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Breaking : Federation Accounts Allocation, FG, States and local councils share N1.203tr for August 2024

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The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.203 trillion in revenue for August 2024 to the Federal Government, State Governments, and Local Government Councils.

The announcement was contained in a communiqué after the FAAC’s September 2024 meeting in Abuja.

The total distributable revenue of N1.203 trillion comprises several sources, reflecting the government’s diverse revenue streams.

This amount includes distributable statutory revenue of N186.636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion.

These figures reflect the government’s continued reliance on multiple channels to generate public funds, although some sources showed a decrease from the previous month.

The FAAC communiqué also reported that the total revenue available for distribution in August 2024 was N2.278 trillion.

However, the actual distributable amount was reduced following deductions for cost of collection, which stood at N81.975 billion as well as transfers, interventions, and refunds amounting to N992.617 billion.

These deductions indicate the costs incurred by various government agencies in collecting the revenue as well as amounts transferred for specific interventions or refunds during the month.

FAAC shares N1.143tr among tiers of govt
The gross statutory revenue collected for August 2024 amounted to N1.221 trillion, representing a decrease of N165.994 billion compared to July 2024 when the statutory revenue was N1.387 trillion.

Similarly, the gross revenue from VAT for August was N573.341 billion, down by N51.988 billion from the N625.329 billion recorded in July. These declines highlight the volatility in some of the major revenue sources, particularly as they relate to domestic consumption and taxation.

From the N1.203 trillion total distributable revenue, the Federal Government, State Governments, and Local Government Councils received allocations. The Federal Government received N374.925 billion, the State Governments received N422.861 billion, and the Local Government Councils received N306.533 billion. In addition, a total sum of N99.474 billion, which represents 13% of mineral revenue, was shared to the oil-producing states as derivation revenue.

Of the N186.636 billion distributable statutory revenue, the Federal Government received N71.624 billion, while the State Governments received N36.329 billion, and the Local Government Councils received N28.008 billion. Furthermore, N50.675 billion was allocated to oil-producing states as derivation revenue from this statutory distribution.

From the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, while the State Governments and Local Government Councils received N266.948 billion and N186.863 billion respectively.

In terms of the N15.017 billion generated from the Electronic Money Transfer Levy (EMTL), the Federal Government received N2.252 billion, while the State Governments received N7.509 billion, and the Local Government Councils received N5.256 billion.

The N468.245 billion from Exchange Difference revenue was distributed with the Federal Government receiving N220.964 billion, the State Governments receiving N112.076 billion, and the Local Government Councils receiving N86.406 billion. In addition, oil-producing states were allocated N48.799 billion from this revenue as derivation.

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Breaking : Security Tightened as ICPC Drags El-Rufai to Court in Kaduna

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Security presence surged around the Federal High Court in Kaduna on Tuesday as operatives from multiple agencies were deployed ahead of the arraignment of former Kaduna State Governor, Nasir El-Rufai, over alleged corruption-related offences.

By about 7:00 a.m., heavily armed personnel of the Department of State Services, Nigeria Police Force, Mobile Police Force, and Nigeria Security and Civil Defence Corps had taken positions at strategic locations leading to the court complex situated within the old Nigerian Defence Academy area.

Access roads to the venue witnessed restrictions, forcing vehicles into a single lane from the Ungwan Sarki axis through Kawo and triggering early morning gridlock.

The heavy security followed a prior notice by the Independent Corrupt Practices and Other Related Offences Commission that it would arraign El-Rufai on Tuesday, March 24, 2026, before the Federal High Court sitting in Kaduna.

In a statement issued by its Head of Media and Public Communications, John Odey, the commission said the former governor would be docked alongside one Joel Adoga in suit number FHC/KD/73/2026.

The agency explained that the charges against the defendants include alleged conversion, unlawful possession of public property, and money laundering.

“The Independent Corrupt Practices and Other Related Offences Commission is set to arraign the former Governor of Kaduna State, Malam Nasir El-Rufa’i, and one Joel Adoga at the Federal High Court of Nigeria in the Kaduna Judicial Division on Tuesday, March 24, 2026. The charges range from conversion of and possession of public property to money laundering,” the statement read.

It further disclosed that another case, marked KDH/KAD/ICPC/01/26, had been instituted against El-Rufai and one Amadu Sule before a Kaduna State High Court.

According to the commission, the state charges border on abuse of office, fraud, intent to commit fraud, and conferring undue advantage.

“Similarly, another charge against Malam Nasir El-Rufa’i and one Amadu Sule has been filed before a Kaduna State High Court in the Kaduna Judicial Division. The charges range from abuse of office and fraud to intent to commit fraud and conferring undue advantage, among others,” the statement added.

The ICPC said both cases were filed on March 18, 2026, adding that a date for arraignment in the state court would be announced later.

It also insisted that El-Rufai had been properly served, stressing its adherence to due process and the rule of law.

The development came amid growing pressure from stakeholders, including the African Democratic Congress, which called for his immediate release or arraignment, describing his continued detention without formal charges as unconstitutional.

In the same vein, the Muslim Rights Concern criticised his prolonged detention, while members of his family also alleged a breach of his fundamental rights.

El-Rufai was first arrested by the Economic and Financial Crimes Commission on February 16, 2026, granted bail two days later, and subsequently re-arrested by the ICPC.

He has remained in the custody of the anti-graft agency since then, pending his arraignment.

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Eid-el-Fitr: Araraume Salutes Muslims, Applauds Tinubu’s Leadership

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Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.

In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.

The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.

As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.

Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.

Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.

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BREAKING: Tinubu, Starmer Meet as £746m Port Investment Deal Set for Signing

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President Bola Tinubu is currently meeting with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at strengthening ties between Nigeria and Britain.

A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Monday, said the meeting will culminate in the signing of various Memoranda of Understanding and agreements, including those on trade, investment, defence, and cultural cooperation.

The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.

It added that a major highlight of the visit was the signing of a £746 million financing agreement between UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.

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The statement said the deal will fund the refurbishment of two key maritime infrastructures — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.

The President and the First Lady had earlier been the guests of their Majesties King Charles III and Queen Camilla at Windsor Castle.

Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.

Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.

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