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Breakdown Of Nigerias Revenue Generated And Amount Allocated To FG, States And Local Government For The Month Of July

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The Federation Account Allocation Committee (FAAC), at its August 2024 meeting chaired by the Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1,358.075 Trillion to the three tiers of government as Federation Allocation for the month of July, 2024 from a gross total of N2,613.791Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and N13.647 Billion from Solid Mineral Revenue, the Federal Government received N431.079 Billion, the States received N473.477 Billion, the Local Government Councils got N343.703 Billion, while the Oil Producing States received N109.816 Billion as Derivation, (13% of Mineral Revenue).

The sum of N99.756 Billion was given for the cost of collection, while N109.816 Billion 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 July 2024, was N625.329 Billion as against N562.685 Billion distributed in the preceding month, resulting in an increase of N62.644 Billion.

From that amount, the sum of N25.013 Billion was allocated for the cost of collection and the sum of N18.009 Billion given for Transfers, Intervention and Refunds. The remaining sum of N582.307 Billion was distributed to the three tiers of government, of which the Federal Government got N87.346 Billion, the States received N291.154 Billion and Local Government Councils got N203.807 Billion.

Accordingly, the Gross Statutory Revenue of N1,373.503 Trillion received for the month was lower than the sum of N1,432.667 Billion received in the previous month by N45.517 Billion. From the stated amount, the sum of N73.959 Billion was allocated for the cost of collection and a total sum of N1,137.951Trillion for Transfers, Intervention and Refunds.

The remaining balance of N161.593 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N58.545 Billion, States received N29.695 Billion, the sum of N22.894 Billion was allocated to LGCs and N50.459 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.602 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.823 Billion, States got N9.409 Billion, Local Government Councils received N6.586 Billion, while N0.784 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N581.710 Billion from Exchange Difference, which was shared as follows: Federal Government received N276.110 Billion, States got N140.047 Billion, the sum of N107.970 Billion was allocated to Local Government Councils, N57.583 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed the sum of N13.647 Billion from Solid Mineral Revenue, which was shared as follows: Federal Government got N6.255 Billion, the States received the sum of N3.172 Billion, Local Government Councils received N2.446, while the sum of N1.774 Billion was allocated to Deviation (13% of Mineral Revenue).

Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Electronic Money Transfer Levy (EMTL) and External Tarrif levies (CET) increased significantly, while Companies Income Tax (CIT) recorded a decrease. Excise Duties increased only marginally.

According to the Communique, the total revenue distributable for the current month of July 2024, was drawn from Statutory Revenue of N161.593 Billion, Value Added Tax (VAT) of N528.307 Billion, N18.818 Billion from Electronic Money Transfer Levy (EMTL), N581.710 Billion from Exchange Difference and the sum of N13.647 Billion, bringing the total distributable amount for the month to N1,358.075 Trillion.

The balance in the Excess Crude Account (ECA) as at August 2024 stands at $473,754.57.

While welcoming the Federation Account Allocation Committee the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, commended them for their show of support to the President Bola Ahmed Tinubu-led Administration especially during the recent protest. He urged them to continue to support the efforts of the Federal Government in its determination to transform Nigeria’s economy for the future of our nation.

HM Edun further commended President Bola Ahmed Tinubu for
signing the National Minimum Wage Act into law, adding that its implementation will be of immerse benefit to all Nigerians

 

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Politics

Mercy Johnson’s Spouse, Henry Okojie, Survives Assassination Attempt by Political Assailants

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September 20, 2024

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Security forces thwarted a reported assassination attempt on Henry Okojie, a federal representative for the Esan North-East/Esan South-East Federal Constituency in Edo State. The assailants were identified as armed individuals believed to be political operatives.

Michael Ihaza, Okojie’s media spokesperson, confirmed the incident in a statement released on Friday, September 20. He reported that Okojie, who is married to actress Mercy Johnson, was targeted at his home by gunmen in a Lexus GX 470 with Rivers State license plates – PHC 253 FF.

The statement emphasized that the planned attack “failed due to the prompt response of security personnel assigned to the lawmaker.”

Photo source: Instagram

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Former President Olusegun Obasanjo has called for the imprisonment of corrupt politicians, stating that “thieves cannot provide just governance.”

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September 20, 2024

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The 87-year-old statesman made this demand while speaking virtually at the memorial lecture for Denis Joseph Slattery, a late cleric, in Lagos.

In his speech, titled The Imperative for Moral Rectitude in Governance, Obasanjo emphasized that the key requirement for anyone involved in governance is “accountability.” He argued that officials with “questionable” integrity are incapable of making decisions that benefit the greater good.

“If you look clinically at the people in government today at both executive and legislative levels, some of them should be permanently behind bars for their past misdemeanour and criminal misconduct,” said Obasanjo, who served as Nigeria’s head of state from 1976 to 1979 and later as president from 1999 to 2007. “You cannot expect thieves to give good judgement in favour of the owner of the property.”

Obasanjo also reflected on his shocking experiences with corruption, recalling how dishonesty was normalized in politics. “The first thing that shocked me when I went into politics was the level of corruption of election officials which was taken as normal,” he said. “The second was the level of general and criminal misbehaviour which was taken with levity and impunity. We were at a meeting and a man lied and I confronted him, and the next thing he said is ‘It is all politics, Sir’.”

Obasanjo lamented how politics has been used to justify unethical behaviour, adding, “Every bad thing they do is passed on as politics which means politics has no room for morality, principles, rectitude, ethics, good character and attributes.”

He concluded by urging Nigeria to seek “transformational leaders rather than transactional leaders, truth instead of lies, honesty instead of dishonesty, integrity instead of disintegrity, hope instead of despair, production instead of deduction, inclusion instead of exclusion and marginalisation.”

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Breaking News: Owerri Court Disqualifies 27 APC Chairmanship, 305 Councillorship Candidates Over Conduct of Primary Election …Bars APC From Participating in Saturday’s LGA Poll

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September 20, 2024

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Breaking News:

Owerri Court Disqualifies 27 APC Chairmanship, 305 Councillorship Candidates Over Conduct of Primary Election
…Bars APC From Participating in Saturday’s LGA Poll

By Ekeh Chiemena, Owerri

A Magistrate Court sitting in Owerri, the Imo State capital has disqualified the 27 Chairmanship and 305 Councillorship candidates of the All Progressives Congress (APC) for the September 21 Imo State Local Government Elections over the party’s failure to comply with the Guidelines of the Imo State Independent Electoral Commission (ISIEC) in the conduct of its primary election.

The Court also barred the party, APC and its candidates from participating in Saturday’s Local Government election in Imo state.

In a ruling in the case with No. CR/OMC/635/2024 and instituted by aggrieved APC members, Her Worship, Ifunanya Ekwerike maintained that the All Progressive Congress ought not to be in the Local Government election because it failed to conduct Chairmanship and Councillorship primaries in line with ISIEC guidelines.

Earlier, some aggrieved APC Aspirants under, Forum of APC Chairmanship and Councillorship Aspirants in Imo State had approached Chief Magistrate Court of Imo State, in the Owerri Magisterial District over non compliance to electoral provisions.

The court delivered this judgement following a report of discrepancies in the conduct of APC Chairmanship and Councillorship primaries in Imo state for the purposes of the September 21st proposed local government election across the 305 Wards in the state.

It could be recalled that the Forum, through its state spokesperson, Barr Lucky Ikwubuo (Onye Eze) vowed that its members would do everything possible to ensure that APC does not participate in the Saturdays LGA Election following its refusal to conduct a transparent, free, fair and credible primary election after the party allegedly extorted them of money valued over 3 million each.

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