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Breaking: Fuel Subsidy Ends as FG , States and Councils share N1.149 trillion from federation account in January 2024

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A total revenue of N2.068 trillion was collected in the month of January 2024 into the Federation Account.

Deductions for cost of collection was N78.412 billion with total transfers, interventions and refunds N639.926 billion and savings N200.000 billion.

As a result of the deductions from the total revenue, the Federation Account Allocation Committee (FAAC) shared N1.149 trillion from the January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This means the federal government saved N919 billion in the special account created after the end of fuel subsidy was announced by President Bola Ahmed Tinubu in May, 2023.

The balance in the Excess Crude Account (ECA) still stands at $473,754.57.

Director Press and Public Relations in the Office of the Accountant General of the Federation (OAGF) Bawa Mokwa in a statement on Thursday in Abuja informed “the revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun”.

Mokwa, quoting a communique by FAAC said: “The N1.149 trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

“Interestingly the federation account benefitted (N279.028 billion) from the January crash of the Naira. The inflow of N279.028 billion from Exchange Rate Differentials in January 2024 signifies the gains realized from favorable exchange rate movements on foreign currency transactions or investments that were translated into the local currency, ultimately boosting the financial position of the federation account.

“In other words, the dollar rate at which the nation sold crude oil resulted as a blessing to the federation account when the Naira fell.”

The OAGF spokesman added that the gross statutory revenue of N1.151 trillion was received for the month of January 2024.

“This was higher than the sum of N875.382 billion received in the month of December 2023 by N276.426 billion,” he said.

“The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion,” he added.

According to him: “The communique stated that from the N1,149 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments received N379.407 billion and the Local Government Councils received N278.041 billion.

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NRC Confirms 26 Injured in Mid-Route Train Incident, Says Opeifa

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Mo No fewer than 26 passengers and onboard personnel sustained varying degrees of injuries following a train incident along the Abuja–Kaduna rail corridor on Monday.

The incident, which occurred at about 9:16 a.m. near Asham Station, involved the KA-2 service travelling from Rigasa to Idu. According to an interim report released by the Nigerian Railway Corporation (NRC), a loud bang was heard as the power car and a trailing locomotive collided with one of the coaches.

Preliminary findings indicate that the incident may have been caused by a fault in one or more couplers, leading to a possible disconnection within the train formation. However, authorities confirmed that none of the coaches derailed.

The train had earlier departed Rigasa Station at 7:15 a.m., arriving at Jere slightly ahead of schedule before departing a few minutes later after an additional locomotive was coupled to improve operational resilience.

Following the incident, affected components—including a locomotive, power car, and one passenger coach—were detached from the train to allow the journey to continue safely.

A total of 481 people were onboard at the time, including passengers, crew members, security personnel, vendors, cleaners, and other service providers. Of the 459 passengers booked for the trip, 429 were confirmed to have boarded.

Despite the disruption, the train resumed movement at about 9:42 a.m., arriving in Kubwa at 10:10 a.m. and terminating at Idu Station at 10:39 a.m., with an overall delay of approximately 38 minutes.

The NRC stated that injured persons included passengers, staff, and security personnel, although details of the severity of injuries were not fully disclosed.

Train services on the route were later restored the same day, with subsequent trips resuming operations, albeit with delays. The Managing Director of the NRC, Kayode Opeifa, was onboard one of the recovery services to monitor the situation.

The corporation assured the public that a full investigation is underway to determine the exact cause of the incident and to prevent future occurrences.

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Update : Locomotive Detachment Triggers Abuja–Kaduna Train Incident, NSIB Investigates

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By Sotayo Olayinka
MAR 16, 2026

The Nigerian Safety Investigation Bureau (NSIB) has commenced an investigation into a railway incident involving a passenger train operating along the Rigasa–Idu rail corridor after a locomotive detached and struck the rear of the train.
The incident occurred about 09:16 a.m. along the Jere–Asham section of the corridor near Asham Station in Kaduna State. The track segment where the occurrence took place lies on a downward gradient.
The train, identified as KA2, had departed Rigasa Railway Station in Kaduna at the start of its scheduled journey to Idu Railway Station in Abuja. The service operates within a scheduled window of 07:15 a.m. to 10:01 a.m.
According to details released by the Bureau, the train arrived at Jere Station at 08:52 a.m. and departed again at 08:59 a.m. for the onward journey to Abuja after a rear locomotive was attached to provide additional operational support.
However, shortly after departure from Jere, the rear locomotive became detached while the train was moving along the descending gradient toward the Asham section. The detached locomotive subsequently rolled forward and collided with the rear portion of the train, resulting in a serious operational occurrence.
At the time of the incident, the train consisted of two locomotives positioned at the front and rear, one power car, two business-class coaches and six standard passenger coaches. A total of 429 passengers were onboard, alongside 46 crew members and 24 security personnel assigned to the service.
No fatalities were recorded, though some passengers sustained injuries. Personnel from the Nigerian Railway Corporation (NRC), supported by onboard security operatives, immediately activated emergency response procedures.
Medical personnel provided first aid to injured passengers.
Following the incident, the train continued its journey and arrived at Idu Station in Abuja about 10:39 a.m., where additional assistance was provided to passengers.
Investigators from the NSIB have since begun gathering evidence and conducting technical analysis to determine the circumstances surrounding the occurrence.
The investigation will examine technical, operational and infrastructure-related factors, including train configuration, locomotive attachment systems, operational procedures and relevant operational data.
Commenting on the incident, Director-General of the Bureau, Alex Badeh Jr., expressed concern for affected passengers and reaffirmed the agency’s commitment to determining the cause of the occurrence.
“This incident reminds us that every transport journey carries the trust and expectations of hundreds of people who rely on the system to move them safely to their destination.
Our thoughts are with the passengers who sustained injuries, and we commend the swift response of Nigerian Railway Corporation personnel and emergency teams who assisted those affected.
“At the Bureau, we approach every investigation with a deep sense of responsibility because behind every occurrence are real people, real families, and real consequences.
“Our team will carefully examine every relevant factor to understand what happened and to ensure that the lessons from this occurrence lead to safer railway operations across Nigeria”, he said.
The Bureau said it will work closely with the Nigerian Railway Corporation and other relevant agencies as the investigation progresses, adding that further updates will be provided as more information becomes available.

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Update : Abuja–Kaduna Train Mishap: NRC Confirms Incident, Injured Passengers Hospitalised

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Newsthumb had earlier reported that some passengers were left stranded on Monday morning after an Abuja-bound train from Kaduna was involved in a collision with another train along the rail corridor, forcing an immediate suspension of operations.

The Nigerian Railway Corporation (NRC) has officially confirmed a train incident occurring on the Abuja-Kaduna rail corridor on Monday morning.

Newsthumb earlier reported that hundreds of passengers were left stranded on Monday morning after an Abuja-bound train from Kaduna was involved in a collision with another train along the rail corridor, forcing an immediate suspension of operations.

But in a press statement signed by the Managing Director/CEO, Dr. Kayode Opeifa, the corporation described the event as an “avoidable incident” that took place at approximately 10:30am near Asham.

According to the NRC, the mishap involved a rear locomotive and a passenger coach.

He added that preliminary investigations suggest that the collision was not a head-on crash with a separate train, but rather a mechanical failure within the same service.

“Preliminary reports indicate that the rear locomotive made contact with the rear immediately next to it due to a coupling issue,” the statement read.

While the impact caused panic among the hundreds of passengers on board, the NRC confirmed that no fatalities were recorded. However, an unspecified number of passengers sustained various degrees of injuries.

The statement partly read: “Some passengers sustained injuries and were promptly attended to and taken to a nearby medical facility for proper medical care. No fatalities were recorded.

“Emergency response protocols were immediately activated, and relevant technical teams have been mobilized to the location. The Safety Investigation Bureau (SIB) is also on site to conduct a thorough investigation into the incident in line with established safety procedures.

“The Corporation assures the public that safety remains its top priority, and all necessary measures are being taken to address the situation and ensure the continued safe operation of train services.”

This official confirmation follows chaotic scenes reported earlier today by passengers who were forced to wait in the middle of the rail corridor. While initial reports from the scene suggested a “clash” between two separate trains, the NRC’s clarification points to a critical failure in the train’s internal coupling system—the mechanism that links the locomotive to the passenger cars.

“We were moving at a steady pace when there was a loud bang and the train suddenly braked,” said one passenger via a social media update. “We later realised we had hit another train on the same track. Everyone is shaken, but we are waiting for official word.”

 

 

 

 

 

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