Economy
FAAC: FG, States, LGs Share N1.659trn in June From May Revenue
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has disbursed the sum of N1.659 trillion to the federal government, state, and local government councils.
The disbursement followed the FAAC meeting held in Abuja for the month of June 2025. It was from part of the revenue generated by the nation in May 2025.
A communiqué issued at the end of the meeting indicated that the total distributable revenue comprised N863.895 billion from statutory sources, N691.714 billion from Value Added Tax (VAT), N27.667 billion from the Electronic Money Transfer Levy (EMTL), and a N76.614 billion from Exchange Difference.
Out of the N1.659 trillion shared, the federal government received N538.004 billion, states received N577.841 billion, and local government councils got N419.968 billion, while N124.076 billion was shared among the oil-producing states as 13 per cent derivation revenue.
Providing further breakdowns, the notice noted that from the statutory revenue of N863.895 billion, the federal government received N393.518 billion, states received N199.598 billion, and local governments received N153.881 billion, while the beneficiary states got N116.898 billion as derivation revenue.
It was also revealed that from the Exchange Difference revenue of N76.614 billion, the FG received N36.579 billion, the states received N18.553 billion, and the local government councils got N14.304 billion, while the oil-producing states received N7.178 billion as 13 per cent derivation.
In addition, from the N691.714 billion VAT revenue, the federal government was given N103.757 billion, the states and the local government councils got N345.857 billion and N242.100 billion, respectively.
For the EMTL revenue of N27.667 billion, the FG received N4.150 billion, the states got N13.833 billion, and the local councils shared N9.683 billion.
FAAC noted that gross revenue available in May stood at N2.942 trillion, with N111.908 billion deducted for cost of collection, and N1.171 trillion allocated for transfers, interventions, and refunds.
The statement, signed by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Mr Bawa Mokwa, highlighted that gross statutory revenue in May was N2.094 trillion — an increase of N10.023 billion from the N2.084 trillion recorded in April.
Similarly, VAT revenue rose to N742.820 billion in May from N642.265 billion in April, marking an increase of N100.555 billion.
“Companies Income Tax (CIT), Value Added Tax (VAT), and Import Duty recorded significant increases in May, while CET levies, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and the EMTL declined. Excise Duty showed a marginal increase,” the communiqué added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
