In June 2024, the Oyo State’s government received its monthly allocation from the Federal Account Allocation Committee (FAAC):
– N11.18 billion for the state and
– N11.9 billion earmarked for distribution among its 33 Local Government Areas (LGAs).
Ranking second in the Southwest region and eighth nationwide, this allocation marks a significant increase from previous years, fueled by diverse revenue streams:
– N300 million from Electronic Money Transfer Levy
– #3.4 billion from Exchange Gain Allocation
– N8.77 billion from Value Added Tax
– N890 million from Statutory Allocation
– N120 million as the State’s share of the Ecology Fund
From June 2023 to May 2024, FAAC disbursed N121.10 billion to the state government and N127.75 billion to its LGAs, reflecting impressive growth rates of 45.68%, and 37.13% respectively compared to the previous year.
With these substantial increases in funding to the states and LGAs, citizens are rightfully expected to demand accountability and scrutinize the utilization of past allocations by their governors.
The recent judicial pronouncement by the Supreme Court, enshrining financial autonomy for local governments, promises to bring governance closer to the people and strengthen democratic values.
Given enhanced funding, additional federal grants, and robust internal revenue, residents should increasingly vocalize their demands for transparent governance and tangible improvements in infrastructure and living standards across Oyo State from their Governor and local government Chairmen.
Curiously, it is from this state that its 33 local government chairmen are announcing their withdrawal from ALGON, the umbrella body of all LGAs in Nigeria. They want to continue the feeding bottle technic which Gov. Makinde has being dealing with them with, not even minding the Supreme Court ruling that granted them full financial autonomy.
To #EndBadGovernance, let’s ask our governors: #WhereIsOurMoney?
For further details on FAAC allocations to other states and local governments, please visit here.
