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Alleged Fraud: “Will the masses finally reap the dividends of democracy, particularly at the state and local government levels?” questions arise as N1.1 trillion is shared among tiers of government from Federation Account revenue, yet, analysis suggests otherwise.

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Allocation highest ever
N500b kept in savings
Yusuf: let gains of reform reflect on citizens
It was a huge “payday” for the tiers of government yesterday.
The federal, state and local governments shared a handsome N1.127 trillion from the N1.674 trillion collectable revenue in December 2023.

Over N500 billion was saved to take care of future needs.

It is the second consecutive month that the revenue shared from the central purse crossed the N1 trillion mark.

The first time it did was in September 2023.

From the N655.932 billion shared in May, the month that President Bola Ahmed Tinubu took office and pronounced that the “petrol subsidy is gone,” the revenue has been going up steadily (SEE TABLE).

The staggering figure, made available after the Federation Account Allocation Committee (FAAC) meeting yesterday, is a reflection of the nation’s economic upward movement, analysts said.

According to them, it also presents an opportunity for the government at all levels to ensure growth and development.

Economists last night said with increased revenue, the people should begin to get the dividends of democracy, especially at the state and local governments.

The agreement by FAAC members to allow N500 billion in savings is indicative of financial prudence, a member said.

Breaking down the revenue accruals, according to a statement by the FAAC, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL) increased significantly.

But there is a slight decline in oil and gas royalties, import duty and CET levies.

Despite the remarkable revenue gains, the balance in the Excess Crude Account (ECA) remained static at $473,754.57.

The surplus in the federation account serves as a cushion for any unforeseen economic challenges that may arise.

A closer look at the activities surrounding the Federation Account has shown that N875.382 billion was received as gross statutory revenue for December 2023, which was slightly lower than the N882.560 billion received in November.

In terms of the Value Added Tax (VAT), December 2023 saw a significant increase compared to the previous month.

The gross revenue available from VAT stood at N492.506 billion, which is a N132.051 billion increase from November.

This surge in VAT revenue can be attributed to the improvement in economic activities and increased consumer spending during the festive season.

Further analysis of the revenue distribution revealed that the Federal Government got N383.872 billion from the total distributable revenue; states received N396.693 billion and the local government areas received N288.928 billion.

State collecting derivation funds from mineral revenue shared N57.915 billion, representing 13 per cent of the revenue.

Regarding distributable statutory revenue, the Federal Government received N173.729 billion, state governments, N88.118 billion and councils, N67.935 billion from the N363.188 billion generated.

From the distributable VAT revenue of N458.622 billion, the Federal Government received N68.793 billion, state governments received N229.311 billion, and local government councils received N160.518 billion.

The Electronic Money Transfer Levy (EMTL) of N17.855 billion was allocated as follows: the Federal Government received N2.678 billion, states got N8.928 billion and local government councils received N6.249 billion.

However, the stagnant Excess Crude Account raises concern about the need for strategic investment of surplus funds into critical sectors.

The slight decline in statutory revenue and continued dependence on oil and gas require further attention.

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Lagos Female Lawyer Risks Jail Term For Failing To Produce Suspect

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A 29-year-old female lawyer, Ms. Peace Chidinmma Igbo, has been brought before an Ebutta-Metta Magistrate’s Court in Lagos State for failing to produce a suspect she stood bail for.

According to a charge sheet,” That you Peace Chidinma Igbo ‘F’ on the 25th day of November 2024 at the Nigeria Police Force CID Annex Alagbon, Lagos did conspire together to obstruct, prevent, pervert or defeat the course of justice by failing to provide one Sodiq Kazem which you stood bail for in a case of conspiracy, burglary, unlawful entry, stealing and given false information in a bail sum of (N1,000,000.00) One Million Naira at the Nigeria Police Force CID Annex Alagbon Lagos and thereby committed an offence punishable under Section 97 (1) of the Criminal Laws of Lagos State of Nigeria, 2015.


In his remarks, the complainant’s lawyer, Mr. Olu Akanbi, stressed that Miss Igbo should have known better than to put herself in such a situation.

Akanbi stated that Miss Igbo was protecting other individuals involved in the matter, essentially taking the fall for them.

“These individuals, who are being investigated by the police at the Federal Criminal Investigation Department (FCID) Alagbon Annexe, are reportedly using retired and serving senior police officers to shield themselves and frustrate the investigation.

The lawyer extolled FCID police officers for their due diligence.

Mr Akanbi said as a legal practitioner, Ms Igbo’s actions over the matter have raised questions about her professional conduct. He further stated that Ms Peace Chidinma Igbo and Mr Sodiq Kazeem are both staff of Green Birch Tech Limited and are also conspirators with the other staff now at large.

Meanwhile, the matter has been adjourned to May 20, 2025, leaving Miss Igbo’s fate hanging in the balance.

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I committed to diversifying the economy and expanding revenue sources, not to punish Nigerians, Says Tinubu

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President Bola Tinubu said on Thursday that recent government policies are not meant to punish Nigerians but are necessary interventions to prevent the economy from collapsing.

Tinubu made this known at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja.

The president was represented by the Minister of Housing and Urban Development, Ahmed Dangiwa.

Dangiwa was, in turn, represented by Dr Edna Tobi, Special Assistant for International Cooperation and Partnership in the Ministry.

The conference’s theme was, “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation.”

It brought together stakeholders to deliberate on the intersection of real estate and fiscal policy.

The president said that the administration was committed to diversifying the economy and expanding revenue sources.

This, he said, informed the government’s drive to implement policies that enhanced income from taxation while upholding fairness and transparency.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he said.

“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”

Tinubu stated that reforms were tailored to create a more investment-friendly environment, particularly in the real estate sector, and to boost job creation and economic growth.

He acknowledged the critical role of estate surveyors and valuers in achieving these objectives and expressed the government’s willingness to partner with NIESV to deliver effective tax administration and revenue utilisation.

Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, described the real estate sector as a vital but under-assessed part of Nigeria’s economy.

Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu,identified challenges such as informality, data fragmentation, and inconsistent valuation standards as obstacles to effective taxation.

“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he said.

Adedeji called for the cooperation of NIESV in standardising property valuation methods and supporting the implementation of reforms.

NIESV President, Victor Alonge, described the conference as a milestone event, stating that the outcomes would help reposition land, housing, and infrastructure policy in Nigeria.

He assured that the institute would present a comprehensive communiqué to the government, containing resolutions and actionable policy suggestions to drive national development

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Things You Need to Know About Dr. Charles Akinola, the Newly Nominated Managing Director of SWDC

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….A Seasoned Public Policy Advisor and Development Strategist

Dr. Akinola has over 30 years of experience in public service, international development, and strategic governance, specializing in agricultural development, sustainable economic growth, and policy implementation across Nigeria and West Africa.

2. Holds Prestigious Academic Credentials from Global Institutions. He earned a Ph.D. in Agricultural Extension from the University of Ibadan and a master’s in public policy & administration from Harvard Kennedy School, where he was an Edward S. Mason Fellow.

He also studied at Cambridge, Cranfield, and MIT, gaining advanced expertise in cross-sector partnerships, enterprise development, and conflict resolution.

3. Instrumental in the Formation of the SWDC and the DAWN Commission

Long before his nomination, Dr. Akinola played a key role in founding the Development Agenda for Western Nigeria (DAWN) Commission for regional integration. He was deeply involved in shaping the vision of the SWDC.

As Chairman of the Technical Committee under the Southwest Governors’ Forum, he led the review of the SWDC Bill and coordinated regional consensus on development priorities.

4. Former Chief of Staff in Both Federal and State Governments, He served as Chief of Staff to the Governor of Osun State (2018–2022) and later as Chief of Staff to the Minister of Marine & Blue Economy, His Excellency Adegboyega Oyetola (CON), while also acting as Senior Special Assistant on Marine and Blue Economy to President Tinubu.

These roles gave him frontline experience in both subnational and national policy execution.

5. A Leader in Community Engagement and Sustainable Development, Dr. Akinola has worked with major oil & gas companies, including WAPco, designing sustainable livelihood programs across Nigeria and the Gulf of Guinea. His contributions helped establish the Global Memorandum of Understanding (GMoUs) as an industry benchmark for community development in the Niger Delta.

6. Active Global Policy Thought Leader.

He is a member of the Dean’s Council at the Harvard Kennedy School of Government and was a Fellow at Harvard’s Weatherhead Centre for International Affairs. His thought leadership focuses on governance, economic innovation, and institutional reform.

7. Arts Collector

Dr. Akinola is a lover of the arts and culture, collects works of indigenous artists, such as Jimoh Buraimoh, Demas Nwoko, Tola Wewe, Nike Okundaye, among others.

*Career Highlights*

• Dr. Charles Akindiji Akinola is a Public Policy Advisor and Administrator whose work has traversed the agricultural and agribusiness, sustainable community economic development, international affairs, and development sectors, developing strategies that shape policy implementation.

• Dr. Akinola holds a Ph. D. in Agricultural Extension from the University of Ibadan, and a master’s degree in public policy & administration from the Harvard Kennedy School of Government, Harvard University.

• He also holds a Postgraduate Certificate in Cross-Sector Partnerships from the University of Cambridge, Cambridge, UK, and attended certificate courses in Enterprise Development and Management from Cranfield University, Cranfield UK, and in Negotiation, Mediation, and Dispute Resolution from the Massachusetts Institute of Technology (MIT), Boston, USA.

• Until recently, Dr. Akinola was Senior Special Assistant to the President on Marine & Blue Economy and concurrently, Chief of Staff to the Honourable Minister.

• He served as the Chief of Staff to the Governor of Osun State between 2018 and 2022. During his tenure, he supported the Governor in developing and implementing policy objectives and strategic and operational plans of the administration.

• As Chief of Staff, the Southwest Governors Forum appointed Dr. Akinola as the Chairman of the Technical Committee to review the South-West Development Commission (SWDC) Bill and aggregated the position of the six Southwest States towards a joint memorandum to the Governors and subsequently to the National Assembly.

• He has worked with major oil & gas companies within and outside Nigeria including the West African Gas Pipeline (WAGP) / West Africa Gas Pipeline Company (WAPco) covering Nigeria, Republic du Benin, Togo, and Ghana by designing and implementing programs that addressed issues of Sustainable Development and Livelihoods in the Niger Delta and West Africa region.

• He advised and collaborated with International Oil companies in the development of the New Community Engagement Strategy, premised on the Participatory Regional Development Model (2005), guided by the Global Memorandum of Understanding (GMoUs). The model was adopted as the industry standard in Community engagement and development by the joint ventures of the National Nigerian National Petroleum Corporation and the Oil companies in the Niger Delta.

• In previous roles, Dr. Akinola was the Director General of the Office of Economic Development and Partnerships (OEDP) between 2011 and 2018. The OEDP was the strategic Think Tank, Policy Advisory, and Implementation agency domiciled in the Office of the Governor. Dr. Akinola played a central role in the activities leading to the establishment of the Development Agenda of Western Nigeria (DAWN) Commission.

• He was Chairman of the Osun State Planning Commission between 2011-2014 and in this capacity collaborated with leading development partners to deliver sustainable development in the State.

• Dr. Akinola was the Founder and Executive Director of Enterprise for Development International (EfDI) between 1999 and 2009. In this role, he coordinated EfDI’s varied consultancy assignments in community economic development in Nigeria, including the expansion of EfDI’s portfolio of development activities in the Niger Delta and the strengthening of local institutions.

• Between 2001 and 2005, Dr. Akinola was the National Coordinator of the Sustainable Tree Crop Program (STCP), a multi-agency, public-private sector effort to facilitate the improvement of smallholder agricultural systems based on tree crops in West Africa with funding from the United States Agency for International Development (USAID) and the Chocolate Industry Worldwide.

• Between 1993 and 1998, Dr. Akinola was the Nigeria Country Director of TechnoServe, a US-based international development organisation that worked in 17 countries in Africa, Latin America, and Eastern Europe.

• He taught at the University of Ibadan in Nigeria from 1984 until 1989 and was on the training and research faculty of the Pan African Institute for Development (PAID) in Buea, Cameroon 1990.

• Dr. Akinola was an Edward S. Mason Fellow at the Harvard Kennedy School of Government and, subsequently, a Fellow at the Harvard Weatherhead Centre for International Affairs (WCFIA). His work focused on Innovation for Economic Development and Governance between 2009 and 2011.

• He is currently a member of the Harvard Kennedy School of Government Dean’s Council.

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