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FAAC Disburses N1.578 Trillion March Revenue to FG, States, and LGAs
The Federation Account Allocation Committee (FAAC) has distributed a total revenue of N1.578 trillion among the federal, state, and local governments for the month of March 2025.....KINDLY READ THE FULL STORY HERE▶
This was disclosed in a communiqué released on Tuesday following FAAC’s meeting in Abuja. The disbursed funds comprise N931.325 billion in statutory revenue, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion in exchange difference revenue.
According to FAAC, the total gross revenue for March stood at N2.411 trillion. From this, N85.376 billion was deducted for collection costs, and N747.180 billion was allocated for transfers, refunds, and government interventions.
Gross statutory revenue alone was N1.718 trillion, showing an increase of N65.422 billion from February 2025’s N1.653 trillion. However, VAT revenue declined, falling from N654.456 billion in February to N637.618 billion in March — a drop of N16.838 billion.
The federal government received a total of N528.696 billion, states were allocated N530.448 billion, while local governments received N387.002 billion. Additionally, N132.611 billion, representing 13% derivation from mineral revenues, was distributed to oil-producing states.
From the N931.325 billion statutory allocation, the federal government took N422.485 billion, states received N214.290 billion, and local governments got N165.209 billion. A separate N129.341 billion was disbursed to qualifying states as derivation revenue.
In terms of VAT, the federal government got N89.063 billion, states received N296.875 billion, and local councils received N207.813 billion.
The EMTL revenue of N24.971 billion was shared with the federal government receiving N3.746 billion, states N12.485 billion, and local governments N8.740 billion.
From the exchange difference revenue of N28.711 billion, the federal government received N13.402 billion, states got N6.798 billion, and local councils received N5.241 billion, with an additional N3.270 billion disbursed as derivation.
The communiqué noted that Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) recorded significant increases during the month, while there were declines in Oil and Gas royalties, VAT, EMTL, excise duty, import duty, and Common External Tariff (CET) levies.
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Tears For A Titan: Family Unveils Emotional Three-Day Funeral Plan For Iconic Actor Kola Oyewo!.
The funeral arrangements for the celebrated Nigerian actor, theatre scholar, and traditional ruler, Chief Dr. Adekola Gabriel Oyewo (Kola Oyewo), have been finalized by his family, with interment scheduled for Friday, August 7, 2026, in Osun State. The veteran actor passed away at age 80, leaving behind a legacy as a prominent figure in stage, television, and academia.....KINDLY READ THE FULL STORY HERE▶
The three-day farewell, organized by the Balogun Oyekola Oyewo Memorial Committee, follows this schedule:
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Wednesday, August 5, 2026: A wake-keep and service of songs will be held at St. Mary’s Catholic Church, Igboya, Ile-Ife.
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Thursday, August 6, 2026: A commendation mass is scheduled at St. Mary’s Catholic Church, followed by an artistes’ night at the Obafemi Awolowo University (OAU) Oduduwa Hall. An exhibition celebrating his works and photographs will also open at the Pit Theatre, African Studies Building, OAU, running through Friday.
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Friday, August 7, 2026: After a morning departure from his residence, a requiem mass will take place at St. Joseph Catholic Church, Oba-Ile. He will be laid to rest in a private ceremony at 12:45 p.m. at Labaluyegbe Villa, followed by a reception at Aderonmu Grammar School Field.
The Bangbola Oyewo family of the Ese-Ola Royal House remembered him as a beloved family man, traditional leader, and an inspiration to generations of theatre practitioners. His passing is regarded as the end of an era for the Nigerian theatre community, where he served as an Associate Professor of Drama and a long-standing mentor.
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Nation In Shock! Herders’ King Brutally Murdered: Cops Race Against Time To Catch Killers!.
Authorities have initiated a comprehensive investigation into the murder of Risku Mohammed, the Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), and his associate, Yakubu Isa. The two men were reportedly ambushed by unidentified attackers near Ahimeni in the Okodu area while traveling back from a peace summit in Otukpo.....KINDLY READ THE FULL STORY HERE▶
Benue State Commissioner of Police, Cletus Nwadiogbu, condemned the act as a “senseless and criminal” effort to destabilize local peace and security. Through PPRO DSP Udeme Edet, the Commissioner announced that tactical and intelligence teams have been mobilized to hunt down the perpetrators. CP Nwadiogbu has urged the public to avoid spreading rumors or pursuing vigilante justice, instead appealing for any useful information to be shared with the police to assist in the swift arrest and prosecution of those responsible.
Option 2: Concise News Style
Police in Benue State are hunting for the gunmen who killed MACBAN State Chairman Risku Mohammed and Yakubu Isa. The victims were attacked near Ahimeni in the Okodu area while returning from a peace meeting in Otukpo.
State Commissioner of Police Cletus Nwadiogbu denounced the killings and vowed that the command would “leave no stone unturned” in bringing the culprits to justice. Tactical units have been deployed to the area to track down the assailants. The Commissioner extended his condolences to the bereaved families and called on residents to remain calm, law-abiding, and to report any leads to the nearest police station. He reiterated the command’s firm commitment to ensuring the safety of all citizens and holding the criminals accountable.
Option 3: Action-Oriented
Following the tragic assassination of Benue MACBAN Chairman Risku Mohammed and Yakubu Isa, the State Police Command has launched a full-scale investigation. The victims were killed by unknown assailants near Ahimeni, Okodu, following a peace engagement in Otukpo.
Commissioner of Police Cletus Nwadiogbu has directed tactical and intelligence units to track down and arrest the attackers immediately. In a public statement, the command emphasized that such criminal acts will not be tolerated and that every effort is being made to secure justice for the victims. The public is encouraged to assist the investigation by reporting any relevant information through official channels and is cautioned against fueling tensions by sharing unverified reports.
On June 26, 2026, the dollar-to-naira exchange rate at the Lagos parallel market, commonly referred to as the black market, saw sellers offering the dollar at ₦1402, while buyers were purchasing it at ₦1391, according to Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize this market and advises individuals to conduct foreign exchange transactions through their respective banks.....KINDLY READ THE FULL STORY HERE▶
Additionally, the CBN’s official rates for the same period ranged from a high of ₦1385 to a low of ₦1376. Please be aware that actual transaction prices may vary and might differ from the figures provided in this report.
Exchange Rate Summary (June 26, 2026)
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Parallel Market (Selling): ₦1402
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Parallel Market (Buying): ₦1391
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CBN Official Rates: ₦1376 – ₦1385
What specific aspect of the current foreign exchange market or its impact on consumer trends would you like to discuss further?
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