Lagos leads FAAC allocations in the first eight months of 2023.

Data collected from the Office of the Accountant-General of the Federation (OAGF) shows that, during the first eight months of 2023, Lagos State got the highest amount of money from the Federation Account Allocation Committee (FAAC).

A total of ₦143.97 billion was distributed to the 25 LGAs with the highest FAAC allocation from January to August 2023, according to the data. Twenty of these LGAs are located in Lagos State, and the other five are in the FCT.

According to the data, Alimosho LGA in Lagos State received the second-highest FAAC allocation in the first eight months of 2023, following Abuja Municipal Area Council in the Federal Capital Territory (FCT) with $8.88 billion.

Ajeromi/Ifelodun LGA in Lagos State received 6.73 billion naira, making it the third largest allocation.

The other LGAs in Lagos State that received high FAAC allocations are Kosofe (₦6.62bn), Mushin (₦6.52bn), Oshodi/Isolo (₦6.48bn), Ojo (₦6.41bn), Ikorodu (₦6.27bn), Surulere (₦6.08bn), Agege (₦5.93bn), Ifako/Ijaye (₦5.82bn), Somolu (₦5.72bn), Ikeja (₦5.44bn), Eti-Osa (₦5.42bn), Amuwo-Odofin (₦5.42bn), Lagos Mainland (₦5.40bn), Badagry (₦5.22bn), Apapa (₦5.06bn), Epe (₦5.03bn), Ibeju Lekki (₦4.72bn) and Lagos Island (₦5.02bn).

In the first eight months of 2023, Lagos State received a total of ₦118.19 billion from FAAC.

Bwari (N5.01bn), Gwagwalada (N4.71bn), Kwali (N4.57bn), and Kuje (N4.55bn) are the other FCT LGAs (area councils) that got substantial FAAC allocations.

The Federal Capital Territory (FCT) received ₦25.78 billion in FAAC funding for the first eight months of 2023.

According to the data, the appropriation of FAAC to the 25 LGAs rose 18.7 percent, from 128.66 billion to 152.64 billion, between the first eight months of 2022 and 2023.

This demonstrates how the federation account’s revenue has improved after the COVID-19 epidemic and the worldwide decline in oil prices in 2020 and 2021 impacted it.