NEWS
FAAC: FG, States, LGCs Share N1.203trn August, 2024 Revenue
By Tony Obiechina, Abuja
A total sum of N 1.203 trillion August 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country. The revenue distribution was announced at the September 2024 meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja.
The N1. 203 trillion total distributable revenue comprised distributable statutory revenue of N186. 636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion. A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total revenue of N2.278 trillion was available in the month of August 2024. Total deduction for cost of collection was N81.975 billion while total transfers, interventions and refunds was N992.617 billion. According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month of August 2024. This was lower than the sum of N1.387 trillion received in the month of July 2024 by N165.994 billion. Gross revenue of N573.341 billion was available from the Value Added Tax (VAT) in August 2024. This was lower than the N625.329 billion available in the month of July 2024 by N51.988 billion. The communiqué stated that from the N1.203 trillion total distributable revenue, the Federal Government received total sum of N374.925 billion and the State Governments received total sum of N422.861 billion. The Local Government Councils received total sum of N306.533 billion and a total sum of N99.474 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. On the N186.636 billion distributable statutory revenue, the communiqué stated that the Federal Government received N71.624 billion and the State Governments received N36.329 billion. The Local Government Councils received N28.008 billion and the sum of N50.675 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. From the N533.895 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N80.084 billion, the State Governments received N266.948 billion and the Local Government Councils received N186.863 billion A total sum of N2.252 billion was received by the Federal Government from the N15.017 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.509 billion and the Local Government Councils received N5.256 billion.From the N468.245 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N220.964 billion and the State Governments received N112.076 billion. The Local Government Councils received N86.406 billion, while the sum of N48.799 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. In August 2024, Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), CET Levies and Companies Income Tax (CIT) all recorded decreases. The balance in the ECA was $473,754.57
By David Torough, Abuja
The Peoples Democratic Party Young Leaders Alliance (PDP- YLA) has issued an apology and retracted its protest against Nigeria’s Minister of State for Defence, Bello Matawalle, over allegations of misappropriation of funds during his tenure as Zamfara State governor.
The group had staged a demonstration on Friday at the Economic and Financial Crimes Commission (EFCC) headquarters in Abuja, urging the anti-graft agency to investigate the minister.
In a statement released on Saturday, PDP-YLA spokesperson Muhammed Usman admitted the protest was based on “misleading and politically motivated information.”
He described the allegations as a “deliberate smear campaign” orchestrated by political opponents to tarnish Matawalle’s reputation and distract him from his national duties.
“I was misled by exaggerated claims aimed at discrediting the minister,” Usman said, urging Nigerians to disregard the narrative.
The PDP-YLA called on Nigerians to focus on Matawalle’s contributions to national security under President Bola Tinubu’s Renewed Hope Agenda.
“The group also commended Tinubu’s nation-building efforts and urged citizens to support initiatives aimed at repositioning Nigeria for development”.
Speaking further, he noted that the Zamfara State Government is planning another protest and promised to give us 50 million naira just to tarnish Matawalle’s name, but we rejected it.
Their fear is nothing but the issue of a state of emergency, and they are doing everything possible to distract the people’s attention from it. That is why they’re busy mentioning Matawalle’s name everywhere.
By David Torough, Abuja
A member of Nigeria’s opposition People’s Democratic Party (PDP) has publicly disavowed his role in a recent protest targeting Bello Matawalle, the country’s Minister of State for Defence, claiming the demonstration was a politically motivated scheme orchestrated by the Zamfara State Government.
Kamilu Ibrahim, who identified himself as an active PDP member and one of the protest’s organisers, issued a statement on Saturday retracting his involvement and apologising to Matawalle. “It’s important to note that I am not an indigene of Zamfara State, and none of the participants come from Zamfara State.”He alleged that the protest was not driven by genuine grievances but was instead sponsored by Zamfara’s PDP-led government under Governor Dauda Lawal Dare to discredit Matawalle, a prominent figure in the rival All Progressives Congress (APC).Ibrahim said Dauda promised us $100 to each protester, and we have over 330 members. He has not kept his promise.”The reason we are begging Matawalle to forgive us is that we found out we were fooled and misled by false information to deceive the public. “We are sorry for any damage we have caused you, Ibrahim told Matawalle.“I believed at the time that our actions were justified,” Ibrahim said. “However, after reviewing the facts and listening to credible reports, I now realise that the allegations against Matawalle are unfounded and politically motivated.”Ibrahim further claimed that the organisers of the protest were not APC members, as reported in some media outlets, but PDP loyalists acting on instructions from the Zamfara State Government. He accused Governor Lawal of orchestrating the campaign to undermine Matawalle for political gain. Ibrahim suggested that Governor Lawal has been avoiding a summons by Nigeria’s National Assembly, fearing that a federal inquiry could expose administrative failures and potentially lead to the declaration of a state of emergency in the state.“Governor Lawal is deliberately avoiding the National Assembly’s invitation,” Ibrahim alleged, citing concerns that an investigation could reveal “the truth” about the state’s security and governance challenges.Ibrahim’s statement casts fresh doubt on the credibility of the allegations against him, framing them as part of a broader political vendetta.In his statement, Ibrahim expressed regret for his role in the protest and sought Matawalle’s forgiveness. “I sincerely apologise to Honourable Bello Matawalle for the role I played,” he said, vowing not to participate in “such deceitful agendas” in the future.
The Head of Mechanical department of the Standards Organisation of Nigeria (SON), Mr Ijacha Ego, has urged stakeholders, especially, manufacturers to always seek its assistance in the area of quality control for their products.Delivering a lecture titled: “The Impact of SON Activities on the Nation’s Economy Development” at its sensitisation workshop in Asaba on Friday, Mr Ego noted that the main task of SON is to ensure quality of products in the country.
Giving an overview of activities of SON, Ego disclosed the organisation has multiple testing laboratories tor products and urged the stakeholders to get closer to the organisation for quality control of their products and goods. ”Get close to SON, SON is available and willing to support your businesses, ” he emphasised.In his presentation titled: ”Promoting Quality and Standards Culture via Self- Regulation And Ethic Codes”, The Head of Department, Science Laboratory Technology, Delta State Polytechnic, Ogwashi-ukwu, Mr Timothy Oni, emphasised the need for owners of businesses to establish clear policy and procedures to ensure better compliance.Oni, a guest speaker, advised them to always ensure they educated their employees through regular training as well as regular auditing.Also, the Director of SON in charge of the South South Zone, Mrs Patience Kussy-Wanza, in her presentation, urged the participants to prioritise promotion of quality standards through self-regulation and observations of ethics to increase their organisation’s profit.“It will earn you tremendous respect, unquantifiable goodwill and global recognition, all of which significantly ensure globally competitiveness.”She emphasised that apart from being a regulatory agency, “we are indeed your partner in this critical imperative.”We are willing and available to support you to embrace standards and qualify assurance in your operations with just a visit or a call for necessary support or information”.(NAN)
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