Connect with us

News

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

Published

on

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.

Comments

News

Independence: Alli celebrates Nigeria at 66, seeks support for Tinubu, APC candidates

Published

on

The Oyo State governorship candidate of the All Progressives Congress (APC), Senator Sharafadeen Abiodun Alli, has urged Nigerians to renew their faith in the country and support President Bola Tinubu and other APC candidates in the 2027 elections.

Alli made the call in his Independence Day message issued in Ibadan on Thursday to mark Nigeria’s 66th Independence Anniversary.

The APC candidate said the anniversary was not only a moment to celebrate the country’s freedom but also an opportunity for citizens to reflect on the sacrifices of the nation’s founding fathers and the responsibility of the present generation to build a better Nigeria.

He urged Nigerians to remain united and patriotic, saying the country’s challenges could be overcome through responsible leadership, collective action and commitment to national development.

Alli also appealed to Nigerians to support the Tinubu administration’s economic reforms, saying the government needed the cooperation of citizens to move the country from economic stabilisation to increased production, investment and shared prosperity.

He said, “We must never lose faith in Nigeria. Despite the challenges confronting the nation, our country remains endowed with enormous human and natural resources capable of making it one of the most prosperous nations in the world.”

The former senator particularly urged the people of Oyo State to support Tinubu and other APC candidates in the 2027 elections.

According to him, having an APC-led government in Oyo State would provide an opportunity for closer coordination between the state and Federal Government in the implementation of development programmes.

Alli said his aspiration to govern the state was driven by a desire to provide purposeful, inclusive and people-centred leadership.

He listed education, security, healthcare, agriculture, infrastructure, youth empowerment, economic development, workers’ welfare and local government autonomy among the areas his administration would prioritise if elected.

He said the state had significant potential in agriculture, commerce, industry, tourism and human capital, but required deliberate policies to translate those advantages into opportunities for its people.

“We are seeking the mandate to build an Oyo State where our children can receive quality education, our farmers can produce without fear, our young people can find opportunities and our communities can benefit from meaningful infrastructure.

“Our campaign is not about political power for its own sake. It is about service, development and restoring greater confidence in the ability of government to improve the lives of our people,” Alli said.

The APC candidate also called on members of the party across the 33 local government areas and 351 wards of the state to close ranks and work collectively for the success of the party’s candidates.

He urged party members to see the senatorial, House of Representatives and House of Assembly candidates as members of one team working towards advancing the interests of Oyo State.

Alli congratulated President Tinubu, the Federal Government, state and local governments as well as Nigerians on the Independence anniversary.

He prayed for peace, security and prosperity in the country and urged citizens to remain hopeful and committed to the task of nation-building.

Continue Reading

News

‘Today, we celebrate Olubadan Ladoja’s wisdom, service at 82’ – Oseni

Published

on

Oyo South Senatorial Candidate of the All Progressives Congress (APC), Hon. Aderemi Oseni has congratulated the Olubadan of Ibadanland, Oba Rashidi Ladoja, on his 82nd birthday.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, in a statement issued by his media aide, Idowu Ayodele, on Friday, described Oba Ladoja as an elder statesman whose years in public service had left a mark on Oyo State.

According to the lawmaker, Olubadan ‘s birthday is an opportunity to celebrate his long years of service and his contributions to the development of Ibadan and the state.

He said, “I warmly congratulate Kabiyesi, Oba Rashidi Ladoja, on his 82nd birthday. Eighty-two years is no small achievement. Beyond the celebration, it is a time to appreciate a life of service, experience and commitment to the people.

“Kabiyesi has served in different capacities and has remained an important figure in the history of Oyo State. Today, we celebrate his wisdom, experience and contributions to Ibadanland.”

The APC chieftain said the monarch ascension to the throne of Olubadan had added another dimension to his years of service to the people.

He said the traditional institution remained central to the history and identity of Ibadanland.

“Leadership comes with responsibility, and Kabiyesi has taken on this responsibility at a very important stage of his life.

“As he clocks 82, I pray that God will continue to give him good health, wisdom and the strength to serve his people. I wish Kabiyesi many more years in good health and peace. May his reign continue to bring unity and progress to Ibadanland,” Oseni said.

Continue Reading

News

Oyebanji gives security agencies 100 vehicles for state police take-off

Published

on

The Ekiti State Governor, Biodun Oyebanji, on Monday handed over 100 operational vehicles to security agencies in the state to strengthen patrols, improve response to distress calls and support the eventual take-off of the state police.

The vehicles were presented to the heads of the various security agencies at a ceremony held at the Osuntokun Pavilion, Government House Grounds, Ado-Ekiti.

Oyebanji said the intervention was part of his administration’s sustained efforts to strengthen the state’s security architecture and protect the lives and property of residents.

According to him, the vehicles are expected to enhance the mobility of security personnel, increase visibility across communities and improve their ability to respond swiftly to emergencies.

The governor said the latest intervention was coming about two years after his administration distributed patrol vehicles, Armoured Personnel Carriers, bulletproof vests, helmets and other security equipment to security agencies in the state.

He said, “Lined up here are 100 units of security vehicles, primarily for operations and mobility of your personnel and the eventual take-off of the state police outfit.”

Oyebanji added that the state government would continue to provide financial and logistical support to security agencies, including its regular monthly assistance and efforts to strengthen state-owned security institutions.

The governor charged the security agencies to make effective use of the vehicles, warning against poor maintenance and unprofessional conduct.

He said the additional vehicles should translate into more frequent patrols, greater security presence, faster response to distress calls and improved operational efficiency.

Oyebanji also urged security agencies to intensify intelligence gathering and make better use of surveillance technology available in the state.

He stressed the need for closer cooperation among the agencies, saying no security formation could effectively tackle emerging threats by operating in isolation.

The governor said the security agencies must remain vigilant as the state moves into a period of increased political activities and preparations for the 2027 elections.

“As we move towards our inauguration ceremony next month and elections in another four months to come, all hands must be on deck to ensure that Ekiti State continues to remain safe and secure,” he said.

Oyebanji commended the security agencies for their sacrifices and collaboration, which he said had contributed to the peace being enjoyed in the state.

He said his administration remained committed to ensuring that Ekiti retained its reputation as one of the country’s safest states.

The governor also called on residents to continue supporting security agencies by providing useful information and cooperating with them to safeguard their communities.

Continue Reading

Trending