General
FG, States, LGs Share N651.2bn from June Revenue
By Modupe Gbadeyanka
The sum of N651.184 billion (approx. N651.2 billion), which was from the revenue generated by the country in June 2020, was shared among the federal government, the 36 state governments, the 774,000 local government areas of the federations and relevant agencies.
The money was disbursed to the three tiers of government by the Federation Accounts Allocation Committee (FAAC).
A statement issued by the Director of Information, Press and Public Relations at the Office of the Accountant General of the Federation (AGF), Henshaw Ogubike, stated that from the total revenue, the federal government received N266.131 billion, the state governments received N185.774 billion, while the local councils got N138.974 billion.
In addition, the oil producing states received N28.496 billion as 13 per cent derivation revenue, N76.809 billion was given to revenue/relevant agencies.
According to the statement, from the gross statutory revenue, the federal government received N227.584 billion, the states got N115.434 billion, while the councils got N88.995 billion, with N24.722 billion shared to the relevant states as 13 per cent derivation revenue.
Also, from the revenue generated from value added tax (VAT), the federal government got N17.971 billion, the states received N59.904 billion, while the councils received N41.933 billion, with the revenue/relevant agencies getting N5.153 billion as cost of collection and N3.865 billion transferred to NEDC, totalling N9.018 billion
The statement further confirmed that the federal government received N20.576 billion, the states received N10.436 billion, the councils received N8.046 billion and the oil producing states received N3.774 billion from the Exchange Gain revenue.
It was stated that at the monthly FAAC meeting for July 2020 held through virtual conferencing and chaired by the AGF, Mr Ahmed Idris, it was announced that the revenue from June comprised a gross statutory revenue of N524.526 billion, a VAT of N128.826 billion, and N42.832 billion from exchange gain.
In the statement, it was gathered that the sum of N45 billion was saved in the excess non-oil revenue account, while the balance in the Excess Crude Account (ECA) as at July 16, 2020 stood at $72.407 million.
According to the statement, in the month of June 2020, there were significant increases in import and excise duty, VAT, companies income tax, oil and gas royalty, while revenue from petroleum profit tax declined.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
By Adedapo Adesanya
The Osun State Government has announced plans to institute legal action against the Economic and Financial Crimes Commission (EFCC), following an alleged freezing of the state’s bank account, describing the action as unlawful and capable of disrupting governance.
The Governor of the state, Mr Ademola Adeleke, through the state’s Attorney General and Commissioner for Justice, Mr Oluwole Jimi-Bada, made this disclosure on Wednesday.
According to the statement, Governor Adeleke has directed him to challenge the anti-graft agency’s decision at the Federal High Court.
It was widely reported that the anti-graft agency issued a “Post No Debit” directive to the management of First Bank, where the state’s accounts are domiciled, effectively restricting transactions.
He argued that while the commission has the authority to investigate financial records, it cannot freeze a state government’s accounts without first obtaining a court order.
“I have the mandate of the governor to proceed to the Federal High Court to challenge this move. EFCC can investigate the accounts, but it can’t freeze the accounts without an order of court.
“This step will affect government running, but we will challenge the move and ensure that the agency acts within the ambit of the law,” Mr Jimi-Bada said.
Also speaking, the Commissioner for Finance, Mr Sola Ogungbile, alleged that police officers stormed the main branch of First Bank in Osogbo and arrested some members of the bank’s staff.
Mr Ogungbile maintained that Governor Adeleke was not deploying state resources for his re-election campaign and urged the EFCC to consider the potential impact of its actions on public services and the welfare of residents.
Governor Adeleke had earlier raised concerns over an alleged plan by the EFCC to freeze all Osun State Government accounts, including those of senior government officials.
In a statement issued by the Commissioner for Information and Public Enlightenment, Mr Kolapo Alimi, the governor described the reported move as unlawful and politically motivated.
He alleged that the planned freezing of the accounts was intended to cripple government operations ahead of the August 15 governorship election.
Governor Adeleke further insisted that there was no legal justification for freezing the state’s accounts, arguing that the EFCC lacks the authority to take such action against a state government without due legal process.
The EFCC had not issued an official response to the allegations as of the time of filing this report.
