Business

FAAC Shares N2.26trn April Revenue To FG, States, LGAs

From the total distributable revenue of N2.257 trillion, the Federal Government received N787.351 billion, while state governments got N772.360 billion.
The local government councils received N540.152 billion, while oil-producing states shared N157.254 billion as 13 per cent derivation revenue.

Published

3 months ago

June 15, 2026

OCHEFA

205 Views

The Federation Account Allocation Committee (FAAC) has shared a total of N2.257 trillion as federation revenue for April 2026 among the federal government, states and the 774 local government areas.

From the total distributable revenue of N2.257 trillion, the Federal Government received N787.351 billion, while state governments got N772.360 billion. The local government councils received N540.152 billion, while oil-producing states shared N157.254 billion as 13 per cent derivation revenue.

The distribution was approved at the May 2026 FAAC meeting held in Abuja, according to a communiqué issued at the end of the meeting.

The distributable revenue comprised N1.260 trillion from statutory revenue, N747.088 billion from Value Added Tax (VAT) and an augmentation of N250 billion.

The communiqué showed that total gross revenue available in April stood at N3.184 trillion. From this amount, N113.756 billion was deducted as cost of collection, while N813.839 billion was set aside for transfers, refunds and savings.

Related Topics:FAAC April 2026 revenue allocations Featured

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Business

US Bond Selloff Pushes Benchmark Yield Past 5%, Stocks Rattled

Published

1 hour ago

September 15, 2026

Charles Flames

7 Views

A sharp selloff in the US bond market has driven the benchmark Treasury yield above 5%, sending shockwaves through equity markets and heightening investor anxiety.

The surge in yields, particularly on the 10-year Treasury note, reflects growing concerns over persistent inflation, the outlook for interest rates, and the broader path of monetary policy. As bond prices fell, yields climbed past the psychologically important 5% threshold, marking a significant move that has unsettled risk assets.

US stock markets reacted with broad declines, as higher yields increased the attractiveness of fixed-income investments relative to equities and raised borrowing costs for companies. Major indices came under pressure, with investors reassessing valuations amid the rising cost of capital.

Market analysts note that the rapid move higher in yields has intensified volatility across asset classes. Traders are closely watching upcoming economic data and any signals from the Federal Reserve for clues on whether the upward pressure on yields will persist.

The development underscores the sensitivity of both bond and equity markets to shifting expectations around inflation and monetary policy in the world’s largest economy.

Business

Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Published

23 hours ago

September 14, 2026

OCHEFA

24 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

He urged Nigerians to deepen the capital market and promote wider ownership of wealth.

“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.