Connect with us

News

FAAC shares N2.55tr June revenue among FG, states, LG

Published

on

The Federation Account Allocation Committee (FAAC) has shared N2.550 trillion as revenue generated in June 2026 among the Federal Government, states and the 774 local government councils.

The latest allocation is N250 billion higher than the amount shared for the previous month. It represents an increase of 10.9 per cent.

The improvement, according to reports, was driven by stronger collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty, petroleum royalties, gas flaring, rental income, Minimum Operating Revenue, Value Added Tax (VAT), import duties and Common External Tariff (CET) levies.

It is the highest amount ever shared from the Consolidated Revenue Fund.

Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, said the revenue distribution was approved during the July 2026 FAAC meeting held in Abuja.

He said: “The N2.550 trillion total distributable revenue comprised distributable statutory revenue of N1.809 trillion and distributable Value Added Tax (VAT) revenue of N740.724 billion.”

See also  DSS arrests Ogun Assembly member-elect over Sagamu mayhem

The FAAC communiqué explained that N4.500 trillion was recorded as total gross revenue for June 2026.

From this amount, N160.744 billion was deducted as the cost of revenue collection, while N1.789 trillion went to transfers and refunds before the balance was shared among the three tiers of government.

The committee also reported a strong increase in statutory revenue during the month.

It said N3.700 trillion was generated as gross statutory revenue in June, compared to N2.651 trillion in May, representing an increase of N1.049 trillion.

FAAC shares N2.55tn June revenue to FG, states, LGs as collections rise by 10.9%

Gross VAT revenue stood at N799.746 billion in June, up from N743.688 billion recorded in May, an increase of N56.078 billion.

From the total distributable revenue of N2.550 trillion, the Federal Government received N923.438 billion, while the  state governments shared N838.208 billion.

The 774 local government councils received N591.390 billion, while N197.610 billion, representing the constitutionally approved 13 per cent derivation, was paid to oil-producing states.

See also  FG, states, LGAs shared N906.9bn as allocation in October, up by N3.48bn - FAAC

Of the statutory revenue allocation of N1.809 trillion, the Federal Government received N849.366 billion, the states got N430.810 billion, while local government councils received N332.136 billion.

The oil-producing states also received N197.610 billion as derivation from mineral revenue.

From the distributable VAT revenue of N740.724 billion, the Federal Government received N74.072 billion, the states shared N407.398 billion, while local government councils received N259.253 billion.

FAAC also gave a breakdown of the performance of different revenue sources during the month.

It said collections from Companies Income Tax, Capital Gains Tax, Stamp Duty, petroleum royalties, gas flaring, rental income, Minimum Operating Revenue, VAT, import duties and CET levies all recorded noticeable increases.

The committee noted that receipts from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and related fees declined during the period, while revenue from excise duties posted only a slight increase.

News

Police top list of 50 federal ministries, agencies with ghost workers – ICPC

Published

on

By

The Independent Corrupt Practices and Other Related Offences Commission has revealed that the Nigeria Police Force and five federal ministries and agencies have the highest number of suspected fake workers uncovered during its payroll verification exercise.

ICPC Chairman, Musa Adamu Aliyu (SAN), disclosed the findings while speaking on the commission’s investigation into payroll fraud across Federal Government institutions, according to a BBC Pidgin report on Wednesday.

The commission said it discovered suspected 908 ghost workers in at least 50 ministries, departments and agencies, recovering about N942m allegedly paid as fraudulent salaries.

According to the ICPC, ghost workers are fictitious names inserted into government payrolls to receive salaries fraudulently.

In some cases, salaries are allegedly diverted by officials who add relatives or associates to the payroll despite them not being employed.

Aliyu said investigators uncovered one case involving a man who allegedly placed the names of his wife, son and mother-in-law on the payroll while also collecting the salaries of 12 workers.

See also  Good morning! Nigerian Newspapers  Headlines: Bandits’ attacks: Fed Govt raises N500bn emergency security fund

Among the institutions identified, the Nigeria Police Force recorded the highest number of suspected fake workers.

“For this operation, we identified 570 people whom we suspect are among the fake workers collecting salaries without working,” the ICPC chairman said about the police data.

The National Water Resources Authority followed with 80 suspected fake workers.

“For this agency, we identified 80 names of people collecting salaries even though they are not workers of the agency,” Aliyu said.

The Federal Ministry of Works recorded 56 suspected fake workers, while the Ministry of Foreign Affairs had 24.

The Ministry of Defence was found to have 19 suspected fake workers.

“For the Ministry of Defence, we identified 19 people acting as fake workers,” the ICPC chairman said.

Other affected institutions include the Federal Ministry of Electricity and the Federal Ministry of Industry, Trade and Investment, with 17 suspected fake workers each; the Federal Ministry of Health with 15; and the Office of the Head of the Civil Service of the Federation with 12.

See also  Police arrest Osun park management head over ‘possession of ammunition’

The Office of the Accountant-General of the Federation and the Federal Ministry of Interior were also listed among institutions affected by the payroll fraud, although the ICPC did not disclose the number of suspected fake workers found in the two offices.

Continue Reading

News

Good morning! Nigerian Newspapers Headlines: Fake agency probe: ICPC team grills embattled DG inside police detention

Published

on

By


1. The investigation into the controversial Presidential Foreign Intervention Promotion Council intensified on Wednesday as the Independent Corrupt Practices and Other Related Offences Commission commenced interrogation of the alleged founder of the disputed agency, Adeniyi Adeyemi, inside police detention.

The PFIPC controversy erupted after allegations that Adeyemi presented himself as the Director-General of a presidential body that several government institutions said they neither created nor recognised, while questions were raised over alleged forged documents, bank accounts and the council’s inclusion in budget proposals.

2. Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit, PMS, in naira after a week-long suspension, while raising its ex-depot petrol price to N1,215 per litre. The refinery had suspended gantry and coastal loading on July 15 after introducing a dollar-denominated pricing template for refined petroleum products.

3. The five Southeast governors have resolved to work for the re-election of President Bola Tinubu’s re-election next year, Imo State Governor Hope Uzodimma said yesterday. Uzodimma, who chairs the South East Governors’ Forum (SEGF), spoke at a meeting with the Imo State Council of Elders and Council of Traditional Rulers at the New EXCO Chambers, Government House, Owerri. He cited infrastructure projects initiated in the zone by the administration, saying the governors’ decision was based on “verifiable facts” of the administration’s record in the Southeast.

See also  King Wasiu Ayinde Marshal celebrates wife, Emmanuella on first wedding anniversary

4. Nigeria has dropped to 90th position on the latest Henley Passport Index, with holders of her passport able to access 44 destinations without obtaining a visa in advance. The July 2026 global ranking, released by Henley & Partners on Tuesday, ranked the Nigerian passport 90th out of 199 assessed worldwide, with a visa-free score of 44.

5. The Naira on Wednesday depreciated to N1,413 per dollar in the parallel market from N1,409 per dollar on Tuesday. But the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM.

6. Rivers State Governor, Siminalayi Fubara, has declared his support for President Bola Tinubu and the Rainbow Coalition, a political movement led by the Minister of the Federal Capital Territory, Nyesom Wike, ahead of the 2027 general elections. Fubara made the declaration on Tuesday during the groundbreaking ceremony for the reconstruction and equipping of the Riven Medical Facility, a public-private sector pharmaceutical factory in Rivers State.

7. The Independent Corrupt Practices and Other Related Offences Commission has identified the Nigeria Police Force and five federal ministries and agencies as having the highest number of suspected fake workers uncovered during its payroll verification exercise. ICPC Chairman, Musa Adamu Aliyu, SAN, disclosed the findings while speaking on the commission’s investigation into payroll fraud across Federal Government institutions, according to a BBC Pidgin report on Wednesday.

See also  FAAC disburses N966bn to FG, states, LGs as July revenue

8. United States President Donald Trump has written to President Bola Ahmed Tinubu, commending him on his decisive leadership “on behalf of the Nigerian people.” This was made known in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy on Wednesday.

9. A mother, Mrs Zainab Musa, residing in the Ketu area of Lagos State, has cried out over what she described as an orchestrated attempt by some police officers to frustrate efforts to secure justice for her 15-year-old daughter, who was allegedly raped inside a tutorial class in Ketu. gathered from the survivor’s mother on Tuesday that the suspect (name withheld), who was the survivor’s lesson teacher, allegedly threatened to kill the teenager if she disclosed the incident to anyone.

10. The National Security Adviser, NSA, Attorney-General of the Federation and Minister of Justice, Accountant-General of the Federation, Minister of Foreign Affairs and other top government officials are expected to appear before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary inclusion of phantom Presidential Foreign Investment Promotion Council, PFIPC today.

See also  APC postpones launch of  campaign council, to expand team

Continue Reading

News

AICL expands youth enterprise drive, awards N9.75m to innovative startups across three sectors

Published

on

By

The Abuja Investment Company Limited (AICL) has reinforced its commitment to youth entrepreneurship and innovation by awarding a total of N9.75 million to nine outstanding startups at the 2026 Abuja Young Entrepreneurs’ Hunt, with winners emerging from the information and communications technology (ICT), creative and agribusiness sectors.

The competition, organised by AICL in partnership with the Abuja Enterprise Agency (AEA), rewarded three winners in each of the three sectors, with cash prizes of N1.5 million, N1 million and N750,000 respectively to support business expansion.

Speaking at the event in Abuja on Tuesday, the Group Managing Director and Chief Executive Officer of AICL, Maureen Tamuno, said the initiative goes beyond cash awards by providing participants with mentorship, business visibility and access to investors that can help transform their enterprises.

According to her, every participant in the competition benefits from intensive training and mentorship throughout the selection process, equipping them with practical skills that can accelerate business growth irrespective of whether they emerge as winners.

“The level of training and mentorship they receive from professionals during the programme goes far beyond the competition itself. It gives them ideas on visibility, expansion and sustainability,” Tamuno said.

She noted that AICL maintains relationships with past participants through mentors and partner institutions that monitor their progress and provide continued guidance to ensure their businesses grow.

“We have mechanisms in place to follow up with them. That is why previous winners return every year to share their success stories and inspire new participants,” she added.

Tamuno said this year’s winners would also be given opportunities to pitch their businesses before investors and business leaders during the upcoming Abuja Business and Investment Expo 3.0, enabling them to secure partnerships, funding and wider market access.

See also  UTME, direct entry forms not yet on sale, JAMB warns candidates to be wary of scammers

She recalled that participants from previous editions attracted support from successful entrepreneurs, with some receiving investment, mentorship and employment opportunities after presenting their business ideas.

“We create the platform that allows investors and successful business people to connect with these young entrepreneurs even after the programme,” she said.

Tamuno called on private sector organisations, philanthropists and development partners to collaborate with AICL and the Abuja Enterprise Agency to expand support for youth-led businesses.

She stressed that while access to finance remains a major challenge, entrepreneurs also face structural constraints such as inadequate electricity and limited access to long-term financing.

According to her, recent investments in renewable energy are beginning to provide practical alternatives for small businesses.

“We now have renewable energy solutions that are helping businesses reduce dependence on the national grid. One of our markets operates entirely on green energy, and we encourage entrepreneurs to take advantage of these opportunities,” she said.

Tamuno urged Nigerians to believe in the country’s economic potential, arguing that sustainable national development requires collaboration between government, private investors and citizens.

“No country started instantly and everything started working. Countries grow and evolve. Nigeria is evolving, we are advancing.

“All we need to do is to believe in Nigeria, to believe in what we do. And as we evolve, we begin to create that awareness and support and, you know, apprenticeship opportunities for a lot of people that want to come into the space. What we do in Abuja Investment is create the space,” she added

See also  The lion and his jewel: Nyesom Wike’s romantic side

She also highlighted the Abuja Business and Investment Expo 3.0, scheduled for August 5 to 7, as a platform that connects businesses with investors through business-to-business and business-to-government engagements.

Acting Managing Director and Chief Executive Officer of the Abuja Enterprise Agency, Chudi Ugwuada-Ezirigwe, described young entrepreneurs as central to Nigeria’s future, noting that the competition was designed to nurture innovative businesses capable of creating jobs and solving societal challenges.

He explained that this year’s edition focused on ICT, the creative economy and agribusiness because of their high growth potential, while promising that future editions would accommodate additional sectors.

“The journey of a million miles begins with one step. We started with these sectors, but we intend to expand as more innovative business ideas emerge,” he said.

Ugwuada-Ezirigwe said the competition was widely publicised through digital platforms to ensure equal access for interested young entrepreneurs.

He encouraged participants who did not win to remain resilient, describing entrepreneurship as a journey built on innovation, determination and calculated risk-taking.

Chairman of the judging panel and economist, Paul Alaje, said the competition assessed both the viability of individual businesses and their broader economic impact.

According to him, judges evaluated innovation, sustainability, financial viability, scalability and the ability of businesses to create employment and substitute imported products.

He argued that supporting young entrepreneurs is critical to addressing poverty, unemployment and inflation.

“Our government will formulate policies, but citizens must apply those policies to create value. These businesses will generate employment, reduce imports, promote exports and contribute to economic growth,” Alaje said.

See also  FG, states, LGAs share N907.054bn in June – FAAC

He called on state governments across Nigeria to replicate the initiative, noting that empowering young people through entrepreneurship offers a sustainable response to unemployment and insecurity.

Among the standout innovations was Plastic Abdullahi Suleiman, winner of the creative category, whose business converts plastic waste and sand into durable interlocking paving stones without using cement.

Suleiman said the innovation was inspired by Nigeria’s growing plastic waste challenge and poor road infrastructure.

“We are turning plastic waste into stronger, more affordable interlocks. We believe this innovation can help solve both environmental pollution and road construction challenges,” he said.

Another winner, Ridwanllah Adeleke, Chief Executive Officer of Cyber Vigil and winner of the ICT category, said the recognition validated the company’s cybersecurity solutions designed to identify vulnerabilities in digital systems.

He urged government agencies to partner with indigenous cybersecurity firms to strengthen the protection of critical public infrastructure against data breaches.

Also speaking, Pamela Azeminor, first runner-up in the creative category, said the prize money would be invested in purchasing equipment for her fashion training academy.

She noted that access to finance remains one of the biggest obstacles facing young entrepreneurs, adding that the competition would enable her business to acquire machines capable of preparing fashion designers for global markets.

The Abuja Young Entrepreneurs’ Hunt forms part of AICL’s broader strategy to stimulate innovation, strengthen the startup ecosystem and position entrepreneurship as a catalyst for inclusive economic growth and job creation in the Federal Capital Territory.

Continue Reading

Trending News