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FG, States, LGs Share ₦1.89 Trillion As VAT Revenue Drops

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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.

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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.

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Public officers are stealing Nigeria’s money every minute – EFCC boss

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September 26, 2026

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says public officers steal funds every minute.

Olukoyede spoke in Abuja on Thursday at the 80th birthday celebration of former Attorney-General of the Federation, Kanu Agabi.

He stated that the anti-graft agency receives over 20,000 corruption petitions every year, describing the scale of the theft detailed in many cases as shocking.

“I receive over 20,000 petitions in a year in respect to public corruption, all terrible. What is going on? Like every minute, public officers take money, and if you go through some of our case files you will weep.

“The way people take national resources and Nigerians are victims of these fraudulent activities. And we must come together for once in our lifetime and say no to the activities of some of our leaders,” Olukoyede said.

The EFCC boss noted that some public officers assume office with less than ₦100,000 in their accounts, but within three years, the agency traces millions of dollars to them.

He added that some individuals acquire hundreds of houses while in office, warning that corruption is crippling the nation.

Olukoyede stressed that public officers must be held accountable for their time in office, emphasizing that transparency must remain the guiding standard in public service.

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VIDEO: Police identify officer in viral video saying Obi can never be President

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6 hours ago

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September 26, 2026

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The Lagos State Police Command has arrested an officer who appeared in a viral video making inappropriate remarks about Peter Obi and Igbo people while travelling on public transport.

The officer who has been identified as INSP. Osumah Frank, was filmed saying Obi or any Igbo person can never become President of Nigeria.

In a statement released today September 25, the command’s spokesperson, SP Abimbola said the command has commenced appropriate disciplinary action against the officer in line with established regulations of the Nigeria Police Force.

Abimbola stated that the statements made by the officer were made in his personal capacity and do not represent the position, views or official disposition of the Lagos State Police Command or the Nigeria Police Force.

She added that the State Commissioner of Police, CP Tijani Fatai, has reiterated the position of the command that all its personnel are expected to maintain professionalism, civility, discipline and respect for members of the public at all times. She further reaffirmed that wearing the Police uniform comes with a responsibility to uphold the dignity and integrity of the Force, and that the Command will not condone any conduct capable of bringing the Force into disrepute or undermining public confidence in the Police.

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Court rejects suit seeking fresh police investigation into late singer Mohbad’s death

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6 hours ago

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September 26, 2026

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The Federal High Court in Abuja has dismissed a suit seeking to compel the Nigeria Police Force to conduct a fresh investigation into the death of Nigerian singer Ilerioluwa Aloba, popularly known as Mohbad.

Justice James Omotosho dismissed the case filed by the Registered Trustees of Break the Silence Foundation in a judgment delivered on Thursday, ruling that the foundation lacked the legal capacity to institute the suit.

The judge also described the application as speculative and lacking sufficient merit, noting that the foundation failed to produce the original police investigation report to support its claim that the earlier investigation was inadequate.

Justice Omotosho further cautioned lawyers handling ongoing cases against discussing matters before the court during media interviews or on social media, describing such conduct as professional misconduct.

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