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.
A bill to rename the Benue State University (BSU) Makurdi to Moses Orshio Adasu University has passed first reading at the Benue State House Assembly.
The bill was read during Wednesday plenary by the acting Clerk of the House, Mr John Hwande.
Also during the plenary, a bill for the establishment of Benue State University of Agriculture, Science, and Technology, Ihugh, in Vandeikya local government area also passed first.
Daily asset reports that three other bills also passed first reading.
The bills include a bill for a law to amend a free and compulsory basic education and a bill for a law to establish a task force on quality healthcare and prevention of quackery in the state.
Report says that two out of the bills, which were from the executive, were presented to the house by the Majority Leader, Mr Saater Tiseer.
The others were presented by the member representing Gboko East Constituency, Mrs. Becky Orpin, and that of Kwande West, Mr Thomas Dugeri.
The Speaker, Aondona Dajoh, who presided over plenary, referred them to the House Standing Committee on Rules and Business for further legislative scrutiny. (NAN)
President Bola Tinubu has approved the swap of Pro-Chancellors and Chairmen of the Governing Councils of Federal University Oye-Ekiti and its Lokoja counterpart.
Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made this known in a statement on Wednesday in Abuja.
“In the reshuffling, Sen. Victor Ndoma-Egba, the Pro-Chancellor of Federal University, Lokoja, will move to Federal University, Oye-Ekiti, while Mr Kayode Ojo, who previously held a similar position at Oye-Ekiti, will assume same role in Lokoja.
“This strategic change is part of Tinubu’s initiative to foster diversity and national cohesion in the management of the country’s universities,” he said.
(NAN)
Mr John Kwaghe has assumed duty as the new Coordinator of the National Youth Service Corps (NYSC) in Delta.
This is contained in a statement signed by Mrs Stella Ogbummuo, NYSC state Public Relations Officer, on Wednesday in Asaba.
The statement said that Mr Kwaghe, who holds a bachelor’s degree in Business Administration and Master’s degree in Career Management hails from Michika Local Government Area of Adamawa State.
“The new state coordinate has worked in many states and the National Directorates Headquarters in different capacities including Ekiti and Nasarawa State.
“In line with the NYSC National Directorate Headquarters’ sustained drive to optimise the scheme’s operations nationwide, a new state coordinator has been posted to take over the headship of NYSC Delta State secretariat.
“He will take over from Mr Olusegun Alao, who has been transferred to NYSC South South Area Office 1, Delta State,” Ogbummuo stated. (NAN)
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