FAAC Approves N7 Billion Monthly for Infrastructure in Ebonyi, Other States
By Aboki Forex —
The Federation Account Allocation Committee (FAAC) has approved the release of about N7 billion every month to support infrastructure financing in Ebonyi and other participating states. The funds come under a new development framework designed to improve access to long-term funding for key projects.
The initiative targets roads, housing, water systems, healthcare facilities, and industrial development. Officials say the financing structure will help states speed up capital expenditure without relying heavily on commercial borrowing.
The programme involves collaboration between federal authorities, state governments, and development finance institutions. The goal is to strengthen how subnational governments deliver infrastructure.
Ebonyi State is among the expected beneficiaries. The state has ongoing investments in transport infrastructure, urban renewal, and industrial expansion projects.
According to the report, participating states must channel the funds into economically viable projects. These projects should generate growth, improve employment, and increase internally generated revenue.
The arrangement is also expected to reduce financing pressure on states with high debt servicing obligations. It will enable more predictable infrastructure funding flows.