What does FAAC mean in COMMITTEES
The Federal Accounts Allocation Committee (FAAC) is a body established by the Nigerian Federal Government to manage and disburse revenue collected from both local sources and foreign donors. It is responsible for ensuring that all funds generated from different sources are utilized in the most equitable manner possible.
FAAC meaning in Committees in Community
FAAC mostly used in an acronym Committees in Category Community that means Federal Accounts Allocation Committee
Shorthand: FAAC,
Full Form: Federal Accounts Allocation Committee
For more information of "Federal Accounts Allocation Committee", see the section below.
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Essential Questions and Answers on Federal Accounts Allocation Committee in "COMMUNITY»COMMITTEES"
What does FAAC stand for?
FAAC stands for the Federal Accounts Allocation Committee.
What is the function of FAAC?
The main purpose of the FAAC is to ensure the proper allocation and utilization of funds from federal revenue sources.
How often does FAAC meet?
The FAAC meets on a monthly basis, or as necessary when issues arise.
Who is part of FAAC?
The committee consists of representatives from both state governments and the federal government, which includes Minister of Finance, Minister of Budget and National Planning, Accountant General of the Federation, Governors' Forum Chairman, Central Bank Governor and other relevant stakeholders.
Where can I find more information about FAAC?
You can visit the office website (https://www.finance.gov.ng/about-us/federal-accounts-allocation-committee-faac/) for more information about FAAC activities and policies.
Final Words:
In conclusion, the Federal Accounts Allocation Committee (FAAC) plays an important role in managing public resources in Nigeria by ensuring equitable distribution among states in line with its policies and procedures. Their effective performance continues to ensure that citizens receive their due benefits from federal coffers.
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