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.
CRIME
Police Arraign Man, 45, Over Alleged Car Theft

The police on Thursday arraigned a 45-year-old man, Muritala Akinniyi before an Iyaganku Magistrates’ Court Ibadan over an alleged car theft.
Akinniyi, whose address was not stated, was charged with conspiracy and theft, to which he pleaded not guilty.
The Prosecutor, Insp Olagoke Adegbenro told the court that the defendant committed the offence on Feb.
20, at Moniya, Ibadan.He alleged that the defendant and others at large stole a Toyota Corolla car worth N1.85 million, belonging to one Sylvester Guobadia.
He said the offences contravened Sections 516 and 390(9) of the Criminal Laws of Oyo State, 2000.
The Magistrate, Mrs Olasinmibo Sanusi-Zubair granted the defendant bail in the sum of N500, 000 with two sureties in like sum.
She adjourned the case until July 15, for hearing. (NAN)
Foreign News
Huawei to Launch 1st HarmonyOS-Powered PCs on May 19

Chinese tech giant Huawei on Thursday said that the first line of its personal computers (PCs) powered by HarmonyOS operating system would be launched on May 19.
The upcoming release would mark a significant expansion of Huawei’s HarmonyOS ecosystem, which already powers its smartphones and tablets.
By launching computers equipped with the country’s first homegrown operating system for the general public, Huawei seeks to challenge the long-standing dominance of Microsoft’s Windows and Apple’s macOS in the PC market.
Huawei’s HarmonyOS-powered computers are the result of five years of research and development.
The company emphasised that the system incorporates strong security features, including a dedicated security chip for encryption, secure access mechanisms and encrypted data sharing.
“The new computers would enable seamless interaction across Huawei devices, allowing users to control and move between the screens of their phones, tablets and computers with a keyboard and mouse.
“HarmonyOS-powered computers support connectivity with over 1,000 external devices and currently have more than 150 dedicated PC applications and over 300 ecosystem-compatible applications,” it said.
HarmonyOS, or Hongmeng in Chinese, is an open-source operating system designed for various devices and scenarios, including intelligent screens, tablets, wearables and cars.
It was first launched in August 2019.
Analysts said that Huawei would have to work harder to attract users in the initial periods, as the mainstream Windows and macOS operating systems offer more mature applications. (Xinhua/NAN)
General News
VON DG Seeks Partnership With NGE to Fight Fake News, Misinformation

The Director-General of Voice of Nigeria (VON), Malam Jibrin Ndace, has sought for partnership with the Nigerian Guild of Editors (NGE) to fight against fake news, misinformation and to project the interest of Nigeria.
Ndace spoke in Abuja on Wednesday, in his welcome remarks to some members of the Guild who were in the VON premises for a meeting.
According to him, it is the responsibility of VON to correct all negative perceptions and deliberate falsehood about Nigeria and Africa by foreign media.
“Interestly, the NGE shares similar role with VON. Like VON, the Guild also has had to contend with other news services. It is important and imperative to take seriously its gate keeping function.
“VON and the Guild must work together to ensure we carry out our mandates free from ethnocentric or religious bias, but always in the interest of the country.
“We therefore seek to partner with the Guild in this respect, particularly to ensure that we curb the menace of fake news by always being ahead whenever the news breaks.
“And also, to respond timely to counter purveyors of fake news. We would happily serve as a source of contents in areas you determine relevant to your mandate,” Ndace said.
The VON boss further explained that his agency would work diligently to make sure every Nigerian feels the impact of the government by tracking the pace of service delivery across all sectors.
Speaking earlier, a member of the NGE team, Mr Adebayo Bodunrin, said the Guild members usually hold periodic meetings in the zone, and the one being held in the VON office was one of such, ahead of the forthcoming National Convention of the editors’ professional body.
“Today, NGE has what I would call a friendly constitution that satisfies the yearnings and aspirations of its members.
“Thank you for hosting us and we can assure you that we are not like a political party. We usually don’t have rancorous meetings. Our meetings are friendly,” Bodunirin said. (NAN)