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FAAC: Nigeria’s federal, state, local govts share N1.1411tn in October 2024

Published

5 months ago

November 21, 2024

Nigeria’s three tiers of government – federal, state, and local government councils – shared a total sum of N1.1411 trillion as the October 2024 Federation Accounts Allocation Revenue.

Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation, OAGF, disclosed this in a statement on Wednesday.

The N1.1411 trillion shared allocation stems from N2.668 trillion gross revenue available in October 2024.

The statement showed that the amount distributed to the three tiers of government in October was higher than the N1.043 trillion received in September 2024 by N293.009 billion.

The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion, and exchange difference revenue of N566.000 billion.

The Federal Government received a total sum of N433.021 billion, the state governments received a total sum of N490.696 billion, while the local government councils received a total sum of N355.621 billion.

Meanwhile, a total sum of N132.404 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“In October 2024, oil and gas royalty, excise duty, value-added tax (VAT), import duty, petroleum profit tax (PPT), and companies income tax (CIT) increased significantly while electronic money transfer levy (EMTL) and CET levies decreased considerably,” the statement added.

The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation, Oluwatoyin Madein.

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Spokesperson Warns Nigerians Against Fake Ministry Of Foreign Affairs Recruitment Scam

Published

1 hour ago

April 30, 2025

Gloria Ikibah

By Gloria Ikibah

The Ministry of Foreign Affairs has raised alarm over a fake recruitment scam circulatingonline, falsely claiming to be from the ministry and offering jobs in Nigeria’s diplomatic missions abroad.

Speaking at a press briefing in Abuja, the spokesperson of the Ministry, Kimiebi Imomotimi Ebienfa, said the public should disregard any such messages, stressing that the ministry does not recruit directly.

“We want to put on record that the ministry don’t recruit officers directly, not at all,” Ebienfa said. “Recruitment of foreign service officers is done by the Federal Civil Service Commission and not by the Ministry of Foreign Affairs.”

According to him, the scam started with online advertisements falsely signed by the Honourable Minister of Foreign Affairs, and in the last 24 hours, scammers have moved further by sending fake employment letters to unsuspecting Nigerians.

“One of the fake messages reads: ‘We are pleased to inform you that your application has been considered for diplomatic services at the Embassy of Nigeria in Juba, South Sudan to take effect 12 May 2025.

“It even directs candidates to pay N165,800 for a diplomatic passport”, he said.

Ebienfa described the offer as entirely fake. “This did not emanate from the Ministry of Foreign Affairs,.

“There is no way you will be recruited into the Nigerian Diplomatic Service and without going through the process of training, which is the Foreign Service Academy”, he said

He clarified that all recruits into the Foreign Service go through a clear and formal process: recruitment by the Federal Civil Service Commission, training at the Foreign Service Academy, then eventual deployment abroad.

“The first deployment is one year of attachment. Subsequent postings last three years,” he said.

He therefore warned that no Nigerian should believe any job offer claiming to be directly from the ministry, or pay for a diplomatic passport.

“Diplomatic passports are free. “Even official passports for civil servants are free. So nobody should fall victim”, he said.

Ebienfa noted that the scammers are using the names of top officials of the ministry, including his own. “They are sending out emails with my name as the signatory,” he said.

In response to questions from journalists about efforts to stop the scammers, Ebienfa said the ministry would involve security agencies. “What the ministry intends to do is to write officially to the relevant security agencies to track the persons behind this website and the emails,” he said. “If someone is paying money, definitely there will be an account that will be provided for the payment.”

He warned that if the scam continues unchecked, it could damage Nigeria’s image abroad. “Tomorrow you will see unsuspecting Nigerians arriving in different countries with fake documents. When real officers show up, there could be confusion.”

He promised that more disclaimers would be issued via the ministry’s social media platforms, and that action would be taken to protect both Nigerians and the integrity of the foreign service.

“This is not just about fake news. It is about protecting Nigerians from losing their hard-earned money and protecting the name of the Ministry of Foreign Affairs”, the spokesperson stated.

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CBN announces revised documentation requirements for PAPSS transactions

Published

2 hours ago

April 30, 2025

ADMIN

The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.

This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali

The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.

Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.

In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.

The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.

“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.

Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.

“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.

“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.

“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.

“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.

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Reps Set Stage for Nigeria’s First Legislative Conference on Renewable Energy

Published

3 hours ago

April 30, 2025

Gloria Ikibah

By Gloria Ikibah

The House of Representatives is set to host the country’s first National Legislative Conference on Renewable Energy, aimed at driving new laws, attracting investment, and pushing Nigeria further along its energy transition journey.

This was revealed during a press briefing by the Chairman, House Committee on Renewable Energy, Rep. Afam Victor Ogene, who described the event as a turning point for energy legislation in Nigeria.

He said: “The conference aims at bringing together key stakeholders and industry players to discuss renewable energy legislations, energy transition, renewable energy financing, investment opportunities and related matters.

“It’s about developing a national legislative framework on renewable energy”.

The conference, which is being organised by the House Committee on Renewable Energy in partnership with the Office of the Speaker of the House of Representatives, and the United Nations Development Programme (UNDP), will take place under the UNDP Parliamentary Development Program.

Rep. Ogene noted that recent legal reforms have created space for state governments to play a more active role in Nigeria’s power sector. He pointed to the Fifth Alteration Bill 2022 (No.33), now signed into law, which allows states to legislate on electricity matters within the national grid. Before now, states could only act on off-grid power.

In addition, he highlighted the Electricity Act of 2023, which came into effect in February 2024.

“It permits states to issue licenses for all electricity activities – generation, transmission and distribution across the entire power sector value chain,” he said.

The Committee Chairman further stated that the new National Integrated Electricity Policy, expected in 2025, will guide states in forming new electricity markets, where solar power and other renewable sources will be key to reaching underserved communities.

Ogene explained, “The conference has three clear objectives:

“To promote dialogue among legislators, experts and stakeholders on critical legislative priorities.

“To establish a coordinated platform for federal and state lawmakers, and to produce a clear, time-bound legislative action plan.

“International partners are also on board. The Inter-Parliamentary Union (IPU) will participate, and parliaments from South Africa, Ghana and Gambia have confirmed attendance. Ghana is sending a three-man delegation led by the Deputy Speaker, Rt. Hon. Alban Kingsford Bagbin”.

In another major highlight, the Netherlands-based platform INCLUDE will host a Pan-African Legislative Dialogue session on renewable energy, to be chaired by the Hon. Speaker, Rt. Hon. Abbas Tajudeen.

“The session will focus on how to establish a unified legislative framework on renewable energy development, investment and financing.

“The time has come for us to act. This is not just another conference – it is the foundation of Nigeria’s renewable energy future”, Ogene added.

Expected outcomes from the conference include new policy and legislative reform proposals to boost renewable energy use, as well as draft laws that will encourage public and private sector investment.

Other goals are to enhance collaboration between federal and state lawmakers, raise public awareness, and roll out a practical roadmap for implementation and progress tracking.

The event will also feature a technology showcase of renewable energy innovations and business opportunities.