Headline

Bazaar: FG, States, LGs Share N615.85 Billion

Published

7 years ago

March 27, 2019

Editor

The Accountant-General of the Federation (AGF), Mr Ahmed Idris, on Wednesday said the Federal Government shared N619.85 billion, as revenue generated in February to the three tiers of government.

The amount showed an increase of about N9.49 billion from what was shared in January.

Idris, represented by the Director of Funds, Office of the AGF, Mr Mohammed Usman, said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

Giving a breakdown of the revenue accrued in February, Idris said that the mineral revenue increased by N23.57 billion, moving from N326.52 billion in January to N350.09 billion in February.

However, the non-mineral revenue decreased by N46.27 billion, from N170 billion in January to N124.32 billion in February.

He said that in February, the federation crude oil sales increased by 46 per cent, resulting in increased federation revenue from 425 million dollars in January to 574 million dollars in February.

“Shut in and shut down persisted while some terminals remained closed due to leaks and maintenance.

“Petroleum Profit Tax increased significantly while Companies Income Tax recorded a marginal increase.

“Revenues from value added tax, oil royalty import and excise duties decreased in February, 2019,” he said.

In summary, Idris said that the Federal Government received N223.15 billion, states got N113.18 billion and local governments received N87.26 billion.

In addition, N45.09 billion, representing 13 per cent of the mineral revenue was shared to oil-producing states.

Idris assured civil servants that despite the delay in holding the FAAC meetings, their salaries would be paid before end of the month.

Headline

Defence Gulps Lion Share As Tinubu Presents N58.47trn 2026 Budget to NASS

Published

8 hours ago

December 19, 2025

Eric

President Bola Tinubu has presented a budget of N58.47 trillion for the 2026 fiscal year to a joint session of the National Assembly, with capital recurrent (non‑debt) expenditure standing at N15.25 trillion.

Tinubu presented the budget on Friday, pegging the capital expenditure at N26.08 trillion and putting the crude oil benchmark at US$64.85 per barrel.

He said the expected total revenue is N34.33 trillion, projected total expenditure: N58.18 trillion, including N15.52 trillion for debt servicing. The budget is N23.85 trillion, representing 4.28% of GDP.

The budget was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.

In terms of sectoral allocation, defence and security took the lion’s share with N 5.41 trillion, followed by infrastructure at N3.56 trillion.

Headline

Mike Adenuga, Emmanuel Macron Hold High-Powered Meeting in Paris

Published

2 days ago

December 18, 2025

Eric

Accomplished billionaire businessman and Commander of the French Légion d’Honneur, Dr. Mike Adenuga Jr., GCON, CdrLH, has held a private meeting with the French President, Emmanuel Macron.

The two powerful citizens of the world held the meeting on Wednesday at the historic Élysée Palace in Paris.

The high-level engagement underscores the longstanding relationship between Dr. Adenuga and the French Republic, as well as his continued relevance in global business and diplomatic circles.

A respected industrialist and philanthropist, Adenuga has been widely acknowledged for his contributions to economic development, telecommunications, energy, and humanitarian causes across Africa and beyond.

The meeting adds to Dr. Adenuga’s growing profile as a bridge between African enterprise and international leadership.

Headline

Free at Last: Burkina Faso Releases 11 Nigerian Soldiers, Aircraft

Published

2 days ago

December 18, 2025

Eric

Burkina Faso has released Nigerian soldiers who were detained after their aircraft made a forced landing in the Sahelian country earlier this month, Nigerian officials said.

The release followed a diplomatic intervention by President Bola Tinubu, who dispatched a high-level delegation led by the Minister of Foreign Affairs, Yusuf Tuggar, to meet Burkina Faso’s Military Leader, Ibrahim Traoré, on Wednesday.

In a statement, Alkasim Abdulkadir, Tuggar’s spokesperson, said both sides resolved the matter amicably and secured the release of the Nigerian Air Force pilots and crew.

The soldiers had been held for nearly two weeks after the Confederation of Sahel States (AES) described the aircraft’s landing as an “unfriendly act” carried out in defiance of international law.

The Nigerian Air Force, however, said the crew encountered a technical issue that required a precautionary landing in Bobo-Dioulasso, the nearest available airfield. It said the landing complied with standard safety procedures and international aviation protocols.