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FAAC: FG, States, LGs Share N1.578trn for March

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The Federation Account Allocation Committee (FAAC), on Monday, shared N1.578 trillion among the Febderal Government, states and the Local Government Councils (LGCs) for the month of March.A communiqué issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), said the revenue was shared at the April meeting of FAAC in Abuja.

The communiqué said that the total revenue of N1.
578 trillion comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, and Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion.“It also comprised Exchange Difference revenue of N28.711 billion,” it said.
It said that total gross revenue of N2.411 trillion was available in the month of March.“Total deduction for cost of collection was N85.376 billion, while total transfers, interventions and refunds was N747.180 billion.“Gross statutory revenue of N1.718 trillion was received for the month of March 2025. This was higher than the sum of N1.653 trillion received in February 2025 by N65.422 billion.“Gross revenue of N637.618 billion was available from VAT. This was lower than the N654.456 billion available in February by N16.838 billion,” it said.The communiqué said that from the total revenue of N1.578 trillion, the Federal Government received N528.696 billion and the State Governments received N530.448 billion.It said that the LGCs received total sum of N387.002 billion, and a total sum of N132.611 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.“On the N931.325 billion statutory revenue, the Federal Government received N422.485 billion and the State Governments received N214.290 billion.“The LGCs received N165.209 billion, and the sum of N129.341 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.“From the N593.750 billion VAT revenue, the Federal Government received N89.063 billion, the State Governments received N296.875 billion and the LGCs received N207.813 billion,” it said.It said that total sum of N3.746 billion was received by the Federal Government from the N24.971 billion EMTL, while he State Governments received N12.485 billion and the LGCs received N8.740 billion.According to the communiqué, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably while Oil and Gas royalty, EMTL, VAT, Excise Duty, Import Duty and CET Levies recorded decreases. (NAN)

Foreign News

Pope Leo XIV To Hold 1st News Conference on Monday

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 Pope Leo XIV will take questions from international pressmen at a news conference on Monday.

The Pope is expected to address several hundred journalists who have been reporting from the Vatican since the death of his predecessor, Pope Francis, last month.

The new pontiff, formerly Cardinal Robert Francis Prevost of Chicago, was elected on Thursday as the head of the Roman Catholic Church and its 1.

4 billion followers worldwide.

The question-and-answer session may offer insights into how he intends to lead the Church and the key issues he plans to prioritize.

At 69, Pope Leo XIV is the first pope from the United States and the second from the Americas, following Pope Francis.

His inauguration Mass is scheduled to take place on Sunday in St. Peter’s Square.(dpa/NAN)

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CRIME

Court Remands Man For Stabbing Another With Bottle

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 An Ota Magistrates’ Court in Ogun, on Monday, remanded a 19-year-old man, Taiwo Lateef,  who allegedly stabbed another man with a broken bottle.

Lateef, whose address was not provided, is facing a count charge of assault.

The defendant, however, pleaded not guilty to the charge.

The prosecutor, Insp E.

O. Adaraloye, told the court that the defendant committed the offence on Jan.
5, about 7.40 p.m. at Toll Gate at Ota.

He alleged that the defendant assaulted the complainant, Mr Akorede Sanni, by stabbing him on the rib; thus, causing him a permanent injury.

Adaraloye said that the complainant was still receiving treatment in a hospital.

He said that the offence contravened Section 355 of the Criminal Code, Laws of Ogun, 2006.

The Magistrate, Mrs O. O. Fadairo, ordered that the defendant should be kept in prison custody pending the time the complainant would recover.

Fadairo adjourned the case until June 2 for trial. (NAN)

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NEWS

Leverage Technology For Wealth Creation, Zinox Boss Tells Youths

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The Chairman of Zinox Group, Mr Leo Ekeh, has urged Nigerian youths to take advantage technology evolution to enhance their economic fortunes.

Ekeh, said this during an interview on Sunday in Enugu on the sidelines of the just-concluded Enugu Tech Festival 2025 which had as its theme: Coal to Code.

He told NAN that in this internet-driven generation, no young person should be poor.

Ekeh urged youths, especially those in Enugu, to engage in tech-innovative and solution activities because ‘`we are in the tech-innovation knowledge economy era”.

He urged them to use their smart phones and other digital devices at their disposal to engage to create wealth for themselves.

According to him, this is a century of tech-innovative results, adding that no one was created by God to be poor in this century.

He, however, called on governments to invest in critical tech-innovative infrastructure to the benefit of young people.

Ekeh also challenged South-East governors to invest in infrastructure for digital wealth creation.

“The world is currently heading towards full digital economy. Digital wealth is the new mega wealth that rewards efforts in a short while.

“But there must be a deliberate and intentional investment as well as positive move and action to drag youths towards this direction,” he said.

Ekeh commended Gov. Peter Mbah of Enugu State for embracing tech-innovation in such areas as security, civil service administration, education and health sectors.

“I must commend His Excellency, Gov. Peter Mbah, for making Enugu State’s transformation to be centred on tech-innovation as well as investing heavily on it for the future of the state.

“For now, the government and most people will not understand the huge fire and hunger for tech-innovative ideas being propelled in these youths.

“They are eager to be part of the tech-innovative movement. The next few months or years will tell the story of this investment,’’ he said. (NAN)

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