News
AUGUST: FG, states, LGs share N696.965bn as VAT revenue hits N166.228bn

The Federation Accounts Allocation Committee (FAAC) has shared a total of N696.965 billion as federation allocation for the month of August.
Oshundun Olajide, a Deputy Director of Information at the Office of Accountant General of the Federation (OAGF), made this known in a statement on Thursday.
Interestingly , amid the lingering controversy over whose responsibility it is to collect VAT, the nation also recorded a significant increase in the collection of Value Added Tax (VAT) and import duty.
Recalled that series of court cases and rulings emerged recently as the Rivers State government, backed by Lagos and some other states, challenged the legality of the Federal Inland Revenue Service (FIRS) to collect VAT.
Olajide, in the statement further stated that FAAC held a virtual conference on Wednesday where it shared the sum to the three tiers of government.
“From this amount, inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and Revenue from non-oil, the Federal Government received N289.257 billion, the states received N217.183 billion, the local government councils got N161.541 billion, while the oil-producing states received N41.376 billion as derivation (13 per cent of mineral revenue),” the statement explained.
The communique issued at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for August was N166.228 billion.
According to FAAC, the Federal Government got N24.934 billion of the revenue generated from VAT, while the states and local government councils (LGCs) received N83.114 billion and N58.180 billion respectively.
The statement continued, “the sum of N50 billion from non-oil revenue was equally distributed accordingly to the three tiers of government as follow – the Federal Government received N26.340 billion; the states got N13.360 while the LGCs received N10.3 billion.
“The distributed statutory revenue of N477.504 billion was received for the month from which the Federal Government received N236.437 billion, states got N119.924 billion, LGCs got N92.4456 billion, and derivation (13 per cent mineral revenue) got N28.687 billion.
It revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), oil and gas royalties, and excise duty recorded decreases, while import duty and VAT increased significantly.
The communique indicated that total revenue distributable for the month included gross statutory revenue of N477.504 billion, VAT of N166.228 billion, exchange gain of N2.830 billion, excess bank charges recovered of N0.403 billion, and N50 billion from non-oil revenue.
This brings the total distributable revenue to N696.965 billion for the month of August.
News
Easter: Rep Oseni Seeks Unity, National Renewal Amid Challenges

As Christians across the globe celebrate the resurrection of Jesus Christ, the Member representing Ibarapa East/Ido Federal Constituency of Oyo State, Engr. Aderemi Oseni, has urged Nigerians to draw inspiration from the message of Easter to strengthen national unity, renew their hope, and rise above the challenges facing the nation.
In a statement on Friday by his media aide, Idowu Ayodele, and made available to journalists, the lawmaker noted that Easter symbolises the triumph of life over death, hope over despair, and renewal over decay—virtues he described as urgently needed in today’s Nigeria.
He urged citizens to use the occasion as an opportunity to reflect on the country’s journey and commit to a shared vision of progress and peace.
“Easter reminds us that no situation is beyond redemption. Just as Christ conquered death and rose again, so too can our nation overcome its present trials—if only we act with faith, courage, and a common purpose,” Oseni said.
Acknowledging the economic and security challenges facing the country, he stressed the importance of collective resilience and unity among citizens. The lawmaker noted that while efforts are being made to address these issues—with signs of improvement—it is essential for Nigerians to continue supporting the President Bola Tinubu-led administration in its drive for national recovery and progress.
“Our strength lies in our unity,” he said. “We must resist the temptation to be divided by ethnic, religious, or political differences. Easter calls us to a higher sense of responsibility—to forgive, to heal, and to build together.”
Oseni, who also chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), reaffirmed his commitment to grassroots development, and national transformation through quality infrastructure and people-centered legislation. He promised to continue using his position to advocate for policies that improve the welfare of his constituents and all Nigerians.
The APC chieftain further urged Christians to go beyond the rituals of Easter and live out its message in their daily interactions. “This season should inspire us all to be better citizens, better neighbours, and better leaders in whatever space we occupy.”
The lawmaker concluded his message with prayers for peace, stability, and renewed hope across the country, saying, “May this Easter mark a turning point in our collective story as a nation. May Nigeria rise, like Christ, into a new dawn of greatness.”
News
FG Declares April 18, 21 Public Holidays for Easter Celebration

The Federal Government has declared Friday, 18 April and Monday, 21 April 2025 as public holidays to mark Good Friday and Easter Monday celebrations across the country.
This was announced in a statement issued on Tuesday by the Permanent Secretary of the Ministry of Interior, Dr Magdalene Ajani, on behalf of the Minister of Interior, Dr Olubunmi Tunji-Ojo.
“Announcing this on behalf of the Federal Government, the Minister of Interior, Dr Olubunmi Tunji-Ojo extended heartfelt congratulations to Christians across the country on this joyous occasion,” the statement read.
The Minister emphasised the significance of Easter, urging Christians to reflect on the virtues of sacrifice, love, and selflessness exemplified by Jesus Christ, who laid down His life for the redemption of humanity.
Dr Tunji-Ojo also encouraged Nigerians to use the holiday period to offer prayers for peace, unity, and stability in the country. He reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to the Renewed Hope Agenda, aimed at driving national growth and development.
In his message, the Minister called on citizens to extend love and goodwill to their neighbours through acts of kindness and generosity, embodying the spirit of Easter.
He concluded by wishing Christians a blissful Easter celebration and extended warm holiday greetings to all Nigerians.
News
Pandemonium as Irate Investors Storm CBEX Office in Ibadan

There was pandemonium on Tuesday at the Ibadan outlet of CBEX, a digital trading asset firm, as angry investors stormed the premises in protest, vandalising property and looting valuables.
The unrest, which occurred in the Oyo State capital, was triggered by reports that investors had been unable to access or withdraw funds from their accounts on the platform for several days. Matters escalated when many of them reportedly discovered that their investments had completely vanished.
The protest, initially peaceful, quickly degenerated into violence, resulting in looting and physical assaults on some staff members of the firm. Witnesses say the situation became uncontrollable as emotions flared and the aggrieved investors accused the company of operating a Ponzi scheme.
The affected investors were said to cut across various walks of life, including artisans, traders, and civil servants, all of whom had put their trust—and money—into the digital trading venture.
It took the intervention of security operatives to restore calm and disperse the rampaging crowd. Officers have since cordoned off the building and maintained a presence overnight to forestall further breakdown of law and order.
As of Wednesday morning, normalcy had returned to the area. Vehicular and pedestrian movement has resumed, with business activities gradually picking up.
Authorities are yet to issue an official statement on the matter, but concerned stakeholders are calling for a thorough investigation into the operations of CBEX to protect future investors from similar occurrences.
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