Olu’s leadership, the Lagos State Government received over N1.52 trillion in federal allocations over five years. 

According to audited financial statements, the state also generated N4.34 trillion internally during this period. PLATFORM TIMES found that in 2019, 

Lagos State received N218.94 billion from FAAC and generated N556.14 billion in IGR.

 In 2020, FAAC allocations decreased slightly to N184.99 billion, with IGR at N886.04 billion.

 In 2021, FAAC allocations were N175.40 billion, with IGR at N723.82 billion. In 2022, 

Lagos received N72.75 billion from FAAC and generated N861.14 billion in IGR. In 2023, FAAC allocations were N274.24 billion, while IGR was N1.01 trillion. 

In 2024, FAAC for Lagos State was N596.63 billion, with a projected IGR of N1.16 trillion for the first quarter.


Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com

Related Articles

Back to top button