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...
Empowering African Entrepreneurs: The Tony Elumelu Foundation Seed Fund (2025 & 2026)
Overview: What Is the Tony Elumelu Foundation (TEF) Seed Fund?
The Tony Elumelu Foundation Entrepreneurship Programme is Africa’s flagship entrepreneurship initiative, aimed at identifying, training, mentoring, and funding entrepreneurs from all 54 African countries. At its core, the programme embodies Africapitalism — the belief that Africa’s private sector, driven by entrepreneurs, is the most powerful force for sustainable economic growth. (The Tony Elumelu Foundation)
Since its inception in 2015, TEF has empowered tens of thousands of business founders by providing them with non-refundable US $5,000 seed capital, world-class business management training, one-on-one mentorship, and access to a growing alumni network — resulting in millions of jobs and billions in revenue across the continent. (The Tony Elumelu Foundation)
TEF in 2025
2025 Entrepreneurship Programme Highlights
11th Cohort of Entrepreneurs: In 2025, TEF announced a selection of 3,000 entrepreneurial winners drawn from across Africa. Each received US $5,000 in seed capital, training, mentorship, and network access. (The Tony Elumelu Foundation)
The programme received over 200,000 applications in 2025, reflecting its broad appeal and impact. (The Tony Elumelu Foundation)
Participants represented diverse sectors including agribusiness, creative industries, and green economy enterprises. (The Tony Elumelu Foundation)
How 2025 Applications Worked
Eligibility: Applicants had to be African citizens or residents, 18+ years old, with a scalable business idea or an existing business no older than five years. (Zawya)
Application Period: Opened January 1 to March 1, 2025. (Zawya)
Where to Apply: All submissions were made via TEF’s digital hub, TEFConnect.com with no application fee — it’s completely free and official. (The Tony Elumelu Foundation)
TEF in 2026: What’s Open and How to Apply
2026 Programme Overview
For 2026, the Tony Elumelu Foundation Entrepreneurship Programme continues its mission of empowering Africa’s boldest innovators and business leaders. The programme offers:
✔ US $5,000 non-refundable seed capital
✔ Intensive business training and capacity building
✔ Expert mentorship and coaching
✔ Access to Africa’s largest entrepreneurial network
✔ Opportunities for international market access and partnerships (The Tony Elumelu Foundation)
Who Can Apply
To qualify for the 2026 TEF Entrepreneurship Programme:
Citizens and legal residents of any of the 54 African countries.
18 years or older (no upper age limit).
A scalable business idea or early-stage business (startup not older than 3–5 years).
The business must be registered and operate in Africa, and focused on for-profit innovation. (Nigerian Private Schools Directory)
Application Timeline
Open: January 1, 2026
Close: March 1, 2026 (11:59 PM GMT)
Applications submitted after the deadline are not considered. (The Tony Elumelu Foundation)
How to Apply (Step-by-Step)
Visit TEFConnect: Go to www.TEFConnect.com — this is the official portal. (Dailylight Channel)
Create an Account: Register with a valid email address and verify it to activate your dashboard. (Dailylight Channel)
Complete Your Profile: Enter personal information, business details, and your business idea or model. (Dailylight Channel)
Select the 2026 TEF Programme: Choose the Entrepreneurship Programme from available opportunities on the portal. (Dailylight Channel)
Submit Required Documentation: Upload any documents requested such as government-issued ID, business registration (if any), and headshot. (The Tony Elumelu Foundation)
Submit Application Before Deadline: Review your form carefully and submit before March 1, 2026. (Legit.ng - Nigeria news.)
🚨 Important: TEF does not charge any application or participation fees at any stage. If you’re asked to pay money to apply, it’s a scam. (The Tony Elumelu Foundation)
What Happens After Application
Once you submit your application:
Screening & Eligibility Review: TEF reviews submissions for completeness and alignment with criteria. (The Tony Elumelu Foundation)
Training & Mentorship: Shortlisted candidates undergo a tailored business training phase delivered on TEFConnect. (The Tony Elumelu Foundation)
Business Plan Development & Pitching: Participants refine their business strategies and submit plans, sometimes involving pitch videos. (The Tony Elumelu Foundation)
Seed Capital Disbursement: Successful entrepreneurs receive the US $5,000 seed fund via bank transfer. (ed.acba.africa)
Alumni Network Entry: After completion, participants join the expansive TEF Alumni community for ongoing support. (The Tony Elumelu Foundation)
Impact and Legacy
Since 2015, the Tony Elumelu Foundation has:
✔ Supported 24,000+ entrepreneurs
✔ Trained 2.5 million Africans
✔ Helped create 1.5 million jobs
✔ Generated over US $4.2 billion in revenue from alumni businesses (The Tony Elumelu Foundation)
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