Economy

FAAC: FG, States, LGs share N1.659trn May 2025 revenue

Published

3 weeks ago

June 19, 2025

Admin

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.659 trillion, being May 2025 Federation Account Revenue to the Federal, States and Local Governments.

The revenue was shared at the June 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N1.659 trillion total distributable revenue comprised distributable statutory revenue of N863.895 billion, distributable Value Added Tax (VAT) revenue of N691.714 billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.942 trillion was available in the month of May 2025. Total deduction for cost of collection was N111.908 billion while total transfers, interventions and refunds was N1.171 trillion.

According to the communiqué, gross statutory revenue of N2.094 trillion was received for the month of May 2025. This was higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 billion.

Gross revenue of N742.820 billion was available from the Value Added Tax (VAT) in May 2025. This was higher than the N642.265 billion available in the month of April 2025 by N100.555 billion.

Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF) quoted the communiqué as saying that from the N1.659 trillion total distributable revenue, the Federal Government received total sum of N538.004 billion and the State Governments received total sum of N577.841 billion.

The Local Government Councils received N419.968 billion, while the sum of N124.076 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N863.895 billion distributable statutory revenue, the communiqué stated that the Federal Government received N393.518 billion and the State Governments got N199.598 billion; the Local Government Councils pocketed N153.881 billion and the sum of N116.898 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Also, from the N691.714 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N103.757 billion, the State Governments received N345.857 billion and the Local Government Councils pocketed N242.100 billion.

A total sum of N4.150 billion was received by the Federal Government from the N27.667 billion Electronic Money Transfer Levy (EMTL); the State Governments got N13.833 billion, and the Local Government Councils received N9.683 billion.

Similarly, from the N76.614 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N36.579 billion and the State Governments got N18.553 billion; the Local Government Councils received N14.304 billion, while the sum of N7.178 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

In May 2025, Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) recorded decreases; Excise Duty increased only marginally.

Economy

FG Orders Banks to Report Monthly Transactions Over N5 Million to FIRS Starting 2026

Published

16 hours ago

July 9, 2025

Admin

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?

Economy

SEE Dollar To Naira Exchange Rate Today, Monday, July 7, 2025

Published

2 days ago

July 7, 2025

ADMIN

The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.

The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.

Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.

Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.

Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location

Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.

BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575

Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.

Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –

Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.

The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.

Economy

Naira shows sign of slight recovery

Published

1 week ago

June 30, 2025

ADMIN

Market data from forex tracking platforms such as ExchangeRate.guru and CBN’s authorized dealers show that: Today’s exchange rate: ₦1,543.74 per USD Previous close (Friday, June 27): ₦1,546.90 Month start (June 1): ₦1,588.26 Change since month start: ₦44.52 gain (2.88%) –

Despite gains in the official market, the black market (parallel market) continues to show a different trend. As of this morning: –

– Black Market Rate (Lagos): ₦1,590 – ₦1,620 per dollar Bureau De Change (BDC) rate: ₦1,580 – ₦1,600 per dollar TJ News Nigeria gathered that while the official rate is stabilising, street traders in major cities like Lagos, Abuja, and Port Harcourt report increased scarcity of USD, leading to slightly higher rates.