Tinubu Tasks EFCC with Tracking FAAC Funds to States, Local Governments

By Olushola Akinyele, Presstv News Nigeria

President Bola Ahmed Tinubu has approved the involvement of the Economic and Financial Crimes Commission (EFCC) in monitoring the release and utilisation of funds allocated to states and local government areas through the Federation Account Allocation Committee (FAAC).

Presstv News Nigeria learnt that the development is part of efforts to strengthen financial accountability and enhance transparency in the management of federally distributed revenues across the country.

With the approval, the EFCC is expected to monitor the movement of FAAC allocations to the sub-national governments and track how the funds are deployed after disbursement.

The initiative could bring increased scrutiny to the handling of public revenues at the state and local government levels, particularly amid ongoing concerns over transparency and accountability in the management of government resources.

FAAC allocations remain a critical source of funding for state and local governments, supporting the delivery of essential services and the implementation of public projects.

The monitoring framework is expected to provide greater visibility into the flow of these funds while helping to identify potential financial irregularities, misuse or diversion of public resources.

Further details on the scope, procedures and implementation of the EFCC’s monitoring role are expected as the Federal Government moves to operationalise the presidential approval.