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

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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.

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Politics

2027: No single candidate can defeat Tinubu – Kenneth Okonkwo warns Atiku, Peter Obi

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April 28, 2025

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Kenneth Okonkwo (ANDY)
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A former presidential spokesperson for the Labour Party, Kenneth Okonkwo, has said that no single candidate can defeat President Bola Tinubu in 2027.

He said the only choice before the opposition leaders in the country is a coalition.

Speaking on the wave of defections by politicians across party lines, with political heavyweights switching allegiance to the ruling party, Okonkwo said politicians moving to the APC are doing so for personal gains.

 

Ekwutosblog reports that many Nigerians are questioning the strength and stability of the party system in the country.

There are also fears that Nigeria could be drifting towards a one party state.

Speaking as a guest on Channels Television’s Sunday Politics, Okonkwo expressed confidence that the coalition would be formed, though he could not specify who would lead it.

“Moving to 2027, I know that there will be a coalition. Whether it is going to be between Peter Obi and Atiku, I don’t know, but there will be a coalition.

“Why? Because that will be the only choice the opposition has to make any impact,” Okonkwo said.

He, however, made it clear that a failure to form the coalition would make Tinubu unbeatable, adding that the President would return to power “outrightly, he will just walk into it.”

Okonkwo strongly believes that that no one single candidate can win Tinubu in 2027 because “in Nigeria, we have entered into the unfortunacy that you will not only win but you have to secure your victory.”

He added that if the elites can come together like they did in 2014 to confront Goodluck Jonathan in 2015, they will unseat Tinubu in 2027.

Speaking on the reason for the recent defection of opposition party members to the APC, Okonkwo said it is the belief that the APC will write election results for them in 2027.

He said that “it is an absurdity that people will see a sinking house and be running into it for shelter,” adding that they were making the believe that “APC will write results for them.”

Delta State Governor Sheriff Oborevwori recently became the latest sitting governor to officially dump the PDP for the ruling party.

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Tinubu has failed woefully, might end up as one-term president – APC chieftain, Onokpasa

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April 28, 2025

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Jesutega Onokpasa
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A chieftain of the All Progressives Congress, APC, Jesutega Onokpasa says President Bola Tinubu has failed woefully based on the performance of his administration.

Onokpasa stated this in an interview with Arise Television on Sunday, warning that the president may end up being a one-term president if he did not improve in his performance.

Onokpasa also expressed school why Governor Sheriff Oborevwori of Delta State, who he referred to as his cousin, defected to the APC.

According to him, the governor’s defection to the ruling party does not add any value to the APC or the state.

The APC chieftain reiterated that the ruling party should not focus on the defection of opposition politicians into its fold but on good governance.

Onokpasa added that the defections of opposition leaders to the APC negate the principles of democracy.

“It is not a question of people defecting to our party. It is a question of are we ruling well? In that sense, we failed woefully.

“President Bola Tinubu has failed woefully to rule well, provide food for Nigerians, and give succour in these hard times.

“Governor Sheriff Oborevwori, who recently defected to our party, is actually my cousin. I don’t have the slightest idea why he defected to our party. He did not inform me. I wish him well,” he said.

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Don’t expect anything good from Tinubu – Ex-APC chieftain to Nigerians

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April 28, 2025

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A former National Vice Chairman of the All Progressives Congress (APC), Salihu Lukman, has cautioned Nigerians against expecting anything good from President Bola Tinubu’s leadership.

Lukman warned that Tinubu can’t achieve anything significant before May 2027.

He disclosed this while featuring as a guest on the Sunday edition of Channels TV’s Inside Sources with Laolu Akanda.

Lukman said Tinubu is not the kind of progressive leader he once believed him to be.

He maintained that Tinubu is governing Nigeria differently from how he ruled Lagos State between 1999 and 2007.

According to Lukman: “For you to even expect something very wonderful to happen before May 2027, I will say you are a dreamer, I will wish you luck in your dream, but if it happens, it will be a pleasant surprise.

“For me, I have reached the conclusion that I don’t think anything good is going to come out and which is why we have to start organising.

“I have said so, this country can be fixed in our lifetime, and I pray to God to give us the strength and courage to engage our leaders.”

He pointed out that the failure of the APC has made it necessary for the coalition currently being formed to be built on a very strong foundation.

“If having gone through the APC and failed, we now organise another coalition that will become business as usual, which is why this initial negotiation we are really engaging ourselves.

“So, we really have to, we owe it to Nigerians, and I am telling Nigerians that look, it is possible to fix this country in our lifetime,” he said.

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