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 $473,754.57NEWS
TCN, BEDC Trade Blame over Power Outage on 33kV Feeder in Edo

The Transmission Company of Nigeria (TCN) has faulted the Benin Electricity Distribution Company (BEDC) for allegedly misleading the public over power outages in Edo district.
A statement by the TCN’s General Manager, Public Affairs, Ndidi Mbah, on Sunday in Benin said that TCN’s maintenance work had nothing to do with the blackout experienced by BEDC’s 33kV customers.
It would be recalled that on March 14, BEDC had claimed that TCN’s maintenance activities were the cause of power outages in Sapele, Abraka, Ugelli/Shell and industrial areas through its social media platform.
Mbah explained that TCN only requested a planned outage on March 11, at the Amukpe Transmission Station, which was completed the same day and power was restored.
Mbah emphasised that TCN’s maintenance had nothing to do with power delivery to BEDC customers.
” TCN wishes to address the publication by Benin Electricity Distribution Company (BEDC) on its social media platform, dated March 14, that TCN was responsible for the blackout, which was not true
“The announcement by BEDC’s inability to deliver power to its 33kV customers to TCN’s maintenance activities was not true.
“For clarification purposes, TCN only applied for a planned outage on March 11, at the Amukpe Transmission Station, which was completed on the same day, and bulk power supply was restored.
“Contrary to BEDC’s claims, TCN’s maintenance activities did not cause the power delivery issues experienced by BEDC’s customers, ” Mbah said.
The general manager stated that the only valid statement in BEDC’s publication was regarding the Ughelli/Shell 33kV feeder T1 60MVA, which tripped off due to a fault on March 14.
Mbah disclosed that TCN was currently working to restore bulk power supply to the affected feeder.
She emphasised that all other areas mentioned by BEDC in their release, experiencing power delivery issues, were due to a fault on BEDC’s 33kV feeders.
She urged BEDC to provide accurate information to its customers and avoid misrepresentations, stressing that facts should be made clear for the benefit of stakeholders.
Mbah reiterated that TCN remained committed to maintaining efficient and reliable electricity transmission across the country for all consumers. (NAN)
NEWS
LASG Diverts Traffic for Independence Bridge Repairs

The Lagos State Government has announced a diversion plan ahead of emergency repairs on Independence/Mekwen Bridge, inbound the Marina/CMS route.
Oluwaseun Oshiyemi, Commissioner for Transportation, confirmed the diversion in a statement made available to newsmen on Sunday in Lagos.
Oshiyemi stated that the diversion will begin on March 19 and last until May 26.
“During repairs, the road from the National Open University of Nigeria (NOUN) through Bonny Camp Bridge to Independence Bridge will be closed to vehicles.
“Likewise, the service lane at Bonny Camp Underpass Bridge inbound Independence Bridge will not be accessible to motorists.
“However, the service lane from Ahmadu Bello Way to Ozumba Mbadiwe Avenue will remain open to traffic,” he said.
Oshiyemi listed alternative routes for motorists to ease traffic flow during the repair period.
Motorists going to Victoria Island from Ahmadu Bello Way should use Ozumba Mbadiwe Avenue, Akin Adesola Street, Falomo Roundabout, then Obafemi Awolowo Road to Ring Road.
Those heading to 3rd Mainland Bridge should take Ozumba Mbadiwe Avenue, Akin Adesola Street, Alfred Rewane Road, Osborne Road, then link Ring Road.
Motorists going to Inner Marina and CMS from Ahmadu Bello Way should follow Ozumba Mbadiwe Avenue, Akin Adesola Street, Falomo Roundabout, and Obafemi Awolowo Road to J.K. Randle Road.
Drivers heading to Ahmadu Bello Way from Inner Marina or CMS will go through traffic access available.
Oshiyemi assured residents that Lagos State Traffic Management Authority (LASTMA) will manage traffic throughout the diversion period.
The commissioner urged all motorists to remain patient during the partial road closure.
He added the repairs form part of the traffic management plan by the Federal Ministry of Works for road rehabilitation in Lagos. (NAN)
NEWS
Adeleke’s $20m Fraud Allegation Against Oyetola mere Shadow Chasing – Ogundokun

A frontline politician, Chief Abiola Ogundokun, has described Gov.
Ademola Adeleke of Osun’s $20 million fraud allegation against his immediate predecessor, Adegboyega Oyetola, as mere shadow chasing.Ogundokun stated this in a statement issued on Sunday in Abuja, while reacting to a petition by Adeleke to Economic and Financial Crimes Commission (EFCC) against Oyetola.
Adeleke had, in the petition, alleged that Oyetola, the Minister of Marine and Blue Economy, misappropriated a $20 million World Bank health grant while he was governor of the state.
Ogundokun said in the state that there was nothing serious in the petition other than a drama aimed at generating negative energy toward the 2026 governorship election in the state.
He described Oyetola as a man of sterling performance in the private sector as well as due diligence and strict adherence to rules in the public service as governor.
The All Progressives Congress (APC) chieftain also described the former governor as the pride of Osun and Nigeria who should not be pulled down or given uncharitable names but encouraged to do more for the state.
According to him, there is the need to stop a destructive campaign of “I will destroy you if I can’t get it.
“Oyetola is honest to a fault,” he remarked, calling on the people of the state to join him in moving Osun forward.
Ogundokun advised Adeleke to prioritise good governance rather than engaging in frivolous activities.
“What Osun requires and deserves is focused leadership and serious engagements.
“I will advise Ademola Adeleke to stop playing politics with the exalted office of the governor by turning it to a petition writing apparatus.
“He should use the enormous power of the office to improve the lots of the people instead of deploying the state resources to bully and witch-hunt a perceived enemy or enemies.
“Writing a petition against a man like Oyetola, to me, is like chasing a shadow.
“The task before Adeleke is huge, and meeting the expectations of the people should be his priority and not fighting an imaginary political foe,” he said.
The elder statesman urged the governor not to deviate from the vision of the state’s forefathers.
Rather, he said that Adeleke should learn to build on the good foundation of his predecessor instead of finding ways to shoot down his good legacies. (NAN)