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
President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation, Mr Bayo Onanuga, Special Adviser, Information and Strategy, said in a statement on Thursday.“President Tinubu, who returned to the country last Sunday after his trip to China and the UK, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.
“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings,” said the statement.The high-level General Debate, with the theme, “Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,”will run from Sept. 24, to Sept. 28. (NAN)
The National Examinations Council, (NECO) has released the June/July 2024 Senior School Certificate Examination results (SSCE), with 60.55 per cent of candidates securing five credits and above in English Language and Mathematics.
The Registrar of NECO, Prof. Dantani Wushishi, disclosed this while addressing newsmen at the NECO headquarters on Thursday in Minna, Niger.
Wushishi said that a total of 1,376,423 candidates, representing 706,950 males and 669,473 females, registered for the exam.
The registrar said that 1,367,736 candidates sat for the examination, representing 702,112 Males and 665,624 females.
He said that 828, 284 candidates had five credits and above, including English and Mathematics, representing 60.
55 per cent.Wushishi said that the number of candidates with five credits and above, irrespective of English and Mathematics, were 1,147,597, representing 83.90 per cent.
He said that there was a great reduction in the number of examination malpractices this year compared to 2023.
“The number of candidates involved in various forms of malpractice in 2024 is 8,437 as against 12,030 in 2023, which shows a reduction of 30. 1 per cent,” he said.
The registrar, however, said that 40 schools were found to be involved in mass cheating during the examination.
” During the conduct of the 2024 Senior School Certificate Examination (SSCE), 40 schools were found to have been involved in whole school (mass) cheating in 17 states.
” They will be invited to the Council for discussion, after which appropriate sanctions will be applied.
“A school in Ekiti was recommended for de-recognition for mass cheating in two core subjects and 01 Science subject.
” Similarly, 21 Supervisors were recommended for blacklisting due to poor supervision, aiding and abetting, abscondment, extortion, drunkenness and negligence in 12 states,”said.
He urged candidates that sat for the examination to visit NECO website to access their results.
Wushishi said candidates can access their results on NECO website: www.neco.gov.ng using their examination registration number,” he said.(NAN)
The Niger Delta Development Commission (NDDC) says it is committed to advancing projects and programmes that enhance food security and sustainable growth in the region.Chief Monday Igbuya, the Delta representative on the NDDC Board, made this pledge in a statement issued on Thursday in Port Harcourt by the NDDC’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama.
Igbuya spoke at the inauguration of a training and empowerment programme for women and youths in livestock and agro processing in Amukpe, Sapele area of Delta. He stated that the NDDC was prioritising livestock training in line with President Bola Tinubu’s Renewed Hope Agenda.“NDDC is focussed on implementing programmes to ensure food security and agricultural growth in multi sectors, aiming to improve living standards.“It is our belief that for socio-economic development to take place, there is need to develop manpower in the agricultural sector,” he said.Igbuya expressed confidence that training farmers would enhance livestock production, create jobs, and alleviate poverty in the Niger Delta.Mrs Winifred Madume, NDDC Director of Agriculture and Fisheries, said that training farmers and entrepreneurs was essential for improving productivity and market access.“The commission has been promoting research and development through various institutions and providing farming techniques to beneficiaries,” she said.The Project Consultant, Dr Simon Akhaine, said that 200 women and youths had registered for the livestock and agro-business skill acquisition programme.According to him, the programme aims to equip them with the essential knowledge and skills for self-sufficiency in livestock farming, thereby boosting regional food security. (NAN)
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