News
FG, States, LGs Share N1.894trn February Revenue – FAAC
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/04/FAAC.jpg&description=FG, States, LGs Share N1.894trn February Revenue – FAAC', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/04/FAAC.jpg&description=FG, States, LGs Share N1.894trn February Revenue – FAAC', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion as Federation Account revenue for February 2026 among the Federal Government, states and local government councils.
This was disclosed in a statement issued on Friday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
The revenue was shared during the March 2026 FAAC meeting held in Abuja. The N1.894 trillion distributable revenue comprised N1.274 trillion from distributable statutory revenue and N619.119 billion from Value Added Tax (VAT).
The communiqué indicated that a total gross revenue of N2.230 trillion was available in February 2026. From this amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was recorded as transfers, refunds and savings.
It further stated that gross statutory revenue of N1.561 trillion was received in February 2026. This represented a decrease of N395.138 billion compared with the N1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue stood at N668.450 billion in February 2026, which was N414.710 billion lower than the N1.083 trillion recorded in January.
From the N1.894 trillion distributable revenue, the Federal Government received N675.088 billion, while state governments received N651.525 billion.
The local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent derivation revenue from mineral sources, was shared among the benefitting states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, the states received N311.010 billion, and the local government councils received N239.776 billion. The N110.949 billion derivation revenue was also distributed to eligible states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, state governments received N340.515 billion, while local government councils received N216.692 billion.
The communiqué also noted that oil and gas royalty and excise duty recorded significant increases in February.
However, revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT) and Value Added Tax (VAT) declined substantially.
It added that import duty and Common External Tariff (CET) receipts increased marginally during the period.
News
Reps Gives MREIF Boss Final One-Week Reprieve Over Housing Fund Probe
By Gloria Ikibah
The House of Representatives Committee on Housing and Habitat has granted the management of the MOFI Real Estate Investment Fund (MREIF) a one-week extension to appear before lawmakers as part of an ongoing investigation into the fund’s operations, performance and administration.
The committee had initially summoned MREIF Managing Director and Chief Executive Officer, Dr Armstrong Ume Takang, alongside members of the fund’s management team, to appear on Tuesday, 2 June 2026, for a comprehensive review of the initiative and several petitions submitted against it.
The Committee Chairman, Rep. Abdulmumin Jibrin, said the investigation was aimed at ensuring the fund was operating in line with the objectives set by President Bola Tinubu and delivering on its mandate.
According to him, the exercise seeks to determine whether the administration and performance of MREIF are meeting public expectations while also addressing concerns raised in petitions before the committee.
However, in a letter addressed to lawmakers, Dr Takang acknowledged receipt of the summons and expressed the fund’s willingness to cooperate fully with the National Assembly’s oversight responsibilities.
He explained that he was outside Abuja on an official engagement that had been scheduled before the committee’s invitation was received and requested a new date for the hearing.
The MREIF chief also assured lawmakers of the organisation’s readiness to engage constructively with the committee.
Responding to the request, Jibrin said the committee had agreed to postpone the hearing by one week in the interest of fairness and cooperation.
He stated that the session had now been rescheduled for Tuesday, 9 June 2026, stressing that the extension was granted specifically to allow the managing director to appear in person.
The committee maintained that Dr Takang’s personal appearance was crucial to its inquiry and could not be delegated.
Jibrin reiterated the committee’s determination to conduct a thorough and impartial investigation into the management of the fund, which was established to expand access to affordable home ownership for Nigerians.
He said the committee remained committed to addressing all issues raised in the petitions before it while ensuring transparency, accountability and effective implementation of the housing initiative in line with the vision of the Tinubu administration.
The lawmaker further stated that the committee expects Dr Takang and the entire MREIF management team to appear before it on the new date without fail.
News
FG stops three-month Pre-retirement leave for civil servants
The Federal Government abolished the three-month preretirement leave for civil servants.
This was contained in a circular titled “Correct Interpretation of Public Service Rule 120243 on Pre-Retirement Activities,” issued by the Head of the Civil Service of the Federation, Didi Walson-Jack, and addressed to top government officials, including ministers, permanent secretaries, service chiefs, heads of agencies, and other senior public sector administrators.
According to the circular, FG directed Ministries, Departments, and Agencies to immediately discontinue the practice of placing civil servants on what is commonly referred to as a mandatory three-month preretirement leave.
Walson-Jack argued that such a provision does not exist in the Public Service Rules, adding that several MDAs had wrongly interpreted the retirement notice period as an automatic leave period, leading to the premature withdrawal of officers from active service.
The Public Service Rule, according to her, only requires officers due for retirement to give three months’ notice before their exit date, attend a one-month pre-retirement workshop or seminar, and use the remaining period to regularise service records and pension documentation.
Nigeria’s federal civil service retirement framework is governed by the Public Service Rules and the Pension Reform Act.
Under the rules, civil servants retire upon attaining 60 years of age or after 35 years in service, whichever comes first.
The Head of Service’s directive seeks to standardise the implementation of the Public Service Rules across government institutions and to prevent manpower losses resulting from the early disengagement of experienced officers
“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” Walson-Jack stated.
She explained that Rule 120243 establishes three distinct requirements: a notice obligation, attendance at a pre-retirement seminar during the first month, and completion of retirement-related documentation during the remaining two months.
“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the circular stated.
Civil Service Commission
She stressed that retiring officers remain public servants throughout the notice period and are expected to continue performing their official duties unless they are attending approved retirement workshops or have been granted leave under existing regulations.
“PSR 120243 does not exempt retiring officers from official duties during the notice period, except where they are attending an approved pre-retirement workshop or seminar, or are otherwise authorised to be absent under extant leave rules,” the circular added.
In view of the above, all MDAs have been directed to stop compelling retiring officers to vacate their posts before their official retirement dates.
Under the new directive, ministries and agencies must ensure that retiring officers continue to discharge their responsibilities, participate in approved pre-retirement programmes, and complete all pension and service record reconciliations before leaving service.
The latest circular seeks to end that ambiguity by affirming that the three-month period is primarily a notice and administrative preparation window, rather than an automatic absence from duty.
The circular further instructed permanent secretaries, directors-general, executive secretaries, chairpersons of statutory agencies, and chief executives of government organisations to bring the directive to the attention of all staff and ensure strict compliance.
The government said it believes the measure could improve service delivery by ensuring that retiring officers continue contributing their expertise until their official exit dates while simultaneously completing documentation required for pension processing.
News
Six members of same family shot dead during domestic dispute in US
Six people were killed in the US state of Iowa after a series of shootings that appeared to stem from a domestic dispute, police said.
The suspected shooter also was found dead with a self-inflicted gunshot wound, according to the Muscatine Police Department.
The victims are believed to be family members of the suspect, identified as Ryan Willis McFarland, 52, of Muscatine, the department said.
Muscatine Police Chief Anthony Kies called the shooting an “act of evil”.
The shootings took place on Monday at multiple locations within the city of Muscatine.
Police received a report of a shooting just after noon on Monday. When officers responded to a home, they found four people with gunshot wounds, police said.
All four victims were pronounced dead at the scene.
McFarland had left the residence before officers arrived, but officials found him shortly after on a riverfront trail near a pedestrian bridge.
He had a self‑inflicted gunshot wound, police said, and received medical aid, but was pronounced dead at the scene.
Detectives later found another man dead from an apparent gunshot wound in a different residence. A further search led officers to a business, where they found another victim, also dead of an apparent gunshot wound.
Online maps show a metal workshop at the address provided by police.
“Preliminary findings indicate the shootings stemmed from a domestic‑related dispute,” McFarland police said in a statement. “All victims are believed to be family members of the deceased suspect.”
Kies did not give the names or ages of the victims and noted that the investigation is ongoing.
He confirmed the suspect had an existing criminal record but did not share any further details.
Muscatine, in the southwest of Iowa, sits on the Mississippi River and has a population of approximately 23,500 people, according to US government data published last year.
Mayor Brad Bark wrote in a post on Facebook: “Our hearts are heavy tonight after the tragic shootings that claimed innocent lives.”
Source: BBC
-
News23 hours agoWike: Rural Roads, Water Projects Cutting Insecurity in FCT Communities
-
News22 hours agoWike Faults Opposition Parties, Says Crises From Primaries Exposed Their Fake ‘Messiah’ Claims
-
Metro21 hours agoSad: Gunmen kill two police officers returning from duty in Anambra
-
News22 hours agoRead snippets from Wike’s ongoing monthly media chat below
-
Economy21 hours agoSee Exchange Rate Naira To The Dollar, Today June 1
-
News20 hours agoMiddle East conflict: US, Iran exchange fire as negotiations stall
-
News19 hours agoHoR C’ttee on Housing to begin probe of MOFI Real Estate Investment Fund
-
News8 hours agoMajor Border Offensive: Over 200 Terrorists Killed as Troops Crush Camps Along Nigeria-Benin Corridor
