Economy
How FG, States, LGAs Shared N10.14trn from FAAC in 2023—NEITI

By Adedapo Adesanya
The three tiers of government – Federal, State and Local governments – shared the total N10.143 trillion from the Federation Account as statutory revenue allocations in 2023, the Nigeria Extractive Industries Transparency Initiative (NEITI) FAAC review report has shown.
According to the report released on Tuesday, the N10.143 trillion disbursements made in 2023 were 23.6 per cent or N1.934 trillion higher than the N8.209 trillion allocated in 2022.
A breakdown of the revenue receipts showed that the federal government received N3.99 trillion, representing 39.37 per cent of the total allocation. N3.585 trillion representing 35.34 per cent was shared among the 36 states while the 774 local government councils of the federation shared 2.56 trillion equivalent to 25.28 percent in the period.
According to the report, “the first quarter of 2023 increased by N579.71 billion (33.19 per cent) when compared to the first quarter of 2022. The second quarter increased by 10.32 per cent, the third quarter by 27.49 per cent and the fourth quarter had an increase of 23.42 per cent respectively.
“The federal government’s share increased by N574.21 billion (16.79 per cent) from the N3.42 trillion it received in 2022 to N3.99 trillion in 2023. The State governments shared N3.59 trillion in 2023 compared to the N2.76 trillion they got in 2022, showing an increase of 29.99 per cent. Similarly, local government councils’ share of federation allocation was N2.57 trillion in 2023 compared to N2.032 trillion in 2023 which amounts to a 26.22 per cent increase.
“While total distributed revenue from the Federation Account recorded an overall increase of 23.56 per cent in 2023, the increase accruing to each tier of government varied, largely due to the type of revenue item contributing to the inflows into the Federation Account.
“In the same period (2023), states and local governments recorded increases in their allocations of 29.99 per cent and 26.22 per cent, respectively. The increase in allocation to the federal government, however, was 16.79 per cent.”
The report also noted that while total revenues distributed from the Federation Account recorded an overall increase of 23.56 per cent in 2023, the increase accruing to each tier of government varied, largely due to the type of revenue streams contributing to the inflows into the Federation Account.
State-by-state share of the allocations showed that Delta State received the largest share of N402.26 billion (gross). The figure includes the state’s share of oil and gas derivation revenue. Delta was followed by Rivers State which received N398.53 billion while Akwa-Ibom State received the third largest allocation of N293.58 billion.
On the share of derivation revenue, nine states received the 13 per cent allocated to mineral-producing states from the proceeds from mineral revenue.
Commenting on the report, Mr Orji Ogbonnaya Orji, the Executive Secretary of NEITI, attributed the increase to improved revenue remittances to the Federation Account due to the removal of petrol subsidy and the floating of the exchange rate by the new administration.
He explained that the agency embarked on the NEITI FAAC Quarterly Review to enhance public understanding of Federation Account allocations and disbursements as published by the government.
He said, “The ultimate objective of this disclosure is to strengthen knowledge, and awareness and promote public accountability of all institutions in public finance management.
“The government (the National Assembly and the Executive) should adopt more conservative estimates for crude oil prices and output to enhance budgetary performance, reduce budget deficits and borrowing and strengthen fiscal stabilization.”
“NEITI’s FAAC Quarterly Reviews also underlined the need for States to join hands with the federal government to deal with insecurity in rural communities where agro-based businesses thrive, pay attention to internally generated revenues through innovations and leadership that are citizen-centred.”
Economy
How Colocation Provider Services Enhance the Crypto Mining Process

When it comes to scaling up Bitcoin operations, every miner hits a wall sooner or later. Whether it’s rising energy bills, cooling issues, or limited rack space, home setups just don’t cut it at scale. That’s where colocation Bitcoin solutions step in, offering industrial-grade infrastructure without the headache of building a data center from scratch. For many crypto miners, this has become a game-changer.
Cryptocurrency Mining Explained
At its core, cryptocurrency mining is the process of validating transactions and adding them to the blockchain ledger. Miners compete to solve complex mathematical puzzles using powerful hardware, like ASICs (Application-Specific Integrated Circuits). Once a solution is found, it’s broadcast across the network, and the miner gets rewarded in crypto.
But this isn’t something you can pull off with a basic laptop. Running a profitable mining operation demands serious horsepower and reliable uptime, especially when you’re dealing with blockchain technology and its nonstop, decentralized nature.
How Colocation Facilities are Used in Crypto Mining
Colocation facilities are specialized data centers where miners can house their mining rigs. Instead of hosting hardware in a garage or warehouse, miners rent space in these facilities that already offer high-end cooling, power redundancy, and lightning-fast connectivity. This is ideal for running blockchain workload management tasks that require stable environments.
More importantly, colocation sites are often located in regions with access to cheaper electricity, significantly lowering the energy consumption in mining, a major factor for profitability. And for those managing Bitcoin nodes, colocation facilities provide the uptime and security needed to ensure uninterrupted participation in the network.
Colocation Benefits for Miners – Why are They Becoming Popular?
The list of colocation benefits for miners keeps growing. One of the biggest is reduced overhead. There’s no need to worry about cooling systems, fire suppression, or backup generators — the colocation provider services take care of it all. This lets miners focus purely on maximizing hash rates and ROI.
Then there’s mining hardware management. These facilities often have on-site technicians who can perform reboots, monitor temps, or even swap out malfunctioning units. This kind of hands-on support is critical when running dozens (or hundreds) of rigs.
We also can’t overlook data center security. Physical and cyber security in colocation centers is top-notch, from biometric access controls to round-the-clock surveillance. For anyone holding significant mining assets, that peace of mind is worth its weight in Bitcoin.
In the fast-moving world of crypto, infrastructure can make or break your mining game. Colocation isn’t just for enterprise giants anymore — it’s becoming the go-to solution for solo miners and small firms looking to scale without blowing their budget. With better uptime, lower costs, expert support, and hardened security, colocation facilities are proving essential in today’s mining landscape.
Economy
NIPOST, KLM Royal Dutch Airlines Seal Logistics Deal

By Adedapo Adesanya
The Nigerian Postal Service (NIPOST) and the KLM Royal Dutch Airlines have signed a direct international mail partnership to boost delivery and ease bottlenecks around Nigerian logistics.
The Postmaster General of NIPOST, Mrs Tola Odeyemi, confirmed this agreement between both parties, describing its as a milestone in many years.
According to Mrs Odeyemi, NIPOST operated without any direct partnerships with international airlines, relying heavily on multiple third-party handlers, resulting in delays, higher costs, and uncertainty around the delivery of packages.
“With this new partnership, KLM will now handle our outbound international mail directly, with no middlemen involved,” she wrote in the announcement on X, formerly, known as Twitter, noting that the deal will bring faster and more reliable delivery, reduced risk of loss or damage, lower handling charges, and access to over 200 countries through KLM’s global network.
KLM Royal Dutch Airlines is the national carrier of the Netherlands and offers services – passenger and cargoes – to 164 destinations worldwide and boasts about 116 aircrafts as of 2025.
“This breakthrough is possible because we have begun clearing longstanding debts owed to international carriers. We are actively working to rebuild global trust, and this partnership is only the first of many doors that will reopen,” she added.
She also noted that NIPOST is currently in strategic discussions with Ethiopian Airlines to serve African and Eastern routes, further strengthening the country’s regional and continental logistics framework.
“Our goal is clear and unwavering: to connect Nigeria regionally and globally, efficiently, securely, and affordably,” she noted.
The NIPOST chief also noted that the development serves as a major win for Nigerian businesses especially Small and Medium Enterprises (SMEs).
According to her, some of the benefits cover those who export goods, or sell products online, as it introduces quicker, more affordable international shipping, greater peace of mind with improved reliability, and new potential to reach and grow in global markets.
“I remain grateful to the incredible teams working diligently behind the scenes, and to every Nigerian who continues to believe in our mission. We are not just delivering mail, we are delivering solutions and moving Nigeria forward,” she added.
Economy
NGX Prevents Investors from Trading Golden Guinea Breweries Shares

By Dipo Olowookere
For now, investors will no longer be able buy or sell shares and securities of Golden Guinea Breweries Plc on the floor of the Nigerian Exchange (NGX) Limited.
This is because the stock exchange has suspended the beer maker due to its failure to file its financial statements for the 2024 fiscal year despite.
Companies listed on the local bourse are required as stipulated in the listing rules to submit their financial results within a certain period and when this is breached, the necessary sanctions are meted out on them.
As for Golden Guinea Breweries, it violated Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which necessitated the NGX to wield its big stick on the firm.
Trading in the equities of Golden Guinea Breweries was suspended last Tuesday via a notice to the investing community.
Investors will only be able to trade the company’s stocks and other securities when the financial statements are released for the perusal of the investing public.
“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states that, If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
“Trading in the shares of Golden Guinea Breweries Plc has been suspended from the facilities of Nigerian Exchange Limited effective Tuesday, May 6, 2025, for not filing its Unaudited Financial Statements for the period ended December 31, 2024.
“In accordance with the default filing rules set forth above, the suspension of trading in the shares of the company shall be lifted upon the submission of the relevant financial statements,” the notice read.
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