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FG, states, LGs share N1.36tn in July as revenue hit N2.61tn
The Federation Account Allocation Committee says it shared a total sum of N1.36tn to the three tiers of government as Federation Allocation for the month of July 2024.
At its August 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the amount shared was out of a gross total of N2.61tn.
A statement signed by the Finance Ministry, Director, Information and Public Relations, Mohammed Manga on Friday, said the Federal Government received its share of N431.1bn, the States received N473.5bn, while the Local Government Councils got N343.7bn.
It explained that Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax, Import Duty, Electronic Money Transfer Levy and External Tarrif levies increased significantly, while Companies Income Tax recorded a decrease. Excise Duties increased only marginally.
The communique read, “From the stated amount (N2.61tn) inclusive of Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and N13.647 Billion from Solid Mineral Revenue, the Federal Government received N431.079 Billion, the States received N473.477 Billion, the Local Government Councils got N343.703 Billion, while the Oil Producing States received N109.816 Billion as Derivation, (13 per cent of Mineral Revenue).
“The sum of N99.756 Billion was given for the cost of collection, while N109.816 Billion was allocated for Transfers Intervention and Refunds.”
The communique indicated that the Gross Revenue available from the Value Added Tax for the month of July 2024 was N625.33bn as against N562.69bn distributed in the preceding month, resulting in an increase of N62.64bn.
“From that amount, the sum of N25.01bn was allocated for the cost of collection and the sum of N18.01bn given for Transfers, Intervention and Refunds.
“The remaining sum of N582.31bn was distributed to the three tiers of government, of which the Federal Government got N87.37bn, the States received N291.15bn and Local Government Councils got N203.81bn.”
Manga said the Gross Statutory Revenue of N1.37tn received for the month was lower than the sum of N1.43bn received in the previous month by N45.52bn.
“From the stated amount, the sum of N73.959bn was allocated for the cost of collection and a total sum of N1.14tn for Transfers, Intervention and Refunds.
“The remaining balance of N161.593 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N58.55bn, States received N29.69bn, the sum of N22.89bn was allocated to LGCs and N50.46bn was given to Derivation Revenue (13 per cent Mineral producing States).
“Also, the sum of N19.6bn from Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.82bn, States got N9.41bn, Local Government Councils received N6.59bn, while N0.784bn was allocated for Cost of Collection.”
The Communique further disclosed the sum of N581.71bn from Exchange Difference, which was shared as follows: Federal Government received N276.11bn, States got N140.02bn, the sum of N107.97bn was allocated to Local Government Councils, N57.58bn was given for Derivation (13 per cent of Mineral Revenue).”
It further disclosed the sum of N13.647bn from Solid Mineral Revenue, which was shared as follows: Federal Government got N6.255bn, the States received the sum of N3.17bn, Local Government Councils received N2.446bn, while the sum of N1.77bn was allocated to Deviation (13 per cent of Mineral Revenue).
According to the Communique, “The total revenue distributable for the current month of July 2024 was drawn from Statutory Revenue of N161.59bn, Value Added Tax of N528.31bn, N18.82bn from Electronic Money Transfer Levy, N581.71bn from Exchange Difference and the sum of N13.65bn, bringing the total distributable amount for the month to N1.358.1tn.
“The balance in the Excess Crude Account as at August 2024 stands at $473,754.57.”
While welcoming the Federation Account Allocation Committee the minister commended the committee for their show of support especially during the recent protest.
He urged them to continue to support the efforts of the Federal Government in its determination to transform Nigeria’s economy for the future of our nation and further commended Tinubu, “for signing the National Minimum Wage Act into law, adding that its implementation will be of immense benefit to all Nigerians.”
News
Umahi Frowns At Slow Pace Of Suleja-Minna Road Construction
The Minister of Works, David Umahi, has expressed sadness and disappointment over the slow pace and poor quality of the Suleja-Minna federal road construction, which has been ongoing for 14 years.
Despite reports of 84% completion, Umahi stated that the work executed does not match the reported progress.
Umahi’s comments came during a Town Hall Meeting and stakeholders’ engagement on the construction of the 1,068-kilometer Sokoto-Badagri superhighway in Minna, Niger State.
The minister emphasized the need for improved quality and speed in the project’s execution and added that all contractors handling federal government projects in Niger State will be invited for assessment.
The Minister had passed through the Suleja-Minna Road to attend the meeting and express disappointment over the snail pace of work.
In addition to addressing the Suleja-Minna Road project, Umahi announced that the Federal Government is redesigning the Kano-Abuja Expressway. The new design will feature the use of concrete, which is expected to increase the road’s lifespan to between 50 to 100 years.
Governor Umaru Bago praised the value addition captured along the corridor of the road, particularly the irrigation potentials that the proposed 68 dams will avail farmers in the State. He also declared support for the choice of concrete in road construction.
Other stakeholders at the event raised concerns over funding and completion time of the projects.
News
Bitcoin hits $90,000 for the first time as Trump backs crypto
Bitcoin reached a record high above $90,000 on Wednesday, as the world’s largest cryptocurrency gained from President-elect Donald Trump’s pledge to ease regulation on digital assets.
Bitcoin surged to a peak of $91,000 before settling at $90,670.
The volatile asset has soared since Trump’s US presidential election victory last week, repeatedly setting new records.
Trump had pledged during his campaign to make the United States the “Bitcoin and cryptocurrency capital of the world.”
His previous term included corporate tax cuts that boosted market liquidity, encouraging cryptocurrency investment.
In September, Trump announced he and his sons, along with entrepreneurs, would launch a digital currency platform called World Liberty Financial. However, its sales launch earlier this month was lacklustre, with only a fraction of tokens sold.
Cryptocurrencies have drawn global attention, marked by extreme volatility and the collapse of major industry players, including the FTX exchange.
In the lead-up to the election, Trump reportedly became the first former president to use Bitcoin in a transaction, buying burgers at a New York restaurant that hailed it as a “historic transaction.”
AFP
News
NYSC announces date for ‘2024 Batch C’ registration
The management of the National Youth Service Corps, NYSC, on Wednesday, announced the date for the online registration of prospective 2024 batch C stream I corps members.
The management said the exercise will commence on Thursday, 14 November, 2024.
This was made known in a post on the official X handle of the NYSC on Wednesday.
“Online Registration for 2024 Batch ‘C’ SC Stream I commences 14th November 2024,” the statement read.
The orientation course will commence later on a date to be announced by the NYSC management.
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