ABUJA: Former Vice-President and presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has described the Federal Account Allocation Committee, FAAC, disbursements to the three tiers of government as an “illusion”, arguing that rising nominal allocations have not translated into improved living standards for Nigerians.
Atiku, in a statement issued on Wednesday by his media aide, Phrank Shaibu, said the increase in FAAC allocations must be viewed against the depreciation of the naira, high inflation, declining purchasing power and rising government debt.
According to figures cited by Atiku from Agora Policy, FAAC disbursements increased from N4.43 trillion in the first half of 2021 to N18.72 trillion in the corresponding period of 2026, representing an increase of about 322 per cent.
The figures showed that FAAC disbursements rose from N5.53 trillion in the first half of 2022 to N6.76 trillion in H1 2023, N13.46 trillion in H1 2024, N17.43 trillion in H1 2025 and N18.72 trillion in H1 2026.
However, Atiku said the increase in nominal naira allocations should not be mistaken for an improvement in the country’s economic fortunes.
