NEWS
FAAC Shares N1.411trn Oct Revenue to FG, States, LGCs
By Tony Obiechina, Abuja
A total sum of N1.411 trillion, being Oct. Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils.
In a statement by Bawa Mokwa Director of Press and Public Relations on Wednesday, the revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation.
Dr. Oluwatoyin Madein.The FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.
319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total gross revenue of N2.668 trillion was available in the month of October 2024. Total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion.
According to the communiqué, gross statutory revenue of N1.336 trillion was received for the month of October 2024. This was higher than the sum of N1.043 trillion received in the month of September 2024 by N293.009 billion.
Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024. This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.
The communiqué stated that from the N1.411 trillion total distributable revenue, the Federal Government received total sum of N433.021 billion and the State Governments received total sum of N490.696 billion.
The Local Government Councils received total sum of N355.621 billion and a total sum of N132.404 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.
The Local Government Councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.
A total sum of N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL). The State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.
From the N566.000 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.
The Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In Oct., Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) increased significantly while Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably.
The Central Delivery Coordination Unit (CDCU) under the Office of the Special Adviser to the President on Policy and Coordination has lauded the leadership of the Federal Airports Authority of Nigeria (FAAN). This is contained in a statement by FAAN’s Director, Public Affairs and Consumer Protection, Mrs Obiageli Orah, in Lagos.
The CDCU made the commendation during an assessment tour of the Murtala Muhammed International Airport (MMIA), Ikeja. Report says that CDCU is responsible for tracking the progress and performance of presidential and ministerial deliverables to ensure alignment with achieving the eight presidential priorities of President Bola Tinubu. Aviation, as captured in the fifth priority, focuses on “Enhancing Infrastructure and Transportation as Enablers of Growth”. According to the CDCU, to achieve the objectives, it liaises with Delivery Task Teams across all ministries, departments, and agencies, which monitor progress and submit quarterly reports. The CDCU led by Dr Hendrix Odige expressed satisfaction with the strides made FAAN under the leadership of Mrs Olubunmi Kuku. It said that Kuku’s comprehensive report presentation and extensive tour of Domestic Terminal 1 and the international terminals of MMIA provided visitors with an on-the-spot assessment of the progress achieved. The FAAN boss had led the CDCU team as well as Mr Haliu Mohammed from the Ministry of Aviation and Aerospace Development on the tour. (NAN)
World Bank has promised to continue to provide necessary support to the Katsina State Governmenttoward the development of the education sector.The World Bank Country Director, Dr Ndiam Diop, made the promise in Katsina on Thursday at the Adolescent Girls Initiative forLearning and Empowerment (AGILE) project Implementation Support Mission (ISM) meeting.
The meeting was organised by the state’s Ministry of Basic and Secondary School Education,in collaboration with the AGILE office in Katsina. The project has been supporting the education sector in the state through the construction, rehabilitation of schools, provision of potablewater in schools, conditional cash transfer, among others.The country director, however, said “we are here to learn not just about the project and how we are modestly supporting you, but also to learn about Katsina itself.“So, I would like to really commend the ministry and the leadership for the commitment to education.“I’m very pleased to see the progress that you have already made so far. I was just looking at the numbers in 2021 when the project started, the completionrate at the senior secondary education level was only 21 per cent.“This was very low, and I think by today, the number has gone up quite significantly, but we’re still not there yet.“But I think the objective should be to really go even further. But I would like to commend you for the commitment.”Diop added that the global research in Nigeria and elsewhere, shows that each additional year of education at secondary level increases the lifetime earning of the beneficiariessignificantly.He stressed that “if we want to reduce poverty in the future, we cannot skip education, we have to put a lot of efforts and emphasis on the sector.“As you know better than me, education is a sector that’s complex, with many stakeholders involved and many factors affecting the result, that’s why leadershipand commitment at the top is critical.”He pointed out that basically, officials cannot make significant progress in education without strong commitment and leadership, commending thestate government and other stakeholders’ commitment.“I also want to reiterate the commitment of the World Bank to continue supporting this sector to achieve the results that you have sets for yourselves,” the country director assured.Earlier, the Commissioner for Education, Hajiya Zainab Musawa, said huge successes were recorded in the sector, “due to the political will of Gov. Dikko Radda.“I would like to assure you that anything education, comes from the bottom of his heart. He takes it so personal that nothing slips under the carpet without his knowledge or decision.“The ministry is the highest level of decision making in terms of education. We have about five agencies, 13 departments that are very key and institutional to education in the state.“I would like to say that AGILE has been able to give the girl-child the opportunity to know that she is special.”(NAN)
An Iyaganku Magistrates’ Court in Ibadan on Thursday, ordered the remand of a 35-year-old man, Shaibu Lawal, in a Correctional facility over an alleged armed robbery and attempted murder.Lawal, whose address was not provided was charged with conspiracy, armed robbery and attempted murder.The Magistrate, Mrs Kausarat Ayofe did not take the plea of the defendant for want of jurisdiction.
She directed the police to return the case file to the Director of Public Prosecution (DPP) for legal advice. Ayofe thereafter adjourned the case until Jan. 23, 2025, for mention.The Prosecutor, Insp Toyin Ibrahim told the court that the defendant committed the offences on Oct. 26, at about 6.01 p.m, at Ago-Are, Tede area of Ibadan.Ibrahim said the defendant and others at large, while armed with knives, cutlasses, robbed Jamiu Wasiu of his motorcycle worth N1.2 million.He said the defendant also unlawfully attempted to cause the death of Wasiu by cutting off his left arm.Ibrahim said the offences contravened Sections 516 and 319 of the Criminal Laws of Oyo State, 2000, as well as Section 6(b) of the Robbery and Firearms Laws of Nigeria,2004.(NAN)
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