FAAC to release N7bn monthly for infrastructure financing in Ebonyi, others

The Federation Account Allocation Committee (FAAC) is set to release the sum of N7 billion monthly, amounting to N84 billion annually, to each State of the Federation for infrastructure financing effective from May 2026.

Ikeuwa Omebeh, Ebonyi State Commissioner for Information and State Orientation, disclosed this during a State Executive Council press briefing in Abakaliki, Ebonyi State’s capital, on Tuesday.

Omebeh said the initiative applies equally to all States of the Federation, noting that the N84 billion yearly allocation would enable States to access medium- to long-term financing through the FAAC receivables discounting programme, supported by the Debt Management Office (DMO), Abuja.

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According to him, the Federation Account Allocation Committee (FAAC) in its meeting held on 20th February, 2026 reached a resolution to set aside the sum of Two hundred and fifty two billion naira (N252,000,000,000) monthly from the Federation Account for Infrastructure financing to the 36 States of the federation for a period of one year, effective from May, 2026.

“Therefore, the sum of seven billion naira (N7,000,000,000) per month for a total of 12 months, amounting to eighty-four billion naira (84,000,000,000), would be released to each of the States of the Federation.

“This will enable the State to secure medium to long-term financing using the FAAC receivables discounting programme supported by the Debt Management Office (DMO), Abuja.

“In view of this and following an invitation for Ebonyi State Government to participate in the FAAC receivables discounting programme for Infrastructure financing, EXCO approved as requested and accepted to queue into the receivables for 24 months as stipulated, and at 20% interest rate to the state,” Omebeh said.

The commissioner further revealed that Governor Francis Ogbonna Nwifuru, during the Executive Council meeting, undertook an assessment of policies, programmes, and projects executed by his Administration.

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He said the governor expressed satisfaction with ongoing independent assessments of Ebonyi State’s performance, particularly in infrastructure delivery, including the number of kilometres of roads completed and ongoing, while noting that some projects were at the finishing stage.

On the resignation of a commissioner, Omebeh stated that Felix Igboke, the Commissioner for Project Monitoring and Evaluation, had resigned his appointment.

According to him, Governor Nwifuru has directed the outgoing commissioner to hand over all government property in his possession to the Permanent Secretary of the ministry.

“His Excellency accepted his resignation and wished him well in his future endeavours,” Omebeh added.