The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.89 trillion as revenue for February 2026 among the Federal Government, state governments and the 774 local government councils.

The revenue was shared during the March 2026 meeting of FAAC held in Abuja on Friday, March 14.

It was reports that the meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to a statement issued by the Federal Ministry of Finance, the total gross revenue available for February stood at ₦2.23 trillion before the statutory deductions were made.

From the total distributable amount of ₦1.89 trillion, the Federal Government received ₦675.08 billion, while state governments shared ₦651.52 billion. Local government councils received ₦456.46 billion, while the sum of ₦110.94 billion was allocated to oil-producing states as 13 per cent derivation revenue from mineral resources.

The committee explained that from the gross revenue of ₦2.23 trillion, a total of ₦77.30 billion was deducted as the cost of revenue collection, while ₦259.07 billion was set aside for transfers, interventions and refunds before the remaining balance was distributed among the three tiers of government.

The communiqué also revealed that revenue generated from value-added tax recorded a significant drop during the period under review.

According to FAAC, gross VAT revenue for February stood at ₦668.45 billion, representing a sharp decline from the ₦1.08 trillion recorded in January. The drop indicated a reduction of about ₦414.71 billion in VAT receipts.

From the VAT revenue, ₦26.73 billion was deducted as the cost of collection, while ₦22.59 billion was allocated for transfers, interventions and refunds. After the deductions, the remaining ₦619.11 billion was shared among the three tiers of government.

Out of this amount, the Federal Government received ₦61.91 billion, the state governments received ₦340.51 billion, while the local government councils were allocated ₦216.69 billion.

The committee also disclosed that statutory revenue for February declined when compared with the previous month. Gross statutory revenue for the month stood at ₦1.56 trillion, which was lower than the ₦1.95 trillion recorded in January, indicating a decline of ₦395.13 billion.

From the statutory revenue generated in February, the sum of ₦50.56 billion was deducted as cost of collection, while ₦236.48 billion was allocated for transfers, interventions and refunds.

After the deductions, the remaining ₦1.27 trillion was distributed among the three tiers of government. The Federal Government received ₦613.17 billion from the statutory revenue, while the states received ₦311.01 billion and the local government councils received ₦239.77 billion. Oil-producing states also received ₦110.94 billion as derivation revenue representing 13 per cent of mineral resources.

The committee further noted that revenue from oil and gas royalties as well as excise duties recorded notable increases during the month under review.

However, it stated that several key revenue streams recorded significant declines, including petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties and value-added tax.

The communiqué also indicated that import duties and the common external tariff recorded slight increases during the period.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

The United States Department of State has announced a $10 million reward for information about Iran’s new supreme leader, Mojtaba Khamenei, and several other senior Iranian officials.

Among those listed are Eskandar Momeni and Esmail Khatib, who were included among 10 individuals named by the department.

“These individuals command and direct various elements of the Islamic Revolutionary Guard Corps, which plans, organizes and executes terrorism around the world,” the State Department said.

It urged anyone with relevant information to submit tips through secure channels such as Tor or Signal, adding that informants could qualify for relocation and a financial reward.

The bounty is being offered under the State Department’s Rewards for Justice initiative, which provides cash payments for intelligence leading to the capture or prosecution of wanted individuals.

Mojtaba Khamenei’s father, Ali Khamenei, was killed in a bombing on February 28 at the start of the war between the United States, Israel and Iran.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Veteran gospel music icon Toun Soetan dies at 73 and songwriter, Toun Soetan, popularly known as Evangelist Shouet, has passed away at the age of 73.

Evangelist Soetan would have been 73 years old on June 18, 2026.

The respected evangelist and gospel music pioneer was widely known as the original composer of the beloved Christian chorus “Darling Jesus,” a song that has been sung in churches across Nigeria and around the world for decades.

Her music ministry spanned more than 40 years, making her one of the most influential voices in Yoruba gospel music.

Throughout her career, Soetan’s songs were widely described as inspirational and motivational, particularly during the early 1990s when many of her worship choruses gained popularity in churches and revival meetings.

Beyond “Darling Jesus,” some of her notable songs include “Ke Pe Jesu” and “Cast Your Burdens,” which became widely used in Christian worship.

In addition to her music ministry, Soetan served as the Minister in Charge of Trinity World Evangelical Ministry, where she dedicated much of her life to preaching, teaching, and mentoring younger gospel ministers.

Born in Lagos, Nigeria, she spent part of her early life abroad before returning to Nigeria for her education. She later studied at the University of Ibadan before committing fully to evangelism and gospel music.Nigerian Business Insights

Over the decades, Evangelist Soetan built a legacy as a teacher, evangelist, and worship leader whose songs were rooted in scripture and aimed at spreading the Christian message.

Many Nigerian gospel artists and church leaders have credited her as one of the pioneers who helped shape indigenous gospel worship in Nigeria.

Her death on March 13, 2026, has sparked tributes from members of the Christian community who remember her as a passionate minister whose music touched generations of believers.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN