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FG, States, LGs Share N1.2tn In May
The Federation Allocation Allocation Committee has disclosed that during the May 2024 meeting of the FAAC held in Abuja, N1.2tn from the April 2024 Federation Account Revenue was shared by the federal, states, and local governments.
The Director of Press and Public Relations, Office of the Accountant-General of the Federation, Mr Bawa Mokwa, disclosed this in a statement on Thursday.
The document revealed that N1.2tn total distributable revenue comprised distributable statutory revenue of N284.71bn, distributable Value Added Tax revenue of N466.45bn, Electronic Money Transfer Levy revenue of N18.02bn, and Exchange Difference Revenue of N438.88bn.
Total revenue of N2.19tn was available in April 2024.
The total deduction for the cost of collection was N80.51bn; the total transfers, interventions, and refunds were N903.47bn.
Gross statutory revenue of N1.23tn was received for April 2024.
This was higher than the sum of N1.01bn received in March 2024 by N216.28bn.
The gross revenue available from the value-added tax in April 2024 was N500.92bn. This was lower than the N549.69bn available in March 2024 by N48.77bn.
From the N1.2tn in total distributable revenue, the Federal Government received a total sum of N390.41bn, the state governments received N403.40bn, and the local government councils received N293.81bn.
A total sum of N120.450bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N284.716bn distributable statutory revenue, the communiqué stated that the Federal Government received N112.14bn, the state governments received N56.88bn, and the local governments received N43.855bn. The sum of N71.83bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
The Federal Government received N69.96bn, the state governments received N233.22bn, and the local governments received N163.26bn from the N466.45bn distributable value-added tax revenue.
A total sum of N2.704bn was received by the FG from the N18.024bn Electronic Money Transfer Levy. The state governments received N9.012bn, and the local governments received N6.30bn.
The Federal Government received N205.59bn from the N438.88bn Exchange Difference revenue. The state governments received N104.27bn, and the local governments received N80.39bn. The sum of N48.62bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
According to the communiqué, in April 2024, oil and gas royalties, company income tax, excise duty, petroleum profit tax, electronic money transfer levies, and CET levies increased significantly, while import duty and value-added tax recorded considerable decreases.
The FAAC noted that the balance in the Excess Crude Account remained at $473,754.57.
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Tinubu confesses, says corruption can’t be eradicated in Nigeria
President Bola Tinubu has reaffirmed his stance on removing the fuel subsidy, describing it as a necessary step to secure Nigeria’s financial future. Speaking during his first live presidential media chat broadcast nationwide on Monday, Tinubu acknowledged the challenges of combating corruption but emphasized that systemic flaws must be addressed to reduce it.
Corruption: A Persistent Challenge
The president admitted that while corruption cannot be entirely eliminated, it can be minimized through strategic measures.
“Block all the loopholes, where anybody can just gain in the system. Part of the anti-corruption is the removal of subsidy too. It is very, very difficult to say you will eliminate it, but you can reduce it to the barest minimum,” Tinubu said.
He further stressed the need to meet citizens’ needs, support education, and improve living standards as part of his administration’s efforts to combat corruption.
Fuel Subsidy Removal: No Regrets
President Tinubu stood by his decision to remove the fuel subsidy, arguing that the policy was unsustainable and a drain on Nigeria’s resources.
“We are spending our future. We are spending our generation’s fortunes. We are not investing. We are just deceiving ourselves,” he said.
The president warned that maintaining the subsidy would lead to financial disaster, not just for the current generation but for future ones.
“I don’t have any regret in removing the fuel subsidy. We have no choice. Otherwise, we are headed for the slippery slope,” Tinubu concluded.
Stampede Tragedies: Organisers at Fault
During the chat, Tinubu also addressed the recent fatal stampedes in Ibadan, Anambra, and Abuja, which claimed over 60 lives during palliative distributions. He described the incidents as a “grave error” on the part of the organisers.
“I’ve been giving to the less privileged at Bourdillon for the past 25 years, and we’ve never experienced a stampede,” the president said.
The Federal Capital Territory Police Command confirmed that 10 individuals, including four children, died in a stampede during a food distribution event at Holy Trinity Catholic Church, Maitama, Abuja, on Saturday. Similarly, in Ibadan, 32 children lost their lives in a similar incident, as reported by PUNCH Online.
Tinubu extended condolences to the families of the victims and advised against publicizing events when resources are insufficient to meet demand.
Conclusion
President Tinubu’s media chat highlighted the tough decisions his administration is making to address systemic challenges, including corruption and economic sustainability. While acknowledging the difficulties, he reaffirmed his commitment to reforms aimed at securing Nigeria’s future.
As the nation continues to adjust to these changes, Tinubu’s policies are likely to shape Nigeria’s path toward long-term stability.
News
Retired AIG Bola Longe is dead
Retired Assistant Inspector-General of Police (AIG), Emmanuel Adebola Longe is dead. He died on Sunday.
The Chairman of the Nigerian Bar Association (NBA), Ibadan branch, Ibrahim Lawal confirmed the news of his death in a telephone confirmation with Tribune Online on Monday.
He has earlier issued a statement to announce his death.
The statement read, “The death has been announced of Pastor Bola Longe AIG (Rtd), a partner at Afe Babalola & co which sad event happened yesterday.
“The Bar commiserate with the family and Emmanuel Chambers. May Almighty God repose his soul.”
Longe, who burst one of the largest syndicates of railway line vandals in North Central Nigeria in 2021, retired from the service of the Nigeria Police Force. after 33 years and eight months of meritorious service to his country.
Bola Longe retired from the rank of Assistant Inspector General of Police, AIG in-charge of Federal Operations, (Fed.Ops) Force Headquarters, Abuja.
He was an alumnus of the University of Ibadan, UI), and the University of Lagos.
He was a renowned student activist, a master of political science, peace and conflict expert, a refined solicitor, investigator, mentor and pastor.
Longe was one of the finest personnel in the Nigeria Police Force who served and left unblemished.
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Just in: Tinubu exposes those behind deadly stampedes
President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.
Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.
During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.
Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.
“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.
“Let this tragedy not affect us”, the Nigerian leader said.
The president also said he has no plans to reduce his cabinet or sack more ministers.
For the controversial tax reform bills, he said it has come to stay.
He also revealed he has no regrets removing fuel subsidy.
He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.
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