News
FAAC Distributes Over N1 Trillion in January 2024 Revenue to FG, States, LGCs
At the February 2024 meeting of the Federation Account Allocation Committee (FAAC), a total sum of N1.149 trillion was disbursed as the Federation Account Revenue for January 2024.
The committee, presided over by the Minister of Finance, Wale Edun, distributed this revenue among the Federal Government, States, and Local Government Councils.
The breakdown of the N1,149.816 trillion distributable revenue includes N463.079 billion from statutory revenue, N391.787 billion from Value Added Tax (VAT), N15.922 billion from Electronic Money Transfer Levy (EMTL), and N279.028 billion from Exchange Difference revenue.
In January 2024, total revenue of N2,068.154 trillion was available, with deductions for collection costs at N78.412 billion, transfers, interventions, and refunds at N639.926 billion, and savings at N200.000 billion.
The gross statutory revenue of N1,151.808 trillion for January 2024 marked an increase of N276.426 billion compared to December 2023. However, the VAT revenue decreased to N420.733 billion, down by N71.773 billion from December 2023.
From the total distributable revenue, the Federal Government received N407.267 billion, State Governments received N379.407 billion, and Local Government Councils received N278.041 billion. Additionally, N85.101 billion (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
The distributable statutory revenue of N463.079 billion saw the Federal Government receiving N216.757 billion, State Governments receiving N109.942 billion, and Local Government Councils receiving N84.761 billion. Another N51.619 billion (13% of mineral revenue) was shared as derivation revenue.
The distributable VAT revenue of N391.787 billion resulted in the Federal Government receiving N58.768 billion, State Governments receiving N195.894 billion, and Local Government Councils receiving N137.125 billion.
Electronic Money Transfer Levy (EMTL) of N15.922 billion was shared, with the Federal Government receiving N2.388 billion, State Governments receiving N7.961 billion, and Local Government Councils receiving N5.573 billion.
Exchange Difference revenue of N279.028 billion was distributed, with the Federal Government receiving N129.354 billion, State Governments receiving N65.610 billion, and Local Government Councils receiving N50.582 billion. Additionally, N33.482 billion (13% of mineral revenue) was shared as derivation revenue.
In January 2024, there were notable increases in Companies’ Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT), and Oil and Gas Royalties. Conversely, Value Added Tax (VAT), Export Duty, Electronic Money Transfer Levy (EMTL), and CET Levies experienced significant decreases.
The Economic Stabilisation Fund (ESF) held a balance of $473,754.57 at the close of January 2024.
News
Ford Trims Workforce: 4,000 Jobs to Go in Europe
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
News
Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
News
Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
-
Politics5 days ago
Oyo Rep. Member, Akinmoyede Appoints Three More Aides
-
Crime & Court1 week ago
EFCC Chair Raises Alarm on Rampant Fraud in Nigeria’s Electricity Sector
-
Health6 days ago
Oyo: Tragedy As Bride-to-Be Among Four Dead in Suspected Lassa Fever Outbreak
-
Politics4 days ago
#OndoDecides2024: Rep Oseni Hails Aiyedatiwa’s Victory, Commends Residents for Peaceful Polls