Politics
Breakdown Of Nigerias Revenue Generated And Amount Allocated To FG, States And Local Government For The Month Of July
Published
5 months agoon
By
Ekwutos Blog
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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Tinubu distributes palliatives to SUG presidents nationwide
Politics
Tinubu distributes palliatives to SUG presidents nationwide
Published
22 hours agoon
January 14, 2025By
Ekwutos BlogPresident Bola Tinubu has extended palliative support to Student Union Government (SUG) Presidents across Nigeria’s 36 states and the Federal Capital Territory.
The distribution of rice, facilitated by the Special Adviser on Students Engagement, Asefon Sunday, took place in Abuja.
During the event, Asefon explained that the initiative was part of the President’s ongoing efforts to support students and their communities. He recalled a similar gesture in December 2024, when student leaders received palliative support during the Christmas and New Year celebrations.
“Today, SUG Presidents across the Federation will receive rice from President Bola Ahmed Tinubu, a leader who values students not just as tomorrow’s leaders but as leaders of today,” Asefon said.
He noted that the rice, initially meant for distribution in December 2024, arrived late in Abuja on December 28. To ensure proper distribution, representatives were invited to Abuja to personally receive the items. Two SUG Presidents were selected from each zone to oversee and manage the distribution process.
“This is unprecedented. For the first time in this country, a sitting President is directly reaching out to student leaders during the festive season,” Asefon remarked.
Looking ahead, Asefon assured students of more benefits under the Presidential initiative in 2024. “This is a time for Nigerian youth and students to reflect, express their views, and engage actively with the government. The impact of this administration is now being felt by students nationwide,” he added.
Fahad Abdullahi, the SUG President of Abubakar Tafawa Balewa University, Bauchi, expressed gratitude on behalf of the student leaders. “We were informed that all SUG Presidents across the nation would receive rice, a kind gesture from the President. We sincerely appreciate this initiative and commend him for his focus on students, from the Nigerian Education Loan Fund to this Rice Initiative,” Abdullahi said.
President Bola Ahmed Tinibu has approved the appointment of Folashade Arinola Adekaiyaoja fsi+, fdc, as Deputy Director General for the Service.
The approval, the first by any president, has drawn commendation from a large section of serving and retired DSS officers who see the move as aimed at restoring professionalism to the Service.
The presidential approval, it was gathered, seeks to revise the agency’s structure for better efficiency, in line with the original onanogram of the service.
Checks revealed that the DSS is structured to comprise three Deputy Directors General in its hierarchy.
The appointment and ratification by the President, according to elated operatives of the agency, was based on the recommendation of the DG through the National Security Adviser (NSA), Mallam Nuhu Ribadu.
One of the sources told Vanguard that the appointment is in line with its extant regulations and unprecedented in the history of the Secret service.
The appointment of Adekaiyaoja, a native of Kogi State, it was gathered, is being celebrated by a cross section of officers and operatives who see her as eminently qualified for the position.
It was further gathered that President Tinubu had, in line with his promise to improve on the security of life and property of Nigerians, tasked the heads of security agencies to come up with proposals on how to improve on their service delivery.
“It was on this note,” offered a security source, “that the President approved the DG’s recommendation, which many serving and retired officers are confident would boost career progression in the Service.”
Politics
Wike signs 5,481 C-of-O in one year, FCT land allottees now get title documents in two weeks
Published
24 hours agoon
January 14, 2025By
Ekwutos BlogAs at December 31, 2024, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has signed a total of 5,481 Certificates of Occupancy (C-of-O), the Minister’s Senior Special Assistant on Public Communications and New Media, Lere Olayinka, has said.
This is 2,919 less than the total number of C-of-O printed and signed by the Federal Capital Territory Administration (FCTA) from 2010 to 2023 (13 years).
In a statement on Tuesday, Olayinka said; “the moment necessary payments are made, land allottees can now get their C-of-O within two weeks.”
He said “one of the reasons land allottees do not find it compelling to pay for their C-of-O is because when they pay, they wait for years. But in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s government, that has changed now.
“Even uploading of necessary information to show when a C-of-O is collected as well as details on the collector that used to take months, is now done within 72 hours.”
Giving details of C-of-O produced and signed in the FCT in the last 15 years, the Minister’s Spokesperson said; “From May 2010 to May 2015, total of 5,655 Certificates of Occupancy were produced and signed.
“From May 2015 to May 2019, a total of 1,174 Certificates of Occupancy were produced and signed, while 1,571 were done between May 2019 and May 2023.
“Meanwhile, from May 2023 that President Tinubu assumed office till December 31, 2024, a total of 5,481 Certificates of Occupancy were produced and signed by the FCT Minister.
“Also, in the next few weeks, land allottees whose C-of-O are ready for collection will begin to receive auto-generated SMS because it has been discovered that most of them don’t even know that their title documents are ready.”
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