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FG, states, LGs share N1.703trn revenue for January – FAAC

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The Federation Accounts Allocation Committee (FAAC), has shared the sum of N 1.703 trillion revenue among the Federal Government, states and the Local Government Councils (LGCs) for January.

Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, announced this in a communique issued at the end of FAAC meeting on Thursday in Abuja.

According to the communiqué, the N1.703 trillion total revenue comprised statutory revenue of N749.727 billion, Value Added Tax (VAT) revenue of N718.781 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion and Augmentation of N214 billion.

It said that the total gross revenue of N2.641 trillion was available in the month of January.

“Total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion,” it said.

It said that gross statutory revenue of N1.848 trillion was received for the month of January.

“This was higher than the sum of N1.226 trillion received in December, 2024 by N622.125 billion.

“Gross revenue of N771.886 billion was available from Vat in January, which was higher than the N649.561 billion available in Dec. 2024 by N122.325 billion,” it said.

The communiqué said that from the N1.703 trillion total revenue, the Federal Government received the sum of N552.591 billion and the state governments received N590.614 billion.

“The LGCs received the sum of N434.567 billion and a total sum of N125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

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“On the N749.727 billion statutory revenue, the Federal Government received N343.612 billion and the state governments received N174.285 billion.

“The LGCs received N134.366 billion, and the sum of N97.464 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

The communiqué further said that from the N718.781 billion VAT revenue, the Federal Government received N107.817 billion, the state governments received N359.391 billion and the LGCs received N251.573 billion.

It said that a total sum of N3.082 billion was received by the Federal Government from the N20.548 billion EMTL, from which the state governments received N7.192 billion and the LGCs received N10.274 billion.

“From the N214 billion augmentation, the Federal Government received N98.080 billion and the state governments received N49.747 billion.

“The LGCs received N38.353 billion, and a total sum of N27.820 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“In January, VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty and CET Levies increased significantly while EMTL and oil and gas royalty decreased considerably,” it said.

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Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.

The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.

The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.

Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

According to Komolafe, the commission in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector.

He assured enhancing the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.

“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows:

“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.

“Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

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“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.

“And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said. (NAN)

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Boko Haram Holding Authority In Three Borno Communities— Ndume

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Boko Haram terrorists are holding authorities in some communities in three local government areas of Borno State, according to Senator Ali Ndume.

The Borno South lawmaker said this on Friday when he was featured on Channels Television’s Politics Today.

According to him, there are no civil authorities in those areas, which he said are being governed by the terrorists.

“Yes, three,” he said on Friday’s edition of the show when asked if areas are being governed by the Boko Haram terrorists in the North-East state.

“What we are saying is that there is no civil authority there, and the authority is Boko Haram,” the Borno South Senator said.

He listed the areas as “Gudumbali (in Guzamala LGA), Marte, and Abadam”.

“None,” he said when asked if there are civil authority in these areas.

Senator Ndume said the security agencies are not properly equipped to tackle the insurgency, which he decried is beginning to fester in the North-East state.

His comment came days after the Borno State Governor, Babagana Zulum, decried the rising spate of insecurity in the area.

The governor said the state is losing ground in the fight against Boko Haram, asking for help.

“As I address this important gathering today, it is unfortunate that the renewed Boko Haram attacks and kidnappings in many communities almost on a daily basis without confrontation signalled that Borno State is losing ground,” the governor said, a fact Ndume agrees with.

During the show, the vocal lawmaker of the ruling All Progressives Congress (APC) said there have been hundreds of attacks in Borno State since the beginning of the year.

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“From November last year till date, there were over 250 attacks in the state, and somebody is saying we should ignore the governor,” the APC chieftain said.

“We have lost more than 100 soldiers, nearly 300 civilians even though our soldiers gallantly killed 800 of those terrorists within this period.”

“It is like a stagnated situation,” he said about the state of security in the country, arguing that President Bola Tinubu should declare a state of emergency on security, the welfare of the citizens, and the economy.

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FG Forms Sub-Committee To Evaluate US Tariff Impact

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The federal government has constituted a sub-committee to evaluate the potential economic impact of the recent tariff measures announced by the United States government.

The decision followed a meeting of the Economic Management Team (EMT), chaired by Wale Edun, minister of finance and coordinating minister of the economy, according to a statement issued on Friday by Mohammed Manga, director of information and public relations at the ministry.

On April 2, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria.

A few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the United States import tariffs.

He said plans were underway for possible budget adjustment and prioritisation where possible.

To assess the impact of the tariffs, Manga said the EMT convened earlier in the week with key ministries and agencies to review the fiscal and macroeconomic implications of emerging global trade dynamics.

He said the EMT noted that while Nigeria’s major export — crude oil — has not been directly targeted by the new US tariffs, the policy shift has coincided with a dip in international oil prices, raising concern over potential revenue and budgetary pressures.

“To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts,” Manga said.

“The sub-committee includes representatives from the ministry of finance, ministry of budget and economic planning, (including budget office of the Federation), and the Central Bank of Nigeria (CBN).”

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Manga also said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT without delay.

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