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...
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Edo Inland Dry Port Gets FG’s Approval as Port of Origin, Destination, Says CEO
Marine Engineering Services (AMES), says it has secured the Federal Government’s approval to promote Edo inland Dry port as a port of origin and destination.
Dr Charles Akhigbe, Chief Executive Officer (CEO) of the company, who disclosed this on Wednesday, in an interview with the News Agency of Nigeria (NAN) in Benin, added that the port was expected to create no fewer than 5,000 jobs, including ancillary services.
Akhigbe explained that with the approval granted in October, the dry port was set to commence agro exports soon.
He, however, said that the management of the dry port was expecting the Executive Secretary of the Nigerian Export Promotion Council(NEPC), Mr Segun Awolowo’s to visit and inspect the facility for zero export dedicated warehouse, before it commences exports.
Being the first in the South-South geo political zone, the executive said, the port would not only service the South-South but also the South East zone, including some parts of North Central.
He noted that siting the dry port in Benin was a deliberate business plan because of its strategic socio-economic location, saying Edo remained a logistic hub, being on an ECOWAS trade route.
The AMES boss explained that the dry port had been designed to hold 20,000 containers at a time with phase one holding 12,000 and 8,000 in phase two, including offices for Customs, the Quarantine Service and other relevant agencies expected at the port once it commences.
“One of the advantages why an inland dry port is important is that, shippers and industrialists absolutely do not have to come to Lagos any more, it becomes the responsibility of the freight forwarders and the shippers.
“It is their responsibility to bring the containers inland through whatever inter-nodal means they choose, it maybe by sea, road or rail’’, he said.
Whilst acknowledging the absence of a rail link to Edo, Akhigbe explained that the company was aware that most containers move by road, and this will be complemented by ‘’seaports around us like the Warri and Koko ports”.
He explained that the project had reached 80 per cent completion, saying that AMES was working with the Nigerian Shippers Council, ICRC and the Federal Ministry of Transportation, to ensure its timely completion.
Akhigbe said in preparation for project take off, AMES had entered into agreement with Farmers Oasis and Free On Board international logistics to commence dedicated export warehouses, where it would be processing and packaging for export a minimum of 100 tonnes daily.
“Last year, we were invited by the Federal Ministry of Transportation to the project steering committee to give them an update on the project. Since then, there had been renewed vigour by the ministry to ensure that AMES-Edo inland dry port got the necessary approvals and today that has been achieved”, he said. (NAN)
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Edo Inland Dry Port Gets FG’s Approval as Port of Origin, Destination, Says CEO
Marine Engineering Services (AMES), says it has secured the Federal Government’s approval to promote Edo inland Dry port as a port of origin and destination. Dr Charles Akhigbe, Chief Executive Officer (CEO) of the company, who di...
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Electronic Transaction Volumes Increased 67% During Lockdown — Emefiele
The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has said that electronic transaction volumes increased by about 67 per cent during the COVID-19 lockdown with increased transactions at agent networks.
This is contained in a statement issued by Mr Nelson Olagundoye, Head, Corporate Communication and External Relation, Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Thursday.
Olagundoye quoted Emefiele as saying this during the 20th edition of the National Seminar on Banking and Allied Matters for Judges.
The seminar was organised by the CIBN, in collaboration with the National Judicial Institute (NJI), under the auspices of the Bankers Committee of CBN.
Emefiele was represented by the Deputy Governor of CBN, Aisha Ahmad, at the seminar.
The CBN governor said that the payment system infrastructure accommodated the surge as more citizens moved to electronic channels.
He said that the banking and payments system was able to retain its operational resilience, maintaining availability of electronic payment and mobile banking channels.
Emefiele, who highlighted the role of technology, noted that this was in the face of the COVID-19 pandemic, which has ‘’unraveled itself as a global health and economic crisis of seismic proportions’’.
He said that domestic and international travel and global trade value chains had suffered severe disruptions, with significant negative impact on financial markets, financial services industry, oil and gas, health, transport & aviation, education, hospitality and tourism, to mention just a few.
“Individuals, families, businesses, industries, economies, countries – all have had to adapt to a new normal, even as global coronavirus cases continue to rise above 50 million.
“The effects of the pandemic, particularly the crash in international oil prices, disruption in trade value chains and muted business activities during the lockdowns have severely impacted economic output and heightened domestic macroeconomic vulnerabilities with GDP growth for Q2 2020 contracting by 6.10%per cent compared to 1.87per cent growth in Q1, 2020, a decline of -7.9per cent,” he said.
Emefiele, however, noted that the Nigerian financial services sector continues to be resilient, with positive financial soundness indicators evidenced by strong capital adequacy, liquidity and asset quality metrics.
He said that banks and other financial institutions sustained the credit growth momentum, channeling significant amount of lending (over N3.7 trillion) to the real sector– manufacturing, consumer, agriculture, etc.
Emefiele advised that the administration of Justice process should also leverage technology to facilitate mass communication and business processes in the country.
He said that to stimulate fast trial and opportunities in the new normal, the judiciary needed to undertake critical steps such as keying into digital transformation to improve the efficiency of the justice delivery system.
“Electronic trials should be used to complement traditional court hearings to clear backlog and improve the speed of dispensation of justice.
“The judicial system must keep abreast of the transformations to be in a pole position to adjudicate cases presented by the financial sector.
“The sector should ramp up investments in critical infrastructure (hardware and software) needed to function in the new normal.
“Above all, continuous learning and capacity development in ICT skills is critical for the judiciary to maintain its support for the financial services industry in its intermediation role,” he said.
The statement also quoted Mr Bayo Olugbemi, President/Chairman of CIBN, as saying that the banking industry had embraced the innovations accompanying what is now known as the “New Normal”.
” With the option of working from home now more of a reality than ever, banks and other financial institutions have further leveraged on technological advancements to improve the efficiency of services, operations, compliance and regulations,” he said. (NAN
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