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January 2022 Revenue: FG, States, LGAs shared N574.668bn

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The Federation Accounts Allocation Committee (FAAC) says it  has shared a total of N574.668 billion in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.

Contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February 2022, the N574.668 billion total distributable revenue comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.

In January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.

The communiqué further confirmed that from the total distributable revenue of N574.668 billion; the Federal Government received N204.580 billion, the state governments received N179.251 billion and the local government councils received N131.878 billion. A total of N58.959 billion was shared with the relevant states as 13% derivation revenue.

The distributable statutory revenue of N291.400 billion was available for the month. From this, the Federal Government received N122.749 billion, the state governments received N62.260 billion and the Local Government Councils received N48.000 billion. The sum of N58.391 billion was shared to the relevant states as 13% derivation revenue.

In the month of January 2022, the gross revenue available from the Value Added Tax (VAT) was N191.222 billion. This was lower than the N201.255 billion available in the month of December 2021 by N10.033 billion.

The sum of N5.507 billion allocations to NEDC and N7.649 billion cost of the collection were deducted from the N191.222 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N178.066 billion.

From the N178.066 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.710 billion, the state governments received N89.033 billion and the Local Government Councils received N62.323 billion.

The Federal Government received N2.441 billion from the total Exchange Gain revenue of N5.202 billion. The state governments received N1.238 billion, the Local Government Councils received N0.955 billion and N0.568 billion was shared to the relevant states as 13% derivation revenue.

A spokesperson for the Office of the Accountant General of the Federation (AGF), Henshaw Ogubike, said in a statement that the Federal Government received N52.680 billion, the State Governments received N26.720 billion and Local Government Councils received N20.600 billion from the N100.000 billion Non-Mineral Revenue. ‘

The Communiqué added that in the month of January 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Value Added Tax (VAT), Import and Excise Duties decreased marginally.

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National Issues

OLOJO FESTIVAL: Nigeria bigger than all of us, Ooni tells politicians

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Monarch begins seven-day seclusion, prays for peace, unity

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has urged Nigerian politicians to put the interest of the country above their political differences, saying Nigeria is bigger than any individual or political interest.

The monarch spoke on Sunday shortly before commencing a seven-day spiritual seclusion ahead of the 2026 Olojo Festival in Ile-Ife, Osun State.

The annual seclusion is part of the traditional rites preceding the Olojo Festival, one of the major cultural celebrations associated with Ile-Ife and the Yoruba people.

The Ooni, who is also the Co-Chairman of the National Council of Traditional Rulers of Nigeria, said his period in seclusion would be devoted to prayers for Nigeria, particularly for peace, unity and sustainable development.

“I am appealing to our politicians. They might have differences, but we should know ultimately that Nigeria is bigger than all of us,” the monarch said.

“It is very important for our political leaders to always look inwardly on how to better the lot of the average Nigerians.”

The Ooni urged political leaders to avoid words and actions capable of threatening national cohesion, reminding them that political power was temporary.

“Some have ruled this country before as political leaders, and others will come after them,” he said.

He said his prayers would also cover Nigeria’s democratic process, particularly as the country prepares for the next general elections.

The monarch commended President Bola Tinubu over what he described as non-interference in the activities of the Independent National Electoral Commission, saying such a practice could strengthen public confidence in the electoral process.

He also commended Osun residents for participating in the recently concluded governorship election, saying the outcome demonstrated the ability of citizens to determine their leaders through the ballot.

According to him, Nigerians should continue to have the opportunity to freely choose their leaders without actions capable of undermining the democratic process.

The Ooni’s seven-day seclusion, which began on Sunday evening, will also provide him with an opportunity to prepare spiritually for the sacred rites of the Olojo Festival and deepen his connection with the ancestors.

The exercise precedes the annual wearing of the sacred Aare Crown, one of the major highlights of the festival.

A statement by the Senior Media Officer of the Ooni’s Palace, Sodiq Lawal, issued on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, said the seclusion marked the beginning of the spiritual phase of the 2026 Olojo Festival.

The festival celebrates Ile-Ife’s indigenous traditions and ancestral heritage and attracts traditional rulers, cultural enthusiasts, visitors and members of the Yoruba diaspora.

The public ceremonies are expected to follow the spiritual rites and culminate in the Ooni’s emergence in the sacred crown.

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Tinubu vows intelligence-led rescue of abducted Oyo pupils, teachers

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President Bola Tinubu on Monday assured residents of Oyo State that ongoing efforts to rescue abducted pupils and teachers in Oriire Local Government Area would be intelligence-driven, coordinated and sustained.

The President said the Federal Government would deploy every lawful means, including kinetic and non-kinetic measures, to ensure the safe return of the victims abducted during the May 15, 2026 attack in Esiele and Yawota communities.

“Our rescue efforts will be intelligence-led, careful, coordinated, and sustained. We will deploy every lawful tool available, both kinetic and non-kinetic, to ensure our children and teachers are safely returned home,” Tinubu stated in a statement posted on his X handle on Monday.

The President also expressed sorrow over the killing of a school teacher during the abduction and extended condolences to his wife, Mrs Mary Oyedokun, and the bereaved family.

“I also extend my deepest condolences to Mrs Mary Oyedokun, the wife of the late school teacher and her family. Their sacrifice will not be forgotten, and his family will not be abandoned,” he said.

Tinubu stressed that children should never be exposed to the trauma of abduction, noting that no parent should endure the pain associated with such incidents.

“No child should be taken from the safety of a classroom. No parent should have to endure this anguish,” the President added.

He assured affected communities that efforts to secure the release of the abducted pupils and teachers would remain sustained and intelligence-driven.

The statement comes amid growing concerns over insecurity in schools and rural communities following the abduction, which prompted the Federal Government to dispatch a high-powered delegation to the affected communities in Oriire Local Government Area.

The delegation included the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Nuhu Ribadu; the Minister of Defence; and the Inspector-General of Police, Kayode Egbetokun, alongside other senior government and security officials.

Tinubu further disclosed that he had approved additional security measures, including the deployment of a specialised security unit equipped with advanced rescue capabilities to intensify efforts towards the safe return of the victims.

“I have also directed the deployment of a specialised security unit with advanced rescue capabilities to intensify efforts to secure the safe return of the abducted pupils and teachers,” he stated.

The President also revealed that the Federal Government, in collaboration with the Oyo State Government, was mobilising 1,000 forest guards to improve surveillance in forest corridors frequently exploited by criminal elements.

According to him, the initiative would be complemented by broader operational measures aimed at strengthening rescue operations and preventing future attacks.

Tinubu added that a request for the establishment of a military base in the affected area was receiving urgent consideration as part of efforts to bolster security.

Authorities have continued rescue operations amid rising concerns over the safety of schools and rural settlements, insisting that efforts remain focused on securing the release of the abducted victims and preventing a recurrence.

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48 alleged terror financiers named by FG {SEE FULL LIST}

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The Federal Government, on Saturday, published a list of 48 individuals and entities allegedly linked to terrorism financing in Nigeria, naming suspects with reported ties to outlawed groups including the Indigenous People of Biafra, Ansaru, and the Islamic State West Africa Province.

The list was released by the Nigeria Sanctions Committee as part of intensified efforts to disrupt financial networks sustaining terrorist activities across the country.

In a statement accompanying the publication, the committee said the designation of the individuals and organisations was in line with Nigeria’s legal and international obligations to combat terrorism financing.

“The Nigeria Sanctions Committee has approved the designation of the following individuals and entities for their alleged involvement in terrorism financing,” the statement read.

It added, “The action is pursuant to relevant laws and regulations aimed at identifying and freezing assets of persons and organisations linked to terrorist activities.”

The committee explained that the move was targeted at dismantling the financial backbone of insurgent and extremist groups operating within and beyond Nigeria’s borders.

Among those listed are individuals reportedly associated with the Indigenous People of Biafra, a proscribed separatist group; Ansaru, a faction linked to Al-Qaeda; and the Islamic State West Africa Province, one of the most active terrorist groups in the region.

Security experts have repeatedly stressed that cutting off funding sources remains a critical strategy in weakening terrorist operations.

Speaking on the development, a senior government official familiar with the process said the publication sends a strong signal about Nigeria’s resolve to confront terrorism at its roots.

“This is not just about naming names; it is about choking the financial lifelines of terror networks. Once funding is disrupted, their operational capacity is significantly weakened,” the source said.

The committee further noted that relevant authorities and financial institutions have been directed to take necessary steps in enforcing sanctions, including the identification and freezing of assets linked to the designated persons and entities.

“The public is also advised to remain vigilant and report suspicious financial activities to appropriate authorities,” the statement added.

The Federal Government reiterated its commitment to safeguarding national security, insisting that individuals or groups found culpable would face the full weight of the law.

As of the time of filing this report, detailed breakdowns of the sanctions and timelines for enforcement were yet to be made public.

 

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