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FAAC: FG, States, Councils share N1.149trn for January 2024

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A total revenue of N2.068 trillion was collected in the month of January 2024 into the Federation Account.
Deductions for cost of collection was N78.412 billion with total transfers, interventions and refunds N639.926 billion and savings N200.000 billion.
As a result of the deductions from the total revenue, the Federation Account Allocation Committee (FAAC) shared N1.149 trillion from the January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This means the federal government saved N919 billion in the special account created after the end of fuel subsidy was announced by President Bola Ahmed Tinubu in May, 2023.
The balance in the Excess Crude Account (ECA) still stands at $473,754.57.
Director Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa in a statement on Thursday in Abuja informed that the revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
Mokwa, quoting a communique by FAAC said: “The N1.149 trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.
“Interestingly the federation account benefitted (N279.028 billion) from the January crash of the Naira. The inflow of N279.028 billion from Exchange Rate Differentials in January 2024 signifies the gains realized from favorable exchange rate movements on foreign currency transactions or investments that were translated into the local currency, ultimately boosting the financial position of the federation account.
“In other words, the dollar rate at which the nation sold crude oil resulted as a blessing to the federation account when the Naira fell.”
The OAGF spokesman added that the gross statutory revenue of N1.151 trillion was received for the month of January 2024.
 “This was higher than the sum of N875.382 billion received in the month of December 2023 by N276.426 billion,” he said.
“The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion.  This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion,” he added.
According to him: “The communique stated that from the N1,149 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments received N379.407 billion and the Local Government Councils received N278.041 billion.
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‘Not same Abu-Bilal Al-Minuki killed in 2024’ – DHQ clarifies identity of dead ISWAP commander

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The Defence Headquarters has clarified the recent public discussions surrounding the neutralisation of a prominent terrorist commander, Abu-Bilal Al-Minuki.

A collaborative operation with the United States Africa Command on May 16, 2026, led to the killing of Bilal Al-Minuki.

Following the development, certain media outlets referenced a similar operation from 2024, which involved the elimination of a terrorist commander with the same name.

This has understandably raised questions regarding the identity of the individual who was recently neutralised.

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In a statement signed by Somalia Uba, Director of Defence Information, the DHQ said: “It is crucial to note that in the North East region and throughout the Lake Chad Basin, the use of similar or identical names, aliases and nom de guerres is prevalent among ISWAP and Boko Haram terrorists.

“This practice is a deliberate part of their indoctrination strategy, aimed at obscuring identities. This fact has been corroborated over the years during counter-terrorism operations in Northeast Nigeria.

“The Abu-Bilal Al-Minuki who was eliminated on May 16, 2026, has been positively identified through human intelligence and technical surveillance as a senior global operative within the Islamic State network, possessing direct connections to international terrorist coordination, funding and operations across the Sahel. Thus, there is no ambiguity regarding his identity.”

The statement added that the strike represents a significant achievement in the country’s counter-terrorism initiatives.

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It said the Armed Forces of Nigeria, in collaboration with the United States, remain dedicated to dismantling terrorist networks and will continue to disseminate verified information through official channels.

It called on the general public and the media to rely solely on authorised sources to prevent confusion arising from coincidental name similarities.

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Aiyedatiwa’s preferred aspirants disqualified from APC Reps primaries in Ondo

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Three aspirants of the All Progressives Congress, APC, who were anointed as consensus candidates by Governor Lucky Aiyedatiwa of Ondo State for House of Representatives seats have been disqualified by the party.

The three aspirants endorsed by Aiyedatiwa, who have been screened out, were identified as Tajudeen Adefisoye (Idanre/Ifedore federal constituency), Victor Ategbole (Akoko South-East/South-West federal constituency) and Samuel Arowele (Owo/Ose federal constituency).

Others not cleared along with the governor’s preferred aspirants are Seun Ajongbolo (Akoko South-East/South-West federal constituency), Morufu Ibrahim, Oyeniyi Oseni ((Akoko North-East/North-West) and Olaleye Adedipe (Akoko North-East/North-West).

With the reasons for the disqualification of the aspirants not revealed in a statement issued on Saturday by the National Publicity Secretary of the party, Felix Morka, some aspirants in the state have kicked and condemned the endorsement of the anointed aspirants.

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Meanwhile, there was large turnout of APC members on Saturday during the direct primaries conducted across the 203 wards of the state.

In Akur metropolis, party members arrived at the designated wards in their numbers around 8:00 am with the officials of the party doing a headcount of everyone.

At Wards 4, 5, and 8, members of the party were seen queuing behind the poster of the aspirants they are supporting.

Meanwhile, there was an uproar in some of the wards as party faithful lamented that electoral officials were not on the ground to take record of the exercise.

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Six suspected ISWAP bomb makers killed in premature IED explosion in Borno

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Six suspected Islamic State West Africa Province members, including a bomb expert, were killed early Friday when an improvised explosive device detonated prematurely in Marte Local Government Area.

Security sources told Zagazola Makama that the blast occurred around 7:00 a.m. on May 16, 2026, at Jubilaram while the group was assembling the device. The team was led by Abu Umar, identified as a bomb expert, who died in the explosion along with five other militants. Three others were reportedly injured.

Intelligence assessments say the deceased were part of ISWAP’s IED cell operating along the Marte–Kerenoa–Wulgo axis in the Lake Chad Basin. The explosion destroyed the site, located between Arinna Maimasallaci and Arinna Ciki, and is expected to temporarily disrupt the group’s bomb-making operations in the area.

Military sources said the incident could weaken ISWAP’s capability along key routes in the Marte axis. Authorities are considering follow-up air and ground operations to exploit the disruption.

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