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

2 months ago

June 15, 2026

OCHEFA

133 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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NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

2 days ago

July 30, 2026

OCHEFA

35 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

2 days ago

July 30, 2026

OCHEFA

46 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.