NEWS
How FAAC Allocates ₦786bn May Revenue To FG, States, LGCs
The latest report from the Federation Account Allocation Committee (FAAC) reveals that a total sum of ₦786.161 billion from the May 2023 Federation Account Revenue has been allocated to the Federal Government, States, and Local Government Councils (LGCs).
The announcement was made in a communiqué issued following the FAAC meeting held in June, which was chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation (AGF).
The communiqué outlined that out of the ₦786.161 billion, ₦519.545 billion was derived from statutory revenue, while ₦251.607 billion was generated from Value Added Tax (VAT) revenue.
Additionally, the communiqué further disclosed that the allocated funds included an Electronic Money Transfer Levy (EMTL) amounting to ₦14.370 billion, as well as Exchange Difference revenue totaling ₦639 million.
Furthermore, it was noted that in May 2023, a total of ₦38.238 billion was deducted for the cost of collection, while ₦163.193 billion was deducted for transfers and refunds.
It reads “In May 2023, the total deductions for cost of collection was ₦38.238 billion and total deductions for transfers and refunds was ₦163.193 billion. The balance in the Excess Crude Account (ECA) was 473,754.57 dollars.
According to the communiqué, the breakdown of the ₦786.161 billion distributable revenue was as follows: the Federal Government received ₦301.889 billion, State Governments received ₦265.875 billion, and Local Government Councils (LGCs) received ₦195.541 billion.
Furthermore, an amount of ₦22.855 billion was shared among the relevant states as 13 percent derivation revenue.
The communiqué highlighted that the revenue for May exceeded that of April by ₦204.324 billion.
It reads “From the ₦519.545 billion distributable statutory revenue, the Federal Government received ₦261.686 billion, the State Governments received ₦132.731 billion and the LGCs received ₦102.330 billion.
“The sum of ₦22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.
It said the in month of May, the gross revenue available from the Value Added Tax (VAT) was ₦270.197 billion.
“This was higher than the ₦217.743 billion available in the month of April by ₦52.454 billion. The Federal Government received N37.741 billion, the State Governments received ₦125.804 billion and the LGCs received N88.062 billion from the ₦251.607 billion distributable VAT revenue.
“The ₦14.370 billion EMTL was shared as follows: The Federal Government received ₦2.155 billion, the State Governments received ₦7.185 billion and the LGCs received ₦5.030 billion,” it said.
The communiqué provided further details regarding the allocation of the ₦639 million Exchange Difference revenue. It stated that the Federal Government received ₦307 million, State Governments received ₦156 million, and Local Government Councils (LGCs) received ₦119 million from this revenue.
Moreover, it was mentioned that an amount of ₦57 million was shared among the relevant states as 13 percent mineral revenue.
The communiqué also highlighted the revenue trends for various sources in the month of May. It stated that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import Duties, and Excise Duties experienced significant increases. However, the revenue from Electronic Money Transfer Levy (EMTL) saw a slight decrease.
NEWS
Shettima Returns To Nigeria After High-Stakes BRICS Summit In India
Vice President Kashim Shettima has returned to Nigeria after representing President Bola Tinubu at the 18th BRICS Leaders’ Summit in New Delhi, India.
Shettima’s return followed a series of high-level engagements focused on strengthening Nigeria’s economic and diplomatic interests and expanding the country’s partnerships with BRICS member and partner countries.
According to a statement issued on Tuesday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima participated in high-level sessions at the summit and held bilateral meetings with key international leaders.
ALSO READ: BRICS 2026: Modi Seeks More Nigerian Crude as Shettima Meets Indian PM
Among his major engagements was a meeting with Indian Prime Minister Narendra Modi, where discussions focused on strengthening economic ties between Nigeria and India.
The discussions covered renewed crude oil trade, investment, pharmaceuticals, defence, digital technology, fintech, renewable energy and other strategic sectors.
Shettima also met with the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, reaffirming Nigeria’s support for multilateralism and a more inclusive global economic order.
At the BRICS summit, Shettima delivered President Tinubu’s message calling for reforms of global governance structures and international financial institutions to reflect current economic realities.
He also positioned Nigeria as a gateway to Africa’s expanding market under the African Continental Free Trade Area.
Nigeria further used its participation at the summit to deepen engagement with BRICS member and partner countries in key sectors, including agriculture, artificial intelligence, digital infrastructure, manufacturing, healthcare, energy and human-capital development.
The Vice President’s participation forms part of the Federal Government’s broader efforts to strengthen Nigeria’s international economic partnerships, attract investment and create new opportunities across strategic sectors of the economy.
NEWS
Tension in Sokoto as Govt Shuts Mosque After Cleric’s Stabbing
Tension has heightened in parts of Sokoto metropolis following the stabbing of an Islamic cleric, Musa Lukuwa, shortly after Friday prayers, prompting the state government to shut the mosque where the incident occurred.
The Sokoto State Government ordered the immediate closure of the Lukuwa Jumu’at Mosque in Mabera and declared the facility a crime scene pending the outcome of investigations.
The government also ordered a full investigation into the stabbing of the cleric and the subsequent killing of his alleged attacker by worshippers.
SEE MORE: 2027 Presidency: Sokoto ADC Adopts Atiku as Preferred Candidate
The directives were contained in a statement issued on Tuesday by the Director-General, Media and Publicity, Government House, Abubakar Bawa.
According to the Sokoto State Police Command, the alleged attacker used a knife to assault Lukuwa after the Friday prayers before worshippers overpowered and beat him to death.
Police spokesperson, Ahmad Rufa’i, said the command received a distress call at about 1:50pm concerning the incident.
He said preliminary investigations showed that the alleged assailant entered the mosque after the prayers and attacked the cleric.
Lukuwa was subsequently taken to hospital for treatment.
Following the attack, the cleric appealed for calm, saying he was in stable condition and urging his followers not to retaliate or take any action capable of escalating the situation.
Explaining the mosque’s closure, the state government said the measure was necessary to enable security agencies to conduct a thorough investigation.
“The government has ordered a full investigation into the attack and killing at Musa Lukuwa Jumu’at Mosque, Mabera, and ordered the closure of the mosque (crime scene) till further notice,” Bawa said.
The government also constituted a committee of Islamic scholars, known as ulamas, to investigate the immediate and remote causes of the religious tensions and advise the administration on appropriate measures.
“The State Government has constituted a committee of ulamas to examine the remote and immediate causes of such crisis, and to advise the government on the appropriate measures to be taken in the interest of the state,” the statement said.
The government further dissociated itself from anyone who, under the guise of religion, engages in acts it considers disrespectful to Prophet Muhammad, his parents, household and companions.
It reaffirmed its “total obedience and respect” for the Prophet and urged residents to continue demonstrating love and compassion towards him.
The administration also appealed to residents to refrain from making inciting statements capable of worsening the situation.
“The Government has appealed to people in the state to desist from incisive statements that could jeopardise the peaceful coexistence that Sokoto is known for,” Bawa said.
The state government assured residents of its commitment to protecting lives and property across Sokoto State and urged members of the public to remain calm as investigations continue.
NEWS
DPRP IPO: Dangote Rings Opening Bell at NGX
The much awaited Africa’s largest Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals (DPRP) has been formally flagged off on the Nigerian Exchange (NGX).
President and Chief Executive Officer, Dangote Industries Limited (DIL), Aliko Dangote, marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday.
The transaction marks a significant milestone for Nigeria’s capital market, as the DPRP becomes the first refinery in the Nigerian Exchange’s 66-year history to open its shares to public subscription.
READ ALSO: Dangote Refinery Opens Landmark IPO Today
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, allowing investors to acquire an equity stake in Africa’s largest refinery.
Retail and institutional investors, as well as eligible investors across Africa, can participate in the public offer.
Investors can subscribe for a minimum of 10 shares, requiring an investment of N5,250 at the offer price.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer prospectus.
At the ceremony, Dangote highlighted that the public offer was part of a broader effort to expand public participation in owning his companies.
“We will lease every company that we operate,” he said.
The launch attracted prominent dignitaries, including Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and captains of industry.





