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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NATIONAL BUSINESS DAILY
Monday, December 08, 2025
Unemployed Graduates to Submit Business Ideas as Government Expands Youth Funding
Abuja, Nigeria — The Federal Government has announced the commencement of a new enterprise funding round targeted specifically at unemployed graduates across the country, marking one of the largest youth entrepreneurship interventions since the introduction of the National Youth Investment Programme.
The initiative, officially titled the Graduate Enterprise & Innovation Fund (GEIF), will open its online submission portal on Monday, December 15, 2025, enabling young graduates to submit comprehensive business concepts for consideration. The programme is designed to support viable startups and early-stage ventures that can contribute to job creation, digital transformation, agricultural innovation, manufacturing and climate-impact solutions.
Speaking at the media briefing in Abuja, the Honourable Minister of Youth Development stated that the government is committed to reducing unemployment by transitioning graduates from job seekers to wealth creators.
“This administration recognises the innovative potential of our young graduates. We are expanding youth funding not as a welfare handout, but as a strategic economic investment,” the Minister said.
“No youth with a credible business idea should be excluded from national development.”
Funding Range and Eligibility
The newly expanded scheme is expected to benefit over 60,000 graduates in its first phase. Eligible beneficiaries may access between ₦500,000 and ₦10 million, depending on the scale and feasibility of the project.
Eligible Applicants Must:
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Be Nigerian citizens under age 40
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Hold an OND, HND, Bachelor’s degree, or higher qualification
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Demonstrate a clear business plan and revenue model
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Provide identity verification and NYSC discharge/exception certificate
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Show readiness for accountability and business monitoring
Priority Sectors
While the programme is open to diverse fields, the government will place emphasis on sectors with high job-creation potential:
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Agriculture & Agro-processing
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Green energy & waste-to-wealth initiatives
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ICT, digital services & software development
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Manufacturing & light industry
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Fashion, leather production & craft manufacturing
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Health innovation & biotech
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Education technology & digital learning
Application Process
According to the Ministry, applicants will be required to upload:
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Business proposal (maximum 10 pages)
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Market feasibility study
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Cash-flow projection for 24 months
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Identification & qualification documents
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Optional pitch video (3–5 minutes)
A panel of industry experts, financial analysts and SME development officers will review submissions. Successful entrants will be invited for an interview and capacity-building bootcamp before funds are disbursed.
Monitoring & Accountability Structure
In response to previous concerns over mismanagement of youth grants, the new programme includes:
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Mandatory financial literacy training
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Quarterly business audits
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Digital bookkeeping system
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Tracer evaluation for impact measurement
Beneficiaries will be required to operate a registered business account under CAC regulation and maintain tax compliance.
Reactions Across the Nation
Youth groups, innovation hubs and university communities have welcomed the announcement, describing it as timely and transformative.
The National Youth Entrepreneurs Forum declared:
“This initiative will change the narrative by encouraging graduates to create enterprises instead of waiting endlessly for government employment.”
Analysts also project that if properly implemented, the scheme could boost exports in fashion, leather, agriculture and ICT while addressing insecurity tied to economic idleness.
Conclusion
With youth unemployment remaining a national concern, the Graduate Enterprise & Innovation Fund represents a renewed effort to harness nationwide talent, accelerate local production and reduce dependency on imported goods.
As the countdown to portal opening begins, young innovators are urged to prepare competitive business proposals and take advantage of the country’s shifting investment priorities.
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