Recent findings from the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, has indicated that the three tiers of governments in Nigeria have received about N53.3 trillion from the Federation Account Allocation Committee, FAAC, over the past three years (2023 – May 2026).
Also their independently generated revenues over the same period is estimated at about NN65.5 trillion bringing the total revenue they may have spent within the period to about N118.8 trillion.
Experts expect further rise in revenue to about N150 trillion by end of this year.
The amount spent, however, may be far higher as loans are not included in the money available for spending.
Further breakdown of the revenue figure indicates that the growth rate in revenue is far higher than the pre-economic reform year of 2022.
For instance, revenue distributed to the three tiers of government by Federation Accounts Allocation Committee, FAAC, in 2022, the year preceding the present administration’s reforms averaged N758 billion monthly.
By 2023, monthly average distribution to the three tiers of government moved to about ¦ 845 billion.
But by 2024, the present government’s first full fiscal year, average monthly distribution jumped to about N1. 3 trillion.
In 2025, monthly FAAC distribution rose to about N1.93 trillion. In the first five months of 2026, monthly revenue shared by FAAC averaged about ¦ 2.083 trillion.
The figures above exclude the federal government’s independent revenues and the internally generated revenues of states and local governments.
The massive revenue growth since 2023, according to Financial Vanguard findings, was driven by the key reform programmes of the federal government, mainly the removal of petrol subsidy and foreign exchange market liberalisation.
Public affairs analysts who spoke to Financial Vanguard, have expressed concern over the impact of such spending on the economy and livelihood of average Nigerians.
