Business

FAAC SHARES N760.235 BILLION SEPTEMBER 2022 REVENUE TO FG, STATES AND LGCs

Published

3 years ago

October 27, 2022

By Abdulateef Bamgbose

The Federation Account Allocation Committee (FAAC) has shared a total sum of N760.235 billion September 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for October 2022.

The N760.235 billion total distributable revenue comprised distributable statutory revenue of N502.135 billion, distributable Value Added Tax (VAT) revenue of N189.928 billion, Electronic Money Transfer Levy (EMTL) revenue of N8.172 billion and Augmentation of N60.000 billion.

In September 2022, the total deductions for cost of collection was N34.422 billion and total deductions for transfers, savings and refunds was N303.525 billion.

The balance in the Excess Crude Account (ECA) was $472,513.64.

The communiqué confirmed that from the total distributable revenue of N760.235 billion; the Federal Government received N294.244 billion, the State Governments received N233.223 billion and the Local Government Councils received N172.776 billion. The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.

Gross statutory revenue of N825.710 billion was received for the month of September 2022. This was higher than the sum of N654.360 billion received in the previous month by N171.350 billion.

From the N502.135 billion distributable statutory revenue, the Federal Government received N232.921 billion, the State Governments received N118.141 billion and the Local Government Councils received N91.081 billion. The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.

For the month of September 2022, the gross revenue available from the Value Added Tax (VAT) was N203.960 billion. This was lower than the N231.171 billion available in the month of August 2022 by N27.211 billion.

The Federal Government received N28.489 billion, the State Governments received N94.964 billion and the Local Government Councils received N66.475 billion from the N189.928 billion distributable Value Added Tax (VAT) revenue.

The N8.172 billion from the Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.226 billion, the State Governments received N4.086 billion and the Local Government Councils received N2.860 billion.

From the N60.000 billion Augmentation, the Federal Government received N31.608 billion, the State Governments received N16.032 billion and the Local Government Councils received N12.360 billion.

According to the Communiqué, in the month of September 2022, Oil and Gas Royalties increased tremendously while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

5 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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