Nigeria shared N1.65 Trillion among the three tiers of government in May
According to an official statement released on Wednesday, Nigeria’s Federation Account Allocation Committee (FAAC) distributed N1.65 trillion amongst the federal, state, and local governments for the month of May.
The allocation represents a decrease of N30 billion compared to the previous month, when the committee shared N1.68 trillion in April.
The total distributable revenue came from gross earnings of N2.94 trillion collected by the government during May.
The N1.65 trillion shared amongst the three tiers of government comprised several revenue streams: statutory revenue (N863.89 billion), value-added tax (N691.71 billion), electronic money transfer levy (N27.66 billion), and exchange rate differences (N76.61 billion).
22 oil and gas workers died on duty in 2024
At least 22 oil and gas workers lost their lives whilst on duty in Nigeria during 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The NUPRC report, which outlined the commission’s health, safety, and environmental performance, revealed that 732 oil spill incidents occurred across the country during 2024.
Officials disclosed that 59.01 per cent of the spills resulted from sabotage, particularly in the Niger Delta region.
The worker fatalities stemmed from various operational hazards and formed part of a broader pattern of safety incidents being monitored and addressed through accident investigations, audits, and compliance enforcement measures.
Read Also: Rwanda and DRC agree draft peace deal to end eastern Congo fighting
Rwanda and the DRC agreed to a draft peace deal to end eastern Congo fighting
Rwanda and the Democratic Republic of Congo have agreed to a draft peace deal aimed at ending the violent conflict in eastern Congo, according to a joint statement released on Wednesday by both countries and the United States.
Technical teams from the two nations initialled the provisional agreement, which is expected to be formally signed next week following three days of negotiations.
The breakthrough could mark a significant step forward in efforts led by President Donald Trump’s administration to halt the fighting in eastern Congo. The region is rich in valuable minerals including tantalum, gold, cobalt, copper and lithium, and the peace deal could pave the way for billions of dollars of Western investment.
TCN says it’s owed N457bn in unpaid bills
Nigeria’s Transmission Company (TCN) claims N457 billion in unpaid bills for services it provided to the country’s electricity supply industry as of March 2025, the company’s managing director has revealed.
Sule Abdulaziz disclosed the staggering debt figure whilst speaking on Wednesday at a capacity-building workshop for power sector journalists in Keffi, Nasarawa State.
According to the News Agency of Nigeria, Oluwagbenga Ajiboye, the executive director of transmission service provider at the company, represented Abdulaziz at the event.
Abdulaziz explained that the outstanding debt comprises N217 billion in legacy debt — money owed from previous years — and N240 billion for more recent services the company provided.
The US Federal Reserve ignored Trump to keep rates unchanged
The US central bank kept interest rates unchanged on Wednesday, with policymakers signalling that borrowing costs will likely fall in 2025, though Federal Reserve Chair Jerome Powell cautioned against placing too much weight on this outlook.
Powell warned he expects “meaningful” inflation ahead as consumers face higher prices for goods due to the Trump administration’s planned import tariffs.
“No one holds these … rate paths with a great deal of conviction, and everyone would agree that they’re all going to be data-dependent,” Powell said during a press conference after the two-day central bank meeting ended.
The central bank’s latest action again ignored Trump’s call for immediate rate cuts, a move Fed officials feel would counter their effort to ensure inflation returns to the 2% target until key tariff changes are finalised and their effects are better understood.
As Fed officials met on Wednesday, Trump called Powell “stupid” and said the policy rate should be slashed in half, the type of move usually reserved for severe economic emergencies. The president also mused about installing himself as Fed chief.
