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FAAC: FG, States, LGCs share N2.58trn amid N3.685trn revenue
By Sam Otuonye
The Federation Account Allocation Committee (FAAC), at its September 2026 meeting chaired by the Accountant-General of the Federation, Mr. Shamsedeen, has shared a total sum of N2.58 trillion to the three tiers of government as Federation Account allocation including N240 billion from savings to augment the distributable revenue for the month of August 2026, from a gross revenue of N3.685 trillion.
From the total distributable amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N804.897 billion, the States received N794.313 billion, while the Local Government Councils (LGCs) received N555.142 billion. In addition, N184.388 billion was shared as Derivation Revenue to the oil-producing States, representing the constitutionally prescribed 13 per cent of mineral revenue.
A total of N125.142 billion was deducted for the cost of collection, while N1.221 trillion was allocated for Transfers, Intervention and Refunds.
According to a statement released by the Ministry of Finance said the Gross Revenue available from Value Added Tax (VAT) for August 2026 stood at N834.843 billion, compared with N793.968 billion distributed in the preceding month, representing an increase of N40.875 billion in gross VAT revenue.
From the VAT revenue, N100.545 billion was deducted for the cost of collection, while N1.184 trillion was allocated for Transfers, Intervention and Refunds.
The balance of N733.233 billion was distributed among the three tiers of government as follows: the Federal Government received N77.323 billion, the States received N425.278 billion, while the Local Government Councils received N270.632 billion.
The Gross Statutory Revenue for August 2026 stood at N2.850 trillion, compared with N4.359 trillion received in the preceding month, representing a decrease of N1.509 trillion.
From the Gross Statutory Revenue, N24.597 billion was deducted for the cost of collection, while N37.014 billion was allocated for Transfers, Intervention and Refunds.
The remaining balance of N1.565 trillion was distributed as follows: the Federal Government received N727.573 billion, the States received N369.035 billion, while N284.511 billion was allocated to the Local Government Councils.
In addition, N184.388 billion was distributed as Derivation Revenue to the mineral-producing States, representing 13 per cent of mineral revenue.
The statement further indicated that revenue from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Value Added Tax (VAT), Customs and Excise Duties (CET) levies, and Excise Duty increased significantly during the period under review.
However, revenue from Companies Income Tax/Capital Gains Tax (CIT/CGT), Stamp Duty Tax (SDT), Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental, Gas Flared Fee and Miscellaneous Oil Revenue recorded considerable decreases.
According to the statement, the total revenue distributable for August 2026 was drawn from Statutory Revenue of N1.565 trillion and Value Added Tax (VAT) of N773.233 billion, bringing the total distributable revenue to N2.338 trillion.
TCN seeks Bauchi govt’s partnership for new substations in Alkaleri, Toro
By Sam Otuonye
The Transmission Company of Nigeria (TCN), Bauchi Region, has appealed to the Bauchi State Government to expedite land allocation for two proposed transmission substations in Alkaleri and Toro Local Government Areas (LGAs) of the state which are expected to expand transmission capacity and improve bulk power supply across the state.
The Ag. General Manager (Transmission), Bauchi Region, Engr. Muhammed Bello Ahmed, made the appeal during a courtesy visit to the State Ministry of Land and Survey on Monday, November 2, 2026, emphasising the need for timely land allocation to facilitate project implementation.
He commended the state government for engaging host communities on the proposed projects and protecting critical transmission infrastructure through the enforcement of Right-of-Way (RoW) regulations, particularly the removal of illegal structures beneath high-voltage transmission lines.
In his response, the Permanent Secretary of the Ministry, Shuaibu Alhaji Mohammed, assured TCN of the state government’s support for the substation projects. He reaffirmed the Ministry’s commitment to facilitating the land allocation process and pledged to strengthen security around critical transmission facilities.
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CITAD challenges big tech dominance, advocates digital sovereignty
Abdul Haruna
The Centre for Information Technology and Development (CITAD) has argued that Nigerians should not have to surrender control over personal information to access digital communication.
The Centre stated this on Thursday while unveiling DANCIT, a homegrown messaging application designed as an alternative to mainstream platforms.
Buhari Abba, who addressed a press conference in Bauchi on behalf of the Executive Director of CITAD, said DANCIT is hosted on CITAD’s own digital infrastructure and is designed to limit unnecessary tracking, profiling and commercial exploitation of personal data.
He explained that the name DANCIT draws inspiration from the traditional Hausa concept of ‘dandali’ — a communal gathering place where people meet, exchange ideas and discuss matters affecting their lives.
“DANCIT is designed to offer an alternative by placing community needs, privacy and digital independence at the centre. Its purpose goes beyond exchanging messages; it is intended to support civic engagement, grassroots organising and digital rights discussions,” Abba said.
He said the platform represents a statement against continued monopolisation of digital innovation, noting that a healthy digital ecosystem requires space for competition, creativity and locally developed solutions.
CITAD also called on the Federal Government, civil society and educational institutions to support decentralised and locally-owned digital platforms to strengthen Nigeria’s digital sovereignty.
According to the Centre, digital sovereignty involves having the capacity to make informed decisions about digital infrastructure, data governance and technological development in ways that reflect national and community interests.
“Encouraging Nigerian institutions and communities to develop, host and manage digital services can contribute to building local capacity and reducing dependence on external providers. It does not mean isolating Nigeria from the global internet,” the statement said.
The organisation lamented that journalists, civil society organisations, young people and ordinary citizens increasingly depend on platforms that exploit data, amplify misinformation and impose arbitrary content restrictions.
It therefore urged policymakers, technology developers and the media to prioritise privacy, transparency, accountability and user control in discussions about Nigeria’s digital future.
CITAD also called on Nigerians to look beyond the popularity of mainstream platforms and consider how responsibly they handle information and respect users’ rights, adding that “our conversations matter, our data deserves protection, and our communities deserve digital spaces they can trust.”
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NSIA extends $220,000 grants to Nigerian innovators
…SMEs backbone of Nigeria’s economy – Oyedele
By Sam Otuonye
The Nigeria Sovereign Investment Authority (NSIA) has awarded $220,000 as grant to Nigerian innovators who won the competition under the NSIA Prize for Innovation (NPI) Demo Day, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described Small and Medium-sized Enterprises (SMEs) as the backbone of Nigeria’s economy, stressing that their growth is critical to job creation, economic prosperity and national development.
Speaking at the event, held on Saturday, October 24, 2026, in Abuja, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, who stressed the critical role of small and medium-sized enterprises (SMEs) in job creation and economic growth, said supporting entrepreneurs remained a fundamental component of the Authority’s investment strategy.
The NPI 4.0, reflecting the fourth in the series, themed, “Building for Impact,” showcased 12 finalists selected from approximately 6,000 applications submitted for the competition.
Umar-Sadiq stressed that SMEs were essential to Nigeria’s economic development, noting that their growth was directly linked to employment generation and increased economic activities.
“Without SMEs, you have no job creation. Without SMEs, you are unable to actually grow economically,” he said.
He explained that NSIA’s support for entrepreneurs extended beyond infrastructure investment to include initiatives such as the Fund for Agricultural Finance in Nigeria, the Development Bank of Nigeria and the NSIA Prize for Innovation.
According to him, the programme provides promising Nigerian innovators with education, equity and exposure to help them refine their ideas, strengthen their businesses and scale their operations.
Umar-Sadiq said the authority focused on healthcare, manufacturing and food systems in the fourth edition to encourage innovations capable of creating jobs and achieving sustainable growth.
He added that the programme had expanded over the past four years in terms of prize money, strategic partnerships and support for entrepreneurs.
The NSIA chief executive disclosed that the programme offered accelerator opportunities to the top 200 applicants, while the 12 finalists would also participate in a six-week learning programme at Lagos Business School after the Demo Day.
He identified Wema Bank, Pula and Cascador as strategic partners providing additional prizes and support to selected finalists.
On measuring the programme’s impact, Umar-Sadiq said NSIA would work closely with beneficiary companies to strengthen their business models, improve corporate governance and expand demand for their products.
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, represented at the event, said that although investment, infrastructure, industrialisation and fiscal stability remained important economic priorities, but the strength of the economy ultimately depended on businesses that produce goods, deliver services, employ citizens and create opportunities.
Oyedele said access to finance alone was insufficient to guarantee business success, noting that entrepreneurs also need patient capital, experienced investment partners, market access and opportunities to demonstrate the commercial viability of their ideas.
He described the NSIA Prize for Innovation as an important platform for preparing promising Nigerian businesses for sustainable growth, commending the NSIA for placing commercial viability and execution capacity at the centre of its selection process.
Among the winners were: Come Again Foods, who emerged as the first-prize winner, receiving $100,000, while Protein Kapital secured the second position with $70,000. Instant Rad placed third, receiving $50,000.
Other finalists recognised under the programme included Eight Medicals, Frotics, Plural Health, Ebees Green, Tryctor, Sambal Enterprise, Evet Africa and Unwana Energy.
NSIA Prize for Innovation, (NPI) was launched in 2022 to identify and support innovative Nigerian businesses with the potential to create jobs, address economic challenges and contribute to national development.
The initiative is designed to strengthen Nigeria’s innovation ecosystem by connecting entrepreneurs with funding, business education and strategic partnerships to help promising enterprises grow into sustainable businesses.
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