Politics

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

Published

8 months ago

August 18, 2024

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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

Politics

Wike using his influence to undermine democracy in Rivers – CHRICED

Published

2 hours ago

April 10, 2025

Ekwutos Blog

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The Resource Centre for Human Rights & Civic Education (CHRICED) has condemned the escalating political crisis in Rivers State, describing the ongoing political drama orchestrated by Minister of the Federal Capital Territory (FCT), Nyesom Wike, as a “shameful circus.”

In a statement signed by its Executive Director, Comrade Ibrahim M. Zikirullahi, on Wednesday, CHRICED accused Wike of manipulating state institutions and using his influence in the Presidency to undermine democratic governance in Rivers State.

“At the center of this turmoil is Nyesom Wike, whose disruptive actions continue to destabilize Rivers State,” CHRICED stated.

“Despite holding no constitutional role in the state’s administration, Wike has positioned himself as an unelected overlord, orchestrating political drama and exploiting his relationship with the Presidency to undermine democratic institutions.”

A key issue raised by CHRICED is the recent trip of suspended Rivers State lawmakers to the United Kingdom for a supposed “capacity building” program.

The organization questioned the legality and funding of the trip, insisting that it was nothing more than a diversionary tactic to distract from the democratic crisis at home.

“This UK trip is nothing more than a diversionary spectacle, a shameful circus at the expense of the suffering people of Rivers State,” the statement read.

“While the state faces democratic decay, these suspended lawmakers and their enabler indulge in luxury abroad, disconnected from the crisis they have helped create.”

The human rights group also criticized the Nigerian Police for violently suppressing peaceful protests by Rivers residents who have been demanding accountability.

“The deployment of tear gas to suppress citizens peacefully demanding justice is a grave violation of fundamental rights, including freedom of expression and assembly,” CHRICED added.

“Such repression is unacceptable in a democracy and must be unequivocally condemned.”

CHRICED further denounced the role of the Rivers State military administrator, Vice Admiral Ibok-Ete Ibas (rtd.), accusing him of unconstitutional actions, including appointing 23 local government administrators and setting up the Rivers State Independent Electoral Commission (RSIEC).

“As an unelected occupant of the Rivers State Government House, Ibas has no authority to make such appointments. His actions represent a direct affront to the will of the people,” the organization added.

Calling for urgent federal intervention, CHRICED warned that the silence of the Federal Government was enabling a dangerous precedent where certain individuals act above the law.

“Rivers State is not at war, but it is bleeding, wounded by political excess, greed, and unconstitutional interference,” the statement read.

“The people of Rivers deserve peace, justice, and leadership that reflects their will, not one imposed through backdoor manipulations and foreign retreats.”

CHRICED concluded by demanding the immediate restoration of Governor Siminalayi Fubara’s democratically elected government and the dismissal of Wike as FCT Minister.

“Nyesom Wike and Ibok-Ete Ibas are liabilities to democratic governance and national stability. Let Rivers breathe! Let democracy prevail!,” the statement concluded.

Politics

Slovakia ‘fully’ backs India’s bid to become new permanent member of UNSC

Published

4 hours ago

April 10, 2025

Ekwutos Blog

President Droupadi Murmu and President Peter Pellegrini of the Slovak Republic. (Photo/MEAyoutube) © Provided by Asian News International (ANI)

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Bratislava [Slovakia], April 10 (ANI): Slovakian President Peter Pellegrini on Wednesday (local time) announced the country’s full support for India‘s bid to become a permanent member of the United Nations Security Council (UNSC), highlighting the longstanding and growing relationship between Slovakia and India, according to a Joint Press Statement, amid President Droupadi Murmu‘s state visit to the nation.

According to the joint press statement, President Pellegrini emphasised Slovakia‘s commitment to backing India‘s bid, stating, “I would like to clearly declare at this place that within the United Nations, Slovakia is prepared to fully support India‘s bid to become a new permanent memberof the UN Security Council.”

Meanwhile, President Murmu, in the statement, expressed her gratitude for the warm welcome extended by Slovakia and acknowledged the mutual respect between the two nations and commended Slovakia for its cooperation in various areas, including trade, investment, science and technology, defence, and space.

She further acknowledged Slovakia‘s “unwavering support” in evacuating Indian students from Ukraine during the Russia-Ukraine conflict, strengthening the bond between the two nations.

“I am extremely pleased to be in Slovakia, my first State visit to this beautiful country. I thank President Pellegrini and the people of Slovakia for the warm welcome and hospitality extended to me and my delegation. I bring warm wishes from the people of India. India and Slovakia are based on mutual respect, democratic ideals and a shared vision for global cooperation. Our two countries support each other in international forums, reflecting our deep friendship. Our trade relations are flourishing, and our trade and investment have grown significantly in recent years,” Murmu said.

“I would like to take this opportunity to thank Slovakia for its unwavering support in evacuating Indian students from Ukraine. India will always remember Slovakia‘s cooperation and generosity, which strengthens our bond as true partners and friends,” she added.

The leaders discussed various areas of bilateral cooperation, including trade, investment, nuclear cooperation, and cultural exchange and also reviewed global and regional issues of mutual interest, reinforcing their shared vision for international cooperation.

“We resolved to further strengthen our long-term bilateral relations covering all areas, including trade and investment, science and technology, defence, digital technology, migration and mobility, space, nuclear cooperation, and culture, and to further promote people-to-people contacts,” President Murmu added.

The two Presidents also signed documents related to the exchange of diplomats and cooperation in the field of small and medium enterprises.

Meanwhile, trade between the two countries has tripled in the past five years, reaching nearly EUR 1.3 billion, with Indian investments in Slovakia, including the Tata Jaguar Land Rover assembly plant in Nitra, contributing to this growth.

“Two documents on bilateral cooperation were signed, one pertaining to the exchange of our diplomats and the second supporting cooperation of small and medium companies. I can declare with pleasure that substantial growth is also a mutual trade which, over the past five years, has tripled today, reaching the level of nearly EUR 1.3 billion, and I’m very pleased indeed that the Indian partners are also showing more and more interest now in Slovakia,” President Pelligrini said.

In addition to these bilateral discussions, President Murmu and President Pellegrini will jointly inaugurate the India-Slovak Business Forum on Thursday and visit the Jaguar Land Rover Assembly plant in Nitra, marking a significant milestone in economic cooperation between the two countries.

President Murmu’s visit, the first by an Indian head of state to Slovakia in nearly 30 years, is expected to further strengthen the political and economic ties between the two nations. The visit underscores the growing partnership between India and Slovakia, with a focus on expanding trade, investment, and cooperation in various sectors.

Politics

IMO STATE GOVERNMENT WARNS AGAINST ILLEGAL LAND TRANSACTIONS IN GOVERNMENT LAYOUTS

Published

4 hours ago

April 10, 2025

Ekwutos Blog

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Owerri, April 3, 2025 – The Government of Imo State has issued a stern warning to the general public against engaging in unauthorized land transactions within designated government layouts across the state.

In a public notice released by the Ministry of Lands, Survey and Physical Planning, the Honourable Commissioner, Barr. Enyinna Onuegbu, cautioned that all prospective land buyers must verify every land transaction through the ministry before proceeding, to avoid legal complications and financial loss.

The government expressed deep concern over the alarming increase in police cases and litigations linked to unverified land dealings, especially within key government layouts. The affected layouts include:

1. 3R Residential Layout, Off Onitsha Road

2. Housing Area TM, New Owerri

3. Housing Area TN, New Owerri

4. Unity Layout Extension, Uratta, Owerri North LGA

5. Ekwema (GRA) Residential Layout

6. Shared Prosperity Layout, Port Harcourt Road, New Owerri

7. Riverside Layout, Orji/Amata

8. New Community Layout, Okuku, Owerri West

The statement made it unequivocally clear that no official land allocation exercise has been conducted within any of the listed layouts since the inception of the administration of His Excellency, Distinguished Senator Hope Odidika Uzodimma.

“The public is hereby warned to desist from transacting on any purported land allocation in the said layouts,” the statement read. “The Government and the Ministry of Lands, Survey and Physical Planning shall not be held liable for any act of negligence resulting in loss, litigation, or any adverse consequences suffered by land speculators or buyers.”

The ministry reiterated that all land transactions must be duly verified at the Ministry of Lands, Block 7, State Secretariat Complex, Owerri, to ensure legality and avoid falling prey to fraudsters and illegal developers.

The warning comes as part of a broader effort by the state government to sanitize the land sector and protect residents from avoidable disputes and fraudulent practices.