Close Menu
  • HOME
  • News
  • Politics
  • Sport
  • Features
  • Security
  • Foreign News
Facebook X (Twitter) Instagram
Trending
  • Tinubu Has Been Fair To All Sections Of Nigeria – FG
  • Former Inspector-General of Police (IGP) Solomon Arase Dies At 69
  • “APC Blasts Kayode Ojo, Says ‘You Can’t Hijack the Ticket of a Party You Don’t Respect’
  • Baltasar Engonga, Sentenced To 8 Years Imprisonment For Embezzlement
  • Oyo Debunks Rumoured Closure of Bola Ige Int’l Business Complex
  • President Tinubu Urges Nigerians In Diaspora Not To Stay Away From Home, Says Nigeria Is On The Rise Again
  • President Tinubu Expands Healthcare Access with Subsidized Dialysis
  • 2027 House Of Reps Hopeful, Ademola Agoro Installed As Patron, Osun NYCN ..calls for meaningful empowerment The National Youth Council of Nigeria, Osun State, on Saturday installed the Managing Director, Protogy Global, Engr Ademola Isaac Agoro as Patron. This was at the 2025 International Youth Day celebration in Osogbo with the theme “Youth Advancing Multilateral Cooperation through Technology and Partnership.” In his keynote, Engr. Agoro explained that youth empowerment must be seen as a strategic investment in Osun’s future. He called for the establishment of technology and innovation hubs, a Youth Development Fund, and stronger youth–industry partnerships. Engr. Agoro expressed deep gratitude for the honor and pledged to further champion youth causes in the state: “This investiture is not just a personal recognition; it is a call to greater service. I dedicate this honor to the vibrant young people of Osun State, whose resilience and creativity continue to inspire us all. “As Patron of the National Youth Council of Nigeria, Osun State Chapter, I will work closely with government, industry, and development partners to open more doors of opportunity for our youth. Together, we will ensure that the dreams of Osun youth translate into tangible achievements that uplift our state and our nation.” In his goodwill message, Hon. Olagunju Moshood Olalekan, Commissioner for Youth Affairs, reaffirmed the government’s commitment to youth-focused policies, praising their resilience and innovation. Oba (Dr.) Michael Odunayo Àjàyí, the Elerinmo of Erinmo-Ijesha, urged young people to blend innovation with discipline, while upholding cultural values as the bedrock of sustainable progress. Captains of industry at the event pledged stronger support for youth-led ventures through mentorship, funding, and partnerships. The celebration concluded with optimism and renewed commitment, as stakeholders affirmed that Osun youth are not just beneficiaries of development but active leaders and partners in building a prosperous future for the state and Nigeria at large. The high-profile event was graced by His Royal Majesty, Oba (Dr.) Michael Odunayo Àjàyí (Arowotawaya II), the Elerinmo of Erinmo-Ijesha Kingdom, the Honourable Commissioner for Youth Affairs, Osun State, Hon. Olagunju Moshood Olalekan, other distinguished royal fathers, top government officials, and captains of industry.
Facebook X (Twitter) Instagram
Nigerian Alert
  • HOME
  • News
  • Politics
  • Sport
  • Features
  • Security
  • Foreign News
Nigerian Alert
Home » State Governors Endorse FG’s Proposal To Share Only N900billion From N1.9trillion FAAC Revenue

State Governors Endorse FG’s Proposal To Share Only N900billion From N1.9trillion FAAC Revenue

Lekan Shobo ShobowaleBy Lekan Shobo ShobowaleJuly 21, 20234 Mins Read
WhatsApp Facebook Twitter Email Telegram LinkedIn
Share
WhatsApp Facebook Twitter Email LinkedIn Telegram
Top Ads ..

State Governors Endorse FG’s Proposal To Share Only N900billion From N1.9trillion FAAC Revenue

… Over N1trn To Be Used To Shore Up CBN Reserves

Friday July 21, 2023

The 36 State Governors have endorsed the proposal of the Federal Government not to share the entire revenue of N1.9trn which may have accrued to the federation by Federation Accounts Allocation Committee.

The endorsement of the Federal Government’s proposal was made at a meeting held by the Governors on Wednesday night in Abuja.

It was gathered that during the meeting, the issue of the revenue accruals into the federation account was discussed ahead of the FAAC meeting to be held later today.

During the meeting, the Federal Government had proposed that the sharing of the entire N1.9trn was not a good idea because it would increase the amount of money in circulation and cause further inflationary pressures in the economy.

Nigeria’s inflation stands at about 22.7 per cent based on figures released by the National Bureau of Statistics.

One of the governors who attended the meeting said in view of the removal of fuel subsidy, the Federal Government raised concerns that if the entire N1.9trn is to be shared, it may put pressure on the naira and also affect the price of fuel.

Rather than sharing the entire N1. 9trn, the governors, it was learnt agreed that N900bn should be shared while the balance of N1trn should be transferred to the Central Bank of Nigeria to shore up the nation’s external reserves.

Figures obtained from the Central Bank of Nigeria showed that as of July 18, Nigeria’s external reserves stood at $33.99bn

The governor said, “The N1.9trn revenue is true. But we won’t be sharing all. FAAC will only be sharing N900bn and keep the rest with CBN. The fear is that sharing all will further push inflation and put pressure on the dollar, which will in turn push further the fuel price.

“The governors have agreed with the proposal made by the Presidency not to share all the money. The idea is to help the CBN raise the foreign reserve up to $40bn from the current $33bn.”

The revenue of N1.9trn is the highest amount generated in one month in the history of Nigeria.

The amount almost tripled the N786.161b shared in June and more than tripled the N655.93bn in May.

Allocations are usually shared from the preceding month’s revenue — meaning June will be shared in July.

Statutory collections make up N1.7trn of the federally collected revenues, followed by N293bn from Value Added Tax and N12bn from electronic money transfer charges.

The fall in the official exchange of the naira might have contributed to the seemingly unprecedented rise in revenue.

It was learnt that FAAC adopted N436.38 to a dollar as the exchange rate for the calculation of the forex component of federally-collected revenues for June 2023, but this has now gone up to at least N750 to dollar.

Members of FAAC will be meeting in Abuja today to share the N900bn which was endorsed by the governors last night.

Some of the agencies remitting funds to the federation account are the Federal Inland Revenue Service, and the Nigeria Customs Service among others.

The FAAC committee is made up of commissioners of finance from the 36 states of the federation; the Accountant-General of the Federation, representatives of the Nigerian National Petroleum Company Ltd, the Revenue Mobilization Allocation and Fiscal Commission, CBN and Customs

The federation account is currently being managed through a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

Share. WhatsApp Facebook Twitter Telegram Email LinkedIn
Previous ArticleOba Akande, Splash FM Radio’s Founder Celebrates 84th Birthday On Friday
Next Article Tinubu Seeks Change In Military Doctrine Practice To Confront Unconvetional Force

Related Posts

Tinubu Has Been Fair To All Sections Of Nigeria – FG

August 31, 2025

Former Inspector-General of Police (IGP) Solomon Arase Dies At 69

August 31, 2025

Baltasar Engonga, Sentenced To 8 Years Imprisonment For Embezzlement

August 27, 2025
Leave A Reply Cancel Reply

Ads
Ads
Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
© 2025 Nigerian Alert. Designed by Samtech Media.

Type above and press Enter to search. Press Esc to cancel.