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FAAC Distributes Over N1 Trillion in January 2024 Revenue to FG, States, LGCs

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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.

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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.

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May Day: ASUU urges Tinubu, governors to prioritise Nigerian workers’ welfare

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...workers worse hit by worsening economic situation

The Chairman of the Academic Staff Union of Universities (ASUU), University of Ibadan Chapter, Professor Ayoola Akinwole, has implored President Bola Ahmed Tinubu and state governors to make the welfare and working conditions of Nigerian workers a top priority.

Speaking on Tuesday, Professor Akinwole emphasised the dire impact of Nigeria’s socio-economic challenges, particularly exacerbated by the recent fuel subsidy removal backlash and ongoing fuel scarcity, on the working class and their families.

In a statement released to commemorate the 2024 May Day celebration, Akinwole underscored the invaluable contributions of Nigerian workers to the nation’s development, despite enduring undervaluation and inadequate compensation from both government and private sectors.

“Nigerians, particularly the working class, are celebrating 2024 Workers’ day experiencing fuel scarcity,” lamented Professor Akinwole.

“Workers who are poorly paid will still have to pay hiked transportation fare. The inflation in Nigeria is killing, and many are getting malnourished as the cost of food items have skyrocketed.”

He highlighted the disillusionment stemming from unfulfilled promises by federal and state governments to improve wages and working conditions, condemning the stark disparity between government officials’ wealth accumulation and workers’ impoverishment.

Expressing gratitude to Nigerian security forces for their service, Professor Akinwole urged President Tinubu to ensure special welfare provisions for families of those who have lost their lives defending the nation.

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He emphasised that just as education is vital, the welfare of security agencies should be of utmost concern to the president.

Also, Professor Akinwole called upon the President to finalise agreements with ASUU and enhance working conditions for intellectuals in Nigeria, warning of a brain drain if lecturers continue to face inadequate compensation and poor working environments.

“If this trend persists, Nigeria will lose the talent needed to develop the education sector, while those lacking skills will secure employment with little to contribute,” cautioned Akinwole.

He urged the president to address this disparity and collaborate with ASUU to establish a living wage and improved conditions for public university lecturers, recognising them as essential patriots deserving of special consideration.

 

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Court halts Multichoice Nigeria’s tariff increase on DStv, GOtv

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The Competition and Consumer Protection Tribunal (CCPT) in Abuja has issued a restraining order against MultiChoice Nigeria Limited, preventing the company from implementing its planned tariff increase and adjustments to the cost of products and services scheduled to commence on May 1.

Presiding over the three-member tribunal, Saratu Shafii, granted the interim order on Monday, in response to an ex-parte motion presented by Ejiro Awaritoma, legal counsel representing the applicant, Festus Onifade.

In her ruling, Shafii directed MultiChoice to refrain from proceeding with the impending price hike set to take effect from May 1 until the hearing and determination of the motion on notice before the tribunal.

Also, she mandated all involved parties to appear before the tribunal on May 7 at 10 a.m. for further proceedings regarding the motion on notice.

The petitioner, Festus Onifade, filed a lawsuit against MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC), seeking two specific orders.

These orders include an interim injunction restraining MultiChoice from implementing the impending price increase and any actions that could negatively impact the rights of the claimant and other consumers, pending the determination of the motion on notice.

MultiChoice Nigeria Ltd had previously raised the prices of all its packages on April 1, 2022, prompting legal action from concerned parties.

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Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

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In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

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He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

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