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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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Iru Ekun arrests two suspected kidnappers, rescues abductees in Osun

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Operatives of the Iru Ekun Security Network have arrested two suspected kidnappers and rescued two abducted residents during a forest operation in Ora-Igbomina, Osun State.

The victims, who were reportedly abducted by gunmen on Tuesday and taken into a nearby forest, regained freedom after members of the local security outfit launched a coordinated search operation following distress reports from residents.

A third victim, however, remained in captivity as of Thursday, with efforts ongoing to secure the person’s release.

According to a statement issued by the outfit, the rescue operation followed intelligence received on June 9 that three residents had been forcibly taken away by armed men in the community, triggering fears among locals already worried about rising insecurity in rural areas.

Residents were said to have spent anxious hours hoping for the victims’ safe return before the intervention by the security operatives.

During the operation carried out on Wednesday, the outfit said its operatives tracked the suspects into a forest around Ora-Igbomina, where two suspected kidnappers were overpowered and arrested.

The security outfit disclosed that two victims were rescued unhurt and immediately evacuated to safety.

The team leader of the network claimed that the suspects confessed during preliminary interrogation to being nationals of the Republic of Niger.

The suspects were later handed over to officers of the Nigeria Police Division, Oke-Ila, Osun State, for further investigation and possible prosecution.

Founder of the outfit, Sunday Adeyemo, popularly known as Sunday Igboho, commended the operatives for what he described as discipline and professionalism during the mission.

He said the security network was created to complement the efforts of conventional security agencies, especially in rural communities where delayed emergency response often leaves residents vulnerable to attacks.

“Our duty is prevention and protection, not confrontation. Iru Ekun exists to bridge the security gap at the grassroots and ensure our people can farm, travel, and sleep without fear,” he said.

The incident comes amid growing concerns over kidnapping in parts of the South-West, particularly in rural communities across Osun, Oyo, Ondo, and Kwara states, where criminal gangs are increasingly exploiting forest routes to target residents and farmers.

Meanwhile, the security outfit said efforts to rescue the remaining victim were continuing, assuring residents that the search operation was being handled cautiously to guarantee the victim’s safety.

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Reps Pass State Police Bill, 288 Lawmakers Vote in Support

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The House of Representatives on Thursday passed the bill seeking to establish state police, with 288 lawmakers voting in support of the proposal and four opposing it.

The resolution followed voting during plenary presided over by the Speaker of the House, Tajudeen Abbas, a day after members of the Green Chamber devoted legislative time to debating the contentious bill.

Announcing the outcome of the exercise, Abbas said lawmakers adopted a manual voting process through a show of hands following the failure of the electronic voting system.

The proposed legislation seeks to strengthen Nigeria’s security architecture by creating an additional layer of policing at the state level while providing constitutional safeguards, operational frameworks, oversight mechanisms, and clearly defining the powers of federal and state policing authorities.

The passage of the bill marks a significant legislative step in the long-running national conversation on decentralising policing amid worsening insecurity in several parts of the country.

Before the voting, the House released the final print of the Constitution Alteration Bills seeking to provide a constitutional framework for the establishment of state police and other reforms.

In a statement issued earlier, the House spokesman, Akintunde Rotimi, said the proposed constitutional amendments reflected months of legislative work by the House Committee on Constitution Review.

Rotimi said the review process followed the receipt and consideration of constitutional amendment proposals from lawmakers, government institutions, professional bodies, civil society organisations, traditional institutions, and citizens.

According to him, the process also involved extensive stakeholder engagements, including zonal and national public hearings, expert sessions, consultative meetings, and town hall meetings held across the six geopolitical zones to ensure broad public participation.

“The bills represent the culmination of several months of rigorous legislative work undertaken by the House Committee on Constitution Review,” the statement read.

The House decision comes amid renewed concerns over insecurity, banditry, kidnapping, and violent attacks in parts of the country, with proponents arguing that state police would improve grassroots security and response time.

Meanwhile, the Senate has passed the state police bill for second reading and referred it to the Senate Committee on Constitution Review.

Senate President Godswill Akpabio, during plenary, said lawmakers would vote on the bill at a subsequent sitting.

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Oseni fulfils ₦5m pledge for Anfaani Central Mosque solar project

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Member of the House of Representatives representing Ibarapa East/Ido Federal Constituency,  Engr. Aderemi  Oseni, has fulfilled his earlier pledge towards the execution of a solar power project at the Anfaani Muslim Community Central Mosque in Ibadan South-West Local Government Area of Oyo State.

The lawmaker, who chairs the House Committee on Federal Roads Maintenance Agency (FERMA), released the pledged ₦5 million to facilitate the execution of the project, according to a statement issued on Wednesday by his media aide, Idowu Ayodele and made available to journalists in Ibadan.

The statement explained that the release of funds was in fulfilment of Oseni’s commitment to support the mosque’s solar power initiative, noting that the project would be executed at the discretion of the mosque’s central committee.

The media aide said the intervention underscored the lawmaker’s sustained commitment to faith-based institutions, community development and humanitarian service.

“The ₦5 million earlier pledged by Hon. Remi Oseni for the Anfaani Muslim Community Central Mosque solar project has now been fully released for the execution of the project,” the statement said.

“It is important to state that the implementation and handling of the project remain entirely at the discretion of the Central Mosque Committee in line with the leadership structure and priorities of the religious body.”

Oseni, who is also the All Progressives Congress (APC) senatorial candidate for Oyo South Senatorial District ahead of the 2027 general elections, described support for religious institutions as both a privilege and responsibility.

According to him, contributing to initiatives that strengthen worship centres and foster communal development remains an act of service to humanity.

“I had the honour and privilege of supporting the Anfaani Muslim Community Central Mosque with the sum of ₦5 million towards the execution of its solar power project. Supporting institutions devoted to worship and community development is always a blessing and profound responsibility,”

The APC chieftain was quoted as saying.

He added that opportunities to impact society positively should never be taken for granted.

“Whenever we are presented with opportunities to uplift faith-based institutions and contribute to the wellbeing of our communities, we must embrace them with sincerity and gratitude,” he said.

The lawmaker further prayed for continued peace, progress and prosperity across communities, expressing optimism that religious institutions would continue to serve as pillars of moral guidance and social development.

“May Almighty God continue to strengthen our religious institutions, bless our communities with peace, and prosper every effort geared towards the advancement of faith, unity and humanity,” he added.

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