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FAAC allocates N1.123 trillion to FG, States, LGCs in March 2024 revenue sharing

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In the latest disbursement of funds, the Federation Account Allocation Committee (FAAC), has distributed a total of N1.123 trillion March 2024 Federation Account Revenue among the three tiers of government following its April meeting in Abuja.

According to a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, several key revenue streams experienced fluctuations.

Import duty, value-added tax (VAT), gas royalty, companies’ income tax (CIT), and others saw notable increases, while excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies witnessed declines.

The breakdown of the total distributable revenue revealed that N311.233 billion was from distributable statutory revenue, N511.879 billion from distributable VAT revenue, N14.754 billion from EMTL revenue, and N285.525 billion from exchange difference revenue.

With a total revenue of N1.867 trillion available in March 2024, deductions for the cost of collection amounted to N69.537 billion, leaving N674.880 billion for transfers, interventions, and refunds.

March 2024 saw a gross statutory revenue of N1.017 trillion, marking a decrease of N175.212 billion from February 2024. However, VAT revenue experienced an increase, reaching N549.698 billion compared to N460.488 billion in the previous month.

The distribution of the total revenue saw the Federal Government receiving N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion. Mineral-producing states received an additional N90.124 billion as part of their 13% mineral revenue share.

From the distributable statutory revenue, the Federal Government received N133.960 billion, state governments N67.946 billion, and local government councils N52.384 billion.

Additionally, N56.943 billion was shared with mineral-producing states as derivation revenue.

The breakdown of the distributable VAT revenue showed the Federal Government received N76.782 billion, state governments N255.940 billion, and local government councils N179.158 billion. Meanwhile, EMTL revenue of N14.754 billion was shared, with the Federal Government receiving N2.213 billion, state governments N7.377 billion, and local government councils N5.164 billion.

Also, exchange difference revenue of N285.525 billion was allocated, with the Federal Government receiving N132.935 billion, state governments N67.426 billion, and local government councils N51.983 billion. Mineral-producing states also received N33.181 billion as derivation revenue.

The Excess Crude Account (ECA) currently holds a balance of $473,754.57.

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Eid-ul-Fitr: Oseni Urges Muslims to Uphold Ramadan Virtues, Calls for National Unity

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As Muslims around the world celebrate Eid-ul-Fitr, marking the end of the holy month of Ramadan, the lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni has urged the Muslim faithful to uphold the virtues of Ramadan in their daily lives.

According to a statement on Sunday by his media aide, Idowu Ayodele, the lawmaker congratulated the Muslim Ummah on the successful completion of the month-long fasting and encouraged them to reflect on the values of sacrifice, self-discipline, and devotion to God, which Ramadan represents.

He emphasised that Ramadan is not only about fasting but also about fostering compassion, patience, and love for one another—values he described as crucial for national unity and development.

“As we celebrate this year’s Eid-ul-Fitr, I encourage my Muslim brothers and sisters to continue embodying the noble virtues of Ramadan. Let the spirit of sacrifice, empathy, and community service guide our actions beyond this season,” the statement read.

Oseni, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), also underscored the importance of national cohesion, urging Nigerians to work together to promote peace and stability. He called on leaders at all levels of government to implement policies that address economic challenges, security concerns, and infrastructural development.

He further reassured his constituents in Ibarapa East/Ido of his commitment to quality representation, pledging to continue advocating for policies that prioritise their welfare and development.

Oseni also appealed to religious leaders to use their platforms to preach unity and patriotism, stating that Nigeria’s progress depends on the collective efforts of its citizens in fostering tolerance and peaceful coexistence.

“Eid is a time of joy, reflection, and gratitude. Let us celebrate responsibly while remembering to extend kindness to the less privileged. May Almighty Allah accept our prayers and grant our nation lasting peace and prosperity,” he added.

 

 

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Eid-el-Fitr: Oyo APC Chieftain, Oladiran Alabi, Greets Muslims, Calls for Unity

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A chieftain of the All Progressives Congress (APC) in Oyo State and former House of Assembly candidate for Ibadan South-West Constituency I, Hon. Oladiran Alabi, has congratulated Muslims on the occasion of Eid-el-Fitr, urging Nigerians to embrace unity and peaceful coexistence.

In a statement on Sunday, Alabi commended the Muslim faithful for their devotion and sacrifices during the holy month of Ramadan, stressing the need to uphold the values of love, tolerance, and compassion beyond the fasting period.

He said, “The end of Ramadan is a time for reflection, gratitude, and renewed commitment to the principles of Islam. I felicitate with my Muslim brothers and sisters and pray that Almighty Allah accepts their supplications and rewards them abundantly.”

Alabi also emphasised the importance of unity in addressing Nigeria’s socio-political and economic challenges, urging leaders and citizens alike to foster harmony irrespective of religious and ethnic differences.

“Our strength as a nation lies in our unity. It is imperative that we work together to promote peace and development. I call on all Nigerians to prioritise national interest above personal or sectional gains,” he added.

He further urged political leaders to implement policies that would improve the welfare of the people, enhance economic growth, and strengthen security across the country.

The APC stalwart prayed for a peaceful and prosperous Nigeria, wishing the Muslim community a joyous and spiritually fulfilling Eid celebration.

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Tinubu at 73: FERMA House Committee Chair, Oseni Hails President’s Leadership

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Says Tinubu’s policies shaping Nigeria’s future

 

The Chairman, House of Representatives Committee on the Federal Roads Maintenance Agency, (FERMA), Engr. Aderemi Oseni has congratulated President Bola Tinubu on his 73rd birthday, describing him as a transformative leader whose commitment to national development remains unwavering.

In a statement on Saturday by his media aide, Idowu Ayodele and made available to journalists in Ibadan, the lawmaker, who also represents Ibarapa East/Ido Federal Constituency in the House of Representatives, praised Tinubu for his visionary leadership and dedication to Nigeria’s progress. According to him, the President’s political trajectory and governance philosophy have laid the foundation for a more prosperous nation.

“President Tinubu’s contributions to Nigeria’s political and economic development are unparalleled. His leadership has inspired a new era of governance rooted in progressive ideals and economic transformation,” Oseni said.

The lawmaker highlighted the President’s role in fostering democratic growth, strengthening institutions, and implementing key economic reforms aimed at stabilising the nation. He added that Tinubu’s policies, particularly in infrastructure and road rehabilitation, are crucial to Nigeria’s long-term development.

Oseni commended Tinubu for prioritising road infrastructure, stating that a well-maintained road network is essential for economic expansion and national cohesion. He pledged his committee’s continued support in ensuring that FERMA’s projects align with the administration’s Renewed Hope Agenda.

Beyond infrastructure, the lawmaker lauded Tinubu’s economic policies, including efforts to attract foreign investments and promote industrialisation. He expressed optimism that the government’s initiatives would yield tangible results, urging Nigerians to remain patient as reforms take shape.

“As a nation, we must rally behind the President’s agenda for economic recovery. Nation-building is a collective effort, and we must support policies that drive growth, stability, and prosperity,” he stated.

Oseni prayed for the President’s good health and strength, urging leaders across the country to emulate Tinubu’s resilience, strategic foresight, and inclusive governance.

 

 

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