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
‘NYSC Has Outlived Its Usefulness, Should Be Scrapped’ — Shehu Muhammad
Rights activist and public affairs analyst, Shehu Mohammed, has called for the scrapping of the National Youth Service Corps (NYSC), saying the scheme has outlived its usefulness amid growing security concerns across the country.
Shehu made the call on Wednesday during an interview on Channels Television’s The Morning Brief, while reacting to the kidnapping of prospective corps members travelling to orientation camps in Akwa Ibom and Anambra states.
He described the incident as “one incident too many,” noting that kidnapping, maiming and the detention of victims in kidnappers’ camps had become frequent in several parts of the country.
SEE ALSO: 2027: North Should Back South-West To Complete 8 Years In Power — Shehu Sani
“I think it is just a case of one incident too many. There are more unreported cases of kidnapping and maiming and detention in kidnappers’ den, almost all over the country, especially in the northern part of the country: the Middle North West, North East, and North Central. It’s a daily, daily happening,” Sani said.
He said the security situation had made him question the continued relevance of the NYSC scheme, which was established to promote national unity.
“When Bukola was saying that she objects to the scrapping of NYSC, I tend to take a different view. My view is that the entire NYSC was meant to unite Nigeria, but if in uniting Nigeria you lose your daughter, you lose your son, you lose your uncle, you lose your sister, you lose your neighbour, then it’s not worth the trouble,” he said.
Shehu argued that corps members should instead be allowed to serve in their respective states, eliminating the need for young Nigerians to travel long distances to orientation camps.
“This NYSC issue should be scrapped, removed from the constitution, allow each and every corps member to serve in his own state, traveling with all the dangers, with all the costs,” he said.
He also highlighted the financial burden placed on families when corps members are posted far from their home states.
“If a child is going from Katsina to Anambra State to report to the camp, minimum that you give him is three hundred thousand naira for transfer cost, three hundred. How many parents have three hundred thousand naira to give their wards?” Sani asked.
He said the financial burden was only one aspect of the problem, with corps members also facing security risks and possible trauma during interstate travel.
“Minus all the dangers, the consequences, the uncertainties, the traumas involved. If your child has to go through a trauma, through uncertainty, through pain, through kidnapping, through raping, eventually through killing, why do you have to go for NYSC?” he said.
“As far as I’m concerned, the NYSC project has outlived its usefulness. It should be scrapped.”
Shehu also warned that kidnapping in Nigeria was taking a new dimension, with criminal groups increasingly targeting vulnerable groups.
“Corps members are vulnerable groups. Travelers for commercial purposes all over the country are vulnerable groups. Therefore they are now going for soft targets,” he said.
According to him, kidnappers also use abductions to blackmail victims’ families and government authorities into paying ransom.
“The next one is blackmailing either the parents or blackmailing government to collect money,” he said.
Sani alleged that ransom payments were subsequently used to finance criminal activities.
“So they can finance their arm purchase. They can finance their purchase of hard drugs to enable them operate without pity and compassion, and to send permanent fear into the community,” he said.
He added that the kidnappers were using their activities to create fear within communities, despite being relatively few in number.
NEWS
NCDMB, Zeconia Global Train 50 on Digital Oilfield Operations
The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with Zeconia Global Investment CO. Ltd, has successfully completed the Training on Digital Oilfield Operation & Data Analytics for 50 participants in Lagos State.
The 5-day intensive capacity-building program, which was held from September 28 to October 2, 2026 in Lagos, came to a successful close with participants equipped with cutting-edge digital skills for the oil and gas industry.
The training was designed to bridge the digital gap in the sector, exposing beneficiaries to practical knowledge on digital oilfield architecture, production optimization, real-time data monitoring, IoT applications, predictive analytics, and data-driven decision making in upstream operations.
READ ALSO: 40 Oil Blocks up for Grabs as NUPRC Opens 2026 Bid Round
At the closing ceremony, the Managing Director of Zeconia Global Investment Co. Ltd, Olawore Oladipupo, conducted the official handover to participants, applauding their commitment, active participation and eagerness to learn throughout the duration of the training.
He charged them to leverage the knowledge gained to add value to the industry and position themselves for emerging opportunities in the digital energy space.
Participants expressed profound appreciation to NCDMB and Zeconia Global for the life-changing opportunity, describing the training as impactful, practical and timely for the evolving global oil and gas landscape.
The programme once again demonstrates NCDMB’s unwavering commitment to human capital development, local content growth and strategic partnerships aimed at empowering Nigerians with relevant skills for the future of work.
NEWS
40 Oil Blocks up for Grabs as NUPRC Opens 2026 Bid Round
As the Nigerian government intensifies efforts to lure fresh investment into the upstream sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has unveiled 40 oil blocks for the 2026 licensing round.
The blocks, located across land, shallow water and deepwater terrains, will be open to investors with the technical competence, financial capacity and commitment to develop Nigeria’s petroleum resources.
The NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round during her closing remarks at the commission’s fifth anniversary celebration in Abuja on Tuesday.
READ ALSO: Middle East Push, G7’s Strategic Reserve Release Arrest Oil Prices
She disclosed that the exercise has the blessings of both President Bola Tinubu and the Minister of Petroleum Resources.
“Ladies and gentlemen, the wait is over. It is with great joy that I announce that pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby announced,” Eyesan said.
She said the round would offer 40 blocks across land, shallow water and deepwater terrains to investors with the requisite technical and financial capacity.
Eyesan said the 2026 bid round would introduce enhanced transparency measures, including mandatory disclosure of the beneficial owners of every bidder.
She added that the commission would provide greater disclosure of the evaluation methodology and results, stressing that transparency and predictability were essential to attracting upstream investment.
According to her, competition for upstream capital had become increasingly intense as investors now had multiple jurisdictions from which to choose.
“We will not rest on our oars. Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she said.





