NEWS
How FAAC Allocates ₦786bn May Revenue To FG, States, LGCs
The latest report from the Federation Account Allocation Committee (FAAC) reveals that a total sum of ₦786.161 billion from the May 2023 Federation Account Revenue has been allocated to the Federal Government, States, and Local Government Councils (LGCs).
The announcement was made in a communiqué issued following the FAAC meeting held in June, which was chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation (AGF).
The communiqué outlined that out of the ₦786.161 billion, ₦519.545 billion was derived from statutory revenue, while ₦251.607 billion was generated from Value Added Tax (VAT) revenue.
Additionally, the communiqué further disclosed that the allocated funds included an Electronic Money Transfer Levy (EMTL) amounting to ₦14.370 billion, as well as Exchange Difference revenue totaling ₦639 million.
Furthermore, it was noted that in May 2023, a total of ₦38.238 billion was deducted for the cost of collection, while ₦163.193 billion was deducted for transfers and refunds.
It reads “In May 2023, the total deductions for cost of collection was ₦38.238 billion and total deductions for transfers and refunds was ₦163.193 billion. The balance in the Excess Crude Account (ECA) was 473,754.57 dollars.
According to the communiqué, the breakdown of the ₦786.161 billion distributable revenue was as follows: the Federal Government received ₦301.889 billion, State Governments received ₦265.875 billion, and Local Government Councils (LGCs) received ₦195.541 billion.
Furthermore, an amount of ₦22.855 billion was shared among the relevant states as 13 percent derivation revenue.
The communiqué highlighted that the revenue for May exceeded that of April by ₦204.324 billion.
It reads “From the ₦519.545 billion distributable statutory revenue, the Federal Government received ₦261.686 billion, the State Governments received ₦132.731 billion and the LGCs received ₦102.330 billion.
“The sum of ₦22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.
It said the in month of May, the gross revenue available from the Value Added Tax (VAT) was ₦270.197 billion.
“This was higher than the ₦217.743 billion available in the month of April by ₦52.454 billion. The Federal Government received N37.741 billion, the State Governments received ₦125.804 billion and the LGCs received N88.062 billion from the ₦251.607 billion distributable VAT revenue.
“The ₦14.370 billion EMTL was shared as follows: The Federal Government received ₦2.155 billion, the State Governments received ₦7.185 billion and the LGCs received ₦5.030 billion,” it said.
The communiqué provided further details regarding the allocation of the ₦639 million Exchange Difference revenue. It stated that the Federal Government received ₦307 million, State Governments received ₦156 million, and Local Government Councils (LGCs) received ₦119 million from this revenue.
Moreover, it was mentioned that an amount of ₦57 million was shared among the relevant states as 13 percent mineral revenue.
The communiqué also highlighted the revenue trends for various sources in the month of May. It stated that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import Duties, and Excise Duties experienced significant increases. However, the revenue from Electronic Money Transfer Levy (EMTL) saw a slight decrease.
President Bola Ahmed Tinubu will depart Abuja on Sunday, January 26, 2025, to participate in the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania.
The two-day summit, scheduled for January 27-28, 2025, is aimed at advancing “Mission 300,” a pan-African initiative to provide electricity to 300 million people across the continent by 2030.
Hosted by the Tanzanian government in collaboration with the African Development Bank Group and the World Bank, the summit will bring together African leaders, private sector stakeholders, development partners, and civil society organizations.
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The goal is to develop strategies for accelerating energy access in underserved regions, increasing renewable energy adoption, and mobilizing private sector investment.
According to a statement released on Saturday by Bayo Onanuga, Special Adviser to the President, the summit will serve as a platform for sharing expertise, knowledge, and resources to address Africa’s energy challenges.
The first day of the summit will feature ministerial-level discussions, during which participating nations, including Nigeria, will present their national energy strategies, or “compacts,” detailing their plans to achieve universal energy access within five years.
On the second day, African Heads of State will sign the Dar es Salaam Energy Declaration, a unified roadmap for achieving the goals of Mission 300.
President Tinubu is expected to deliver a national statement reaffirming Nigeria’s commitment to universal energy access and its leadership role in the continent’s energy sector.
He will also highlight Nigeria’s ongoing clean energy initiatives and integrated energy delivery strategies aimed at fostering sustainable development across Africa.
Accompanying the president will be key government officials, including Minister of State for Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu, Minister of Power Adebayo Adelabu, and Special Adviser to the President on Energy Olu Verheijen.
President Tinubu is set to return to Abuja immediately after the summit concludes.
The menace of illegal migration is getting diplomatic attention from the Italian authorities and the Edo State Government.
The Chief Press Secretary to Edo State Governor, Fred Itua divulged this in a government house statement issued in Benin City on Saturday.
He explained that the Coordinator, Office of the First Lady, Edesili Anani had expressed the readiness of the Governor, Monday Okpebholo-led administration to tackle the menace of irregular migration among youths in the state.
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It was gathered that Anani made the stance public on Friday in Government House, Benin City, when Dr. Alberto Cilala, a consultant to the European Union and President of Mattei Africa for Humanitarian Aids Initiative in Italy, led a delegation to her office.
Welcoming the delegation, she highlighted the importance of collaboration to address the challenges posed by irregular migration.
The Coordinator expressed her gratitude to the delegation, and emphasized the transformative impact the partnership will bring to Edo State.
In her words, “This initiative will reduce unemployment, create job opportunities, and address human trafficking and irregular migration. It will also enhance education, skills acquisition, agricultural investment, and infrastructural development for our people.”
On his part, Dr. Cilala emphasized that the Mattei Plan would provide valuable skills to Edo State residents, including tailoring, furniture-making, shoemaking, and more.
“The Mattei Plan was launched by the Italian Government with a focus on six key sectors: education and training, health, security, agriculture, and renewable energy. The goal is to promote integrated development and improve living conditions, particularly in rural areas.
“These projects will be fully funded by the Italian Government through the Ministry of Foreign Affairs and Labour,” he stated.
Former Senior Special Assistant to the Edo State Government on Anti-Human Trafficking and Irregular Migration, Solomon Okoduwa, in his remarks, said the Mattei Plan prioritizes practical measures to reduce irregular migration and human trafficking.
“Although nine African countries are involved in this initiative, Edo State is a crucial partner for Italy. This partnership will strengthen bilateral relations under the leadership of His Excellency, Senator Monday Okpebholo,” he said.
Brand Ambassador of the Mattei Plan, Olorogun John Paul, popularly known as Daddy Showkey was at the event and lauded the initiative.
He noted, “This program provides an opportunity for Edo State beneficiaries to gain training in various skills, equipping them for sustainable livelihoods.”
Supporters of the impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, on Saturday morning stormed the Speaker’s Lodge located at 47 Joel Ogunnaike Street, GRA Ikeja, Lagos.
The supporters, dressed in pro-Obasa vests and caps, arrived in large numbers at the premises.
According to multiple sources, the group was planning a “heroic welcome” for the former Speaker, who was recently removed from office by a majority of lawmakers in the House.
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Obasa, who was out of the country at the time of his impeachment, was replaced by the former deputy speaker, Mojisola Meranda.
Since her emergence as Speaker, Meranda has presided over two sittings, with Obasa absent from both.
The choice of the Speaker’s Lodge as the location for Obasa’s supposed welcome sparked controversy, as he is no longer officially entitled to the property following his removal.
A resident in the area expressed surprise over the situation, saying, “I didn’t expect that the lodge would be opened for them.”
Armed security personnel, including police officers, were deployed to the area to maintain order and prevent any potential disruption.
As of the time of filing this report, Obasa had yet to arrive at the lodge.
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