Are State Allocations Actually Rising? Exposing the FAAC Illusion

This administration claims state revenues have never been higher. Yet when you adjust for inflation and the naira’s collapse, the picture changes drastically. In naira terms, monthly FAAC jumped from ₦600–₦700 billion in 2014 to over ₦1.1 trillion today. But at ₦1,500 to the dollar, that falls to just $730–$860 million. In 2014, the same allocation was worth $3.6–$4.2 billion. Meanwhile, borrowing is at record highs and the cost of governance keeps climbing. Wages and services have suffered, with the minimum wage effectively halving in dollar value since 2014. Why remain silent on a 75–80 percent drop in real FAAC value? Where did all the borrowed funds and subsidy savings go? Citizens deserve clear answers.

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