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FAAC Distributes March Revenue To States

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The Federation Account Allocation Committee (FAAC) has allocated revenue to state governments for March 2024, with disbursements shared in April.

The total allocation reflects the economic activities and federal revenue distribution, ensuring each state receives funds necessary for governance and development.

Leading the recipients, Delta State received the highest allocation of N37.9 billion, closely followed by Rivers State with N33.3 billion and Lagos State with N29.3 billion.

These states continue to benefit significantly from their robust economic activities and contributions to the national economy.

In the oil-rich regions, Akwa Ibom and Bayelsa states were allocated N25.9 billion and N25.6 billion respectively, reflecting their substantial roles in Nigeria’s petroleum industry. The substantial allocations underscore the importance of these states in the nation’s revenue generation.

Other notable allocations include Anambra with N10.9 billion, Borno with N10.6 billion, and Edo also with N10.6 billion. Oyo State received N11.5 billion, highlighting its economic relevance in the south-western region.

Kano State, a major commercial hub in the north, was allocated N14.5 billion, signifying its significant population and economic activities. Kaduna and Jigawa received N7.9 billion and N10.2 billion respectively, while Katsina was allocated N10.4 billion, reflecting their strategic importance in the northern region.

In the south-east, Abia received N9.2 billion, while Imo and Enugu were allocated N9.4 billion and N8.8 billion respectively. Ebonyi received N7.6 billion, which aligns with the revenue distribution trend within the region.

States such as Ekiti and Osun in the south-west received N7.2 billion and N7.3 billion respectively. Ogun, despite being a significant economic player, was allocated N6.7 billion, similar to Cross River State in the south-south region.

Gombe and Kwara were both allocated N7.3 billion, while Kogi and Plateau received N7.7 billion and N7.6 billion respectively, highlighting the balanced distribution across states with varying economic capabilities.

The FAAC allocation aims to ensure equitable distribution of national revenue, enabling states to meet their developmental goals and address local needs. This distribution underscores the federal commitment to supporting states in their socio-economic responsibilities.

Full Breakdown of Allocations:
Abia: N9.2 billion
Adamawa: N8.6 billion
Akwa Ibom: N25.9 billion
Anambra: N10.9 billion
Bauchi: N8.3 billion
Bayelsa: N25.6 billion
Benue: N10.4 billion
Borno: N10.6 billion
Cross River: N6.7 billion
Delta: N37.9 billion
Ebonyi: N7.6 billion
Edo: N10.6 billion
Ekiti: N7.2 billion
Enugu: N8.8 billion
Gombe: N7.3 billion
Imo: N9.4 billion
Jigawa: N10.2 billion
Kaduna: N7.9 billion
Kano: N14.5 billion
Katsina: N10.4 billion
Kebbi: N9.1 billion
Kogi: N7.7 billion
Kwara: N7.7 billion
Lagos: N29.3 billion
Nasarawa: N7.8 billion
Niger: N9.1 billion
Ogun: N6.7 billion
Ondo: N10.5 billion
Osun: N7.3 billion
Oyo: N11.5 billion
Plateau: N7.6 billion
Rivers: N33.3 billion
Sokoto: N8.8 billion
Taraba: N7.9 billion
Yobe: N7.9 billion
Zamfara: N8.1 billion
This equitable distribution is crucial for addressing local development needs and fostering balanced growth across Nigeria’s diverse regions.

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Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.

Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.

READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes

PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.

The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.

In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.

Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.

According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.

They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.

PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.

The association aims to enter the market by December 2024, pending necessary regulatory approvals.

“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.

PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.

PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.

The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.

To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.

PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.

 

 

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Hardship: Let Us Intensify Prayers For Our Leaders – Sultan Of Sokoto Tells Nigerians

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Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.

Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.

READ ALSO: Gunmen Attack Police Facility In Owerrinta, Female Detainee Killed

Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.

“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.

The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.

“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.

Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.

“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”

With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.

He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.

The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.

In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”

 

 

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#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors

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In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.

The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.

Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors

Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.

A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.

Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.

The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.

 

 

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