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FAAC: FG, States, LGs Share N647.39bn – Adeosun

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FAAC: FG, States, LGs Share N647.39bn – Adeosun

Workers at the three tiers of Government are to receive their salaries for this month before the Easter break as the Federal, State and Local Governments shared the sum of N647.39 billion from the Federation Account.

The money was the revenue collection for the month of February 2018 which was approved at the Federation Account Allocation Committee (FAAC) meeting convened and chaired by the minister of finance Wednesday.

The unusual FAAC meeting was attended by, a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola; Accountant General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Mr. Mahmoud Yunusa; States’ Commissioners of Finance and Accountant-Generals, and representatives of revenue generating agencies.

Adeosun, who spoke to journalists at the end of the Committee’s emergency meeting, said she personally engaged states’ governors in several meetings the previous night (Tuesday) to find a way around the stalemate.

She then revealed that the sum of N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.

Statutory revenue accounted for N557.943 billion of the total revenue distributed for the month of February while Value Added Tax (VAT) accounted for the balance of N89.447 billion.

The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and Value Added Tax of N96.646 billion.

On the States’ dispute with the revenue paid by the Nigerian National Petroleum Corporation (NNPC) into the Federation Account, the Minister said the FAAC would reconcile the revenue figures with the top management of the Corporation led by the Group Managing Director, Mr. Maikanti Baru.

“The NNPC is a major channel of our mineral revenue. Some issues have been raised by the States on the revenue paid into the Federation Account by NNPC.

“These are being looked into and within the next 48 hours, we will hold a joint meeting with the NNPC Group Managing Director to address the concerns of the States. The reconciliation of the revenue figures is part of a healthy process to ensure transparency and accountability,” Adeosun said.

The Chairman of Finance Commissioners’ Forum, Mahmoud Yenusa, explained that the reconvening of the meeting had become necessary to enable States pay workers their salaries before the Easter break.

“The account submitted by the NNPC is not acceptable to the States but we are willing to jointly reconcile the revenue figure with the leadership of NNPC.

“We agreed last night to reconvene the meeting for the benefits of Nigerian workers at all tiers of government, to enable them receive their salaries,” the Adamawa State Commissioner of Finance said.

Sounding a note of warning, Mahmoud Yunusa stated that the states “won’t take this anymore. NNPC will have to sit up and do its job. We are not taking this anymore. We would not come here, spend days without holding the meeting. So in the spirit of Easter, we would take this account, go home with it;  pay salary and come back to meet NNPC to  pay us our balance. We have to find out wherever the error is”, he said.

Immediately after the meeting, the Accountant General of Federation signed the mandates for the Central Bank of Nigeria (CBN) to pay the approved revenue allocation into the accounts of the Federal, State and Local Governments.

Giving further breakdown of the revenue distribution, the Finance Minister said the Federal Government received N257.927 billion of the net statutory revenue as against the N249.366 billion received in the previous month, while the State and Local Governments’ share of the statutory revenue was N130.824 billion and N100.86 billion, respectively.

The States and Local Governments had last month got N126.482 billion and N97.512 billion, respectively.

The 13% derivation accounted for the balance of the statutory revenue of N57.356 billion.

The 36 States received Value Added Tax of N42.935 billion compared with N46.39 billion received in the previous month, while the Federal and Local Governments received VAT of N12.88 billion and N30.054 billion, respectively.

Both Federal and Local Governments had received N13.917 billion and N32.473 billion, respectively, from VAT in February 2018.

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Breaking: Universities adopt 150 as cut-off mark for 2025/2026 admission and sets admission age at 16, Says Alausa

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Vice Chancellors of Universities in the country have adopted 150 as the minimum cut-off mark for 2025/2026 admission.

The decision was reached in a voice vote supervised by the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede, on Tuesday at the ongoing policy meeting on admission in Abuja.

At the meeting, the minimum cut-off point for admission into polytechnics was pegged at 100, while the colleges of education and agriculture adopted 100 as the entry point.

Colleges of nursing adopted 140 as the entry point for admission

The Federal Government has formally set 16 years as the minimum age for admission into Nigeria’s tertiary institutions.

Minister of Education, Dr. Tunji Alausa, announced this on Tuesday during the 2025 Policy Meeting of the Joint Admissions and Matriculation Board held in Abuja.

Alausa, while declaring the meeting open, emphasised that the age benchmark is now official and non-negotiable. He warned that any admission carried out outside the Central Admissions Processing System would be considered illegal.

The minister further stated that heads of institutions found culpable of admission fraud or circumventing CAPS would be prosecuted in accordance with the law.

The annual policy meeting sets guidelines for the conduct of admissions into universities, polytechnics and colleges of education for the coming academic session

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“We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says Tinubu To Brazilian Leader”

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President Bola Tinubu on Saturday assured his Brazilian counterpart, Luiz Inacio Lula Da Silva, that he is working to remove all bottlenecks hindering Nigeria’s agric sector boom, especially bureaucracy, which he said contributes to delays in realising the sector’s potential.

He said this will enable food sovereignty and export for the country in areas such as livestock production.

Tinubu said this in a bilateral meeting held at the Copacabana Forte with the Brazilian president and some members of both countries’ cabinets.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed Saturday night titled ‘We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says President Tinubu To Brazilian Leader.’

“The President informed the Brazilian leader and delegation that Nigeria was already undergoing reforms to reposition the economy for global competitiveness, particularly in agriculture, where it already has a competitive advantage.

“Tinubu stated that all technicalities in agreements between the two countries will be streamlined and fast-tracked in trade, aviation, energy transition, food and agricultural development, mining, and natural resources exploration”, the statement partly read.

He added that Brazil’s research and development services had been exemplary for most countries, with the country rated as one of the highest producers of food and agricultural products.

“On livestock farming, Tinubu highlighted the efforts of his administration to boost investments in poultry, cattle rearing, and fisheries, adding that the blue economy also holds potential for long-term partnerships between Nigeria and Brazil. He argued that Nigeria was ready for a strong partnership and immediate action to stimulate food production.

“The President said the subnationals have a pivotal role in food and animal production in Nigeria by complementing the federal government’s efforts to use agriculture as a significant source of employment and resource mobilisation. Lula assured that all agreements with Nigeria would be regularised, and the MOUs would be updated and signed without delay during President Tinubu’s next visit.

“He noted that the lingering bureaucracy between the two countries must be removed to achieve quick results, adding that Brazil’s research and development institutions will collaborate with Nigeria to enhance livestock farming. The Minister of Agriculture, Senator Abubakar Kyari, revealed that Tinubu had consistently insisted on food security for Nigeria, and the mandate would be actualised through local and global partnerships. He added that Nigeria already had a competitive advantage in fertiliser production that could easily be enhanced, “he said.

The Minister of Livestock Development, Idi Maiha, highlighted three areas of partnership with Brazil, including health and disease management, sanitary services, and research into genetic materials and new breeds.

The governors of Benue State, Hyacinth Alia; Ogun State, Prince Dapo Abiodun; Niger State, Mohammed Umar Bago; Delta State, Sheriff Oborevwori; and Lagos State, Babajide Sanwo-Olu, attended the bilateral meeting.

The Governor of Ogun State, Dapo Abiodun, said that the sub-nationals would support the federal government’s framework to revamp the agricultural sector.

Abiodun noted that both leaders’ decision to include a business forum during President Tinubu’s state visit to the country will inject fresh ideas and resources, enabling quick results in turning around Nigeria’s agricultural sector.

The Minister of Foreign Affairs, Yusuf Tuggar, and the Director General of the National Intelligence Agency, Mohammed Mohammed, also participated in the bilateral meeting.

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BREAKING: Tinubu signs Tax Reform bills into law

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President Bola Ahmed Tinubu has signed the four tax reform bills into law.

President Tinubu signed the law in his office at the State House, Abuja, on Thursday, in the presence of relevant stakeholders from across the arms of government.

The new laws include the Nigerian Tax Law, the Nigerian Tax Administration Law, the National Revenue Service (Establishment) Law and the Joint Revenue Board (Establishment) Law.

Earlier on Thursday, President Tinubu had explained that the laws would be unifying Nigeria’s fragmented tax system, removing redundant overlaps, boosting investor confidence, enhancing transparency, and promoting coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

 

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser-focused on unlocking opportunities for all.”

 

The Nigerian Leader explained that with the new tax reform laws, the Bola Tinubu-led Administration is now laying the foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.

“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he said.

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