News
FAAC: FG, States, LGs share N1.424 trillion December 2024 Revenue

The federation account allocation committee (FAAC) says it shared N1.42 trillion among the three tiers of government in December 2024, noting that Nigeria’s gross statutory revenue declined by 32 percent.
The allocation, which was from a gross total of N2.310 trillion, represents an increase of N300 billion compared to the N1.72 trillion distributed in November.
In a statement on Friday, the ministry of finance said the FAAC announced the disbursements at its December meeting in Abuja, chaired by Wale Edun, minister of finance.
The committee said from distributable amount inclusive of gross statutory revenue, value added tax (VAT), electronic money transfer levy (EMTL), and exchange difference (ED), the federal government received N451 billion, the states received N498 billion, local governments got N361 billion, while the oil producing states received N113.477 billion as derivation, (13 percent of mineral revenue).
FAAC added that the sum of N84.7 billion was given for the cost of collection, while N801 billion was allocated for transfers, intervention and refunds.
The communique also said the gross revenue available from the VAT for the month of December 2024, was N649.5 billion as against N628.9 billion distributed in the preceding month, resulting in an increase of N20.5 billion.
“From that amount, the sum of N25.982 billion was allocated for the cost of collection and the sum of N18.707 billion given for Transfers, Intervention and Refunds,” FAAC said.
“The remaining sum of N649.561 billion was distributed to the three tiers of government, of which the Federal Government got N90.731 billion, the States received N302.436 billion and Local Government Councils got N211.705 billion.”
The committee said gross statutory revenue of N1.22 billion received in December was lower than the N1.82 billion received in the previous month by N6.98 million or 32.9 percent.
“From the stated amount, the sum of N57.498 billion was allocated for the cost of collection and a total sum of N782.468 for Transfers, Intervention and Refunds,” the committee added.
“The remaining balance of N386.124 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N167.690 billion, States received N85.055 billion, the sum of N65.574 billion was allocated to LGCs and N67.806 billion was given to Derivation Revenue (13% Mineral producing States).”
Also, N31.2 billion from EMTL was distributed to the federal government (N4.6 billion), states (N15.6 billio), and local governments (N10.9 billion), while N1.3 billion was allocated for the cost of collection.
In addition, the communique said N402.7 billion from exchange difference was shared with the federal government (N188 billion), states (N95.4 billion), and local governments (N73.5 billion).
The committee said N45.6 billion was given as 13 percent derivation funds.
FAAC said VAT and EMTL increased significantly, while oil and gas royalty, CET levies, excise duty, import duty, petroleum profit tax (PPT) and companies income tax (CIT) decreased considerably.
News
PDP Summons Emergency Meeting As South-East Threatens Exodus

By Kayode Sanni-Arewa
The National Working Committee (NWC) of the Peoples Democratic Party (PDP) is preparing for a pivotal meeting today to finalize arrangements for the upcoming National Executive Committee (NEC) gathers momentum.
This meeting takes place amid escalating tensions over the party’s national secretaryship, a dispute that has deepened divisions within the PDP.
The crisis has intensified as the South-East zonal caucus has threatened to withdraw from the party unless their nominee, Sunday Ude-Okoye, is officially confirmed for the national secretary role.
At the heart of the conflict is the leadership tussle between Samuel Anyanwu and Ude-Okoye. Despite a general agreement among PDP governors to replace Anyanwu, who lost the 2023 Imo State governorship election, the matter remains unresolved.
However, a key PDP figure, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, insists that Anyanwu should be allowed to complete his tenure. Wike has even threatened legal action, warning that any communication with the Independent National Electoral Commission (INEC)—including the notice for the NEC meeting scheduled for May 27—must bear Anyanwu’s signature.
The forthcoming NEC meeting, set for May 27, is viewed as a crucial opportunity to address the party’s internal challenges and lay the groundwork for the national convention slated for August.
To help mediate the crisis, PDP governors and stakeholders have formed a seven-member committee, led by former Senate President Bukola Saraki, tasked with finding a resolution.
Besides tackling the leadership dispute, today’s NWC meeting will also address ongoing security issues at the PDP national secretariat, Wadata Plaza in Abuja. The secretariat has been repeatedly targeted by thugs amid the secretaryship conflict, raising safety concerns among staff, some of whom have requested that meetings be held offsite in the past.
The NWC is expected to consider restructuring the security arrangements to enhance protection. The recent endorsement of acting national secretary Setonji Koshoedo by 83 PDP administrative staff underscores the urgency of resolving these matters.
Sources within the party, speaking to Daily Trust, say the NWC is committed to ensuring the NEC meeting proceeds as planned despite attempts by some factions to obstruct it.
“One faction is still working to block the NEC meeting, but the NWC is focused on getting the process started and making sure the meeting happens,” one source said.
The source added, “Security concerns are also high on the agenda. The secretariat has been invaded multiple times during the secretaryship dispute. Staff safety remains a serious issue — at one point, even the Board of Trustees had to hold meetings outside the secretariat. The NWC aims to implement a comprehensive security overhaul.”
News
SEE Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate

By Kayode Sanni-Arewa
As of Wednesday, May 14, 2025, the exchange rate for the US Dollar to the Nigerian Naira on the Lagos Parallel Market (commonly referred to as the black market) stands at ₦1,625 for buying and ₦1,630 for selling.
This information is based on data obtained from reliable sources within the Bureau De Change (BDC) community.
It is important to emphasize that the Central Bank of Nigeria (CBN) does not endorse or recognize the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to make use of official channels by contacting their respective commercial banks.
USD to NGN (Black Market) Exchange Rate
Buying Rate ₦1,625
Selling Rate ₦1,630
Official CBN Dollar to Naira Rate – May 14, 2025
USD to NGN (CBN Rate) Rate
Highest Rate ₦1,600
Lowest Rate ₦1,595
Please keep in mind that the rates listed here are subject to market fluctuations and may vary depending on the location, time of transaction, and volume of currency exchanged.
Exchange rates are constantly changing due to market dynamics. This article provides indicative rates and should not be considered as financial advice. For the most accurate and up-to-date rates, consult with your bank or a licensed Bureau De Change operator.
News
Nnamdi Kanu’s family wants court to ban NAN coverage of son’s trial or allow live streaming

By Kayode Sanni-Arewa
The family of Nnamdi Kanu has again demanded an outright ban of the News Agency of Nigeria, NAN from coverage of Kanu’s trial on alleged terrorism related crimes over alleged biased reportage.
In the alternative, the aggrieved family asked the court to permit live streaming of trial proceedings to guarantee fairness, transparency and accountability.
A statement signed by Prince Emmanuel Kanu for the Kanu Family, expressed the family “deep concern and outrage over what it called the continuous shameless manipulation of court proceedings by the News Agency of Nigeria (NAN) in the ongoing trial of their son and brother, Mazi Nnamdi Kanu.”
“It is now beyond question that NAN has abandoned any pretense of professional journalism. They have become the unofficial megaphone of the State Security Services (SSS) and the prosecuting authority, spreading one-sided propaganda, while deliberately ignoring crucial courtroom developments that dismantle the Government’s case.
“Today’s distortion is a case in point. Instead of reporting on the damning cross-examination of government witness PW-BBB—who embarrassingly admitted that no investigation report exists to support the charges against Mazi Nnamdi Kanu, NAN chose to publish a useless story about a death certificate.
This document has zero evidentiary relevance, and its tendering was clearly a diversionary tactic to cover up the implosion of the prosecution’s case.
See also Ministerial appointment: Ignore detractors and clear Ondo nominee, groups urge Senate
“We find it unacceptable and improper that NAN is given exclusive access to report court proceedings—particularly when their reports serve only to mislead the public and undermine judicial transparency.
“We therefore call on Justice James Omotosho to immediately ban the News Agency of Nigeria (NAN) from further courtroom access in this matter for repeated, unethical conduct and biased reporting;
” In the alternative, the court should permit live streaming of the trial proceedings to guarantee fairness, transparency, and accountability.
“Furthermore, we reject the spin being spread regarding DSS allegedly denying Kanu Agabi SAN access to Mazi Nnamdi Kanu.
What occurred in court today was a moment of statesmanship by Kanu Agabi SAN—a respected legal elder, former Senator, Attorney-General, and Minister of Justice—who chose not to expose the DSS’s misconduct openly to save the court and its officers from scandal. His restraint should not be misrepresented by a discredited press agency.
“This trial is not just about Mazi Nnamdi Kanu—it is a test of the integrity of the Nigerian judiciary, the independence of the media, and the rule of law in a democracy. Continued distortion of proceedings can only serve to deepen national division and erode public trust.
The eyes of the world are on Nigeria. Let justice be done—openly and without propaganda” the family said.
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