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.
NEWS
Kano Businessman’s Daughter Kidnapped After ₦8m Ransom Payment
In a shocking incident on Sunday morning, unknown gunmen suspected to be kidnappers invaded the home of Alhaji Auwal, a prominent businessman, in Garo Town, Kabo Local Government Area of Kano State.
The gunmen, estimated to be around 10 in number, forced their way into the residence, breaking down a door to gain entry.
An anonymous source revealed that the attackers were heavily armed, with three carrying firearms and the rest wielding other weapons.
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They quickly gathered the entire family in one room, instilling fear and panic in the household.
According to the source, Alhaji Auwal pleaded with the assailants to spare his family and agreed to meet their demands.
The kidnappers, who were determined to extort money, received ₦8 million from the family.
Despite this payment, the gunmen took the businessman’s eldest daughter, Zainab, a secondary school graduate, before fleeing the scene.
The whereabouts of Zainab remain unknown, and as of now, the kidnappers have not contacted the family.
This abduction comes just 48 hours after the tragic kidnapping and subsequent murder of former Gombe State Permanent Secretary, Atiku Mu’azu, who was killed by gunmen after a ₦10 million ransom was paid.
The two incidents have left the residents of Kano in shock and fear, prompting calls for increased security measures in the area.
Attempts to reach the spokesperson for the Kano Police Command, SP Abdullahi Haruna, for comment were unsuccessful as his phone remained unreachable.
Authorities have yet to make any official statements regarding the investigation.
International News
Colombia Blocks US Deportation Flights Over Migrant Treatment
In a bold move, Colombian President Gustavo Petro declared on Sunday that he would not allow US deportation flights carrying Colombian migrants to access his country’s airspace.
The left-wing leader took to X (formerly Twitter) to express his strong stance, stating, “The United States cannot treat Colombian migrants as criminals. I forbid entry to our territory to US planes carrying Colombian migrants.”
Petro made it clear that such flights would only be accepted once Washington established a protocol to ensure the “dignified treatment” of deported migrants.
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The president later confirmed in a separate post that he had already turned back US military planes that were en route with Colombian migrants on board, although he did not provide further specifics on the matter.
While AFP sought confirmation from US authorities regarding the blockade of deportation flights, no immediate response was forthcoming.
Petro’s statements come just a day after Brazil’s government voiced similar outrage over the treatment of deported Brazilians.
Brazil condemned the US administration under President Donald Trump, citing instances where Brazilian migrants were deported while handcuffed on flights, describing it as a “flagrant disregard” for their basic rights.
In his remarks, Petro emphasized that he would be open to allowing civilian US flights to transport deported migrants as long as they were not subjected to treatment “like criminals,” signaling a broader call for humane treatment of migrants under international deportation policies.
NEWS
Four Dead, Many Injured As Explosion Rocks Niger State Mining Site
An explosion at a mining site in Sabon Pegi, Mashegun Local Government Area of Niger State, claimed the lives of four individuals and left several others injured on Sunday morning.
The blast occurred as miners resumed operations, sending shockwaves through the community.
While the exact cause of the explosion remains undetermined, local residents have pointed to the poor handling of explosive devices by mining companies as a possible factor.
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The incident has sparked concerns about safety practices within the mining sector.
Community sources confirmed the recovery of four bodies, but authorities fear the death toll could rise.
Investigations are ongoing to establish the cause of the blast and assess the full extent of the damage.
One resident, Aminu, described the chaos that followed the explosion. “The sound was so loud that many of us thought it came from the hydroelectricity dam nearby. People panicked and ran into the bush for safety,” he recounted.
Another community member highlighted the potential role of mining operations in the tragedy.
“Mining companies here frequently use explosives during their activities, and this seems like an operational issue, not something related to terrorism,” the resident said, dismissing concerns about a security threat in the area.
As of the time of reporting, neither the state government nor security agencies have released an official statement regarding the explosion.