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FAAC allocates N1.123 trillion to FG, States, LGCs in March 2024 revenue sharing

In the latest disbursement of funds, the Federation Account Allocation Committee (FAAC), has distributed a total of N1.123 trillion March 2024 Federation Account Revenue among the three tiers of government following its April meeting in Abuja.
According to a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, several key revenue streams experienced fluctuations.
Import duty, value-added tax (VAT), gas royalty, companies’ income tax (CIT), and others saw notable increases, while excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies witnessed declines.
The breakdown of the total distributable revenue revealed that N311.233 billion was from distributable statutory revenue, N511.879 billion from distributable VAT revenue, N14.754 billion from EMTL revenue, and N285.525 billion from exchange difference revenue.
With a total revenue of N1.867 trillion available in March 2024, deductions for the cost of collection amounted to N69.537 billion, leaving N674.880 billion for transfers, interventions, and refunds.
March 2024 saw a gross statutory revenue of N1.017 trillion, marking a decrease of N175.212 billion from February 2024. However, VAT revenue experienced an increase, reaching N549.698 billion compared to N460.488 billion in the previous month.
The distribution of the total revenue saw the Federal Government receiving N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion. Mineral-producing states received an additional N90.124 billion as part of their 13% mineral revenue share.
From the distributable statutory revenue, the Federal Government received N133.960 billion, state governments N67.946 billion, and local government councils N52.384 billion.
Additionally, N56.943 billion was shared with mineral-producing states as derivation revenue.
The breakdown of the distributable VAT revenue showed the Federal Government received N76.782 billion, state governments N255.940 billion, and local government councils N179.158 billion. Meanwhile, EMTL revenue of N14.754 billion was shared, with the Federal Government receiving N2.213 billion, state governments N7.377 billion, and local government councils N5.164 billion.
Also, exchange difference revenue of N285.525 billion was allocated, with the Federal Government receiving N132.935 billion, state governments N67.426 billion, and local government councils N51.983 billion. Mineral-producing states also received N33.181 billion as derivation revenue.
The Excess Crude Account (ECA) currently holds a balance of $473,754.57.
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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