News
FAAC Shares N1.100 Trillion To FG , States, LGs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.100 trillion to the federal government, states and Local Government Councils.
This was contained in communique issued by the FAAC at its September, 2023 meeting, this morning, in Abuja according to a statement by the Director of Press and Public Relations of the Offixe of the Accountant- General of the Federation, Mr. Bawa Mokwa.
It indicated that the N1100.101 billion total distributable revenue comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion and Augmentation of NN177.092 billion.
According to the communique, total revenue of N1.483 trillion was available as revenue earned in the month of August.
READ ALSO: Customs Exceeds Monthly Revenue Target, Generates N343bn In August
Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71.000 billion.
Gross statutory revenue of N 891.934 billion was received for the month of August 2023.
This was lower than the N1150.424 billion received in the month of July 2023 by N258.490 billion.
The gross revenue available from the Value Added Tax (VAT) was N345.727 billion. This was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion.
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Of the N1 100 trillion total distributable revenue, the Federal Government received a total of N431.245 billion, State Governments, N361.188 billion and the Local Government Councils received N266.538 billion.
A total sum of N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL), were shared to the relevant States as derivation revenue.
A further analysis showed that of the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the State Governments received N87.800 billion, while the Local Government Councils received N67.690 billion.
The sum of N14.446 billion (13% of mineral revenue) and N14.361billion (13 % of savings from NNPCL) were shared to the relevant States as derivation revenue.
The Federal Government received N48.291 billion, the State Governments received N160.971 billion and the Local Government Councils received N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) revenue.
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The N14.102 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.115 billion, the State Governments received N7.051 billion and the Local Government Councils received N4.936 billion.
The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue.
The State Governments received N58.048 billion, and the Local Government Councils received N44.752 billion, respectively.
The sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to the relevant States as derivation revenue.
From the N177.092 billion Augmentation, the Federal Government received N93.292 billion, the State Governments received N47.319 billion and the Local Government Councils got N36.481 billion.
Value Added Tax (VAT), Import and Excise Duties and Electronic Money Transfer Levy (EMTL) were said to have increased considerably, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.
The balance in the Excess Crude Account (ECA) was put at $473,754.
News
BREAKING: Court Sentences Nnamdi Kanu To Life Imprisonment For Terrorism

Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has been sentenced to life imprisonment by a Federal High Court in Abuja after being convicted on all seven counts of terrorism filed against him.
Justice James Omotosho, delivering judgment in Kanu’s trial, described him as a terrorist whose actions have led to bloodshed and destabilization in the South-East.
He said Kanu, who portrayed himself as a defender of his people, has instead endangered lives and national security.
READ ALSO:JUST IN: Nigerian Govt Demands Death Sentence On Nnamdi Kanu
“The court finds that the defendant, Nnamdi Kanu, is an international terrorist and must be treated accordingly,” Justice Omotosho declared.
The judge emphasized that the prosecution presented credible and sufficient evidence to prove the case against Kanu. He also noted that Kanu failed to enter a defense, choosing instead to rest his case on the prosecution’s evidence.
Justice Omotosho is still delivering the remaining part of the judgment.
News
JUST IN: Nigerian Govt Demands Death Sentence On Nnamdi Kanu

The Nigerian government has demanded the imposition of death sentence on Nnamdi Kanu following his conviction on terrorism charges.
Counsel to the Federal Government, Adegboyega Awomolo, SAN, informed the court that the sections of the law under which Kanu was charged and convicted carried death sentence without any option.
Addressing the court after the pronouncement, the senior lawyer said the court has no discretion to exercise than to impose maximum punishment on him in line with the dictates of the law.
READ ALSO:BREAKING: Judge Orders Kanu Out Of Court Over ‘Unruly’ Conduct
Awomolo held that Kanu throughout the trial did not show remorse for the offences he committed against the Federal Republic of Nigeria but chose to be militant, arrogant and unruly in his attitude.
He also demanded that all properties seized from Kanu be forfeited to the Federal Government.
The prosecution counsel equally demanded that Kanu be taken to prison where his security will be guaranteed till when the judgment against him would be executed.
News
JUST IN: Nigerian Separatist Leader Convicted On Terrorism Charges

A court in Nigeria has found separatist leader Nnamdi Kanu guilty of terrorism 10 years after he was first arrested.
The court said it was satisfied that Kanu had made a series of broadcasts to incite violence and killings, as part of his campaign for a separate state in south-east Nigeria, known as Biafra.
Kanu has so far been convicted on six of the seven charges he faced, with the judge continuing to deliver his ruling.
A relatively obscure figure, Kanu’s popularity surged in 2009 when he started Radio Biafra, a station that called for an independent state for the Igbo people broadcast to Nigeria from London.
READ ALSO:JUST IN: Court Rules Judgment In Kanu’s Terrorism Trial
Though he grew up in south-eastern Nigeria, where he attended the University of Nsukka, Kanu moved to the UK before graduating and acquired British nationality.
In 2014, he set up the Indigenous People Of Biafra (Ipob), a movement demanding independence.
Ipob was banned as a terrorist organisation in 2017. Its armed wing – the Eastern Security Network – has been accused of killings and other acts of violence in recent years.
Delivering his judgement, Judge James Omotosho said: “Mr Kanu knew what he was doing, he was bent on carrying out these threats without consideration to his own people.
READ ALSO:BREAKING: Judge Orders Kanu Out Of Court Over ‘Unruly’ Conduct
“From the incontroverted evidence, it is clear that the defendant carried out preparatory act of terrorism.
“He had the duty to explain himself but failed to do so.”
Ahead of the verdict, Kanu insisted that proceedings could not continue because he had not yet filed his final written address, accusing the judge of bias and not understanding the law.
READ ALSO:Court Threatens To Foreclose Kanu If He Fails To Open Defence
The verdict was delivered after Kanu had been forcibly removed from the courtroom for unruly behaviour.
He was first arrested in October 2015 but he jumped bail in 2017 and left the country after a military raid on his home. The court later revoked his bail in March 2019 and he was re-arrested in 2021 in Kenya.
The calls for Biafran independence date back many years.
In 1967 Igbo leaders declared a Biafran state, but after a brutal civil war, which led to the deaths of up to a million people, the secessionist rebellion was defeated.
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