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FAAC Shares N1.424trn from N2.310trn Generated in December 2024

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FAAC disburses

By Adedapo Adesanya

The federal government, the 36 state governments, and the 774 local government councils (LGCs) in the country have share N1.424 trillion from a gross revenue of N2.310 trillion recorded in the month of December 2024.

This was disclosed by the Federation Account Allocation Committee (FAAC) at its December 2024 meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun.

The funds shared comprised Gross Statutory Revenue, Value-Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), with the sum of N84.780 billion removed for the cost of collection and N801.175 billion allocated for transfers intervention and refunds.

The total revenue distributable for December 2024 was drawn from statutory revenue of N386.124 billion, VAT of N604.872 billion, EMTL of N31.211 billion, and exchange difference of N402.714 billion.

It was disclosed that the federal government received N451.193 billion, the states got N498.498 billion, the local councils shared N361.754 billion, and the oil-producing states were given N113.477 billion as 13 per cent derivation of mineral revenue).

In a communique issued by FAAC after the meeting, it was stated that the gross revenue available from the VAT was N649.561 billion as against N628.973 billion distributed in the preceding month, resulting in an increase of N20.588 billion.

From that amount, the sum of N25.982 billion was allocated for the cost of collection and the sum of N18.707 billion given for transfers, intervention and tefunds.

The remaining N649.561 billion was distributed to the three tiers of government, of which the federal government got N90.731 billion, the states received N302.436 billion and councils got N211.705 billion.

Accordingly, the gross statutory revenue of N1.226 billion received for the month was lower than the sum of N1.827 billion received in the previous month by N6.988 billion.

From the stated amount, the sum of N57.498 billion was allocated for the cost of collection and a total of N782.468 for transfers, intervention and refunds.

The remaining balance of  N386.124 billion was distributed as follows to the three tiers of government: federal government got the sum of N167.690 billion, states received N85.055 Billion, the sum of N65.574 billion was allocated to LGCs and N67.806 billion was given to the beneficiary states as 13 per cent derivation.

Also, the sum of N31.211 billion from EMTL was distributed in the period under review, with the central government getting N4.682 billion, the states receiving N15.605 billion, the local councils getting N10.924 billion, and N1.300 billion allocated for cost of collection.

It was further revealed that from the N402.714 billion from exchange difference, the federal government received N188.090 billion, states got N95.402 billion, and the councils got N73.551 billion, while the oil-producing states shared N45.671 billion.

FAAC disclosed that VAT and EMTL increased significantly last month, while oil and gas royalty, CET levies, excise duty, import duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased considerably.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Church Confirms Release Of 151 Abducted Members in Kaduna

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Cherubim and Seraphim Movement Church Worldwide

By Adedapo Adesanya

The Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, has confirmed the release and safe return of 151 of its members abducted from Iburu community in Kajuru Local Government Area of Kaduna State.

The abduction, which affected about 177 people, occurred on January 18, 2026. It was initially denied by the Nigeria Police Force and other government agencies, but was later confirmed.

In a statement issued by the Conference Secretary General of the church, Mr Anthony Olusesan Samaiye, it was disclosed that the release of the abducted persons was confirmed through reports from its liaison officers in Kaduna.

According to the statement, Mr Emmanuel Abiodun Adewale Alogbo (JP), described the release as a victory for faith, prayer and dialogue, noting that the breakthrough followed an emergency visit to Kaduna by its leadership and a series of high-level engagements aimed at securing the freedom of the abducted worshippers.

The Cherubim and Seraphim Church expressed gratitude to the Kaduna State government, particularly Governor Uba Sani, for what it described as his commitment to dialogue and the coordination of state resources that contributed to the successful outcome.

Special appreciation was also extended to the Governor’s Chief of Staff, Mr Sani Liman Kila, and the Senior Special Assistant on Religious Affairs (Christian Matters), Mr Ishaya Jangado, for facilitating engagement between the church and the state government.

The church noted that the incident demonstrated the importance of cooperation between religious leaders and government authorities in addressing security challenges and protecting citizens.

It also acknowledged prayers and support from the Christian Association of Nigeria (CAN), the Organisation of African Instituted Churches (OAIC), the international community and Christians worldwide.

While celebrating the release, the church said it was mindful of the trauma experienced by the victims and disclosed that its welfare and medical teams had been mobilised to provide psychosocial support and care to the affected members and their families.

The church called for sustained peace in Kaduna State and across Nigeria, urging authorities to continue efforts to ensure the safety of all citizens, regardless of religious affiliation.

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2027 Elections: I Won’t be Vice Presidential Candidate—Peter Obi Insists

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By Adedapo Adesanya

As activities for the 2027 general elections begin to take shape, the former presidential candidate of the Labour Party in the 2023 presidential poll, Mr Peter Obi, has again ruled out the possibility of contesting as a vice presidential candidate next year, saying he is contesting to be on the ballot.

Speaking ahead of the Abuja Municipal Area Council (AMAC) election in the Federal Capital Territory, he said, “You see this coming election, support us in AMAC; it will help me. Your support in AMAC is critical to our journey. I am involved and contesting the coming election as number one. When I come back, you will see. I assure you.”

Mr Obi vied for the 2023 presidency on the LP platform, emerging third overall behind Mr Atiku Abubakar and President Bola Tinubu.

In December 2025, he defected to the African Democratic Congress (ADC), where his teeming supporters popularly known as Obidients have urged him to only pursue the presidential ticket.

Mr Abubakar, who chose Mr Obi as his vice presidential candidate in the 2019 polls, is also a member of the ADC. The men finished in second and third places, respectively in the last presidential election, which President Tinubu won with 37 per cent of the votes.

Speaking at the campaign venue, Mr Obi emphasised to his supporters the importance of backing the ADC candidate in the AMAC election, noting that their support at the grassroots would go a long way in bolstering his national political journey.

The ADC coalition includes many former allies of Mr Tinubu, including Mr Nasir El Rufai, the former governor of Kaduna State; Mr David Mark, a former Senate President who is serving as the National Chairman of the party, and Mr Rauf Aregbesola, a former Osun Governor and currently the National Secretary of ADC.

The party will be hoping to emulate the success of the ruling All Progressives Congress (APC), which was formed by an alliance of opposition politicians (including Mr Abubakar) in 2013 and caused the ouster of former President Goodluck Jonathan, the first-ever defeat of an incumbent Nigerian president in 2015.

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CPPE Urges FG to Create Farm Price Stabilisation Plan for Food Security

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Price of Food

By Adedapo Adesanya

The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to urgently establish a National Farm Price Stabilisation and Farmer Income Protection Framework to safeguard Nigeria’s long-term food security.

This was contained in a policy brief signed by the chief executive of the think tank, Mr Muda Yusuf, on Sunday.

The group warned that while recent import surges have lowered food prices to the delight of consumers, they have simultaneously inflicted severe financial losses on farmers and agricultural investors, creating what it described as “troubling trade-offs and unintended consequences.”

He advised that Nigeria cannot afford a policy regime that undermines confidence in agriculture, one of the country’s most strategic sectors and largest employers of labour.

“The welfare gains from cheaper food have been profound and should be acknowledged. However, the cost to farmers and other investors across the agricultural value chain is equally high and cannot be ignored,” Mr Yusuf stated.

The CPPE boss emphasised the urgent need to strike a sustainable balance between keeping food affordable for consumers and protecting farmers’ incomes, while safeguarding agricultural investment.

According to the policy document, recent import surges of staples such as rice, maize and soybeans have caused serious dislocations in the agricultural investment ecosystem, inflicting severe hardship on farmers and weakening production incentives.

“Although consumers have welcomed the decline in food prices, the long-term consequences are adverse: farmer incomes fall, production declines over time, investment confidence weakens, and the country risks returning to cycles of scarcity and higher prices,” the document warned.

The CPPE identified several structural factors driving recurring farm price collapses in Nigeria, beyond the immediate impact of food imports.

The think tank warned that harvest glut remains a major challenge, with many farmers harvesting the same crops within the same period, causing sudden oversupply. This is compounded by the limited availability of storage facilities, drying centres and cold-chain systems, which forces farmers to sell immediately regardless of market conditions.

The organisation said this is also affected by weak rural logistics, characterised by poor roads, insecurity, high transport costs, and limited aggregation hubs, which make it difficult to move produce efficiently from production zones to high-demand markets.

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