In June 2026, the Federation Account Allocation Committee (FAAC) announced the distribution of ₦2.3 trillion in revenue to the three tiers of government, marking an increase from the ₦2.25 trillion shared in April. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, confirmed that this amount includes ₦1.611 trillion in statutory revenue and ₦688.785 billion from Value Added Tax (VAT).....KINDLY READ THE FULL STORY HERE▶

• Total Revenue: The total gross revenue for May reached ₦3.39 trillion.

• Adjustments: Before distribution, ₦123.54 billion was deducted for collection costs, and ₦971.61 billion was accounted for through transfers and refunds.

• Statutory vs. VAT Performance: While gross statutory revenue rose by ₦273.62 billion to reach ₦2.65 trillion, VAT revenue experienced a decline, falling by ₦62.94 billion from April’s ₦806.61 billion to ₦743.66 billion in May.

Distribution to Government Tiers From the total ₦2.3 trillion distributable pool, the allocation was divided as follows:

• Federal Government: Received ₦818.68 billion total.

• State Governments: Received ₦759.14 billion total.

• Local Government Councils: Received ₦534.27 billion total.

• Derivation Revenue: Benefiting states were allocated ₦188.132 billion, representing 13 percent of mineral revenue.

Detailed Breakdown of Revenue Sources

• Statutory Revenue (₦1.611 trillion total): The Federal Government received ₦749.801 billion, states received ₦380.309 billion, and local governments received ₦293.202 billion.

• VAT Revenue (₦688.785 billion total): The Federal Government received ₦68.87 billion, states received ₦378.83 billion, and local governments received ₦241.07 billion.

Mokwa noted that while collections for Companies Income Tax, Petroleum Profit Tax, oil and gas royalties, and several other duties saw notable growth, there was a recorded downturn in collections for VAT, excise duty, and Common External Tariff levies.

Senator Ireti Kingibe, representing the Federal Capital Territory, has publicly denied endorsing a committee report that called for the suspension of Senator Natasha Akpoti-Uduaghan. In an interview on Arise Television, Kingibe explained that she did not review or authorize the report, noting that she had departed from the committee meeting early to attend a tax reform retreat she deemed more vital for her constituents. Although she confirmed that a photocopy of her signature appears on the document, she clarified that she did not personally sign it and had previously expressed her frustrations to Senate leadership—specifically Senator Barau—regarding her inability to access the report. Highlighting concerns over Senate protocols, Kingibe asserted that lawmakers should be required to read reports before signing them, rather than being asked to sign documents they have not reviewed.....KINDLY READ THE FULL STORY HERE▶

Senator Ireti Kingibe has clarified her stance on the committee report recommending the suspension of Senator Natasha Akpoti-Uduaghan, stating she never reviewed or endorsed the findings.

• Absence: Kingibe noted that she left the committee meeting early to attend a tax reform retreat and assumed other members would handle the proceedings.

• Signature Dispute: While acknowledging a photocopy of her signature is on the report, she insisted she never personally signed it.

• Procedural Critique: She criticized the Senate’s process, arguing that members should have the opportunity to read reports thoroughly before they are finalized, noting that she had previously complained to the Senate leadership about being denied access to the document.

The ongoing fraud trial of Jude Okoye and his company, Northside Music Limited, faced a delay on Wednesday at the Federal High Court in Lagos due to the absence of the nominal complainant, Peter Okoye (Mr. P). The court session was scheduled for the cross-examination of Peter by the defence team regarding allegations of a ₦1.3 billion and $1 million fraud. Prosecution counsel G. Akaogu stated that Peter could not attend because his flight from Abuja to Lagos was rescheduled. Conversely, defence counsel Clement Onwuewunor, SAN, disputed this explanation, asserting he had received information that Peter was already in Lagos. Following the disagreement, Justice Alexander Owoeye adjourned the case until September 21, 2026.....KINDLY READ THE FULL STORY HERE▶

The fraud trial involving former P-Square manager Jude Okoye was adjourned after Peter Okoye failed to appear for his scheduled cross-examination.

• The Charges: Jude Okoye and Northside Music Limited are facing seven counts of fraud totaling ₦1.3 billion and $1 million, to which they have pleaded not guilty.

• The Absence: The prosecution claimed Peter Okoye missed the hearing due to a flight issue, but the defence counsel challenged this, claiming sources placed Peter in Lagos already.

• Court Action: Justice Alexander Owoeye subsequently adjourned the proceedings until September 21, 2026, to allow for the continuation of the cross-examination.

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