News
Fed account receives N2.3trn as FAAC shares N1.7trn to FG, states, LG
The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.678 trillion to the federal, state, and local governments for March 2025 expenditures. This comes from the gross revenue of N2.344 trillion generated in February.
According to a statement issued by the Office of the Accountant-General of the Federation, total deductions for cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings stood at N577.097 billion. The FAAC meeting was chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant-General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion consisted of N827.633 billion in statutory revenue, N609.430 billion in Value Added Tax (VAT), N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion from solid minerals revenue, and an augmentation of N178 billion.
The amount shared this month was N194.664 billion lower than the N1.848 trillion disbursed in the previous month. The VAT revenue of N654.456 billion was also lower than last month’s N771.886 billion by N117.430 billion.
From the total allocation, the federal government received N569.656 billion, while state governments got N562.195 billion, and local government councils were allocated N410.559 billion. Additionally, N136.042 billion was shared with oil-producing states as derivation revenue.
In the breakdown of the N827.633 billion statutory revenue, the federal government received N366.262 billion, state governments got N185.773 billion, local government councils received N143.223 billion, and N132.374 billion was allocated to oil-producing states as derivation revenue.
From the N609.430 billion VAT revenue, the federal government received N91.415 billion, state governments got N304.715 billion, and local governments were allocated N213.301 billion.
The federal government also received N5.276 billion from the N35.171 billion EMTL revenue, while state governments got N17.585 billion and local governments received N12.310 billion.
For the N28.218 billion solid minerals revenue, the federal government received N12.933 billion, state governments got N6.560 billion, local governments received N5.057 billion, and oil-producing states were allocated N3.668 billion as derivation revenue.
The N178 billion augmentation was distributed with N93.770 billion going to the federal government, N47.562 billion to state governments, and N36.668 billion to local governments.
The statement noted that while Oil and Gas Royalty and EMTL revenue increased significantly, VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies declined.
The Senate has rejected a motion seeking to rename the Independent National Electoral Commission (INEC) headquarters after the late Prof. Humphrey Nwosu, the former chairman of the defunct National Electoral Commission (NEC).
Reintroduced by Senator Enyinnaya Abaribe on Thursday, the motion aimed to honor Nwosu for his role in Nigeria’s democratic evolution, particularly overseeing the annulled June 12, 1993, presidential election. However, the proposal sparked a heated debate, with lawmakers divided over his legacy.
While some, like Senator Osita Ngwu, argued that Nwosu was constrained by military rule, others, including Senator Jimoh Ibrahim, opposed naming anything after him since he failed to announce the election results. Senator Afolabi Salisu also warned that immortalizing Nwosu could diminish MKO Abiola’s legacy.
Following intense deliberations, the Senate rejected the motion via a voice vote but observed a one-minute silence in Nwosu’s honor and extended condolences to his family.
The 15th Emir of Kano, Alhaji Aminu Bayero, has announced the cancellation of the traditional Eid-el-Fitr Durbar celebration due to security concerns in the state. The Emir made the decision public on Wednesday night while addressing journalists at his Nasarawa Mini Palace in Kano.
According to Emir Bayero, ensuring peaceful coexistence among the people remains a priority, leading to the difficult decision to cancel the annual event. The Durbar, which was initially planned to coincide with his fifth anniversary on the throne, has now been shelved following consultations with Islamic clerics, elders, stakeholders, and members of the Emirate Council.
He urged Kano residents to mark the Sallah celebrations by visiting family and friends while maintaining peace and harmony. Additionally, he offered prayers for divine blessings and mercy during Ramadan, hoping that the people of Kano would receive forgiveness and grace during the sacred period.
The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has charged the newly appointed Secretary to the State Government (SSG), Prof. Ibibia Worika, with the critical task of restoring law, order, and public trust in the state.
Ibas made this known in a statement issued to journalists after Worika’s swearing-in ceremony in Port Harcourt on Wednesday. He emphasized that the new SSG must align every policy, decision, and action with the administration’s mandate to stabilize the polity and lay the groundwork for the restoration of democratic institutions.
“The task ahead is onerous, but your track record leaves no doubt in our minds that you will prove your mettle,” Ibas stated. “Rivers State needs your intellect, grit, and unwavering dedication. Together, we will write a new chapter of progress for this great state.”
The Sole Administrator also reminded Worika that there was no time for settling in, urging him to immediately engage with civil servants, whom he described as critical stakeholders in the administration’s success.
Reiterating his earlier commitment to governance anchored on transparency, accountability, and service, Ibas called on Permanent Secretaries and civil servants to cooperate with the new SSG in ensuring effective governance.
His remarks underscored the administration’s resolve to steer the state toward stability and institutional restoration.
Senate Rejects Motion to Rename INEC Headquarters After Humphrey Nwosu
New FCT CP Unveils Tech-Driven Security Strategy for Abuja
Court to Rule on FCCPC’s Case Against MultiChoice Over Price Hike on May 8
-
Economy21 hours agoReps to Investigate N8trn Revenue Loss from Tax Incentives, Waivers
-
Politics21 hours agoOmokri Vows to Dismantle Obidient Movement, Calls Obi His ‘Project’
-
News20 hours agoSenate Rejects Motion to Rename INEC Headquarters After Humphrey Nwosu
-
Foreign23 hours agoCross-over collaboration injects greater vitality into Grand Song of Dong ethnic group
-
Foreign23 hours agoDynamic factors drive China’s thriving innovation
-
Foreign22 hours agoYunnan province: elevating tourism through natural splendor and innovation
-
Foreign22 hours agoGolden mangoes fuel booming industry in Lijiang
-
Economy21 hours agoCourt to Rule on FCCPC’s Case Against MultiChoice Over Price Hike on May 8