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Economy

FG, States, LGs Share ₦1.7tn FAAC Revenue In February 2025

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FG, States, LGs Share ₦1.7tn FAAC Revenue In February 2025

FG, States, LGs share ₦1.7tn FAAC revenue in February 2025. About N1.7 trillion in revenue by the Federal Account Allocation Committee (FAAC) has been shared by the federal, state and local governments in February 2025. A statement by the Director (Press and Public Relations), Bawa Mokwa on Saturday, said a total sum of N1.678 trillion was shared in the month under review.

The revenue was shared at the March 2025 FAAC meeting held in Abuja. The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.

The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.

According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. The total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings were N577.097 billion.

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Breaking News

The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025.

This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.

Crime

NDLEA Intercepts Indian Woman With 72 Parcels Of Heroin At Kano Airport

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NDLEA

NDLEA Intercepts Indian Woman With 72 Parcels Of Heroin At Kano Airport

NDLEA intercepts Indian woman with 72 parcels of heroin at Kano airport. Mr Babafemi said the class A drug consignment weighing 11 kilogrammes was recovered from her luggage after a thorough search.

The National Drug Law Enforcement Agency (NDLEA) has intercepted a 42-year-old Indian lady at the Malam Aminu Kano International Airport (MAKIA), Kano, with 72 parcels of heroin.

A statement by NDLEA’s director of media and advocacy, Femi Babafemi, on Sunday in Abuja said the prohibited substances were factory-sealed in wafer wraps and packaged as chocolates.

Mr Babafemi said the class A drug consignment weighing 11 kilogrammes was recovered from her luggage after a thorough search.

He said this followed credible intelligence during an inward clearance of Qatar Airways flight QR1431 from Bangkok, Thailand, via Vietnam and Doha at the arrival hall of the Kano airport on Friday, March 14.

Mr Babafemi said the arrest of the suspect signified a growing attempt by drug trafficking organisations to hire white ladies and foreign nationals to move illicit drugs through the Nigerian borders.

“A bid that vigilant NDLEA operatives have consistently frustrated with the aid of modern technological tools and proactive intelligence,“ he said.

In another interdiction operation in Kano, NDLEA officers on Thursday, March 20, arrested a 45-year-old male suspect with a 50-litre steel gas cylinder at Gadar Tamburawa, along Zaria- Kano road.

“Based on credible intelligence, welding tools were later used to cut the giant cylinder, after which 50,000 pills of tramadol 225mg concealed in it were extracted.

“Meanwhile, a 40-year-old male was nabbed at Gunduwawa area of Kano on Wednesday, March 19, with 27kg skunk, a strain of cannabis,” he said.

Mr Babafemi said another female suspect was arrested with 424 bottles of codeine-based syrup in theLungun Bulala Yalwa area of the state on Tuesday.

He said operatives arrested two male suspects with 67.5kg skunk in Mushin, Lagos State, and 100.8kg of the same psychoactive substance was recovered from the store of two fleeing suspects in the Anifowoshe area of Mushin.

NDLEA

NDLEA

“Another suspect was also arrested in Apapa with 4.5kg skunk, 600 grammes of tramadol 225mg, and 30 litres of codeine syrup on Tuesday.

“Another suspect also was arrested the same day in the Ikotun area of the state with different quantities of cocaine, heroin and methamphetamine,“ he said.

Mr Babafemi said NDLEA commands and formations nationwide continued to intensify their War Against Drug Abuse (WADA) social advocacy sensitisation.

He quoted the NDLEA chairman, Buba Marwa, as commending the officers and men of MAKIA, Lagos, and Kano commands of the agency for the arrests and seizures.

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Crime

SEC Warns Again Violation In Capital Market Says No Hiding Place

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SEC Warns Again Violation In Capital Market Says No Hiding Place

SEC warns again violation in capital market says no hiding place. The director-general said the SEC was committed to ensuring all market participants understood the commission’s responsibilities.

The Securities and Exchange Commission (SEC) says there is no hiding place for violators in the country’s capital market.

The director-general of SEC, Emomotimi Agama, gave the warning in a notice to operators on Sunday. Mr Agama said in the notice that market operators engaging in unscrupulous activities would not be allowed to go unpunished.

He described investors’ protection as a fundamental principle for the commission, noting that the Investments and Securities Act (ISA) 2007 clearly outlined the objectives of securities regulation.

Mr Agama said the ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test.

”A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the ISA 2007 and in other regulations that the SEC has brought out to make sure that this happens.

”So, clearly, for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market,” Mr Agama stated.

He said the recent revocation of licences and suspension of operators not registered with SEC “is only a tip of the iceberg as to what we intend to do this year.”

SEC Warns Again Violation

SEC Warns Again Violation

”We believe strongly that a protected investor is a powerful investor, and we will do everything within the powers of the SEC and the Nigerian law to make sure that we deter unscrupulous persons who are involved in trying to defraud Nigerian investors,” Mr Agama said.

The director-general said the SEC was committed to ensuring that all market participants understood the commission’s responsibilities.

He said compliance and information disclosure were important to the capital market operation, describing them as the fundamental objectives of securities regulation.

Mr Agama urged existing and prospective market participants to work closely with the commission to foster market development.

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Economy

Delta Government Strengthen Commitment To Sanitation Advocacy

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Sheriff Oborevwori

Delta Government Strengthen Commitment To Sanitation Advocacy

Delta government strengthen commitment to sanitation advocacy. “Economic activities across the metropolis will thrive if all residents adhere to sanitation best practices,” he said.

The Delta State Capital Territory Development Agency (DSCTDA) says it will sustain its sanitation advocacy campaigns to improve environmental sanitation and hygiene practices.

The agency’s director-general, Patrick Ukah, made this known on Sunday while monitoring the community-based sanitation and sensitisation programme.

Mr Ukah underscored the importance of waste bin disposal in every household and urged residents to support public sector partnership (PSP) operators for proper waste management.

“Economic activities across the metropolis will thrive if all residents adhere to sanitation best practices,” he said.

He said significant resources and manpower have been deployed to ensure the campaign’s success.
Vincent Okwofadjeke, DSCTDA’s manager of administration and finance at Ogbogonogo Market, said maintaining a clean environment was a shared responsibility essential for preventing the spread of diseases.

He said, “The current clean-up exercise follows last year’s “Secured Clean and Green” campaign, reinforcing the need for a consistently clean environment to safeguard residents’ socio-economic well-being.

“Traders should remember that this market was previously shut down due to poor sanitary conditions.”
He urged them to clean their surroundings, properly dispose of their waste, and refrain from street trading.

“Many diseases spread through contaminated water and food due to poor sanitation practices such as open defecation, improper waste disposal, and lack of personal hygiene.

“Therefore, sanitation must become a daily practice, not just an activity reserved for Thursdays,” he added.
Isaac Nwosu, head of environment at DSCTDA, announced that the clean-up would extend to public spaces, including markets, to encourage sustainable sanitation habits among residents.

He emphasised that the agency’s advocacy efforts instilled voluntary and long-term compliance with proper waste management practices.

Sheriff Oborevwori

Sheriff Oborevwori

John Ijedie, manager of investment and business promotions, underscored the economic and health benefits of the campaign.
He said raising awareness about sanitation is crucial in preventing communicable diseases.

He urged residents to take ownership of their environment by maintaining cleanliness and reporting unsanitary behaviours, stressing that the government could not continually monitor every location.

The Ugoani of Okpanam, Michael Mbanefo, pledged his support in enforcing the sanitation campaign within the Okpanam Kingdom during a visit by the DSCTDA team.

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