This was disclosed in a statement released by the Office of the Accountant General of the Federation and signed by its Director of Press and Public Relations, Bawa Mokwa, following the FAAC meeting held in Abuja.

According to the statement, the total revenue shared stood at N2.036 trillion, which was allocated among the Federal Government, state governments, and local government councils.

A breakdown of the distributable revenue shows that N1.32 trillion came from statutory revenue, N515.39 billion was generated from Value Added Tax (VAT), while N200 billion was added as augmentation.

From the total allocation, the Federal Government received N789.16 billion, states were allocated N657.60 billion, and local government councils got N468.83 billion. In addition, oil-producing states received N120.76 billion as derivation revenue.

The committee also revealed that total gross revenue for March stood at N2.364 trillion. From this amount, N81.08 billion was deducted as cost of collection, while N246.87 billion was used for transfers, refunds, and savings.

Further analysis showed that from the statutory revenue portion, the Federal Government received N632.26 billion, states got N320.69 billion, and local governments received N247.24 billion, while derivation payments accounted for N120.76 billion.

From the VAT pool of N515.39 billion, the Federal Government received N51.54 billion, states got N283.47 billion, and local governments received N180.39 billion, highlighting the growing role of VAT in supporting subnational revenues.

Meanwhile, the N200 billion augmentation was shared with the Federal Government receiving N105.36 billion, states N53.44 billion, and local governments N41.20 billion.

On revenue performance, FAAC noted that gross statutory revenue rose to N1.699 trillion in March, an increase of N137.91 billion compared to February. This growth played a key role in boosting the total allocation for the month.

However, VAT revenue declined slightly, with N664.43 billion recorded in March, down from N668.45 billion in February.

The report also indicated strong growth in non-oil taxes, including Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duty.

In contrast, revenues from Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalties, import duties, and the Common External Tariff recorded significant declines, reflecting ongoing fluctuations in oil and trade-related income.

Overall, the FAAC report shows that while Nigeria is seeing improvements in non-oil revenue generation, instability in oil revenues continues to impact the consistency of monthly allocations.

The strike, which started on Monday, was a protest against the Dangote Group’s alleged anti-union practices and a refusal to allow its workers to join the union.

The industrial action caused significant disruption, leading to the shutdown of fuel loading depots across the country. NUPENG President, Williams Akporeha, had stated the strike was to fight against the “enslavement” of workers. 

The Dangote Group, however, had reassured the public that the strike would not result in fuel scarcity.

A resolution was found during a meeting in Abuja on Tuesday, which was facilitated by government officials and other key stakeholders. Both parties signed a Memorandum of Understanding (MoU), and NUPENG immediately instructed its members to resume work, thereby averting a potential economic crisis.

“Following the threat to embark on industrial action by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over the refusal of the management of Dangote Refinery and Petrochemical Limited to allow their employees to be unionized by registered labour unions, a conciliation meeting was held at the instance of the Honourable Minister of Labour and Employment. 

“It was revealed during the meeting that the management agreed with this fact and responded that they are not averse to the unionization of their employees by labour unions in tandem with the provisions of the extant labour laws.

“After exhaustive deliberations, the following resolutions were reached by both parties: That since workers’ unionisation is a right in line with the provisions of the extant laws, the management of “Dangote Refinery and Petrochemicals agreed to the unionization of employees of Dangote Refinery and unionisation of employees of Petrochemicals, who are willing to unionise.

“That the process of unionisation shall commence immediately and be completed within two weeks (9th to 22nd September, 2025), and it was agreed that the employer will not set up any other union. Arising from the strike notice, no worker or employee of Dangote Refinery and Petrochemical will be victimized. Parties will revert to the Honourable Minister of Labour a week after the conclusion of the engagement. Based on the MoU, NUPENG agreed to suspend the industrial action with immediate effect.”

The agreement was formally sealed with the signatures of key representatives from both sides and other stakeholders.

This marks a significant 40.5% increase from the N14.6 trillion recorded during the same period in 2024.

The Presidency has hailed this as a historic shift in the country’s fiscal landscape, attributing the surge to a strong performance in non-oil revenue. Of the total revenue, an impressive N15.69 trillion was generated from non-oil sources, meaning that for the first time in decades, non-oil receipts now account for three out of every four naira collected by the government.

President Bola Tinubu, while addressing a delegation of The Buhari Organisation (TBO), noted that the government has not needed to borrow from local banks since the beginning of the year, a clear sign of improved fiscal health. 

The statement highlighted that the revenue growth is a direct result of his administration’s reforms aimed at strengthening tax compliance, digitizing tax administration, and broadening the nation’s fiscal base.

The impact of this fiscal turnaround is already being felt, with unprecedented disbursements from the Federation Account Allocation Committee (FAAC). 

“For the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025, providing subnational governments with greater fiscal space to fund food security, infrastructure, and social services.”

Customs collections also over-performed, with N3.68 trillion realized in the first half of the year, which is N390 billion above the target and represents 56% of the full-year goal. This success is attributed to systemic changes, including the automation of filings and tighter enforcement.

Commenting on the figures, Bayo Onanuga, Spokesperson to President Bola Tinubu, stated, “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. The combination of reforms, compliance, and digitisation powers a more resilient economy. The task ahead is to ensure that these gains are felt in the lives of our citizens and in better schools, hospitals, roads, and jobs.”

While the Presidency is pleased with the progress, it also acknowledged that the current revenue figures still fall short of the government’s ambitious spending plans for education, healthcare, and infrastructure. 

“Notwithstanding, these increases in revenues do not yet match the President’s ambitions for expenditures on education, health, and infrastructure; therefore, all efforts are being made to address these gaps,” the statement read.

It noted that efforts are still ongoing to close these gaps and ensure the benefits are translated into tangible improvements in the lives of Nigerians.

Read the full statement below:

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) announced the development in a statement released on Tuesday by its Chairman, Mr. Gbenga Adebayo, and Publicity Secretary, Mr. Damian Udeh.

According to ALTON, the disruption is linked to NIMC’s recent directive mandating a switch to a new identity verification platform. The transition, while aimed at improving the integrity and efficiency of national identity management, has led to unforeseen technical difficulties, impacting the smooth delivery of SIM services nationwide.

“The migration has temporarily affected operators’ ability to process SIM swaps, replacements, activations, and other related services,” Adebayo explained.

He noted that ALTON and its member companies are actively collaborating with the Nigerian Communications Commission (NCC), NIMC, and other stakeholders to resolve the integration issues.

“We understand the inconvenience this may cause and advise subscribers to postpone any SIM-related requests until further notice,” he said.

Adebayo assured users of the industry’s commitment to secure, high-quality telecommunications services and promised timely updates as the situation develops.

According to the NCAA, smoke was detected in both the aircraft’s cabin and flight deck, prompting the crew to initiate emergency procedures. The Directorate of Airworthiness reported that oxygen masks were deployed, and safety protocols were activated on the ground to facilitate a safe landing.

As a precaution, the NCAA has ordered that the aircraft remain grounded until a full investigation into the incident is completed. Engineers are currently inspecting the aircraft to determine the cause of the engine failure and the origin of the smoke.

In a statement, the agency emphasized its unwavering commitment to passenger safety, noting:

“The rescue aircraft intended to pick up passengers from Sokoto had already boarded those traveling from Abuja to Katsina. Offloading them would have created operational challenges, so the Sokoto flight was cancelled.”

The affected aircraft, 5N-BZY, remains on the ground with technical teams working to resolve the issue. The NCAA reiterated that safety remains its top priority, adding that flight cancellations in Nigeria are often triggered by even the slightest safety concerns—a practice it described as stricter than in many advanced countries.

The move is tied to the company’s new “We Got You” campaign, which aims to boost subscriptions and ease the financial strain on Nigerian households. In a statement on Tuesday, CEO John Ugbe said the initiative is focused on showing appreciation to loyal customers and expanding access to premium entertainment. “DStv isn’t just for sports lovers,” Ugbe noted. “We offer something for everyone—drama, kids’ shows, movies, and news.”

Alongside the price cut, MultiChoice also introduced a promotional offer: between June 16 and July 31, 2025, subscribers who pay for their current package in full will enjoy a free upgrade to the next package tier.

According to the company, the pricing changes and bonus offer reflect an effort to adjust to Nigeria’s economic challenges and meet customers where they are.

This latest initiative comes after MultiChoice recorded a loss of 1.4 million subscribers between March 2023 and March 2025—a downturn attributed to the country’s economic slump and a series of price hikes.

In the past year alone, the company has increased subscription fees for both DStv and GOtv three times—in April 2023, November 2023, and April 2024, with the most recent hike taking effect on May 1.

The auction aims to mop up ₦27 billion in maturing NTBs. Analysts anticipate a slight moderation in discount rates, driven by ample system liquidity and expected disinflation in the first half of 2025. Cordros Capital Limited projects that rates may taper slightly as investor demand remains strong, especially for longer-dated instruments.

Yields on Nigerian Treasury Bills have been on a downward trend, reflecting increased demand for naira assets. High liquidity levels in the market have restrained upward pressure on rates, while attractive returns continue to fuel investor interest.

Market activity remained relatively quiet during the week, with limited transactions in both OMO and NTB instruments. With the next auction approaching, investors are closely watching for rate movements and allocation outcomes.

The SEC’s clarification follows recent intelligence indicating that CBEX has reportedly resumed operations in various regions across Nigeria.

These reports detail that the platform is allegedly demanding a fee from users—$200 for account balances exceeding $1,000, and $100 for those with less than $1,000—as a prerequisite for withdrawing funds.

The Commission has warned that CBEX and its affiliated parent company possess no legal authorization to provide investment services or solicit funds from the Nigerian populace.

In response to previous instances of unauthorized operations, the SEC has already initiated robust enforcement actions against CBEX and its promoters.

 The SEC has strongly cautioned Nigerian citizens against any form of engagement with CBEX or any entities associated with it, emphasizing the significant risk of incurring substantial financial losses.

To safeguard investors, the SEC continues to advocate for due diligence, advising individuals to verify the registration status of any investment platform through its official website before committing funds or engaging in transactions.

The Securities and Exchange Commission (SEC) of Nigeria has issued a resolute statement reiterating that Crypto Bridge Exchange (CBEX) remains prohibited from conducting investment-related activities within the country.

This stance comes as a renewed warning to the public, urging complete caution against engaging with the platform due to its continued unregistered status with the regulatory body.

The SEC’s clarification follows recent intelligence indicating that CBEX has reportedly resumed operations in various regions across Nigeria.

These reports detail that the platform is allegedly demanding a fee from users—$200 for account balances exceeding $1,000, and $100 for those with less than $1,000—as a prerequisite for withdrawing funds.

The Commission has warned that CBEX and its affiliated parent company possess no legal authorization to provide investment services or solicit funds from the Nigerian populace.

In response to previous instances of unauthorized operations, the SEC has already initiated robust enforcement actions against CBEX and its promoters.

 The SEC has strongly cautioned Nigerian citizens against any form of engagement with CBEX or any entities associated with it, emphasizing the significant risk of incurring substantial financial losses.

To safeguard investors, the SEC continues to advocate for due diligence, advising individuals to verify the registration status of any investment platform through its official website before committing funds or engaging in transactions.

Folashade Odelana and Bamidele Ayodele Abiodun, were declared wanted on Wednesday by the EFCC. They were last known to reside at No. 17, Oremeta Street, Allen, Ikeja, Lagos State.

“The public is hereby notified that the persons whose photographs appear below are wanted by the Economic and Financial Crimes Commission for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the notice read.

The EFCC had launched an investigation to track down the persons responsible for the online investment platform  CrpytoBank Exchange that allegedly defrauded investors of N1.3billion.

Dele Oyewale, the EFCC spokesperson, revealed that the commission had already began investigating CBEX prior to the companies collapse on the 14^th of April, 2025.

The commission urges anyone with useful information regarding their whereabouts to contact EFCC offices in Ibadan, Enugu, Lagos, Port Harcourt and Abuja.The Economic and Financial Crimes Commission (EFCC) has declared two individuals wanted for their involvement in the fraudulent scheme operated through Crypto Bridge Exchange(CBEX).

Folashade Odelana and Bamidele Ayodele Abiodun, were declared wanted on Wednesday by the EFCC. They were last known to reside at No. 17, Oremeta Street, Allen, Ikeja, Lagos State.

“The public is hereby notified that the persons whose photographs appear below are wanted by the Economic and Financial Crimes Commission for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the notice read.

The EFCC had launched an investigation to track down the persons responsible for the online investment platform  CrpytoBank Exchange that allegedly defrauded investors of N1.3billion.

Dele Oyewale, the EFCC spokesperson, revealed that the commission had already began investigating CBEX prior to the companies collapse on the 14^th of April, 2025.

The commission urges anyone with useful information regarding their whereabouts to contact EFCC offices in Ibadan, Enugu, Lagos, Port Harcourt and Abuja.

This was revealed by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, on Monday during the inauguration of the board of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.

Dangiwa explained that the properties, handed over to the Ministry by directive of President Bola Tinubu, are now fully under the ministry’s control. Before they are distributed, however, the houses will undergo integrity tests to ensure structural soundness, as well as assessments of estate infrastructure and facilities.

“Our intention is to bring the houses to a semi-finished level before making them available to Nigerians,” he said. A technical committee will be inaugurated to conduct the assessments, with a four-week deadline for completion. Upon conclusion, the ministry will seek funding to complete the homes and begin allocation.

While a portion of the houses will meet specific government needs, the majority, according to the minister, will be made available to the general public.

Dangiwa also confirmed that the allocation will be done via the Federal Ministry of Housing’s Renewed Hope Portal, which allows Nigerians to view available homes and choose suitable payment options. The official disposal process will be publicly announced after the assessments are finalized.