The Federal Account Allocation Committee (FAAC) has distributed a total revenue of N1.678 trillion among the federal, state, and local governments for February 2025.

The revenue distribution was announced in a statement issued on Saturday by the Director of Press and Public Relations, Bawa Mokwa. The allocation was finalised at the March 2025 FAAC meeting in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.

Breakdown of Distributable Revenue

The total distributable revenue of N1.678 trillion comprised:

Statutory revenue – N827.633 billion

Value Added Tax (VAT) revenue – N609.430 billion

Electronic Money Transfer Levy (EMTL) revenue – N35.171 billion

Solid Minerals revenue – N28.218 billion

Augmentation – N178 billion

According to the FAAC communiqué, the total gross revenue available for February 2025 was N2.344 trillion. Deductions for the cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings stood at N577.097 billion.

The communiqué also revealed that gross statutory revenue for February 2025 was N1.653 trillion, which was N194.664 billion lower than the N1.848 trillion recorded in January 2025. Similarly, gross VAT revenue fell from N771.886 billion in January to N654.456 billion in February, reflecting a decrease of N117.430 billion.

Revenue Allocation to Tiers of Government

From the total N1.678 trillion distributable revenue:

Federal Government received – N569.656 billion

State Governments received – N562.195 billion

Local Government Councils received – N410.559 billion

Derivation revenue (13% of mineral revenue) to benefiting states – N136.042 billion

Allocation from Statutory Revenue (N827.633 billion)

Federal Government – N366.262 billion

State Governments – N185.773 billion

Local Government Councils – N143.223 billion

Derivation revenue (13%) – N132.374 billion

Allocation from VAT Revenue (N609.430 billion)

Federal Government – N91.415 billion

State Governments – N304.715 billion

Local Government Councils – N213.301 billion

Allocation from EMTL Revenue (N35.171 billion)

Federal Government – N5.276 billion

State Governments – N17.585 billion

Local Government Councils – N12.310 billion

Allocation from Solid Minerals Revenue (N28.218 billion)

Federal Government – N12.933 billion

State Governments – N6.560 billion

Local Government Councils – N5.057 billion

Derivation revenue (13%) – N3.668 billion

Allocation from Augmentation (N178 billion)

Federal Government – N93.770 billion

State Governments – N47.562 billion

Local Government Councils – N36.668 billion

Revenue Trends and Economic Outlook

The FAAC report highlighted a significant increase in Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) revenues for February 2025. However, there were declines in Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies compared to the previous month.

The Economic and Financial Crimes Commission (EFCC) has rearrested Friday Audu, the alleged mastermind of a massive cryptocurrency investment fraud and romance scam, just moments after he was granted bail by a Federal High Court in Ikoyi, Lagos.

In a dramatic turn of events, EFCC operatives intercepted Audu as he stepped out of the court premises on Thursday. The anti-graft officers swiftly bundled him into a waiting white van and whisked him away, while his co-defendants were led off by correctional officers.

Audu, alongside two Chinese nationals, Huang Haoyu and An Hongxu, as well as their company, Genting International Ltd, is facing a 12-count charge bordering on cybercrime. The trio was arraigned before Justice Daniel Osiagor on Monday, March 17, and returned to court on March 20 for their bail hearing.

Despite being granted bail, Audu’s troubles deepened as EFCC officials moved in swiftly. The court had granted him bail in the sum of N50 million, with two sureties—one being a serving director in Nigeria, and the other a Lagos-based property owner willing to surrender title documents to the court. Until these conditions are met, Audu was to remain in correctional custody.

However, his alleged accomplice, Huang Haoyu, was not as fortunate. The court denied his bail application, ruling that his residence status in Nigeria was unclear and that he posed a flight risk. The third defendant, An Hongxu, did not apply for bail and was remanded in custody.

Justice Osiagor adjourned the trial to May 2, 2025.

How It All Started

The EFCC’s case against Audu and his co-defendants stems from a December 2024 sting operation that led to the arrest of 193 foreigners and several Nigerians linked to a sophisticated cyber-fraud network.

According to the prosecution, Audu allegedly spearheaded the recruitment of young Nigerians into the syndicate, which engaged in cyber fraud, cryptocurrency scams, and illicit financial dealings. The EFCC further alleged that the group conspired with one Dualiang Pan (still at large) to access computer systems designed to destabilize Nigeria’s economic and social structure.

The defendants were accused of using young Nigerians to impersonate foreign nationals in online scams, defrauding unsuspecting victims of millions of dollars. Investigators also linked them to a staggering ₦3.4 billion fraud, with proceeds traced to the Union Bank account of Genting International Ltd.

Other fraudulent transactions flagged in the case include:

• The illegal retention of $1.2 million in a crypto wallet by one Chukwuemeka Okeke.
• A similar retention of $1.3 million by Alhassan Garba and Ifesinachi Jacobs.
• Suspicious transfers of ₦106 million and ₦913 million to an account controlled by Dualiang Pan.
• Unofficial foreign exchange dealings worth over ₦2 billion, allegedly conducted outside the Central Bank of Nigeria’s approved system.

The EFCC maintained that these activities violated multiple provisions of the Cybercrime (Prohibition) Act 2015, the Money Laundering Act 2021, and the Foreign Exchange Monitoring Act 2004.

Battle for Bail

During Thursday’s proceedings, EFCC prosecutor Bilikisu Buhari-Bala opposed bail for the defendants, arguing that they were flight risks and key players in an extensive cybercrime syndicate. She pressed for an accelerated trial instead.

Defense counsels, however, pleaded for leniency. Senior Advocate of Nigeria (SAN) Emeka Okpoko, representing the first defendant, urged the court to grant his client bail on “liberal terms.” Similarly, Clement Onwuenwunor (SAN), who represented Audu, pushed for his client’s release under favorable conditions.

Despite the court’s decision to grant Audu bail, his freedom was short-lived as EFCC officials quickly stepped in to rearrest him, a move that hints at fresh charges or an ongoing investigation.

With the case now set for trial on May 2, all eyes remain on the EFCC and the fate of the alleged crypto fraud syndicate.

With Nigeria’s 2027 presidential election drawing closer, fresh political alignments are taking shape, with various stakeholders strategising to position their preferred candidates for the race to Aso Rock. Amidst this, loyalists of former Labour Party (LP) presidential candidate, Peter Obi, have reportedly initiated discussions with the Social Democratic Party (SDP) about a potential move by the ex-Anambra governor.

Speaking on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television and monitored by our correspondent, SDP’s National Secretary, Dr Olu Agunloye, confirmed that Obi’s associates had approached the party to explore the possibility of his defection.

“Obi’s people came to us to say if Obi comes, would you take him? Of course, we told them: ‘Yes’. I was in that meeting. Some of them are with us, saying that they are preparing the ground, but you have to join SDP. You cannot be in the Labour Party and be telling us Obi is coming without joining us, otherwise, we can’t open our doors for you,” Agunloye stated.

Obi Remains Silent Amidst Speculations

Despite these claims, Obi himself has yet to publicly declare any intention to leave the Labour Party, the platform on which he contested the 2023 presidential election and finished as the runner-up. While his loyalists may be engaging other parties, there has been no official confirmation from the former governor regarding his political future.

Obi, a former governor of Anambra State and a prominent figure in Nigeria’s political landscape, continues to enjoy significant support from his followers, many of whom believe he remains the best alternative to the ruling establishment. However, with the SDP already boasting seven presidential aspirants, the political equation could become more complex if he eventually decides to make a move.

As the countdown to 2027 intensifies, political observers are keenly watching Obi’s next steps, particularly whether he will remain with the Labour Party or seek a fresh platform to relaunch his presidential ambition.