News
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
Reps Okay $75 Oil Benchmark Price, 2.06mbpd, NGN1400/USD Exchange Rate
News
A Bill To Create Jobs, Process Raw Materials To Finish Goods Pass Second Reading
News
Kano Reps Seek Legal Expertise from Women Lawyers to Improve Lawmaking
By Gloria Ikibah
Members of the Kano State Caucus in the House of Representatives have emphasized the critical role of legal professionals in enhancing their legislative duties. The caucus made this call during a meeting with the International Federation of Women Lawyers (FIDA), Kano State Chapter, held in Abuja on Tuesday
Speaking on behalf of the caucus, the leader of the Kano and Northern Caucus, Hon. Alhassan Ado Doguwa, acknowledged that while lawmakers bear the primary responsibility for crafting legislation, their work can be significantly enriched through collaboration with legal experts.
“Those of us here are called lawmakers, but while making laws, we need fine and brilliant minds like yours to assist us,” Doguwa said. He pointed out the importance of avenues like public hearings and constituency offices where legal professionals can provide valuable input.
“When we have professionals like you collaborating with us, it ensures that our critical duty of lawmaking is executed with precision. Despite my 34 years in the House, having been elected six times, I acknowledge that I am not perfect. I am not a lawyer, and there are gaps only your expertise can fill,” he admitted.
Doguwa also highlighted the ongoing constitutional review process as an opportune moment for legal professionals to contribute meaningfully. “Virtually all the laws in the Federation can be reviewed. They are not cast in stone. Your insights will help us address gaps in legislation, such as with the Petroleum Industry Act, which continues to generate debate,” he said.
In her remarks, the Chairperson of FIDA Kano State Chapter, Barrister Bilkisu Suleman, outlined the organization’s mission to provide free legal services to underprivileged individuals, particularly women and children.
“FIDA is an international body of legal professionals dedicated to promoting the rights of women and children. Our services are offered pro bono, and we allocate time to advocacy, legal representation, and mediation,” Suleman said.
She elaborated on the organization’s efforts to ensure access to justice, including handling sensitive cases in courts, mediating disputes, and conducting community sensitization programs.
“Our work often involves resolving family disputes outside the courtroom to foster peace and stability. We mediate cases, even if they are already in court, because ensuring harmony within families is crucial,” she explained.
Suleman also highlighted the challenges of addressing legal issues in impoverished communities and stressed the importance of collaboration with lawmakers to improve societal welfare.
“We deeply appreciate the efforts of representatives in promoting the welfare of society and encourage continued cooperation to make meaningful impacts,” she concluded.
-
Metro19 hours ago
Many admitted after reacting to drugs shared during free medical outreach
-
News19 hours ago
EFCC opens up on Yahaya Bello, says he didn’t surrender but nabbed
-
Metro19 hours ago
SAD! Gas explosion rocks Lagos market, 11 shops damaged
-
Metro18 hours ago
Gunmen kidnap Akwa Ibom businessman, kill driver
-
News18 hours ago
Three soldiers killed as troops repel terrorists in Borno
-
News18 hours ago
Finance ministry amendment bill scales second reading
-
News19 hours ago
Adebayo Defends National Assembly’s Power to Remove CCT Chairman
-
Sports19 hours ago
Just in: Man city wobbles after 3-0 lead as Feynoord from behind equalises