News

FAAC: FG, States, Councils share N1.149trn for January 2024

Published

9 months ago

February 22, 2024

A total revenue of N2.068 trillion was collected in the month of January 2024 into the Federation Account.

Deductions for cost of collection was N78.412 billion with total transfers, interventions and refunds N639.926 billion and savings N200.000 billion.

As a result of the deductions from the total revenue, the Federation Account Allocation Committee (FAAC) shared N1.149 trillion from the January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This means the federal government saved N919 billion in the special account created after the end of fuel subsidy was announced by President Bola Ahmed Tinubu in May, 2023.

The balance in the Excess Crude Account (ECA) still stands at $473,754.57.

Director Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa in a statement on Thursday in Abuja informed that the revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

Mokwa, quoting a communique by FAAC said: “The N1.149 trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

“Interestingly the federation account benefitted (N279.028 billion) from the January crash of the Naira. The inflow of N279.028 billion from Exchange Rate Differentials in January 2024 signifies the gains realized from favorable exchange rate movements on foreign currency transactions or investments that were translated into the local currency, ultimately boosting the financial position of the federation account.

“In other words, the dollar rate at which the nation sold crude oil resulted as a blessing to the federation account when the Naira fell.”

The OAGF spokesman added that the gross statutory revenue of N1.151 trillion was received for the month of January 2024.

“This was higher than the sum of N875.382 billion received in the month of December 2023 by N276.426 billion,” he said.

“The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion,” he added.

According to him: “The communique stated that from the N1,149 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments received N379.407 billion and the Local Government Councils received N278.041 billion.

News

HoR to Lead March, Launch Initiatives Against Gender-Based Violence

Published

4 hours ago

November 23, 2024

Gloria Ikibah

By Gloria Ikibah

As part of the annual 16 Days of Activism Against Gender-Based Violence, the House of Representatives is set to lead a historic march on Monday, November 25, 2024, in a bold effort to tackle gender-based violence (GBV) in the country.

The march, which begins at 8:00 AM, will see over 1,000 participants, including lawmakers and members of the public walk from the National Assembly to the Nigeria Police Force Headquarters in Abuja. The event will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action against GBV and greater protection for vulnerable groups.

Speaking about the initiative, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD., GCON, said, “This march and the activities that follow are not mere gestures but a reflection of our determination to confront gender-based violence head-on. We are committed to building a society where justice, equality, and safety prevail for all Nigerians.”

In a statement by the House Spokesperson, Rep. Akin Rotimi on Saturday in Abuja, he said, “The 10th House of Representatives has reaffirmed its commitment to systemic reforms, collaboration, and accountability in the fight against gender-based violence.

“In addition to the march, the House has outlined key activities in alignment with its Legislative Agenda (2023–2027) to sustain awareness and action throughout the campaign period.

“Sash Demonstration Ceremony – Tuesday, November 26, 2024

“Convergence of State Assembly Speakers – Monday, December 9, 2024. A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative measures for combating GBV nationwide.

“National Citizens’ Summit and GBV Conference 2024 – Tuesday, December 10, 2024. The summit will focus on constitutional reforms and securing endorsements for gender equality initiatives led by the House of Representatives”.

Naijablitznews.com reports that this year’s 16 Days of Activism aims to galvanise nationwide efforts and inspire collective action to protect human rights, ensure justice, and create a safer, more equitable Nigeria.

News

NUJ-FCT Elections: Comrade Ike To Flag-Off Campaign With Free Medical Checks, Treatment

Published

7 hours ago

November 23, 2024

Gloria Ikibah

By Gloria Ikibah

Ahead of theDecember 4, 2024 Nigeria Union of Journalists (NUJ), Federal Capital Territory Council (FCT) election, Comrade Grace Ike, will flag-off her campaign for the position of Chairman with free eye check for journalists on Sunday, November 24, 2024, by 12 noon.

The exercise, under the auspices of the Grace Ike Campaign Council (GICC), which will be held at the NUJ FCT Council Secretariat, Utako, Abuja, is expected to attract interested journalists and her teeming supporters across all chapels.

According to Comrade Ike, the reason behind the free eye checks for journalists is based on the critical role their eyes play in their daily tasks as watchdogs and also being a critical organ of the body, there is the need to be attended to and checked by qualified ophthalmologists to boost their productivity.

During the flag-off, the Ike will unveil her campaign management team and itinerary in line with the NUJ FCT Council Election timetable.

The campaign will be anchored on the slogan, “One Voice, New Era” and focused on Accountability, Transparency, Accelerated Development, Capacity Building, New Innovation/Creativity, Improved Welfare & All-round Empowerment for members.

Naijablittznews.com reports Comrade Ike was yesterday cleared by the Credentials Committee and declared elected by the NUJ National as the only candidate for the position of Chairman in the December 4, NUJ-FCT election.

News

President Tinubu Leaves Brazil After G20 Summit

Published

10 hours ago

November 23, 2024

Naijablitznews

President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.

The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).

President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.

The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.

He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.

The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.