By Dipo Olowookere

The sum of N2.036 trillion has been disbursed to the three tiers of government from the total gross revenue of N2.364 trillion generated in March 2026 by the nation.

The amount shared by the federal government, the 36 state governments, and the 774 local government areas of the federation in April 2026 comprised distributable statutory revenue of N1.320 trillion, distributable Value Added Tax (VAT) revenue of N515.391 billion, and an augmentation of N200 billion.

At the Federation Account Allocation Committee (FAAC) meeting held in Abuja, participants were informed that a gross statutory revenue of N1.699 trillion was received for last month, higher than the N1.561 trillion earned in the preceding month, while the gross revenue from VAT stood at N664.425 billion in March 2026 versus N668.450 billion available in February 2026.

A statement issued on Wednesday from the Office of the Accountant General of the Federation revealed that last month, Companies Income Tax (CIT), CGT, SDT, and excise duty increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty, and CET decreased considerably.

In the statement signed by the Director of Press and Public Relations, Bawa Mokwa, it was stated that, “Total deduction for cost of collection was N81.084 billion, while total transfers, refunds, and savings were N246.872 billion and an augmentation of N200 billion.”

From the N2.036 trillion distributable revenue, the federal government received N789.159 billion, the state governments got N657.596 billion, while the councils shared N468.826 billion, with the benefiting states given N120.759 billion as 13 per cent of mineral revenue derivative.

It was stated that on the N1.320 trillion distributable statutory revenue, the central government was given N632.260 billion, the states shared N320.691 billion, the local government councils got N247.239 billion, and the oil-producing states received N120.759 billion as 13 per cent derivation revenue.

Further, from the N515.391 billion distributable VAT, the national government took N51.539 billion, the states went away with N283.465 billion, and the local councils shared N180.387 billion.

Lastly, from the N200.000 augmentation, N105.360 billion was given to the federal government, N53.440 billion was disbursed to the state governments, and N41.200 billion was received by the councils.

By Adedapo Adesanya

Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, according to data from the US Energy Information Administration (EIA).

This came even as the country continued to export significantly larger volumes within the same period, exposing a growing imbalance in the country’s oil supply chain.

Data from the US agency showed a sharp shift in trade flows, with American crude now flowing steadily into Nigeria after nearly a decade of negligible transactions. Before 2024, the only notable supply came in 2016, when exports averaged just 19,000 barrels per day.

The trend changed in 2024 with the start of operations at the Dangote refinery, which industry players say has increasingly turned to foreign crude to bridge gaps in domestic supply.

Within the first six months of that year alone, Nigeria imported 15.7 million barrels from the US, with June recording the highest inflow at 3.96 million barrels.

Imports accelerated further in 2025, accounting for the bulk of the two-year volume. Between February and December, inflows reached 41.06 million barrels, peaking in June at 305,000 barrels per day, equivalent to 9.15 million barrels in one month.

However, volumes dropped sharply towards the end of the year, reflecting fluctuating supply dynamics.

In January 2026, imports rose again to 159,000 barrels per day, translating to 4.93 million barrels, bringing the total volume over the two-year period to 61.7 million barrels.

The figures stand in contrast to Nigeria’s export profile.

According to data from the Central Bank of Nigeria (CBN), the country exported about 306.7 million barrels of crude between January and October 2025, representing roughly 69 per cent of total production during the period. In the first two months of 2026 alone, exports reached 55.39 million barrels.

Despite producing over 443 million barrels within the first 10 months of 2025, only about 137 million barrels were retained for domestic use, leaving local refineries struggling to secure adequate feedstock.

Operators say the Dangote Refinery requires over 19 million barrels monthly to run at optimal capacity, a demand that local supply has failed to meet consistently. This shortfall has forced the facility to source crude not only from the US but also from Ghana and other African producers.

Imports became necessary to stabilise the 650,000 barrels per day refinery operations amid inconsistent domestic allocations, despite the introduction of the Naira-for-crude arrangement. According to the management of the company, only about four to five cargoes were distributed, but this has since changed.

Alongside Dangote Refinery, other smaller operators were also affected, since the country’s crude allocation is tied to joint ventures with International Oil Companies (IOCs).

The development underscores a persistent structural challenge in Nigeria’s oil sector, exporting large volumes of crude while struggling to supply domestic refineries, raising fresh concerns about policy coordination, upstream allocation, and the long-term viability of local refining.

By Aduragbemi Omiyale

The outgoing Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has thanked President Bola Tinubu for giving him the opportunity to serve in his administration.

In a statement personally signed by him on Tuesday, Mr Edun said it was an honour to be called by the President to help put the Nigerian economy on the path of recovery after facing difficult economic circumstances.

“It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey,” a part of the statement made available to Business Post read.

The Minister noted that he was “proud of what we achieved alongside colleagues in the Federal Executive Council (FEC), State Governors, our partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation. While much remains to be done, the direction is clear, and the foundations are firmly in place.”

While reaffirming his commitment to the service of the nation and to supporting Mr President, he declared that, “The work of economic reform is, by its nature, a continuous process,” expressing optimism about Nigeria’s trajectory.

“I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he stated.

In 2023, Mr Edun first served as the head of the Presidential Transition Committee, and later became the Special Adviser to the President on Monetary Policy, before his appointment as Finance Minister.

During his time as Minister, he worked to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth.

Key results of these efforts included growth improving from a rate of 2 per cent to over 4 per cent, and inflation falling from 35 per cent to 15 per cent.

These outcomes were driven by a shared commitment to restoring public trust and enabling faster and inclusive growth through greater investor confidence and improved economic coordination.