Business

FAAC: FG, States, LGAs To Share N725.571bn For Month Of March

Published

4 years ago

April 27, 2022

The Federation Accounts Allocation Committee (FAAC), has settled for a sharing formula of N725.571 billion among the three tiers of government, for the month of March 2022.

A statement by Phil Abiawute-Mowete, Director of Information/Press, in the Ministry of Finance, Budget and National Planning, said from the amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N277. 104 billion, the States received N227.201 billion; the Local Government Councils got N167.910 billion, while the Oil producing states received N53.356 billion as derivation (13% of Mineral Revenue).

The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting which was held virtually, indicated that the Gross Revenue available from the Value Added Tax (VAT) for March 2022 was N204.402 billion.

The distribution is as follows; Federal Government got N30.660 billion, the States received N102.201 billion, Local Government Councils got N71.541 billion.

Gross Statutory Revenue of N521.169 billion was distributed according to the communique, from which the Federal Government was allocated the sum of N246.444 billion, States got N125.000 billion, LGCs got N96.369 billion, Derivation (13% Mineral Revenue) got N53.356 billion.

It, however, added that add-backs of VAT for the month for the cost of collection is N8.780 billion, while that of Transfers, Refunds and Savings is N6.322 billion.

The add-backs of Statutory Revenue distributed to the Cost of Collection is N35.631 billion and to Transfers/Refunds/Savings is N376.504 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases.

It was further disclosed that the total revenue distributable for the current month was drawn from Statutory Revenue of N521.169 billion and Value Added Tax (VAT) of N204.402 billion, bringing the total distributable for the month to N725.571 billion.

The balance in the Excess Crude Account as of 27th April 2022 stands at $35.372 million.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.