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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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Obi doesn’t need political coalition to flush out Tinubu in 2027 – NLC declares

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The Nigeria Labour Congress (NLC) has declared that Peter Obi, the Labour Party’s 2023 presidential candidate, can secure victory in the 2027 presidential election without forming alliances with the Peoples Democratic Party (PDP) or relying on figures like Atiku Abubakar or Nasir El-Rufai.

In an exclusive interview, Professor Theophilus Ndubuaku, Deputy President of the NLC Political Commission, described Obi as a credible, broadly accepted leader with deep grassroots and international support more than enough to unseat President Bola Tinubu, assuming a free and fair electoral process.

Ndubuaku dismissed speculation about Obi’s possible return to the PDP, labeling the party “crisis-ridden and practically empty.”

“Peter Obi is a sellable candidate. He doesn’t need any coalition to win in 2027,” Ndubuaku stated. “He was already in the lead during the 2023 elections, even clinching Lagos Tinubu’s stronghold which clearly demonstrates his nationwide appeal.”

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He emphasized that transparent and credible elections by the Independent National Electoral Commission (INEC) would reveal the breadth of Obi’s support, which cuts across all six geopolitical zones.

His remarks follow the Obidients Movement’s recent reaffirmation of loyalty to Obi. National Coordinator Dr. Yunusa Tanko described Obi as the only candidate capable of bringing meaningful change to Nigeria.

Ndubuaku further criticized the PDP, arguing it no longer presents a viable platform for serious contenders. “The Labour Party has resolved its internal leadership disputes, unlike the PDP, which remains in disarray. Leaving LP for the PDP would be like jumping from the frying pan into the fire.”

He also downplayed zoning concerns, insisting Obi’s competence should take precedence over rotational politics.

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“The North may worry he’ll seek two terms and upset zoning arrangements, but Obi is not power-hungry he is driven by a sincere commitment to national transformation,” he concluded.

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Lawyer Arraigned For Alleged N7.25m Land Fraud

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The police have arraigned a 33-year-old legal practitioner, Luka Linus Yabagi, at the Life Camp Chief Magistrates’ Court, Abuja, for allegedly cheating his client of N7.25 million.

The police charged Yabagi of Dakwa Abuja, who claimed to be a doctor of law, with cheating, criminal breach of trust, forgery and using as genuine documents.

The defendant pleaded not guilty to the charge levelled against him.

The prosecutor, Mrs Charity Nwachukwu, told the court that one Mr Mukhtar Isah of No.4 Goodluck Jonathan Street, Dakwa, Abuja, reported the matter at the Gwarinpa Police Station on Dec. 9, 2024.

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Nwachukwu said that the defendant dishonestly and deceitfully made the complainant believe he had the capacity at FCDA to process and secure a land allocation for him.

She said that the defendant deceived the complainant into thinking he was going to use his application for the Statutory Right of Occupancy acknowledgement he secured with File No: 62024, in which he demanded payment.

She told the court that the defendant deceived the complainant into paying N7.25 million into his Access Bank account 1466739589, bearing Linus Befiyo Luka.

Nwachukwu said the defendant fraudulently and dishonestly gave the complainant an offer of statutory right of occupancy, a statutory right of occupancy bill, a site plan and a certificate of occupancy No. FCT/MZTP/LA/CUS/2047.

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She said all the documents were bearing Paiamist Nig. Ltd as the allottee with plot No. 2233 located at Guzape II.

Nwachukwu told the court that the defendant deceitfully presented the forged document to the complainant and converted the N7.25 million he had spent on the land process and documentation to his personal use.

She also informed the court that the defendant absconded to an unknown destination, and all efforts to reach him proved abortive. However, he was later tracked and apprehended.

She said that during the police investigation, it was discovered that the purported document the defendant issued to the complainant was altered and forged and did not emanate from the Department of Land Administration.

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The prosecutor told the court that the defendant could not give a satisfactory account of his actions.

Nwachukwu said that the case contravened the provisions of Sections 322, 312, 364 and 366 of the Penal Code.

The chief magistrate, Musa Jobbo, admitted the defendant to bail in the sum of N1 million and two sureties in like sum.

Jobbo ordered that the sureties must produce a reliable means of identification before the court registry.

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He said that one of the sureties must be a property owner and must reside within the court’s jurisdiction.

Jobbo ordered the defendant to deposit N2 million in the FCT High Court Registry and adjourned the matter until June 19 for a hearing.

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Zamfara Imam, three children killed after N11m ransom

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Fresh waves of violence continued to sweep across parts of Nigeria on Tuesday, with reports of brutal killings in Zamfara and Benue states.

In Zamfara, bandits killed the Chief Imam of the Maru Jumu’at Mosque, Alkali Salihu Suleiman, along with his three children—despite receiving N11m of the N20m ransom they had demanded.

The tragic incident, which occurred two months after their abduction, has plunged the Maru community into mourning.

The late Imam and his children were abducted from Maru, the headquarters of Maru Local Government Area—a community long plagued by persistent bandit attacks.

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A resident, Shehu Mani, told The PUNCH that the family had struggled to raise the ransom, managing to gather only N11m.

“After collecting the money, the bandits still held onto their victims,” Mani said. “Later, they demanded a new motorcycle and food items in place of the outstanding N9m. Even that could not be provided. Today, we received word from another abductee who escaped that the Imam and his children have been killed.”

While the victims’ remains had not yet been recovered, funeral prayers were already being planned in accordance with Islamic customs.

Efforts to reach the spokesperson for the Zamfara State Police Command, Yazid Abubakar, were unsuccessful as he did not respond to calls at the time of filing this report.

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In a similarly disturbing development, suspected armed invaders beheaded a farmer, Felix Suega Ukir, in Tse Orkpe village, Nanev, within the Mbawa Council Ward of Guma Local Government Area in Benue State.

The community, which had previously been displaced by armed herders, is once again living in fear.

A local resident, speaking anonymously, confirmed the gruesome murder occurred on Monday.

“We found the body, but his head was missing. People are abandoning their farms again,” he said.

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Former Security Adviser of Guma LGA, Christopher Waku, confirmed the incident to The PUNCH via telephone, but police spokesperson Catherine Anene stated that the command had not yet received a formal report.

As insecurity escalates across Nigeria’s North-West and North-Central regions—with renewed Boko Haram activity in the North-East and the emergence of a new terror group, Mahmdua, in Kwara and Niger States—Kwara State Governor AbdulRahman AbdulRazaq has begun ramping up local security measures.

On Tuesday, the governor met with first-class traditional rulers to strengthen grassroots security and prevent further cross-border incursions, particularly from areas like Kainji National Park, where military operations have intensified.

“We’re adopting a multi-agency approach to enhance development and protect lives,” the governor said in a statement issued by his Chief Press Secretary, Rafiu Ajakaye. “We urge royal fathers to rally their communities and assist security agencies with credible intelligence.”

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The Vice Chairman of the State Council of Chiefs and Etsu Patigi, Alhaji Ibrahim Umar Bologi, commended the governor’s efforts.

“We will always support your administration. You’re doing a commendable job,” he said.

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