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Nigeria’s Revenue Drops N194.6bn In February – FAAC

Published

6 months ago

March 23, 2025

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Nigeria’s Federation Account Allocation Committee, FAAC, revenue dropped by N194.664 billion in February.

According to the FAAC communiqué, the federal government, states, and local government councils shared N1.678 trillion in revenue in February 2025.

The February revenue is lower than the N1.848 trillion received in January 2025. The federal government received N569.656 billion, while state governments received N562.195 billion. Local government councils received N410.559 billion, while N136.042 billion (13 per cent of mineral revenue) was allocated to benefiting states as derivation revenue.

The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax, VAT, revenue of N609.430 billion, Electronic Money Transfer Levy, EMTL, revenue of N35.171 billion, solid minerals revenue of N28.218 billion, and an augmentation of N178 billion.

In February 2025, oil and gas royalty and EMTL increased significantly, while VAT, petroleum profit tax, PPT, companies income tax, CIT, excise duty, import duty, and CET levies recorded decreases.

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NiMet Predicts Three-day Rain, Thunderstorms From Monday

Published

20 hours ago

September 21, 2025

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News

JUST IN: Ooni Visits Olubadan-designate Ladoja In Ibadan

Published

1 day ago

September 21, 2025

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The Ooni of Ife, Oba Enitan Ogunwusi, on Sunday, paid a visit to the Olubadan designate, Rashidi Ladoja, at his Bodija private residence in Ibadan, Oyo State.

The PUNCH reports that Oba Ladoja will be installed as the 44th Olubadan on Friday, September 26, 2025, following the demise of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025, at the age of 90 years.

The two paramount rulers are currently exchanging pleasantries.

Details later…

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JUST IN: FG Revokes 1,263 Mineral Licenses Over Unpaid Fees

Published

1 day ago

September 21, 2025

Editor

The Federal Government through the Ministry of Solid Minerals Development has announced a fresh revocation of not less than 1,263 mineral licenses.

These licenses, which will now be deleted from the Electronic Mining Cadastral System portal of the Nigerian Mining Cadastral Office, include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.

The minister of Solid Minerals Development, Dele Alake, gave the revocation announcement in a statement issued by his special assistant on Media, Segun Tomori, on Sunday in Abuja.

The minister explained that the directive was issued due to the companies’ failure to comply with the requirement of paying their annual service fees.

The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including,619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.

By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.

The statement read, “Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral system of the Nigerian Mining Cadastral Office, MCO, following their revocation by the Federal Government.

“These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.”

Approving the revocation following the recommendation of the MCO, the Minister said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.

“The era of obtaining licences and keeping them in drawers for the highest bidder, while financially capable and industrious businessmen are complaining of access to good sites, is over.

“The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind,” the minister said.

He warned that the revocation does not mean the Federal Government has pardoned the annual service debt owed by licensees, adding that the list will be forwarded to the Economic & Financial Crimes Commission to ensure that debtors pay or face the wrath of the law.

“This is to encourage due diligence and emphasise the consequences of inundating the license application processes with speculative activities.”

In the recommendation to the minister, the Director-General of the MCO, Simon Nkom, disclosed that there were 1,957 initial defaulters when the MCO published the intention to revoke licences in the Federal Government Gazette on June 19, 2025.

He informed the minister that the gazette was distributed to MCO offices nationwide to sensitise licencees and encourage them to comply within 30 days in compliance with the Minerals and Mining Act 2007 and relevant regulations.

He observed that the delay in the final recommendation was due to complaints of several licensees who claimed to have paid to the Federal Government through Remita and had to be reconciled.

Earlier this month, the DG MCO had hinted that more mining licences would be revoked as part of ongoing efforts to sanitise the solid minerals sector and protect investors from fraudsters.

According to Nkom, the clean-up exercise, which covers expired, speculative, and inactive titles, is necessary to make room for genuine investors and ensure compliance with the law.

This is part of ongoing efforts at sanitising the sector since the inception of the Tinubu administration, and the salutary effects of the reforms are massive and manifest despite the attempts to push back by defaulters and their agents.