FG, states, LGs share N1.143tn May revenue - Newstrends
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FG, states, LGs share N1.143tn May revenue

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President Bola Tinubu with Nigerian governors

FG, states, LGs share N1.143tn May revenue

The Federation Accounts Allocation Committee, FAAC, on Monday shared N1.143 trillion among the federal government, states and local government councils for May.

The revenue was shared at the June meeting of the FAAC, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to a communiqué issued by the committee at the end of the meeting, the N1.143 trillion total revenue comprised statutory revenue of N157.183 billion, Value Added Tax, VAT revenue of N463.425 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

It said that revenue of N2.324 trillion was available in the month of May.

” Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion.

“Gross statutory revenue of N1.223 trillion was received for the month of May 2024. This was lower than the sum of N1,233 trillion received in the month of April by N9.604 billion,” it said .

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The communiqué said that gross revenue of N497.665 billion was available from VAT in May, which was lower than the N500.920 billion available in April by N3.255 billion.

It confirmed that from the N1.143 trillion total revenue, the Federal Government received N365.813 billion, the state governments received N388.419 billion, and the LGCs received N282.476 billion.

It said that the sum of N106.502 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N157.183 billion statutory revenue, the communiqué said that the Federal Government received N61.010 billion, the state governments received N30.945 billion, and the LGCs received N23.857 billion.

“The sum of N41.371 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“The Federal Government received N69.514 billion, the state governments received N231.713 billion, and the LGCs received N162.199 billion from the N463.425 billion VAT revenue.

“A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion EMTL, the state governments received N7.573 billion, and the LGCs received N5.301 billion,” it said.

According to the communiqué, the balance in the Excess Crude Account (ECA) is 473,754.57 dollars.

FG, states, LGs share N1.143tn May revenue

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Nigeria Wins $6.2 Million Arbitration Against UK Tech Firm

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Attorney-General of the Federation, Lateef Fagbemi, SAN
Attorney-General of the Federation, Lateef Fagbemi, SAN

Nigeria Wins $6.2 Million Arbitration Against UK Tech Firm

Nigeria has scored a landmark legal victory, securing $6.2 million in an international arbitration against UK-based technology firm European Dynamics UK Ltd over a disputed national electronic government procurement (e-GP) contract. The ruling reinforces Nigeria’s commitment to performance-based government contracts and protecting public resources.

The arbitration decision, delivered on February 3, 2026, by sole arbitrator Funmi Roberts at the International Centre for Arbitration and Mediation, dismissed all claims by the UK contractor. The award is final and not subject to appeal, according to the Attorney-General of the Federation, Lateef Fagbemi, SAN.

The dispute originated from a Bureau of Public Procurement (BPP) contract to design, develop, and implement a national e-procurement platform, supported by the World Bank to enhance transparency and efficiency in federal procurement.

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European Dynamics had claimed over $6.2 million, including:

  • $2.4 million for alleged milestone completions
  • $3 million in general damages
  • $800,000 in settlement costs

However, the tribunal ruled the claims lacked merit, citing deficiencies during User Acceptance Testing (UAT) such as functional gaps and performance errors, which the contractor was required to fix at no additional cost.

The BPP insisted payments must be strictly tied to verified deliverables, rejecting earlier efforts at an out-of-court settlement. The tribunal upheld this stance, emphasizing that software development and customization contracts are performance-based and must meet technical and statutory standards before payments are made.

Nigeria’s legal team, led by Johnson & Wilner LLP with Basil Udotai heading the arbitration, achieved what the BPP Director-General, Adebowale Adedokun, described as a historic victory. European Dynamics had previously won arbitration cases in other African countries but lost against Nigeria, signaling a shift in how government procurement disputes are handled.

Attorney-General Fagbemi stated that this ruling sends a clear message that Nigeria will no longer be taken for granted, demonstrating strengthened legal and technical capacity in managing complex international contracts. Experts suggest the outcome will influence future e-procurement reforms to ensure compliance, accountability, and efficient management of public contracts.

Nigeria Wins $6.2 Million Arbitration Against UK Tech Firm

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Yoruba Muslim Group Dismisses Viral Ramadan Date Claim, Reaffirms Sultan of Sokoto’s Authority

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Sultan of Sokoto and Chief Imam of Ibadanland

Yoruba Muslim Group Dismisses Viral Ramadan Date Claim, Reaffirms Sultan of Sokoto’s Authority

A Yoruba Muslim group, Concerned Indigenous Yoruba Muslims, has dismissed as false, misleading, and divisive a viral social media report alleging that the Chief Imam of Ibadanland and the League of Imams in Yorubaland rejected the authority of the Sultan of Sokoto in determining the commencement of Ramadan in South-West Nigeria.

The report, which circulated online ahead of Ramadan 1447AH, claimed that Yoruba Muslim leaders had resolved to disengage from the Sultan’s traditional role of announcing moon sighting for the fasting period and instead align with indigenous religious structures. The group, however, said the claim was entirely fabricated and designed to sow discord within the Muslim community.

In a statement issued on Saturday, February 21, 2026 — the fourth day of Ramadan, and signed by public affairs analyst Nasrudeen Abbas, the group said the comments attributed to the Chief Imam of Ibadan, reportedly over 90 years old, could not have emanated from him. It described the publication as a calculated attempt to create unnecessary religious tension and misrepresent the position of Yoruba Muslims.

The group reaffirmed that Islamic affairs in Nigeria operate under established leadership structures, particularly the Nigerian Supreme Council for Islamic Affairs (NSCIA), which is headed by the Sultan of Sokoto, Muhammad Sa’ad Abubakar, as President-General. It explained that the NSCIA structure includes the President of the Muslim Ummah of South West Nigeria (MUSWEN) as Deputy President-General (South), the Shehu of Borno as Deputy President-General (North), alongside other national officers.

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According to the group, any attempt to distance Yoruba Muslims from this nationally recognised structure threatens the unity of the Muslim Ummah in Nigeria and contradicts Islamic principles that emphasise cohesion, collective leadership, and obedience to constituted authority.

The group also faulted claims that the Sultan’s position is merely a traditional title limited to Sokoto State. It stressed that the Sultan’s authority in Islamic matters is rooted in scholarship and the historical caliphate system, noting that emirs in Northern Nigeria often combine traditional authority with religious leadership. As an example, it cited Muhammadu Sanusi II, who regularly delivers Friday sermons and performs Islamic rites.

It further explained that in Yorubaland, traditional rulers generally do not head religious affairs, except in rare cases. The group referenced the late Awujale of Ijebu Land, who once served as President-General of the Ogun State Muslim Council, stressing that such roles remain exceptions rather than the norm.

The statement also recalled the position of the late Kazeem Yayi Akorede, former President-General of the League of Imams and Alfas in the South West. According to the group, Sheikh Akorede initially questioned the Sultan’s leadership role but later accepted it after clarifications that the position was based on Islamic scholarship and caliphate leadership, not mere traditional kingship. It added that until his death, he consistently aligned with the Sultan’s announcements on the commencement and termination of Ramadan.

Describing the viral publication as unethical, the group criticised claims that Yoruba Muslims are not religiously bound to the Sultan’s authority and that religious leadership should go beyond duties such as moon sighting announcements. It alleged that such narratives were politically motivated and aimed at advancing a separatist agenda under the guise of religious autonomy.

The group warned that politicising religious matters could undermine religious harmony and national unity, urging those behind the report to desist from actions capable of creating discord among Muslims across the country. It concluded by stressing that the unity of the Muslim Ummah in Nigeria remains paramount and must not be compromised by what it described as sectarian or politically engineered narratives.

Yoruba Muslim Group Dismisses Viral Ramadan Date Claim, Reaffirms Sultan of Sokoto’s Authority

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NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

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NNPC Group Chief Executive Officer Engr. Bashir Bayo Ojulari Receives Prestigious Energy Institute Fellowship
NNPC Group Chief Executive Officer Engr. Bashir Bayo Ojulari Receives Prestigious Energy Institute Fellowship

NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has earned international acclaim as its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, has been conferred with the Fellowship of the Energy Institute (FEI), United Kingdom — one of the highest honours in the global energy industry.

The Fellowship recognises senior energy leaders who have demonstrated sustained, high-impact contributions to the advancement of the energy sector. It was formally conferred on Ojulari during International Energy Week (IEW) in London, a leading platform for energy policy, finance, and industry leadership. (punchng.com)

The honour was presented by Andy Brown, President of the Energy Institute, who praised Ojulari’s transformative leadership of NNPC Ltd., highlighting his role in strengthening governance, embedding a performance-driven culture, and repositioning the company for long-term value creation.

Under his stewardship, NNPC Ltd. has implemented investor-focused reforms, enhanced operational excellence, and expanded strategic global partnerships, all contributing to increased confidence in Nigeria’s energy sector. The recognition reinforces NNPC’s ongoing transformation into a commercially driven, globally competitive, and transparent energy company.

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Significance for Nigeria and Africa

Experts note that the FEI Fellowship is not only a personal achievement for Ojulari but also a major institutional endorsement of NNPC Ltd.’s reform agenda. Being recognised at International Energy Week, which convenes policymakers, financiers, regulators, and industry leaders, positions the company at the centre of critical global energy discussions on sustainability, energy transition, and capital formation.

The award also signals growing international confidence in NNPC Ltd. and highlights Nigeria’s strategic role in Africa’s energy security and global energy transition ambitions. (vanguardngr.com)

Ojulari’s Leadership Achievements

Since assuming office, Engr. Ojulari has overseen multiple strategic reforms at NNPC Ltd., including:

  • Driving governance and operational reforms to boost accountability.
  • Expanding strategic partnerships and investor-focused initiatives.
  • Enhancing execution efficiency across the company’s subsidiaries.
  • Positioning NNPC Ltd. as a credible, investment-ready energy enterprise.

These efforts have not only improved the company’s profitability and performance but also strengthened Nigeria’s energy security and market competitiveness. (punchng.com)

Ojulari described the Fellowship as a reflection of collective effort within NNPC and reiterated his commitment to sustainable value creation, global best practices, and energy sector innovation.

NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

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