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December 2020: FAAC Shares N601bn to FG, States, Lgs



The Federation Accounts Allocation Committee (FAAC),  on Wednesday disclosed that it has shared a total of N601.110 billion November 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.

The Committee, in a statement,  also informed that  the figure was announced after the Federation Account Allocation Committee (FAAC) meeting for the month of December 2020 held at the Federal Ministry of Finance headquarters, Abuja.

The meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of N601.110 billion comprised statutory revenue of N436.457 billion; Value Added Tax (VAT) revenue of N156.786 billion and augmentation of N7.867 billion from the Forex Equalisation revenue.

The gross statutory revenue of N436.457 billion available  for the month of November 2020 was higher than the N378.148 billion received in the previous month by N58.309 billion.

The gross revenue of N156.786 billion available from the Value Added Tax (VAT) was also higher than the N126.463 billion available in the previous month by N30.323 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N601.110 billion; the Federal Government received N215.600 billion, the State Governments received N171.167 billion and the Local Government Councils received N126.789 billion.

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The relevant States received N31.392 billion as 13% mineral revenue, while the cost of collection, transfers, and refunds had an allocation of N56.162 billion.

The Federal Government received N190.122 billion from the gross statutory revenue of N436.457 billion; the State Governments received N96.433 billion and the Local Government Councils received N74.345 billion.  N30.370  billion was given to the relevant States as 13% mineral revenue and N45.187 billion was the total cost of collection, transfers, and refunds.

The Federal Government received N21.872 billion from the Value Added Tax (VAT) revenue of N156.786 billion. The State Governments received N72.906 billion; the Local Government Councils received N51.034 billion, while the cost of collection, transfers, and refunds had an allocation of N10.975 billion.

From the N7.867 billion augmentation from the Forex Equalisation revenue, the Federal Government received N3.606 billion, the State Governments received N1.829 billion, the Local Government Councils received N1.410 billion and the relevant States received N1.022 billion as 13% mineral revenue.

According to the Communiqué, in the month of November 2020, Petroleum Profit Tax(PPT),  Import Duty, Excise Duty, Value Added Tax(VAT), and Oil and Gas Royalty decreased substantially; while Companies Income Tax (CIT) recorded a sharp drop.

The balance in the Excess Crude Account (ECA) as of December 16 was $72.411 million.

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Ex-Oyo ALGON boss rejoices with Ibarapa-born billionaire Ayandele at 60



Former  Chairman, Association of Local Governments of Nigeria )ALGON) in Oyo State, Chief Ademola Ojo  has felicitated with All Progressives Congress (APC) Chieftain, Dr Olusola Ayandele as he clocked 60.

Ojo, described the Ibarapa-born billionaire  as a patriot, politician and leader who have contributed to the advancement of the nation’s democracy as well as nurtured many individuals to greatness.

The ex-council gaffer states this  in a statement he personally signed and made available to newsmen on Saturday in Ibadan  the state capital.

Ayandele was an APC governorship aspirant in the 2019 general election and presently a senatorial hopeful.

According to the ex-ALGON Chief, the renowned businessman and philanthropist had brought great political, economic as well as social success to the state and Nigeria.

“I feel inspired and motivated most times by your doggedness, forthrightness and knack for truth at all times. You are leader worthy of emulation.

“I celebrate you my dear brother and leader. Your courage, character, wisdom, strength and simplicity stands you out always. May the Almighty fill your future with blessings, ” he said.

Also, Mr Olusola Adeleke, a Personal Assistant to Ayandele, joined to felicitate his boss whom he described as reliable, dependable and visionary boss.

He   described Ayandele as a renowned businessman, philanthropist, leader and political gargantuan with uncommon sagacity.

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“Your commitment and selfless service to humanity has brought tremendous development to Ibarapaland, Oyo State as well as Nigeria. You are a rare gem boss and you will forever be appreciated.

“I wish you more years of sound health, peace and glory as you celebrate. Happy birthday to my dear boss,” he submitted.

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Oyo APC scribe celebrates Ayandele at 60



Caretaker Secretary of the All Progressives Congress in Oyo state, Hon.  Mojeed Olaoya, has described the former gubernatorial aspirant of the party in the state, Dr. Olusola Ayandele, as a pride to Nigeria and humanity as a whole.

Olaoya remarked while celebrating the  60th birthday of the Ibarapa-born Ayandele who is a staunch player in the business and political space of the country.

In a statement issued in Ibadan on Friday and which he personally signed, Olaoya expressed his delight about Ayandele being always available to help the cause of the poor and less-privileged in the society.

“For the good people of Ibarapaland, Oyo state and Nigeria in general, the man (Olusola Ayandele) is a rare blessing and he deserves to be celebrated everyday having made a lot of difference as a businessman, politician and philanthropist for a very long time.

“As an academic and scholar, Ayandele made his indelible mark by imparting knowledge on a great population of young people. And more importantly, his positive contribution to the economy of Nigeria cannot be underestimated as he is leading investor and creator of employment opportunities of all time. To crown it all, Dr. Ayandele decided to dabble into partisan politics to enable him do more for the society and he has not disappointed his people.

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“To this end, it is worthwhile to join several thousands of people globally to celebrate the enigma known as Eruobodo on this auspicious occasion of his 60th birthday anniversary as we pray God to grant him the opportunity of long life, sound health and prosperity”, the statement  added.

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Oyo commissioner, Olatunbosun urges citizens to disregard panic messages over ultimatum to herdsmen



Oyo State Commissioner for Information, Culture and Tourism, Dr. Wasiu Olatubosun has disclosed that citizens of the State should disregard a voice note message urging people in Ibadan to stay indoors on Friday 22nd of January due to a purported ultimatum issued by some individuals to a Fulani Community in Igangan, Ibarapa area of Oyo State.

Recall that the State governor, Engr. Seyi Makinde has warned individuals to respect the constitutional rights of any Nigerian to live anywhere in the country in a peaceful manner and condemned the said ultimatum in a state broadcast to the people of the state

A voice note, being circulated on Wednesday by one woman from London simply known as ‘Remi’ has urged residents of Ibadan to stay indoors on Friday so as to avoid any crisis that might arise from the outcome of the ultimatum issued to the Fulani Herdsmen Community in Igangan.

Olatubosun said the message was targeted at causing panic among the people and to tarnish the efforts of the present administration in tackling insecurity in the State.

He said Oyo State indigenes at home and in the diaspora ought to give support to the government and not to cause disaffection and unnecessary panic over an issue that has been adequately addressed by the government and concerned security agencies.

He added that the people of the State, especially in Ibadan should go about their businesses without fear of molestation or attack from any quarter.

“It is funny to hear that somebody was sending voice note from London, warning Ibadan people not to venture out on Friday because of an ultimatum issued to a Fulani Herdsmen Community in Igangan, in Ibarapa area.

“This is an issue that has been addressed by the government that nobody has the power to give such ultimatum, the constitution of Nigeria does not allow for it, especially when the said Community is not constituting security threat to lives and properties of the people.

“The government of Oyo State and security apparatus are working around the clock to give the people of the State the required peaceful atmosphere that will engender economic growth, we therefore urge our people, especially in Ibadan to ignore the voice note message and go about their normal businesses without fear of molestation or attack from any quarter.”

The commissioner called on the residents of the State to be wary of scaremongers who he said could create psychological crisis where such was not in existence.

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