Connect with us

Politics

FG, STATES, LGCs SHARE N1.411TRILLION FROM A GROSS TOTAL OF N2.668 TRILLION FOR THE MONTH OF OCTOBER 2024

Published

on

 

The Federation Account Allocation Committee (FAAC), at its November 2024 meeting in Bauchi chaired by Accountant General of the Federation, Dr. Mrs.Oluwatoyin S.Madein, shared a total sum of N1.411 Trillion to the three tiers of government as Federation Allocation for the month of October, 2024 from a gross total of N2.668 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED, the Federal Government received N433.021 Billion, the States received N490.696 Billion, the Local Government Councils got N355.621 Billion, while the Oil Producing States received N132.404 Billion as Derivation, (13% of Mineral Revenue).

The sum of N97.517 Billion was given for the cost of collection, while N1.159 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291 Billion as against N583.676 Billion distributed in the preceding month, resulting in an increase of N84.616 Billion.

From that amount, the sum of N26.732 Billion was allocated for the cost of collection and the sum of N19.247 Billion given for Transfers, Intervention and Refunds. The remaining sum of N622.312 Billion was distributed to the three tiers of government, of which the Federal Government got N93.347 Billion, the States received N311.156 Billion and Local Government Councils got N217.809 Billion.

Accordingly, the Gross Statutory Revenue of N1.336 Trillion received for the month was higher than the sum of N1.043 Trillion received in the previous month by N293.009 Billion. From the stated amount, the sum of N70.072 Billion was allocated for the cost of collection and a total sum of N1.060 Trillion for Transfers, Intervention and Refunds.

The remaining balance of N206.319 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562 Billion, States received N39.341 Billion, the sum of N30.330 Billion was allocated to LGCs and N59.086 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N17.824 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.567 Billion, States got N8.555 Billion, Local Government Councils received N5.989 Billion, while N0.713 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N646.000 Billion from Exchange Difference, which was shared as follows: Federal Government received N259.545 Billion, States got N131.644 Billion, the sum of N101.493 Billion was allocated to Local Government Councils, N73.318 Billion was given for Derivation (13% of Mineral Revenue), while the sum of N80.000 Billion was allocated to Transfers, Interventions and Refunds.

Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.

According to the Communique, the total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 Billion, Value Added Tax (VAT) of N622.312 Billion, N17.111 Billion from Electronic Money Transfer Levy (EMTL), and N566.000 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.411 Trillion

Signed
Mohammed Manga *FCIA*
Director, Information and Public Relations
November 20, 2024.

Politics

IMO WEST SENATOR IZUNASO WARNS AGAINST RISING TREND OF ILL-PREPARED LEADERS IN NIGERIA.

Published

on

 

By Prince Uwalaka Chimaroke
17- DEC- 2025

The Senator representing Imo West Senatorial District and Chairman of the Senate Committee on Capital Markets, Senator Osita Izunaso, has expressed deep concern over what he described as the increasing occupation of political offices by individuals lacking the training, discipline, and values required for effective leadership.

Speaking in Abuja on Wednesday at the public presentation of Leadership 365: Daily Reflection for Effective Leadership, authored by Dr. Linus Okorie, President of the GOTNI Leadership Centre, the lawmaker noted that leadership in Nigeria is often misunderstood as merely holding public office rather than demonstrating character, competence, and vision.

Senator Izunaso stressed that authority does not automatically confer leadership, lamenting the absence of intentional leadership development structures in the country. According to him, many political actors assume leadership positions without adequate preparation, resulting in poor conduct, weak decision-making, and a disconnect from the people they serve.

He explained that true leadership reflects in attitude, speech, and behaviour, noting that leaders are constantly under public scrutiny and must therefore conduct themselves with responsibility and restraint. He added that leadership is not exclusive to political office holders, pointing out that leaders often emerge naturally in everyday settings based on influence and character rather than titles.

The lawmaker commended Dr. Okorie for contributing to leadership discourse through his book, describing it as a thoughtful work that highlights leadership as a daily responsibility applicable to all spheres of life. He emphasized that leadership is often revealed through action and integrity, not position, and can be identified even among children through observation of behaviour and influence.

Addressing young Nigerians, Senator Izunaso cautioned against the growing obsession with quick wealth, urging them instead to embrace mentorship and positive role models whose lives reflect sound values. He advised that money should not be the primary measure for choosing role models, stressing the importance of character and long-term impact.

The senator further observed that while technology and artificial intelligence are shaping the modern world, they can never replace the power of the human spirit. He noted that when properly guided, human capacity can drive meaningful change capable of transforming institutions, economies, and nations.

In his remarks, Dr. Okorie underscored the importance of deliberate leadership grooming, stating that nations that have achieved sustainable development did so by investing consciously in leadership capital. He explained that the book was written to encourage consistent self-reflection and inspire individuals committed to making a positive difference in society.

Observers note that concerns about leadership quality have remained a recurring issue in Nigeria’s governance discourse, with critics often pointing to weak institutions, policy inconsistency, and a political culture that prioritizes patronage over competence as major challenges to national development.

 

Continue Reading

Politics

Engineers Farouk Ahmed, Gbenga Komolafe resign, President Tinubu nominates successors to the Senate for approval

Published

on

President Bola Ahmed Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

 

The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials were appointed in 2021 by former President Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).

 

To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.

 

The two nominees are seasoned professionals in the oil and gas industry.

 

Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

 

Engineer Saidu Aliyu Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

 

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

 

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

 

Engineer Mohammed played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

Continue Reading

EVENTS

PRESIDENT TINUBU CONGRATULATES SENATOR IFEANYI ARARUME ON HIS BIRTHDAY

Published

on

 

President Bola Tinubu felicitates Senator Ifeanyi Godwin Ararume, astute politician and accomplished businessman, on his birthday, December 16.

Senator Ararume’s odyssey in politics began in the late 1980s, when he served as the State Treasurer of the Liberal Convention in old Imo State. He later joined the National Finance Committee of the defunct National Republican Convention.

He represented Imo North in the 9th National Assembly. He was first elected in May 1999 and re-elected in April 2003. He also served on several committees and held other official roles.

President Tinubu commends the former senator for his years of service to the nation and contributions to its peace, unity, and progress.

The President describes Senator Ararume as a resolute and shrewd politician, highlighting his courageous and remarkable political journey through the years.

President Tinubu wishes Senator Ararume a happy 67th birthday and prays that God Almighty will grant him more years of good health and strength.

 

Continue Reading

Trending