General
FAAC Gives FG, 36 States, 774 Councils N2.001trn from July 2025 Earnings
By Aduragbemi Omiyale
The sum of N2.001 trillion has been disbursed to the federal government, the 36 state governments, and the 774 local councils as allocation for August 2025 from the N3.836 trillion generated by the nation in July 2025.
The N2.001 trillion distributed to the three tiers of government comprised statutory revenue of N1.282 trillion, Value Added Tax (VAT) of N640.610 billion, N37.601 billion from Electronic Money Transfer Levy (EMTL), and N39.745 billion from exchange difference.
It was shared to the parties at the Federation Account Allocation Committee (FAAC) meeting for August held in Abuja.
The gathering, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, had in attendance the Commissioners for Finance of the sub-nationals and others.
Business Post reports that Petroleum Profit Tax (PPT), excise duty, Electronic Money Transfer Levy (EMTL), and oil and gas royalty increased significantly, while Value Added Tax (VAT) and import duty increased marginally, as Company Income Tax (CIT) and CET levies decreased.
From the N3.836 trillion earned by the country, N152.681 billion was deducted for the cost of collection, and N1.683 trillion allocated for transfers intervention and refunds.
In a statement issued at the end of the meeting, it was disclosed that funds comprised gross statutory revenue, VAT, EMTL, and exchange difference, with the central government getting N735.081 billion, the states receiving N660.349 billion, the local government councils getting N485.039 billion, and the oil producing states going with N120.359 billion as their 13 per cent derivation mineral revenue.
It was disclosed that the gross revenue available from VAT was N687.940 billion compared with the N678.165 billion distributed in the preceding month, resulting in an increase of N9.775 billion.
From that amount, the sum of N27.517 billion was allocated for the cost of collection and N19.813 billion given for transfers, intervention and refunds.
The remaining sum of N640.610 billion was distributed to the three tiers of government, of which the federal government got N96.092 billion, the states received N320.305 billion and local government councils got N224.214 billion.
Accordingly, the gross statutory revenue of N3.070 trillion received for the month was lower than the sum of N3.485 trillion received in the previous month by N415.108 billion.
From the stated amount, the sum of N123.597 billion was allocated for the cost of collection and a total of N1.663 trillion for transfers, intervention and refunds.
The remaining balance of N1.282 trillion was distributed by the three tiers of government, with the federal government getting N613.805 billion, states receiving N311.330 billion, the councils receiving N240.023 billion and the oil producing states getting N117.714 billion as derivation revenue.
Also, the sum of N39.168 billion from EMTL was distributed this month as the national government took N5.640 billion, states got N18.801 billion, and local councils received N13.160 billion, while N1.567 billion was allocated for cost of collection.
Further, N39.745 billion from exchange difference was shared with the federal government going with N19.544 billion, the states getting N9.913 billion, the councils receiving N7.643 billion, and the oil producing states getting N2.645 billion.
General
Atiku Hires US Lobby Firm for $1.2m to Boost Reputation, Counter FG Narratives
By Adedapo Adesanya
Former Vice-President Atiku Abubakar has hired Von Batten-Montague-York, L.C., a Washington-based lobbying firm, to protect and strengthen his “reputational standing” in the United States for $1.2 million.
According to The Cable, the contract agreement was signed by Mr Karl Von Batten, the managing partner at the firm, and Mr Fabiyi Oladimeji, a Nigerian politician, on March 9 and 10, 2026, respectively.
Based on a document filed with the US Department of Justice, one of the contract’s objectives entails that the firm will “counterbalance” the Nigerian government’s “lobbying narratives” in the US. It comes after the federal government reportedly spent $9 million to strengthen lobbying with the US government earlier this year.
Mr Abubakar, who is eyeing the Nigerian presidency, is currently with the African Democratic Congress (ADC). He will use the firm to “advance understanding” within US policymaking institutions of his “leadership posture and policy vision”.
Based on the contract details, the firm will facilitate and arrange meetings for the former vice-president to engage with US government officials and members of Congress.
Von Batten-Montague-York will also provide the politician with “guidance on policy positioning, reputational considerations, and engagement strategy”.
“These activities include lobbying and government affairs engagement with Members of Congress, congressional staff, and executive branch officials concerning issues related to democratic governance, regional stability, economic development, and U.S. engagement with Nigeria and the broader West African region,” part of the contract details reads.
“The Registrant (lobbying firm) may advocate for policies and perspectives aligned with the foreign principal’s stated positions, including matters relating to governance, economic policy, and bilateral relations with the United States.
“The Registrant also engages in promotion, perception management, and public relations activities designed to enhance understanding among U.S. policymakers and relevant stakeholders of the foreign principal’s policy positions, leadership posture, and strategic priorities.
“This includes the development of messaging strategies, narrative positioning, and reputational advisory services.
“In furtherance of these activities, the Registrant prepares, distributes, and may assist in the dissemination of informational materials, including briefing memoranda, policy papers, talking points, and related communications, intended to inform U.S. government officials and stakeholders.”
The former vice-president is expected to pay the $1.2 million for the 12-month contract in six instalments.
General
Middle East Crisis: AfDB, Others Task Africa on Long‑term Structural Reforms
By Dipo Olowookere
The need for Africa to protect itself from many external shocks not of its making has again been emphasised by the African Development Bank (AfDB), the African Union Commission (AUC), the United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA).
On the margins of the 58th session of the Economic Commission for Africa in Tangier, Morocco, the continent was tasked to strengthen regional integration, accelerate African-led financial solutions, and invest decisively in energy, food, and trade resilience so as to move from vulnerability to preparedness.
The meeting focused on the spikes in energy, food and fertiliser prices caused by the ongoing conflict in the Middle East.
The United States and Israel launched airstrikes on Iran in February 2026, and since then, global oil prices have surged by more than 50 per cent as of late March. Twenty-nine currencies in Africa have weakened, raising the cost of servicing external debt and importing food, fuel, and fertiliser.
Disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will affect agricultural production, compounding risks of crisis and emergency levels of food insecurity, especially for low‑income households and import‑dependent economies.
To address these issues, the quartet has asked African leaders to, in the short-term, stabilise fuel, food, and fertiliser supply, and execute medium‑term reforms to strengthen energy security, targeted social protection, and regional trade under the African Continental Free Trade Area (AfCFTA).
They also tasked leaders to come up with long‑term structural reforms towards stronger domestic resource mobilisation and African financial safety nets, including accelerated implementation of the African Financing Stability Mechanism.
“Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa, where economic pressures remain acute,” the chairperson of AUC, Mr Mahmoud Ali Youssouf, said.
Also commenting, the UN Under-Secretary-General and Executive Secretary of UNECA, Mr Claver Gatete, said, “Africa has been hit by too many external shocks not of its making. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits.”
On her part, the UN Assistant Secretary‑General and Director of UNDP’s Regional Bureau for Africa, Ms Ahunna Eziakonwa, submitted that, “With the right mix of policy choices, financing tools, and political resolve, Africa can weather this shock and emerge more resilient, more self-reliant, and better positioned to shape its own economic future.”
“As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. African institutions and development partners need to act swiftly and in concert, leveraging their comparative advantages to cushion short-term shocks while laying the foundations for long-term resilience,” the president of AfDB, Mr Sidi Ould Tah, stated.
General
Oyetola Sets Accountability Bar for Maritime Agencies
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.
Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.
“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.
In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.
“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.
Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.
“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.
He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.
“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.
The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.
He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.
“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.
The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.
Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
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