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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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Military Must Apologise for Disrupting Nigeria’s Democratic Path—Banwo

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ope banwo

By Modupe Gbadeyanka

For disrupting Nigeria’s democratic path and weakening its institutions, the military must tender an apology to the nation, foremost public commentator, Mr Ope Banwo, has submitted.

The legal practitioner, who called for a national reckoning, insisted that an apology would acknowledge the harm caused by repeated military interventions and reaffirm the supremacy of the constitution.

Speaking on the recently commemorated Armed Forces Remembrance Day, Mr Banwo argued that decades of political intervention by the military disrupted the country’s democratic growth.

According to him, repeated military takeovers did not rescue the country from early post-independence challenges but instead deepened instability and entrenched authoritarian governance.

‎‎While acknowledging that Nigeria’s early civilian leaders contributed to political chaos through electoral malpractice and ethnic tensions, he maintained that military coups worsened the situation, noting that the first coup in 1966 triggered a cycle of interventions that culminated in civil war, institutional breakdown, and long-term political trauma.

‎He emphasised that successive military regimes promised to fight corruption, restore discipline, and sanitise governance, but failed to deliver lasting reforms.

‎‎“Rather than ending corruption, they professionalised it,” he posited, adding that military rule created a powerful elite class that continues to wield influence in politics and business long after the return to civilian rule.

Mr ‎Banwo further argued that the military never fully relinquished power, but merely exchanged uniforms for civilian attire, leaving behind a culture where constitutional authority is often treated as optional, stressing that in democratic societies, the armed forces must remain subordinate to civilian leadership, warning against any renewed appetite for military intervention in governance.

‎‎“The military is not Nigeria’s emergency solution to political failure,” he disclosed, urging the armed forces to focus on their constitutional responsibility of securing the country amid rising insecurity.

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Housing Deficit: FG to Prioritize Use of Local Materials

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affordable housing

By Adedapo Adesanya

The federal government has said it would prioritize the use of local materials to drive its new reform agenda that will close the housing deficit in the country.

This was disclosed by the Minister of Housing and Urban Development, Mr Ahmed Musa Dangiwa, at the 14th National Council on Lands, Housing and Urban Development meeting on Monday in Ilorin, the Kwara State capital.

He said Nigeria’s housing deficit, estimated in tens of millions, remains one of the most pressing social and economic challenges, driven by rapid urbanisation, population growth and rising construction costs, noting that the new policy framework is expected to shape housing delivery, land administration and urban development planning across the federation in the coming years.

Speaking at the event, the Minister, represented by the Director of Planning, Research and Statistics of the ministry, Mr Mukhtar Ilyasu, said the government has placed effective land management at the centre of its housing delivery strategy, describing land administration as the foundation for expanding access to affordable housing nationwide.

According to him, urban renewal and regeneration have now been adopted as national policy tools for modernising Nigerian cities, addressing uncontrolled urban growth and responding to population pressure and climate challenges.

He said the government is also prioritising the large-scale adoption of locally sourced building materials and technologies as a cost reduction strategy aimed at making housing more affordable while strengthening domestic construction industries.

“Effective land management remains the foundation of housing delivery in Nigeria. Without fixing land administration, it will be difficult to close the country’s housing deficit.

“Urban renewal and regeneration have been adopted as national policy tools for rebuilding Nigerian cities, addressing uncontrolled urban growth and improving the quality of life of our citizens.

“The promotion of locally sourced building materials and technologies is now a policy priority to reduce construction costs, deepen local industry and improve housing affordability.”

“Federal and state governments are being aligned under a unified housing and urban development agenda to ensure coordinated implementation and results driven execution”, he said.

Mr Dangiwa added that public private partnerships will serve as the main engine for mass housing and urban infrastructure delivery across the federation.

The government, he noted, will provide policy support, land governance reforms and investment frameworks to attract private capital into the sector.

To support the new direction, he said the FG is strengthening national land governance frameworks to promote inclusive urban growth and remove long standing bottlenecks in land administration that have slowed housing development.

The minister said the new policy thrust further includes innovative housing finance and investment strategies designed to unlock long term funding for real estate development and bridge Nigeria’s widening housing gap.

He stressed that federal and state governments are being aligned under a unified housing and urban development agenda to ensure coordinated implementation and results driven execution.

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DSS Arrests ex-AGF Malami After Release from Kuje Prison in EFCC Case

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remand abubakar malami

By Adedapo Adesanya

The Department of State Service (DSS) has arrested former Attorney-General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, shortly after his release from Kuje prison in Abuja on Monday.

He was reportedly arrested to face a fresh probe over arms allegedly discovered in his house in Birnin-Kebbi, the Kebbi State capital, last December.

Recall that two weeks ago, Justice Emeka Nwite of the Federal High Court in Abuja granted the former AGF and two others bail in the sum of N500 million.

The Economic and Financial Crimes Commission (EFCC) had filed a 16-count alleged money laundering charge against Mr Malami, his son, Abdulaziz Malami, and his wife, Mrs Asabe Bashir.

The DSS operatives reportedly arrested him as he was exiting the Kuje Correctional Centre in Abuja, where he had been held since December 30, 2025, over the pending N8.7 billion money laundering charges filed by the anti-graft agency.

Monday’s arrest followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.

As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom decided to wait. However, after his eventual emergence, the DSS operatives took the ex-AGF into detention again.

In a press statement by Mr Malami’s aide, Mr Mohammed Doka, shared on the former AGF’s Facebook page on January 7, the planned arrest of the legal practitioner was confirmed.

The post, the latest on the Facebook page as of Tuesday morning, said the former minister’s camp had been “reliably informed of plans by government security agencies to rearrest him immediately upon his release, despite being granted bail by a court of competent jurisdiction.”

“This development is deeply troubling and raises grave concerns about due process, the rule of law, and personal safety,” the statement added, describing the allegations informing the planned arrest as “trumped-up charges”.

Mr Malami’s arrest on Monday began the third phase of his ongoing detention by various agencies since December 8, 2025.

The EFCC detained him from 8 December 2025 to 30 December 2025, when the Federal High Court in Abuja where he and his family members face money laundering charges transferred him to the Correctional Centre in Kuje, Abuja, following his arraignment.

The trial court granted him bail on 7 January but only for him to be rearrested by the SSS upon his release after meeting the bail conditions on Monday.

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