The federation account allocation committee (FAAC) says it shared N1.42 trillion among the three tiers of government in December 2024, noting that Nigeria’s gross statutory revenue declined by 32 percent.

The allocation, which was from a gross total of N2.310 trillion, represents an increase of N300 billion compared to the N1.72 trillion distributed in November.

In a statement on Friday, the ministry of finance said the FAAC announced the disbursements at its December meeting in Abuja, chaired by Wale Edun, minister of finance.

The committee said from distributable amount inclusive of gross statutory revenue, value added tax (VAT), electronic money transfer levy (EMTL), and exchange difference (ED), the federal government received N451 billion, the states received N498 billion, local governments got N361 billion, while the oil producing states received N113.477 billion as derivation, (13 percent of mineral revenue).

FAAC added that the sum of N84.7 billion was given for the cost of collection, while N801 billion was allocated for transfers, intervention and refunds.

The communique also said the gross revenue available from the VAT for the month of December 2024, was N649.5 billion as against N628.9 billion distributed in the preceding month, resulting in an increase of N20.5 billion.

“From that amount, the sum of N25.982 billion was allocated for the cost of collection and the sum of N18.707 billion given for Transfers, Intervention and Refunds,” FAAC said.

“The remaining sum of N649.561 billion was distributed to the three tiers of government, of which the Federal Government got N90.731 billion, the States received N302.436 billion and Local Government Councils got N211.705 billion.”

The committee said gross statutory revenue of N1.22 billion received in December was lower than the N1.82 billion received in the previous month by N6.98 million or 32.9 percent.

“From the stated amount, the sum of N57.498 billion was allocated for the cost of collection and a total sum of N782.468 for Transfers, Intervention and Refunds,” the committee added.

“The remaining balance of N386.124 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N167.690 billion, States received N85.055 billion, the sum of N65.574 billion was allocated to LGCs and N67.806 billion was given to Derivation Revenue (13% Mineral producing States).”

Also, N31.2 billion from EMTL was distributed to the federal government (N4.6 billion), states (N15.6 billio), and local governments (N10.9 billion), while N1.3 billion was allocated for the cost of collection.

In addition, the communique said N402.7 billion from exchange difference was shared with the federal government (N188 billion), states (N95.4 billion), and local governments (N73.5 billion).

The committee said N45.6 billion was given as 13 percent derivation funds.

FAAC said VAT and EMTL increased significantly, while oil and gas royalty, CET levies, excise duty, import duty, petroleum profit tax (PPT) and companies income tax (CIT) decreased considerably.

The Federal Government has announced plans to distribute N75,000 cash transfers to an estimated 70 million ‘poorest of the poor’ Nigerians by 2025.

This was disclosed by Prof. Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction, during his appearance on The Morning Show on Arise Television on Wednesday.

Prof. Yilwatda revealed that the ministry aims to deploy the program across all 36 states of the federation by the end of January 2025, targeting the registration of up to 18.1 million Nigerian households through the National Identity Number (NIN) system.

“We want to deploy by the end of January across 36 states to ensure we start harvesting the NIN number of up to 18.1 million Nigerian households that we need to capture as fast as possible so that we can make payment for them,” the minister said.

“The target of the president is that we should target 15 million households. And an average household is about 4 to 5. We are discussing here roughly about 70 million households with about N75,000 per person this year,” the minister noted.

The initiative is part of President Bola Tinubu’s directive to address extreme poverty and create a more inclusive social safety net.

Yilwatda noted that each household in the program would have an average of 4 to 5 individuals, translating to a target of roughly 70 million individuals nationwide.

The program will also enhance the digital identities of low-income Nigerians by collaborating with the National Identity Management Commission (NIMC) to increase NIN registrations. According to Yilwatda, this will help streamline the process and ensure the most vulnerable populations are included in the database.

“We are doing the data capturing, but for now, the poorest of the poor that we have in our data is only 1.4 million with NIN. We are working with NIMC, deploying resources, and conducting training. NIMC has brought in more devices under a program with the World Bank to assist us in data capturing for those without NIN numbers.”

The Minister detailed ongoing efforts, saying, “We are training in some states like Rivers, Kwara, Abuja, and Nasarawa, among others, and deploying to these states in the first round. By the end of January, we want to deploy across the 36 states to start capturing the NIN numbers of up to 18.1 million households. This will enable us to make payments to them for Conditional Cash Transfers.”

The minister emphasized the importance of leveraging technology to make the cash transfer program efficient, transparent, and accountable. He added that digital registration would reduce errors, improve tracking, and ensure that funds are disbursed to those most in need.

On January 12, 2024, President Bola Tinubu suspended all programs managed by the National Social Investment Programme Agency (NSIPA) and the Ministry of Humanitarian Affairs and Poverty Alleviation due to allegations of misappropriation, including those under the direct cash transfer initiative.

Earlier, on January 8, 2024, President Tinubu had suspended Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, over allegations of funds mismanagement within NSIPA.

Commander Matuwo Olufokunbi of the United States Navy has made history as the first Nigerian-American to qualify as a nuclear engineer under the prestigious U.S. Navy Nuclear Propulsion Program.

This achievement also marks him as the third Nigerian-born officer to command a U.S. Navy warship.

Fellow Nigerian-born U.S. Navy officer Victor Agunbiade shared the news on his X (formerly Twitter) handle on Thursday. Expressing his joy, Agunbiade wrote, “I celebrate this rare milestone achievement, brother.”

He continued: “Big congratulations to my brother CDR Olufokunbi Matuwo—another Nigeria-born US Navy Commander takes the helm of USS OAK HILL (LSD 51). He is the third Nigeria-born to Command US Navy warship. Proud of you brother!!!

“This is an extraordinary milestone and chapter in your professional career brother! Wishing you the very best of this Command at Sea tour,” Agunbiade added.

Commander Matuwo I. Olufokunbi, United States Navy, becomes the Third Nigerian-American and First to Qualify as Nuclear Engineer under United States Navy Nuclear Propulsion Program takes Command of a U.S. Navy warship! I celebrate this rare milestone achievement brother! pic.twitter.com/6iYxTMWdGa

The USS Oak Hill (LSD 51) also confirmed Olufokunbi’s appointment as the new commanding officer in a statement released via Facebook on Thursday.

“Today, we bid farewell to CDR Jason Nowell as CDR Matuwo Olufokunbi assumed command of our Nation’s Protector. Please join us in welcoming CDR Olufokunbi to his new role and in thanking CDR Nowell for his steadfast leadership and unwavering dedication to the ship and her crew,” the statement read.

Olufokunbi’s Navy journey began in January 2001 when he enlisted as an Electronic Technician. He later joined the Seaman to Admiral Program and earned a degree in Electrical Engineering from Old Dominion University in May 2008.

He is a graduate of the Naval Nuclear Propulsion Program, holds JPME Phase 1 qualifications, and has a Master’s degree in Engineering Management from Old Dominion University.

In his distinguished career ashore, Olufokunbi served as the Nuclear Programs Officer at Commander, Navy Recruiting Command, and as the Naval Surface Forces Expeditionary, Amphibious Warfare (AMW), and Mine Warfare (MIW) Warfighting Requirement and Assessment Lead at Commander, Naval Surface Forces, Atlantic.

His military accolades include the Navy Commendation Medal (four awards), Navy Achievement Medal (three awards), and numerous unit, campaign, and service awards.