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FG, States, LGs Receive ₦1.89T Despite Drop In VAT Revenue,
The Federation Account Allocation Committee (FAAC) has distributed ₦1.89 trillion from February 2026 revenue to the Federal Government, state governments, and 774 local councils. The March FAAC meeting in Abuja, chaired by Finance Minister Wale Edun, oversaw the allocations.....KINDLY READ THE FULL STORY HERE▶
From the distributable amount, the Federal Government received ₦675.08 billion, states shared ₦651.52 billion, local governments got ₦456.46 billion, and oil-producing states received ₦110.94 billion as 13% derivation revenue. From the gross revenue of ₦2.23 trillion, ₦77.3 billion was deducted for collection costs, and ₦259.07 billion set aside for transfers and refunds.
FAAC noted a sharp drop in VAT revenue, which fell from ₦1.08 trillion in January to ₦668.45 billion in February. After deductions, ₦619.11 billion from VAT was shared: ₦61.91 billion to the federal government, ₦340.51 billion to states, and ₦216.69 billion to local councils.
Statutory revenue also declined from ₦1.95 trillion in January to ₦1.56 trillion in February. After deductions, ₦1.27 trillion was distributed: ₦613.17 billion to the federal government, ₦311.01 billion to states, and ₦239.77 billion to local councils, with oil-producing states receiving ₦110.94 billion in derivation.
While oil and gas royalties and excise duties rose, key revenue sources including petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties, and VAT fell. Import duties and the common external tariff saw slight increases.
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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.
The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶
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Correctional Service Declares Escaped Yobe Inmate Wanted Nationwide.
The Nigerian Correctional Service (NCS), Yobe State Command, has declared a 30-year-old inmate wanted after he escaped following a road accident involving a prison transport vehicle.....KINDLY READ THE FULL STORY HERE▶
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Court Orders UI To Reinstate Students Suspended Over Fee Hike Protest.
The Federal High Court sitting in Ibadan, Oyo State, has ordered the University of Ibadan (UI) to reinstate three students suspended over their participation in a protest against tuition fee hikes.....KINDLY READ THE FULL STORY HERE▶
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