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FAAC: FG, States, LGs share N1.424 trillion December 2024 Revenue
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.
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Video: Watch moment Senator Manu tasks NAFDAC officials on poor budget presentation
The Senator representing Taraba Central, Manu Haruna white washed officials of NAFDAC for poor budget presentation during 2025 budget defense on Friday.
In a video, Senator Manu a former Deputy Governor of Taraba State opened the underbelly of NAFDAC on improper presentation of figures in the outlines.
He pointedly told the officials that the presentation was designed to mislead senators.
Watch video below:
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Why I returned N100m excess fund to Kano Govt Commissioner
The Kano State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Tajo Othman, who was recently in the news for returning N100 million excess fund to the state government, has revealed the reason behind his action.
The commissioner while addressing newsmen in Kano on Friday said his action was influenced by the state governor’s “exemplary leadership style,” adding that in an ideal situation, leaders are always a pace setter for others to follow.
He said he did not expect Governor Kabir Abba Yusuf to reveal the act to the public, but the governor chose to do so during the flag-off of the free uniform distribution to encourage the future generation to be transparent.
He said, “In an ideal governance setting, the leader is a pace setter for others to follow. We have seen the governor’s body language and as such we fall in. That is what exactly happened. it is the wish of the governor that everybody should be as transparent as possible.
“He is a transparent governor and therefore we should be transparent as well. I never expected the governor to go public with it, but I believe the reason behind his announcement is indeed genuine.”
The commissioner added that as the head of the committee for school uniform distribution, the state governor entrusted him with the task and advised the committee to execute it to the best of their ability.
The commissioner who was a retired customs officer was in the news when the Governor Yusuf publicly commended him for returning N100 million in unspent funds from a N2 billion budget earmarked for the production of 798,000 uniforms for pupils of primary 1 in the state.
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Nigerian Online Population Shows Strong Enthusiasm for AI – Report
A new global survey report from Ipsos and Google has shown widespread use of Artificial Intelligence (AI) tools among Nigerian online population.
The study, tagged: “Our Life with AI: From Innovation to Application,” surveyed 21,000 people across 21 countries, and observed that global AI usage has jumped to 48 per cent and excitement about its potential now exceeds concerns (57 per cent vs. 43 per cent, up from 50 per cent / 50 per cent last year).
According to the report, in Nigeria, AI adoption and enthusiasm are even higher, as 70 per cent of the Nigerian online population used generative AI, surpassing the 48 per cent global average. Moreover, 87 per cent are excited about AI’s potential and see its benefits outweighing the risks.
Analysing the report, President of Global Affairs, Google & Alphabet, Kent Walker, said: “AI is starting to deliver magic at scale, making people’s lives easier and better. The survey results show the more people use these tools, the more excited they get about the possibilities and about the personal, professional, and scientific breakthroughs on the way.”
The survey results indicate that optimism about AI is growing within the surveyed online community in Nigeria. Key findings from the survey, show that among survey participants in Nigeria, 70 per cent reported using generative AI in the past year, which is significantly higher than the global average of 48 per cent. A substantial 87 per cent of Nigerian respondents feel that AI’s potential benefits outweigh the associated risks, suggesting a strong belief in the positive impact of AI. A significant 81 per cent of surveyed Nigerian adults believe AI will positively change the economy.
Furthermore, 90 per cent of the survey respondents in Nigeria anticipate AI having a positive impact on science and medicine, demonstrating the widespread belief in the potential of AI to drive progress in these sectors.
According to the report, Nigeria’s online population demonstrates a higher level of excitement and adoption of AI when compared to other regions. The survey indicates: Nigeria is among the top countries in terms of AI usage and excitement about its potential.
This contrasts with more cautious sentiment in some European and North American countries.
The report also said the Nigerian online community saw immense potential for AI in science and medical advancements:
“A significant 90 per cent of survey respondents expect AI to have a positive impact on science and medicine. This is one of the highest rates globally, highlighting the strong anticipation of breakthroughs in these fields through AI,” the report said, and onlinerd that the population in Nigeria recognised AI’s potential to enhance personal and professional development:
“Many believe AI can make people’s lives better by boosting productivity and providing access to resources. Within the Nigerian online population surveyed, there is a prevailing sentiment that supports the fostering of AI advancement rather than restrictive regulations. This suggests that those surveyed are keen to embrace innovation,” the report further said.
The survey results highlight the strong enthusiasm and optimism of the surveyed online population in Nigeria about the role of AI in various aspects of life, particularly in the economy, healthcare, and scientific advancement. The findings suggest that Nigeria’s online community is among the most enthusiastic globally about the transformative potential of AI.
Google has been pursuing AI boldly and responsibly for years. In 2018, Google was one of the first companies to establish AI Principles grounded in beneficial use and avoidance of harm. Two years ago, it unveiled its opportunity agenda, which shard concrete recommendations for governments to ensure AI benefits the broadest range of people possible.
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