News

Account For FAAC Allocations Or Face Lawsuit, SERAP Tells Govs, FCT Minister

Published

2 years ago

April 21, 2024

Editor

The Socio-Economic Rights and Accountability Project has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Nyesom Wike, to account for the spending of Federal Account Allocation Committee allocations to states and the FCT since 2019.

It also asked them to provide and widely publish documents on the spending of FAAC allocations received by their states and the FCT since 1999.

The Federal Account Allocation Committee is responsible for reviewing and adopting the allocation of funds to states and the Federal Government of Nigeria.

The requests followed reports that the committee disbursed N1.123 trillion to the federal, state, and local governments for March 2024 alone.

The breakdown showed states collected N398.689 billion.

SERAP’s request was contained in the Freedom of Information inquiry dated April 20, 2024, and signed by its Deputy Director, Kolawole Oluwadare.

“Without this information, Nigerians cannot follow the actions of their states and the FCT, and they cannot properly fulfil their responsibilities as citizens.

“Trillions of FAAC allocations received by Nigeria’s 36 states and the FCT have allegedly gone down the drain. The resulting human costs directly threaten the human rights of socially and economically vulnerable Nigerians,” it said.

It added that publishing the documents would enable Nigerians to meaningfully engage in the implementation of projects executed with the FAAC allocations collected.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.

“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel you and your state and the FCT to comply with our requests in the public interest,” it added.

The FoI requests read in part, “Secrecy in the spending of FAAC allocations received by your state and the FCT is entirely inconsistent and incompatible with the Nigerian Constitution 1999 [as amended] and the country’s international anti-corruption obligations.

“Secrecy in the spending of FAAC allocations received by your state and the FCT also denies Nigerians the right to know how public funds are spent. Transparency in the spending would allow them to retain control over their government.

“The documents should include the evidence and list of specific projects completed with the FAAC allocations collected, the locations of any such projects, and completion reports of the projects.

“The documents should also include details of the salaries and pensions paid from the FAAC allocations collected, as well as the details of projects executed on hospitals and schools with the FAAC allocations.

“Despite the increased FAAC allocations to states and FCT, millions of residents in your state and the FCT continue to face extreme poverty and lack access to basic public goods and services.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

10 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

32 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.