Oseni Rufai Claims FAAC Allocation Fell 43% in Dollar Terms; Official Figures Show a Smaller Drop
The FAAC allocation in dollar terms has fallen since 2019, but by less than analyst Oseni Rufai claimed. He said on Arise TV that the allocation dropped by 43%. However, official figures point to a much smaller decline. This report sets out both sides.
What Rufai Said
Rufai said FAAC stood at ₦7.85 trillion in 2019, which he put at about $25.6 billion. In addition, he said it rose to ₦21.9 trillion in 2025, which he put at about $14.6 billion. As a result, he said, the allocation fell by 43.09% in dollar terms.
He called the gap between naira and dollar values a “money illusion”. He also said no state governor would show this data.
What the Official Figures Show
The Nigeria Extractive Industries Transparency Initiative (NEITI) reported that FAAC shared ₦8.15 trillion in 2019. Of that amount, the Federal Government received ₦3.37 trillion. Meanwhile, the 36 states received ₦2.761 trillion, and the 774 local governments received ₦1.649 trillion.
For 2025, the National Bureau of Statistics (NBS) data shows that FAAC disbursed ₦33.27 trillion in the first 11 months. The Federal Government received ₦6.865 trillion, the states received ₦6.713 trillion, and local governments received ₦4.905 trillion.
The 2025 total is therefore far higher than the ₦21.9 trillion Rufai cited.
The Dollar Comparison
The naira lost much of its value over this period. The official rate was about ₦306 to the dollar in 2019, and it averaged roughly ₦1,500 in 2025. At those rates, the 2019 total was worth about $26.6 billion. By comparison, the first 11 months of 2025 were worth about $22.2 billion.
On a monthly basis, 2019 averaged about $2.22 billion. In contrast, 2025 averaged about $2.02 billion, which is roughly 9% lower. These are SOJWORLDnews calculations, and they are approximate. Agencies measure FAAC totals on different bases, and exchange rates moved during both years.
The official data therefore supports Rufai’s point that the dollar value fell. However, it does not support a fall as steep as 43%.
Latest FAAC Sharing
FAAC shared ₦2.338 trillion at its September 2026 meeting in Abuja. The money came from August 2026 revenue. That figure is 22.2% lower than the record ₦3.007 trillion shared the month before, according to the Office of the Accountant-General of the Federation.
Rufai’s Other Arguments
Rufai said inflation hovered around 18 to 19 percent in 2019 and has since climbed to 34 percent, although official figures after rebasing show about 15 percent. Therefore, he argued, allocations should be adjusted for inflation. He also said three decent meals a day cost close to ₦5,000, so a month of meals costs over ₦150,000. That is more than double the ₦70,000 minimum wage.
He also responded to Senator Abdulaziz Yari’s remarks on subsidy and called the argument “dead on arrival”. In his view, the government should first explain forgone revenue. He cited about ₦34 trillion in import waivers and several trillion naira in yearly tax waivers. In conclusion, he said Nigerians are simply demanding accountability.
Report by SOJWORLDnews
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