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June 2020: FAAC shared N651bn to FG, States, LGAs

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The Federation Accounts Allocation Committee (FAAC) has disbursed N651.184 billion to the Federal, States, Local government areas and other relevant agencies as allocation for June 2020

FAAC disclosed this in a statement issued by its Director of Information, Press and Public Relations, Henshaw Ogubike.

The statement added that the decision followed FAAC’s monthly meeting for July 2020 which was held virtually and chaired by the Accountant General of the Federation, Ahmed Idris.

“The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion,” the statement said.

“This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies”, the statement reads.

Henshaw Ogubike, in the statement also stressed , “the balance in the Excess Crude Account (ECA) as at 16th July, 2020 was $72.407 million, explaining that the gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.”

It also added that the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.

The statement noted that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.

Continuing, the oil producing states got N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows:

Cost of collection…..24.047,

Transfer to NEDC…..3.865

PTF….3.897

Transfer to Excess non oil…..45.000

TOTAL……76.809.

It equally said the Federal Government got N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils had N88.995 billion.

N24.722 billion was given to the relevant States as 13% derivation revenue, also.

The Federal Government got N17.971 billion from the Value Added Tax (VAT) revenue, the State Governments received N59.904 billion, the Local Government Councils had N41.933 billion, and the revenue/ Relevant Agencies received ,5.153 as cost of collection and 3.865 transferred to NEDC , amounting to N9.018 billion, the statement added.

In a related development, FAAC said the Federal Government received N20.576 billion, the State Governments had N10.436 billion, the Local Government Councils got N8.046 billion and the oil producing states received N3.774 billion from the Exchange Gain revenue.

In June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty reported major rises just as Petroleum Profit Tax declined.

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Rep Oseni Bids Farewell to Oyo Political Stalwart, Adeojo

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A member of the House of Representatives, Engr. Aderemi Oseni has paid glowing tribute to the late elder statesman and political icon, Alhaji Yekini Adeojo, describing his passing as the end of an era in Oyo State politics.

The lawmaker, who represents Ibarapa East/Ido Federal Constituency, extolled Adeojo’s lifelong commitment to the advancement of democracy and community development in the state and beyond.

In a statement released through his media aide, Idowu Ayodele, on Friday, in Ibadan, Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency (FERMA)  expressed deep sorrow over the demise of the former chieftain of the Peoples Democratic Party (PDP), noting that Adeojo’s legacy of selfless service, mentorship, and unwavering patriotism will continue to inspire generations of political leaders in the region.

“Alhaji Yekini Adeojo was not only a political leader but also a symbol of courage and unwavering loyalty to the good of Oyo State. His contributions to the socio-political growth of our dear state, especially during the formative years of the Fourth Republic, remain indelible,” he said.

The lawmaker stated that the elder statesman was always full of wisdom and generously offered guidance to younger politicians irrespective of party affiliation.

“His doors were always open. He believed in giving others a sense of belonging. We have lost a father figure,” he added.

The APC chieftain, Oseni, who shares the same Ido Local Government Area as the late Adeojo, extended his condolences to the deceased’s immediate family, the Ibadan community, and the broader political circle in Oyo State, urging them to find solace in his impactful legacy.

He prayed for the peaceful repose of Adeojo’s soul and fortitude for the family to bear the irreparable loss.

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Ibadan Businessman, PDP Chieftain, Adeojo, Passes On

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Renowned Ibadan-born businessman and prominent political figure, Chief Yekini Adeojo, has passed away.

Chief Adeojo, a respected elder statesman and a chieftain of the Peoples Democratic Party (PDP), died in the early hours of Friday.

Although the precise circumstances surrounding his death remain unclear as of the time of filing this report, sources indicate that he will be laid to rest later today in accordance with Islamic rites.

Adeojo was a founding member of the PDP and served as the party’s Deputy National Chairman (South). Over the years, he was a key player in Oyo State’s political landscape and had vied for the governorship seat on multiple occasions.

Beyond his political exploits, Chief Adeojo was also a respected voice within the community, known for his philanthropic gestures and deep-rooted influence in both business and religious circles.

He held the traditional title of Seriki Musulumi of Yorubaland, a position that amplified his standing among the Muslim faithful.

He is survived by children, among whom is Hon. Sheriff Adeojo, the current Chairman of Ido Local Government Area in Oyo State.

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Rep Oseni Fetes Agbaje on His  Birthday

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The House of Representative member representing Ibarapa East/Ido Federal Constituency, Oyo State, Engr. Aderemi Oseni has felicitated with Barrister Akeem Agbaje, a chieftain of the All Progressives Congress (APC), on his birthday.

Oseni, who also chairs the House Committee on Federal Roads Maintenance Agency (FERMA), in a statement by his media aide, Idowu Ayodele, described the celebrant as a man of integrity and an accomplished legal practitioner whose contributions to politics and governance in the state remain exemplary.

He commended the APC stalwart for his unwavering commitment to democratic ideals and party development, adding that his leadership qualities and dedication to service had earned him respect across political and professional circles.

“Barrister Akeem Agbaje is a brother and friend whose wisdom, integrity, and passion for public service stand out. He has remained one of the pillars of support for our great party and has consistently championed policies that uplift the people,” Oseni said.

The lawmaker lauded Agbaje’s efforts in mentoring young professionals and supporting initiatives that promote education and youth development, noting that his impact extended beyond politics.

Oseni prayed for his continued success, good health, and prosperity.

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