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FAAC Shares N1.127trn Dec Revenue To FG, States, LGCs

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127.408billion December 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
From the N1,127.408billion total distributable revenue, the Federal Government received N383.872billion, the State Governments received N396.693billion and the Local Government Councils received N288.928billion.
A total sum of N57.915billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
This was contained in a communique issued by the FAAC at its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
The N1,127.408billion total distributable revenue comprised distributable statutory revenue of N363.188billion, distributable Value Added Tax (VAT) revenue of N458.622billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855billion and Exchange Difference revenue of N287.743billion.
According to the communique, total revenue of N1,674.230billion was available in the month of December 2023.
Total deductions for cost of collection was N62.254billion; total transfers, interventions and refunds was N484.568billion.
Gross statutory revenue of N875.382billion was received for the month of December 2023.
This was lower than the N882.560billion received in the month of November 2023 by N 7.178billion.
The gross revenue available from VAT in December 2023 was N492.506billion.
This was higher than the N360.455billion available in the month of November 2023 by N132.051billion.
Director (Press and Public Relations) in the Office of the Accountant General of the Federation, Bawa Mokwa, stated in a statement issued yesterday, January 23, 2024, that from the N363.188billion distributable statutory revenue, the Federal Government received N173.729billion, the State Governments received N88.118billion and the Local Government Councils received N67.935billion.
The sum of N33.406billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N68.793billion, the State Governments received N229.311billion and the Local Government Councils received N160.518billion from the N458.622billion distributable VAT revenue.
The N17.855billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.678billion, the State Governments received N8.928billion and the Local Government Councils received N6.249billion.
The Federal Government received N138.672billion from the N287.743billion Exchange Difference revenue.
The State Governments received N70.336billion, and the Local Government Councils received N54.226billion.
The sum of N24.509billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
In the month of December 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), VAT and EMTL increased significantly, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies decreased marginally.
The balance in the ECA was $473,754.57.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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