FAAC to Release N7bn Monthly to Ebonyi for Infrastructure from May 2026
By Aboki Forex —
The Federation Account Allocation Committee (FAAC) will release N7 billion per month to Ebonyi State for infrastructure financing, starting from May 2026. This amounts to N84 billion over 12 months for each of the 36 states.
Commissioner for Information and State Orientation, Ikeuwa Omebeh, disclosed this during a State Executive Council press briefing. He said the resolution was reached at the FAAC meeting on 20th February 2026. A total of N252 billion will be set aside monthly from the Federation Account for this purpose.
Omebeh explained that the N84 billion will allow Ebonyi to access medium to long term financing. This will be done through the FAAC receivables discounting programme, supported by the Debt Management Office (DMO) in Abuja.
He stated that the state government has accepted to participate in the programme for 24 months at a 20% interest rate. The Executive Council approved the move after an invitation from FAAC.
During the council meeting, Governor Francis Nwifuru reviewed his administration's performance. Independent assessors rated the state high in infrastructure, particularly road projects. Omebeh noted that some other approved projects still need final touches.
On the resignation of Commissioner for Project Monitoring and Evaluation, Engr Felix Igboke, Omebeh said the governor accepted it. He directed Igboke to hand over all government properties to the Permanent Secretary of his ministry.