News

JUST IN: FG, States, LGs Share N722bn Federal Allocation

Published

2 years ago

March 22, 2023

The Federation Account Allocation Committee said it has shared N722.677 billion among the three tiers of government in February 2023.

The figure represents a further decrease of N27.493bn compared to N750.17bn shared in January and N267.513 to N990.19bn shared in December 2022.

FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Wednesday.

The total amount includes gross statutory revenue, Value Added Tax, electronic money transfer levies and augmentation from forex equalisation account.

The communique explained that the Federal Government received N269.063 billion, the states received N236.464 billion, the local government councils got N173.936 billion, while the Oil Producing States received N43.214 billion as derivation, (13 per cent of mineral revenue).

It was also noted that the gross revenue available from the Value Added Tax for February 2023 was N240.799 billion, as against N250.51bn distributed in the preceding month, which represents a decrease of N9.72 billion.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), import and excise duties and oil and gas royalties all decreased significantly, while Value Added Tax and Electronic Money Transfer Levies (EMTL) decreased marginally.

Further breakdown of the allocation distributed to the three tiers of government include, “The gross revenue available from the Value Added Tax for the month of January, 2023 was N250.01bn, as against N250.51bn distributed in the preceding month, resulting in a decrease of N0.503bn.

“From that amount, the sum of N9.632 billion was allocated for cost of collection to FIRS and the sum of N6.935 given for transfers, savings, recoveries and refunds.

“The remaining sum of N224.232 billion was distributed to the three tiers of government of which the Federal Government got N33.635 billion, the states received N112.116 billion, local government councils got N78.481 billion.”

It added, “However, the balance in the Excess Crude Account (ECA) as at March 22nd, 2023 stands at $473,754.57.”

News

Edo To Dredge Ikpoba River For Revenue, Flood Control

Published

13 hours ago

July 3, 2025

Editor

Edo State government has proposed the dredging of Ikpoba River to curb flooding and exploring potentials for enhancing revenue generation in the state.

The state Commissioner for Mining, Hon. Andrew Ijegbai, disclosed this when he led a delegation on an inspection of the river in Benin City.

According to him, the initiative was to find a lasting solution to the incessant challenges of flooding and river overflow on the busy road.

He added that his team was on the ground to assess the condition of the river to get a firsthand observation of its impact on communities near its bank.

Also speaking, Director of Mining in the ministry, Mr. Omoruyi Ihianle expressed the state government’s determination to turn challenges into successes.

He stated that the primary objectives of the project were to generate revenue for the state government through mining and to mitigate flooding in the host communities.

“As a government, we have found a way of converting our challenges until success.

“As a result of the silted river channel, the host communities have been suffering from flooding, hence the Edo State Government is stepping in to desilt while raising revenue for the State Government,” he said.

News

JUST IN: Ex-Eagles Goalkeeper, Peter Rufai, Is Dead

Published

15 hours ago

July 3, 2025

Editor

Peter Rufai, the former Super Eagles goalkeeper, has died.

Waidi Akanni, a former teammate and associate, confirmed the legendary goalkeeper’s death to TheCable on Thursday.

Rufai, affectionately nicknamed Dodo Mayana, died at 61 after a reported battle with long-term illness.

The Super Eagles of Nigeria also announced the demise of the former goalkeeper on the team’s official X account.

“Forever in our hearts, Dodo Mayana. We mourn the passing of legendary Super Eagles goalkeeper, Peter Rufai, a giant of Nigerian football and a 1994 AFCON champion,” the post reads.

“Your legacy lives on between the sticks and beyond.”

Rufai is regarded as one of the best football goalkeepers Nigeria has ever produced. He was the Eagles’ first-choice goalkeeper when Nigeria won the 1994 Africa Cup of Nations (AFCON).

He also represented Nigeria at the 1994 FIFA World Cup in the US and the 1998 FIFA World Cup in France.

Rufai had over 60 caps for the Super Eagles over the course of a decade with the team.

News

AMCON Sells Ibadan DisCo For N100bn

Published

19 hours ago

July 3, 2025

Editor

The Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.

AMCON’s Managing Director/CEO, Gbenga Alake, disclosed this at a media parley on Thursday.

Apart from IBEDC, AMCON also manages other distribution companies, including the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

Alake said, “Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double of what it was initially going to be sold for.”

Regarding ongoing legal issues, Alake stated, “We have sold it, and whatever is still happening in court, we will face it.”

However, officials of IBEDC did not respond to inquiries about the sale.