The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.35 trillion in June, marking an increase of N210 billion from the N1.14 trillion distributed in May. The details were disclosed in a communiqué issued after the July meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy. According to the communiqué, the N1.35 trillion shared among the three tiers of government in June came from a gross total of N2.48 trillion. The breakdown included N142 billion in statutory revenue and N523 billion from value-added tax (VAT) revenue. Additionally, the revenue…

Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May. The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday. The CPI measures the rate of change in prices of goods and services. According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge. NBS said the headline inflation rate in June showed an increase of “0.24% points when compared to the May 2024 headline…

Nigeria and the United Arab Emirates reached an agreement allowing for the resumption of travel between the two countries, Nigeria's information minister said on Monday. The UAE stopped issuing visas to Nigerians in 2022 after Dubai's Emirates Airline suspended flights between the countries due to an inability to repatriate funds from Nigeria. Nigeria's central bank has since cleared a backlog of around $137 million in foreign exchange owed to international airlines. Information Minister Mohammed Idris said the deal includes the resumption of visa issuance to Nigerian passport holders for travel to the UAE, effective from Monday. "This agreement includes updated…

Controversial Islamic cleric Ahmad Gumi has urged Nigerians to engage in peaceful protests as a means of conveying their grievances to the government, emphasising that protests are a crucial tool for driving change. "Politicians are very stubborn, it is mass protests that only disturb them," he said. Addressing concerns over comparisons with past protests in countries like Sudan, Lebanon, and Liberia, Gumi highlighted Nigeria's unique diversity. "In Sudan and Liberia, the conflicts were like family feuds, which are very dangerous. But Nigeria is different, with diverse ethnicities, religions, cultures, tribes, and sects," he explained, noting internal tensions even within religious…