Federal allocation to states and local government areas may increase by 109.74 per cent to N14.04tn in 2024.
This is according to the Federal Government’s revenue projections in its Revised 2024 – 2026 Medium-Term Fiscal Framework.
Based on these projections, disbursement to states and local governments has been predicted to increase from the N6.69tn projected in 2023 to N14.04tn in 2024.
Revenue available in the Federation Account is expected to increase by 124.43 per cent to N26.61tn in 2024 from N11.86tn in 2023. This projected rise in revenue is supposed to happen because of exchange rate effects, higher oil production projection, and the removal of subsidy.
