Business

FAAC Shares 780.926bn For March 2020

Published

6 years ago

April 23, 2020

Any moment from now, civil servants are expected to be paid their April 2020 salaries.
This is because the Federation Accounts Allocation Committee (FAAC) has shared a total of 780.926 billion as March 2020 Federation Account Revenue.
The Office of the Accountant General of the Federation (OAGF) disclosed in Abuja that the Federal, States, Local Governments and relevant Agencies in the country shared ¦ 780.926 billion as at the end of the FAAC meeting.
According to the statement: “The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.”
It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.
The gross statutory revenue for the month of March 2020 was put at ¦ 597.676 billion.
This was higher than the ¦ 466.058 billion received in February 2020 by ¦ 131.618 billion.
Value Added Tax (VAT) yielded gross revenue of ¦ 120.268 billion in March 2020 as against ¦ 99.552 billion in February 2020, resulting in an increase of ¦ 20.716 billion.
A total of ¦ 62.928 billion was available from Exchange Gain in the month under review.
The OAGF noted: “The Statement of Accounts indicated that from the total revenue of ¦ 780.926 billion, the Federal Government received ¦ 264.330 billion.”
Continuing, the Office said: “The State Governments received ¦ 181.487 billion, and the Local Government Councils received ¦ 135.950 billion.
“The Oil Producing States received ¦ 38.751 billion as 13% derivation revenue while the cost of revenue collection by Revenue Agencies and allocation to North-East Development Commission (NEDC) was ¦ 160.408 billion.”
According to the Statement of Accounts, the Federal Government received ¦ 217.773 billion from the gross statutory revenue of ¦ 597.676 billion.
The State Governments received ¦ 110.457 billion and the Local Government Councils received ¦ 85.158 billion.
The sum of ¦ 32.299 billion was given to the relevant States as 13% derivation revenue and ¦ 151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.
The Federal Government received ¦ 16.777 billion from the Value Added Tax (VAT) revenue of ¦ 120.268 billion available in the month of March 2020. The State Governments received ¦ 55.925 billion, the Local Government Councils received ¦ 39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was ¦ 8.419 billion.
The Statement confirmed that the Federal Government received ¦ 29.780 billion, the State Governments received ¦ 15.105 billion, the Local Government Councils received ¦ 11.645 billion and the Oil Producing States received ¦ 6.452 billion from the total revenue of ¦ 62.982 billion available from Exchange Gain.
It was also revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases which resulted in the large volume of money shared.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.
Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

7 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

7 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

7 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos