FAAC sub-committees receive N11.5bn for 2026 budget planning

The Federation Account Allocation Committee (FAAC) has approved the transfer of N11.5bn from the 0.5 per cent Stabilisation Fund to support the operations of its sub-committees working on preparations for the 2026 national budget framework.

 

According to official documents, the transfer was authorised by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

 

The document on the 0.5 per cent Stabilisation Fund Account, dated January 2026, showed that N11,500,000,000.01 was withdrawn from the account on January 28, 2026, specifically for the sub-committees responsible for preparing the 2026 proposed budget.

 

“The transfer represents the amount approved by HMF/CME in favour of various sub-committees of FAAC for the 2026 proposed budget,” the document stated.

 

The statement of the Stabilisation Fund account indicated that the withdrawal formed part of a series of transactions involving allocations, deductions and statutory transfers recorded between November 2025 and February 2026.

 

Before the latest withdrawal, the account had a cumulative balance of N61.11bn, following previous deductions, including N7.89bn approved for the operations of the National Economic Council Secretariat for the 2025 fiscal year.

 

After the N11.5bn deduction, the account balance temporarily declined to N49.61bn, according to the statement.

 

However, further inflows and adjustments, including monthly allocations and refunds linked to the 13 per cent derivation index for Bayelsa State, later increased the balance.

 

The document showed that by February 20, 2026, the Stabilisation Fund account recorded a closing balance of N54.27bn.