FAAC: Three Tiers of Government Share ₦2.550 Trillion as June 2026 Revenue; States and LGAs Receive Over ₦1.36 Trillion The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.551 trillion as Federation Account revenue for June 2026 to the Federal Government, the 36 state governments, and the 774 Local Government Councils across Nigeria. The allocation was approved during the FAAC meeting held in July 2026 in Abuja and chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy. The meeting was attended by the Accountant-General of the Federation, State Commissioners of Finance, and other members of the committee. ( FMINFO ) Breakdown of the Revenue Distribution The total distributable revenue of ₦2.551 trillion comprised: ₦1.810 trillion from Statutory Revenue. ₦740.724 billion from Value Added Tax (VAT). ( FMINFO ) Statutory Revenue Allocation From the statutory revenue: Federal Government: ₦849.366 billion State Govern...
The development of the Benin River Port and Access Road Project will attract over $500 million Foreign Direct Investment (FDI) between 2020 and 2023. The project which is rated as highly economically viable will drive import and export, create tens of thousands of of jobs and catalyse an industrial revolution in Edo State as well as increase spontaneously the value of landed properties especially in Benin City and many parts of Edo State. The project is in three scopes: 1. 49.45km Dual Carriage access road from Port Location on the Benin River cutting across Gelegele town, Ekenhua Road into Ikpoba Okha communities to Sapele Road Intersection (By Pass) 2. A dual RoRo and General Cargo Multipurlose Port 3. General Dredging and sweeping of the 40km Benin River Channel from approximate Port location to the Atlantic Ocean at the Jakpa Axis. Job creation potentials of the project is streamlined into ship channelling, dry dock services, container repair facilities, freight forwardi...