Category: News

They also increased their price in Lagos from N925 to N960 per litre.

This is even as the price of crude oil showed a marginal decline on Tuesday.

Checks by our correspondents at some of the filling stations indicated that the prices have been adjusted.

The amount is N20, or 2.1 per cent more than the N970 retail price announced by the Dangote refinery in partnership with MRS filling station, Ardova, and Heyden.

The price adjustment reflects ongoing market dynamics and aligns with the deregulation policy in the petroleum sector, which allows prices to fluctuate based on supply and demand.

This increase follows recent developments in the sector, including the commencement of loading operations at the Dangote refinery, expected to reshape the fuel supply chain in Nigeria.

Recall that on Friday, the pump prices of petrol rose to between N1,050 and N1,150 per litre following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners.

The $20bn plant raised its PMS from N899/litre to N955/litre at its loading gantry.

Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately.

At an NNPCL outlet at Airport Junction, our correspondents observed that the station sold at N990 per litre from N965 it sold on Monday.

Another station at Life Camp listed its products at N970 per litre but was not selling to waiting customers when our correspondent visited.

Another station at Mabuchi was still selling at its previous price of N965 per litre.

Meanwhile, major and independent marketers have increased petrol prices to a peak cost of N1,030 per litre.

Checks indicated that filling stations located along Airport Road, Central Area and Nyanya in Abuja increased their retail cost between N990 and N1,030 per litre.

The amount represents an increase of N60 or 6.18 per cent from N970 it sold its products last week Friday.

AYM Shafa and Matrix filling stations along the airport road sold at N1,000 per litre while Shema station sold at N1,030.

As petrol consumers adjust to the new pump price, experts predict further changes in petrol pricing as Nigeria continues to align its energy policies with global market realities.

A source at the private depot informed that loading activity commenced fully on Monday with bulk marketers loading products from the Dangote refinery.

The source said, “Refined petroleum sales commenced fully today with no issues at all. Marketers have increased their prices between N965 and N975 per litre at depots but at filling stations, a litre increased above N1,000 in Lagos. In Akwa Ibom, prices increased to N1,100.”

Reacting, an oil and gas expert, Olatide Jeremiah, said the refinery, Depot and Pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated.

He said, “The refinery, depot and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is one major solution to fuel scarcity and hike in pump prices.

“This hike is temporary; it’s an effect of former President Biden’s ban on Russian oil companies. As of this morning, Brent crude oil prices fall to $80 per barrel as Trump assumes the Presidency.”

Meanwhile, Brent crude oil futures dropped to $79.98 per barrel on Monday, from $81 last Friday.

Brent crude for March delivery was down 1.5 per cent to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8 per cent to $76.46 per barrel.

But following the inauguration yesterday, the Brent crude rose again marginally to $80.05.

The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.

Our correspondents observed that most NNPC stations in Lagos and Ogun sold PMS at the rate of N925/litre until around noon when the price was jerked up.

It was noted that the NNPC at Alapere and others in Lagos started selling the product at N960 around 3 pm Tuesday.

A tricycle rider said there was a long queue of buyers at one of the NNPC stations in Ketu earlier on Tuesday morning when the station retained its price at N925. However, it was said that the queue disappeared with the announcement of the new price.

“Wr thought they wanted to bring down the price initially, but it is going up again,” the tricycle rider complained as he searched for passengers.

Aside from the NNPC, other filling stations sold PMS at different rates ranging between N960 and N1,000.

It was observed that MRS, Heyden and Ardova filling stations have started selling Dangote refinery’s PMS at N970/litre.

As of Tuesday, TotalEnergies sold the product at N985; Matrix, N980; SGR in Mowe, N999; Petrocam, N1,000; Danco; N970; As-Sallam; N990; Sedabuk, N950; and Gatelink, N980, all along the Lagos-Ibadan Expressway. Punch

The administration, he affirmed, would focus on major infrastructural projects this year to stimulate growth and job creation.

Edun, who appeared before the Senate Committee on Finance to defend the ministry’s N13.51b budget, maintained that President Tinubu’s economic policies are yielding positive results but need time to take full effect.

The minister acknowledged the rising inflation, assuring Nigerians that the Federal Government is working to make food affordable and available.

Also, Minister of Communications, Innovation and Digital Economy Dr. Bosun Tijani, at another forum, said the President plans to build a trillion-dollar economy with a 21 per cent increase in Gross Domestic Product (GDP) through reforms by his ministry.

Other ministers who appeared before the Senate committee are: Atiku Bagudu (Budget and National Planning), Dele Alake (Solid Minerals) and Muhammadu Dingyadi (Labour and Employment).

The committee, which emphasised the urgency of diversifying the economy from oil dependence, queried the inadequate allocation to the Ministry of Solid Minerals.

Edun was optimistic about Nigeria’s economic direction, highlighting a projected GDP growth rate of 3.5 per cent and increased revenue from both the oil and non-oil sectors.

He said: “Having stabilised the Nigerian economy to a large extent and still committed to the fight against inflation, which on behalf of Nigeria, the government will win, this will bring down food prices and make food more affordable and available.”

Edun also explained that most of the government’s spending this year would be on major infrastructure projects to further stimulate economic growth and job creation.

The minister said: “Within that context, the growth of the Nigerian economy is to come from investment, private sector investment.

“The government’s spending and prioritisation of its projects will be on major infrastructure, including digital infrastructure and fibre optics to make the economy more productive so that it can grow, create jobs, and reduce poverty, which is the overall goal of President Bola Tinubu.

“The policies of the President are working, but they do take time. Even when you go through a physical operation, there will be pain at first, and it will ameliorate over time. It will be no different for the Nigerian economy and Nigerians.”

The finance minister also enumerated government interventions aimed at alleviating economic hardship, including support to farmers, cash transfers, student loans, Compressed Natural Gas (CNG) powered buses, and low-interest loans.

He stressed: “These are all interventions to ameliorate the situation of the relatively high cost of living, which is coming down and is predicted to come down as we have said earlier today.

“So, much brighter times are ahead for the Nigerian economy, the Nigerian society, and the people of Nigeria.”

After Edun’s presentation, Committee Chairman Sani Musa said the lawmakers had scrutinised the ministry’s proposal and found the proposed spending justifiable.

He said: “We have heard you and we have looked at your budget 2025 proposal here, and in the view of the committee, you need these things that you have presented before us.”

Musa commended the Tinubu Administration for its efforts at reflating the economy.

He disagreed with Senator Seriake Dickson, who said the improvements in the economy were not being seen nor felt by Nigerians.

Senators Sunday Karimi Steve, Aliyu Ahmed Wadada, Oyewunmi Olarere, Mohammed Onawo Ogoshi, and Abdul Ningi commended the Federal Government’s strides in stabilising and improving the economy.

However, some senators questioned the feasibility of the inflation target, citing persistent challenges such as exchange rate instability, high interest rates, and rising food prices.

Senator Orji Uzor Kalu said while the Central Bank of Nigeria (CBN) had taken measures to combat inflation through monetary tightening, structural economic issues remain unresolved.

He said: “Pegging inflation at 15 per cent assumes a level of fiscal discipline and policy coordination that we are yet to see materialise.

“It’s not just about monetary policy; we need aggressive efforts in food security, energy stability, and industrial output.”

Senator Tokunbo Abiru said the government’s reliance on an envelope budgeting system could further strain fiscal resources.

“Inflation is not just a monetary phenomenon. If we are not addressing revenue leakages and inefficiencies in public spending, achieving this target will remain a mirage,” he said.

Defending the 15 per cent inflation benchmark, Edun explained that it reflected the CBN’s confidence in its monetary policy framework and the government’s efforts to boost food production.

The minister stressed: “The CBN is indicating a 15 per cent inflation rate by the end of 2025. It is achievable. We are working hard towards it, and we look forward to achieving it. And it is their (CBN) signalling of where inflation is expected to lie that has given us this interest rate. However, we all have a role to play.

“Even if monetary policy helps to try to bring down inflation, however, on the fiscal side, it is important that we contribute to lower inflation, not just by really squeezing demand, but by increasing supply.

“Increasing the supply of food is one of the major commitments that is already laid out. We are having a dry season harvest now and we have mobilised 250,000 farmers to be able to produce 750,000 metric tonnes of assorted grains from the dry season farming.”

Edun also said that under President Tinubu, the country’s economy was growing as the budget deficit was falling while the debt service was improving.

He said: “After 18 to 20 months under the able and visionary leadership of President Bola Tinubu, the economy is very much turning the corner, it is growing.

“The budget deficit as a percentage to Gross Domestic Product is falling while debt service ratio as a percentage to revenue is improving.”

Muhammadu Dingyadi said the government was doing its best to comprehensively tackle unemployment.

Dingyadi, who defended his ministry’s vote in the 2025 Budget before the Senate Committee on Employment, Labour and Productivity, chaired by Diket Plang (APC-Plateau Central), said: “We have been fighting unemployment in the ministry because that is our key assignment.

“That is the key responsibility that the Minister of Labour and Employment is saddled with. All the skill development programmes that this ministry is doing, we are doing it to fight unemployment.

“This is our major responsibility. And like I said, we are on top of the situation to ensure that we fight unemployment to finish.”

The minister asked for more time to furnish the committee with unemployment statistics.

He said: “I didn’t come with them and we have to coordinate them because all our parastatals and agencies are working on this issue of fighting unemployment.

“So, we’ll coordinate and provide our committee with these figures. I know members of this committee are very serious and very intelligent.

“When we bring these figures, you will know whether what we are telling you is correct or not. So, please give us a little time. We will get these figures ready for you and we will make them public if you want us to do so.”

Senator Plang appreciated Tinubu’s commitment to the welfare, well-being and happiness of workers both in the public and the private sectors. Nation

A statement signed by Reuben Muoka, the director of Public Affairs at the NCC, said the decision is pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.

The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability, the regulator said.

These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024, the commission said.

Tariff rates have remained static since 2013, despite the increasing cost of operation faced by telecom operators. The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised, the commission said.

These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage, the NCC said in the Monday statement.

Recognising the concerns of the public, this decision was made after extensive consultations with key stakeholders across the public and private sectors.

“The NCC has prioritised striking a balance between protecting telecom consumers and ensuring the sustainability of the industry, including the thousands of indigenous vendors and suppliers who form a critical part of the telecommunications ecosystem.

‘The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments. To this end, the Commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery,” the statement said.

“Additionally, the NCC reaffirms its dedication to fostering a resilient, innovative, and inclusive telecommunications sector. Beyond protecting consumers, the Commission’s actions are designed to ensure the long-term sustainability of the industry, support indigenous vendors and suppliers, and promote the overall growth of Nigeria’s digital economy.”

As a regulator, the NCC said it will continue to engage with stakeholders to create a telecommunications environment that works for everyone – one that protects consumers, supports operators, and sustains the ecosystem that drives connectivity across the nation. Premium Times

The 774 local governments are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account, the Association of Local Governments (ALGON) said yesterday.

The National President, Bello Lawal Yandaki, said the opening of the account is critical to the implementation of the Supreme Court ruling on direct allocations to the councils.

He said the apex bank is waiting for the Federal Government’s directive on the opening of the accounts.

Also, the Nigerian Financial Intelligence Unit (NFIU) is to monitor the utilisation of the funds by the chairmen in conformity with the principles of transparency, accountability and good governance, a source said.

According to the source, the Federal Government has constituted a team of anti-corruption agents drawn from the Independent Corrupt Practices and other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to prosecute council chairmen and other officials who indulge in corrupt practices.

Yandaki, who spoke with reporters in Katsina, the capital of Katsina State, allayed fears over the delay in the disbursement of funds to the councils.

He said there was no cause for alarm and attributed the delay to the failure of councils to submit necessary bank details to the Federation Accounts and Allocations Committee (FAAC) required for facilitating the payments.

He said: “The CBN is presently awaiting directives from the Federal Government to open local government accounts for the respective states, which can be done between 24 and 48 hours for each.’

“I am a member of the sub-committee that was set up to trash out contentious grey areas, and we have already met relevant stakeholders, including labour unions, local government chairmen, NULGE, and so on.

“There’s a general agreement that the commencement of direct federal revenue allocations to LGs will be this January.

“Hopefully, we are just rounding off meetings and making submissions to the Federal Government for implantation and there’s no set timeline.’’

A source present at the FAAC meeting at the weekend also said: “The structures are yet to be erected. The LGAs have to be coordinated.

“Those that have opened an account with the CBN did not submit their details to FAAC for crediting, resulting in the delay.”

During the January FAAC meeting, N361.754 billion was allocated to the LGAs.

However, the funds remain undistributed due to these administrative bottlenecks.

FAAC officials have urged the councils to resolve these issues before the month’s end to ensure they receive their allocations.

The Federal Government’s decision to channel funds directly to the local government followed the Supreme Court’s ruling affirming the autonomy of the councils.

However, although the apex court ruling mandates direct allocation of funds to councils, thereby bypassing state governments, there have been concerns about compliance.

An example is Anambra State where a state law provides that local government funds can only be disbursed through a joint state/local government account.

According to the source, the Federal Government constituted the anti-corruption team to monitor the accounts of the councils in a bid to prevent illegal diversion by governors and ensure financial accountability and autonomy at the grassroots level.

Shedding light on the stringent measures to track financial activities across the councils, he added: “If any local government chairman does anything untoward, people will know, and he may be invited by the anti-corruption agencies to answer for it.”

The source noted that council chairmen should now take full responsibility for their financial operations.

He said: “Local government chairmen should know that because monies are going directly to them, they have no excuse to say the governor has diverted their funds.

“They should be careful and know they will be held responsible.”

He warned that any chairman found transferring bulk funds back to state governors would face the consequences.

The source added: “If a chairman disposes of the money in bulk to the state government, of course, he will have to answer for it.

“Anti-corruption agencies are closely monitoring these transactions to ensure compliance.

“If LGA monies are tied to the joint account in violation of the law, the anti-corruption agencies, especially the ICPC, will intervene.

“After LGAs receive their funds, if they choose to transfer it to the state government, that’s their decision.

“However, if this violates the law, the anti-corruption team will act accordingly.”

The source expressed confidence that these measures would strengthen financial transparency and improve service delivery at the grassroots level.

“This initiative is a game-changer. It not only protects local government allocations but also holds chairmen accountable for their financial decisions.

“This is a step in the right direction for Nigeria’s democracy,” the source said. Nation

This decision followed the death of 88 persons in the wake of a tanker explosion that occurred at Dikko Junction, Niger State, Saturday night.

The president, while mourning the victims, however, instructed the security relevant agencies, and road safety authorities to deploy to work with a view to averting a repeat anywhere in the country.

At the same time, Tinubu has mandated the National Orientation Agency (NOA) to sensitise the public about risks of scooping fuel from fallen tankers.

Meanwhile, prominent Nigerians, including former President Muhammadu Buhari, Vice-President Kashim Shettima, First Lady Oluremi Tinubu and National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, have also commiserated with the victims and their relatives.

Minister of Information and National Orientation, Mohammed Idris, disclosed this on Sunday, when he led a federal government delegation, including the Minister of Humanitarian Affairs, Dr Netanwe Yilwatda, on a condolence visit to the Emir of Suleja, Alhaji Awwal Ibrahim.

“The President is really saddened by what has happened, and he is worried to the extent that he has said a high-powered committee is set up to look at these incidences.

“Because in the last couple of months, from September to this time, we have had four of these major incidences. We had the first one between Ibadan and Ife, where a tanker exploded. Five houses and cars and other vehicles were touched, and they were involved in fire.

“Almost a day after, here in Niger State, again, in Agai, about 48 persons lost their lives. This was on the 8th of September, the preceding year, 2024, 48 people lost their lives. Not long afterwards, on the 15th of October, again in 2024, about 144 people also lost their lives in Jigawa State in a similar incident.

“And now, only yesterday, here at Dikko Junction, within this emirate, nearly 80 people have lost their lives. Now, if you put that together, you will see that over 265 people have so far lost their lives in this kind of incident, and this is really very worrying,” Idris said.

As a result, the federal government has set up a committee comprising the Ministry of Information and National Orientation, the Ministry of Humanitarian Affairs, other critical stakeholders like NEMA, Standard Organization of Nigeria, the Petroleum Tanker Drivers Association, (IPMAN) and all other stakeholders to determine the remote and immediate causes of, and how to avert the occurrence or the reoccurrence of fuel tanker explosions.

Idris added that the president had directed the National Orientation Agency (NOA) to step up an enlargement campaign and education of people, to the effect that it was not proper for people to arbitrarily rush to the scene to scoop fuel whenever there is an accident involving tankers.

“You cannot just have tankers, by whatever reason, involved in an accident, and then people rushing to the site to scoop this petroleum product, PMS. It is absolutely wrong.

“It has led to the lives of hundreds of people, and government will not allow this to happen again. As a result of that, this high committee will now make recommendations to government with a view to finding the last true solution to this issue.”

To this end, Idris announced that the federal government has directed the immediate transfer of victims from Suleja General Hospital to tertiary health facilities to ensure they receive prompt and enhanced medical care.

“President Bola Ahmed Tinubu is deeply saddened by what has happened. He asked us to come here to see the situation. We have just gone round the wards and we have seen those that are very critically injured.

“As we are visiting, one of them unfortunately passed on and we were told that this is the eighth victim of the fire explosion that has just passed on today and what we are seeing is the dire need of emergency medical attention, which the Federal Government is taking.

“The Minister of Heath and the National Emergency Management Agency and all agencies of government will ensure that all these victims are immediately evacuated and taken to Intensive Care Unit of the immediate available tertiary institutions,” he said.

In yet a statement by the president’s Adviser on Information and Strategy, Bayo Onanuga, Tinubu underscored the tragic and preventable nature of the incident, as many victims were those scooping Premium Motor Spirit (PMS) from the overturned tanker.

He subsequently directed the provision of comprehensive medical care to the injured andstrongly advised all citizens to exercise caution and avoid approaching accident sites, especially those involving fuel-laden vehicles, due to their highly explosive nature.

He also mandated the National Orientation Agency to initiate a nationwide educational campaign that would raise public awareness about the severe risks and environmental dangers of scooping fuel from fallen tankers.

However, the minister, who thanked the Niger State Governor, Umar Bago, for providing the first response when the incident happened, and urged him to do more in the enlightenment of the citizenry, later paid a visit to some of the victims at the Suleja General Hospital as well the scene of the explosion, with his delegation.

Earlier the Emir of Suleja, Alhaji Awwal Ibrahim, thanked the president for sending the delegation and for the humanitarian effort that was carried out by the Ministry of Humanitarian and NEMA .

He also appealed to government to set up outward viewing centres for public enlightenment and to convey mini townhall meetings for government officials to enlighten people on the dangers of these behaviours that lead to death and destruction.

He appealed to people to always be contented and not to put themselves in harm’s way.

Apart from those that died at the scene of the explosion, the Emir said 50 people died in the hospital between Saturday night and Sunday.

The death toll has however risen to 88 from the initial 50.

Director General, Niger State Emergency Management Agency (NSEMA), Alhaji Abdullahi Baba Arah, said in a statement this morning that the corpses of the deceased were recovered from the scene of the accident.

Arah said the number of those injured had equally risen to 55, adding that one of those injured and admitted at the hospital had also died.

According to Arah 80 corpses had been given mass burial by the Agency in collaboration with Gurara LGA and “very brave, kind-hearted volunteers” between the hours of 5pm on Saturday to 12am this Sunday.

He added that five of the corpses were carried away for burial in the town by relatives. One of those burnt was dressed in the uniform of one of the nation’s security outfits.

Several houses and shops were also completely razed in the inferno leading to the loss of millions of naira.

Bago, who was on an inspection visit to the area hurriedly visited the scene of the disaster, where he described the incident as “shocking unfortunate and worrisome.”

Bago also gave directives he intended to stop future occurrence as well as directed Medical Doctors from Minna General Hospital to move to New Wuse and Suleja General hospitals to assist in attending to those injured.

More and more Nigerians have continued to sympathise with victims and the state government over the unfortunate incident.

The Vice President, according to a statement issued by his Media Assistant, Stanley Nkwocha, will join world leaders, top business executives and representatives of development partners at the meeting to discuss the state of the world economy with the view to improving its conditions.

While in Davos, Shettima will hold bilateral meetings with other leaders as well as participate in workshops and forums slated for the annual gathering.

Among events slated for the Vice President include, a workshop entitled, “Roadmap to Co-create Investment Opportunities for Africa’s Frontier Markets”, organised by the African Development Bank in collaboration with the World Economic Forum to boost the flow of capital into Africa’s frontier markets, to scale solutions that build a prosperous, inclusive and resilient continent.

It is slated for the Congress Centre in Jakobshorn.

Top on the agenda will be an announcement of the Humanitarian and Resilience Investing (HRI) Roadmap for Africa, in partnership with the African Development Bank (AfDB), and foster partnerships between public and private sector leaders interested in mobilizing investment in Africa’s frontier markets, among others.

Shettima will also attend a dinner for heads of state, government and international organizations, as well as Annual Meeting 2025 Crystal Awardees, the International Business Council and Strategic Partners slated for Kurpark Village, Eiger.

The Vice President will also co-chair a forum on “Turning Digital Trade into a Catalyst for Growth in Africa” slated for the Pischa Congress Centre.

The session will provide a dynamic platform for forward-thinking dialogue on digital trade and the crucial role of the private sector in advancing the implementation of the AfCFTA Digital Trade Protocol adopted by the AU heads of state/government in January, 2024.

Shettima will attend, as a panelist, a Stakeholder Dialogue entitled, “Global Risks 2025”. The Global Risks Report highlights an increasingly volatile global landscape, marked by accelerating geopolitical, technological and environmental challenges. The event is slated for the Aspen 2 Congress Centre in Davos.

The Vice President who is being accompanied by top government functionaries including Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; and Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Aisha Rimi, will return to Abuja at the end of his engagements in Davos. Thisday

The sharing was finalised at the January 2025 FAAC) meeting in Abuja, which was chaired by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun.

According to separate statements issued by the Ministry of Finance and the Office of the Accountant General of the Federation (OAGF), the disbursed amount of N1.424 trillion comprised Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED).

The federal government received N451.193 billion, states got N498.498 billion, while the local governments got N361.754 billion.

Citing the communiqué issued at the end of the meeting, gross statutory revenue of N1.226 trillion was received for December 2024. This was lower than the N1.827 trillion received in November  2024 by N600.988 billion.

Gross revenue of N649.561 billion was available from the Value Added Tax (VAT) in December 2024.  This was higher than the N628.973 billion available in the month of November 2024 by N20.588 billion.

The communiqué stated that from the N1.424 trillion total distributable revenue, the Federal Government received a total sum of N451.193 billion and the State Governments received a total sum of N498.498 billion.

The local government councils received a total sum of N361.754 billion and a  total sum of N113.477 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N386.124 billion distributable statutory revenue, the communiqué stated that the federal government received N167.690 billion and the state governments received N85.055 billion.

Local governments received N65.574 billion and the sum of N67.806 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N604.872 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N90.731 billion, the State Governments received N302.436 billion and the Local Government Councils received N211.705 billion.

A total sum of N4.682 billion was received by the Federal Government from the N31.211 billion Electronic Money Transfer Levy (EMTL).  The State Governments received N15.605 billion and the Local Government Councils received N10.924 billion.

From the N402.714 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N188.090 billion and the State Governments received N95.402 billion.

The local councils received N73.551 billion, while the sum of N45.671 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

VAT and Electronic Money Transfer Levy (EMTL) increased significantly while Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax(PPT) and Companies Income Tax (CIT) decreased considerably. Arise News