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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.
News
WATCH moment Tinubu hails FCT minister for his doggedness, sterling performance
President Bola Tinubu has described the Federal Capital Territory, FCT, minister Nyesom Wike as a performing and dogged technocrat.
Naijablitznews reports Tinubu made this assertion during his maiden presidential chat on Monday.
The president rounded up by saying “I doff my hat for the performing minister.
Watch clip below:
News
BREAKING: Human Rights Lawyer Dele Farotimi Released
By Gloria Ikibah
Prominent human rights lawyer and activist, Dele Farotimi, has been released after fulfilling his bail conditions.
Farotimi, who had been in custody over allegations of defaming Senior Advocate of Nigeria and founder of Afe Babalola University, Ado Ekiti (ABUAD), Afe Babalola, regained his freedom on Tuesday morning.
He is currently enroute to his home in Lagos.
Confirming the development, activist and politician Omoyele Sowore stated on X, “I am pleased to report that Dele Farotimi is no longer being held in the prison facilities of Ekiti State and is now returning home to Lagos. The struggle continues!”
Earlier, a Chief Magistrate’s Court in Ado Ekiti granted Farotimi bail, setting conditions that included a N30 million bond, two sureties (one of whom must be a property owner), the submission of his passport, and a restriction on granting media interviews following his release.
News
NASC backpedals reverses Atiku’s appointment as DCNA, replaces him with Yero
By Kayode Sanni-Arewa
Following the intervention by the National Assembly leadership, the National Assembly Service Commission, NASC, has reversed the appointment of Dr Ibrahim Atiku as Deputy Clerk to the National Assembly, DCNA.
The Commission has replaced Atiku with the permanent secretary [Estate and Works Directorate], Engineer Bashir Yero.
This was consequent upon the outcome of a meeting convened Monday night by the Senate President, Godswill Akpabio, with Speaker Tajudeen Abbas and their deputies in attendance.
Present also at the meeting were the Chairman of the NASC, Engineer Ahmed Amshi, two commissioners from NASC, and some permanent secretaries in the NASS bureaucracy.
THE CONCLAVE learnt that the high-level meeting took place in the Senate President’s residence.
Reports from the meeting said that the chairman of the NASC and his commissioners could not justify the appointment of Atiku when asked by the speaker how the choice of Atiku was arrived at.
THE CONCLAVE reports that it was at that point that the commission chairman sought the leave of the Senate President and the Speaker to ask that the permanent secretaries present should excuse them since they could not be sitting over a matter in which they had personal interest.
Upon their return to the room, after the leadership had arrived at a resolution one way or another, it was agreed that Engr. Bashir Yero of Estate and Works Directorate be appointed the DCNA, while Engr Sanda Liman of Procurement Directorate, be redeployed in Estate and Works.
The newly promoted Ibrahim Atiku [to the position of permanent secretary], as resolved and directed, should be deployed in Procurement Directorate.
The NASC is expected to formalise and/or activate the decision soonest.
Source: CONCLAVE
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