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FAAC: FG, States, LGs Share N1.727 Trillion November Revenue

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The Federation Accounts Allocation Committee (FAAC), has shared N1.727 trillion among the Federal Government, states, and Local Government Councils (LGCs) for November.

This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja.

According to the communiqué, the N1.

727 trillion total distributable revenue comprised statutory revenue of N455.
354 billion.

It also comprised distributable Value Added Tax (VAT) revenue of N585.

700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.

The communiqué indicated that total gross revenue of N3.143 trillion was available in the month of November.

“Total deduction for cost of collection was N103.307 billion, while total transfers, interventions, and refunds was N1.312 trillion,” it said.

It said that gross statutory revenue of N1.827 trillion was received for the month of November.

“This is higher than the sum of N1.336 trillion received in the month of October 2024 by N490.339 billion.

“Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in the month of October by N39.318 billion ” it said.

The communiqué said that from the N1.727 trillion total distributable revenue, the Federal Government received the total sum of N581.856 billion, and the state governments received N549.792 billion.

“The LGCs received the sum of N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

On the N455.354 billion statutory revenue, the communiqué said that the Federal Government received N175.690 billion, and the state governments received N89.113 billion.

It said that the LGCs received N68.702 billion, and the sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.

“A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.

It said that in November, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably. (NAN)

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Life Doesn’t End in your Communities, NYSC D-G Tells Corps Members

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The Director-General of the National Youths Service Corps (NYSC), Brig.-Gen. Yusha’u Ahmad, has advised corps members to stop thinking of relocating back to their communities, emphasising that life does not end there.

Report says that Ahmad spoke when he visited the NYSC temporary orientation camp on Friday in Kaduna.

Addressing corps members of the 2024 batch ‘C stream ‘I’ currently on the mandatory three-week orientation course, he urged the corps members to find home anywhere they were posted to, emphasising the importance of adapting to new environments.

Ahmad emphasised that the corps members must find a sense of belonging wherever they were posted, stating that such mindset was crucial for a successful service year.

According to him, embracing new experiences and being open to change can lead to personal growth and development.

He urged the corps members to focus on making a positive impact in their host communities.

The director-general encouraged them to be proactive and seek opportunities to contribute to the development of their host communities.

He urged them to respect the cultures and traditions of their host communities, advising, ”remain peaceful and resilient as you add value to the community you are posted to.

”I am sure many of you will choose to remain here after your service. You should also take security seriously.

“Your security is our concern, but no one can secure you more than yourself.”

Ahmad underscored the importance of skills acquisition and entrepreneurial development of the scheme.

He urged the corps members to take advantage of the programme to become not just self-reliant, but job and wealth creators after their service year.

“Skills acquisition is designed to make you independent, self-reliant and productive.

”The Federal government is out to ensure that youths are supported and empowered so they can stand on their own.

“Thousands of your predecessors who maximised the opportunity are now independent,”Ahmad said.

The director-general however warned the corps members on unauthorised and night travels, indecent dressing, among other acts that may project the scheme in bad light.
(NAN)

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Protect TETFUND from Abrogation Under Proposed Tax Bill–ASUU urges NASS

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The Academic Staff Union of Universities (ASUU) has urged the National Assembly (NASS) to protect the Tertiary Education Trust (TETFUND) from being abrogated under the Nigeria Tax Bill 2024.

Prof. Emmanuel Osodeke, the President of ASUU, said this in a statement on Friday in Abuja.

Osodeke said that the proposed bill was worrisome and also posed potential danger to the Tertiary Education Trust (TETFUND).

“ASUU has observed with keen interest the ongoing debate on the review of the tax system in the country under a proposed bill tagged, Nigeria Tax Bill, 2024.

“This is currently before the National Assembly. Arising from the tax bill is the proposed abrogation of the education tax.

“ASUU is alarmed by this dangerous and unpatriotic aspect of the proposed new tax regime,” he said.

According to Osodeke, the bill proposed that education tax, called development levy, used to bankroll TETFund’s programmes should be ceded to the newly established Nigerian Education Loan Fund (NELFUND).

“TETFund will also receive 66.7 per cent in 2027, 2028 and 2029 years of assessment but zero per cent in 2030 year of assessment and thereafter,”he said.

He said that the far-reaching consequence of the new tax system is that from 2030, all funds generated from the development levy would be passed to NELFUND.

He said that ASUU found the development not only worrisome but also inimical to the national development objective due to the potential danger to the survival of TETFund.

Osodeke said that TETFund has been viewed as the backbone for infrastructural development, postgraduate training and research capacity building in Nigeria’s public tertiary institutions in the
last 15 years.

He said that ASUU had resolved not to stand by and watch the denigration or obliteration of TETfund which represents a positive testament to its constructive engagements with Nigerian governments since 1992.

“It is our considered view that abrogating the TETFund Act 2011, by design or default, will be a great disservice not just to education but to Nigeria as a nation.

“As a result, ASUU is urging members of the National Assembly to do all within their capacity to protect TETFund from being abrogated under the Nigeria Tax Bill 2024, ”he said.(NAN)

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Gunmen Kill 1 at Benin Nightclub

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The police in Edo have confirmed the killing of a guest at the popular Raptor Club and Lounge, Stadium Road, Benin.

The victim was shot dead by gunmen in the early hours of Friday, while his female passenger sustained gunshot injuries.

SP Moses Yamu, Public Relations Officer of the Police Command in Edo, said that investigations into the incident were ongoing.

According to him, the police received a distress call at 3 a.

m. that there were gunshots at Raptop Club.

He said the operatives of the command on reaching the scene went after the hoodlums, who escaped and abandoned a pump action gun and two expended empty shells.

Yamu explained that efforts were ongoing to arrest the perpetrators.

NReport says that the incident, which occurred at about 2 a.m., has left the management and patrons of the nightclub in shock.

A source told newsmen that the deceased, whose identity has not been disclosed, was shot inside his white Lexus Jeep vehicle, while the female passenger was hit by stray bullets on her lap.

The incident left the club with some damages, including shattered show glasses and a destroyed glass door.

Policemen were seen at the scene of the incident, as the deceased’s vehicle was towed away. (NAN)

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