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FAAC: FG, States, LGCs Share N1.203trn For August
The Federation Account Allocation Committee (FAAC), at its September 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.203 trillion to the three tiers of government as Federation Allocation for the month of August, 2024 from a gross total of N2.278 trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference (ED), the Federal Government received N374.925billion, the States received N422.861billion, the Local Government Councils got N306.533 Billion, while the Oil Producing States received N99.474billion as Derivation, (13% of Mineral Revenue).
The sum of N81.975billion was given for the cost of collection, while N992.617 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 August 2024, was N573.341 billion as against N625.329 billion distributed in the preceding month, resulting in a decrease of N51.988 billion.
From that amount, the sum of N22.934billion was allocated for the cost of collection and the sum of N16.512 billion given for Transfers, Intervention and Refunds. The remaining sum of N533.895billion was distributed to the three tiers of government, of which the Federal Government got N80.084billion, the States received N266.948billion and Local Government Councils got N186.863billion.
Accordingly, the Gross Statutory Revenue of N1.221trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994. From the stated amount, the sum of N58.415 billion was allocated for the cost of collection and a total sum of N976.105billion for Transfers, Intervention and Refunds.
The remaining balance of N186.636 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624billion, States received N36.329 billion, the sum of N28.008 Billion was allocated to LGCs and N50.675 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N15.643 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.252 Billion, States got N7.509 Billion, Local Government Councils received N5.256 Billion, while N0.626 Billion was allocated for Cost of Collection.
The Communique also disclosed the sum of N468.245 Billion from Exchange Difference, which was shared as follows: Federal Government received N220.964 Billion, States got N112.076 Billion, the sum of N86.406 Billion was allocated to Local Government Councils, N48.799 Billion was given for Derivation (13% of Mineral Revenue).
It further disclosed that
Companies Income Tax (CIT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Petroleum Profit Tax (PPT), Oil and Gas Royalty and Customs External Tarrif levies (CET) all recorded decreases.
According to the Communique, the total revenue distributable for the current month of August 2024, was drawn from Statutory Revenue of N186.636 Billion, Value Added Tax (VAT) of N533.636 Billion, N15.017 Billion from Electronic Money Transfer Levy (EMTL) and N468.245 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.203 Trillion.
The balance in the Excess Crude Account (ECA) as at September 2024 stands at $473.754.57
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while welcoming FAAC members, appreciated them for their continued support and contributions, urging them to do more
While also thanking the Revenue Generating Agencies for their hard work in ensuring that the three tiers of government are running smoothly, HM Edun assured that Nigeria is going well, explaining that we have a President whose actions is in line with the Rule of Law and he is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country
He emphasised that the policies are for the good of the nation it is for our own good, we have to go through turbulent situation before the economy will stabilize for good, he said.
He added that the challenges we are witnessing are not only limited to Nigeria alone but to other countries of the world. *We have to play our own role, we have to fasten our belts*, he noted
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Learn How To Form Coalition Party From Tinubu, Sowunmi Tells Atiku

Spokesman to former Vice President Atiku Abubakar, and chieftain of the People’s Democratic Party (PDP), Mr Segun Sowunmi, has advised his principal, Atiku, to learn from President Bola Tinubu on how to form a coalition.
The Tide reports that in a bid to wrest power from President Tinubu in 2027, Atiku has been leading the movement by opposition politicians to form a coalition of political parties ahead of the next general election.
Last month, opposition politicians set up a team comprising former Minister of Transpiration, Rotimi Amaechi, and former Governor of Cross River State, Liyel Imoke, to decide whether to float a new party or fuse into an existing platform.
While the main opposition party, PDP, struggles with a perennial leadership crisis, the former Vice President is bent on establishing another political force to take power from the ruling party in 2027.
But Sowunmi, who has been Atiku’s ally for many years, disagrees with his move, saying instead of forming a coalition with another political platform, he should coalesce opposition politicians into the PDP.
Speaking during an interview on TVC on Tuesday, Sowunmi, who was Atiku’s campaign spokesperson in the last election, asked his principal to learn from President Tinubu on how to form a coalition.
Sowunmi believes Atiku, having benefitted from the PDP as a former Vice President and getting the party’s presidential ticket twice, should not seek to form a coalition that will not have the PDP as its base.
He said, “I’ve always said to people, people love with their hearts. I love atiku with my bones. But I can’t help him against himself. You can’t run vice presidency on PDP two times with Obasanjo, get presidential candidate on that same party two times. I don’t agree with him that the next best thing is to be shopping for…(a platform) If you want a coalition, why are you not coalescing them into your party?” he asked.
The former PDP governorship candidate in Ogun State advised the ex-VP to learn from Tinubu on how to build a coalition without dumping his political party.
“Look at your rival, your friend. You guys started together. At best, even if you want to say he’s building a coalition is he not coalescing opponents into his place”? Sowunmi asked again.
The PDP chieftain, who recently showered praises on Tinubu after he visited him, said the President has an “uncanny ability to make everybody individually feel special” regardless of political affiliations.
His words: “That guy (Tinubu) is something oh, he has this uncanny ability to make everybody individually feel special. It doesn’t matter whether you are a former foe or a president’s friend, every moment you share with him, I don’t know how he does it, though you’re going to leave the place feeling that you matter, feeling that he gets it, feeling that what you guys are talking about is important. And there’s something about him, when he gives you his word, he will say something like ‘ko le ye’, meaning that to the best of human ability, it will stand.”
Meanwhile, there have been conversations about Sowunmi’s political stance as many questioned his relationship with Atiku, with whom he shares a longstanding political relationship.
Asked about his relationship with Atiku following his meeting with Tinubu, Sowunmi said he doesn’t know if the former Vice President is upset.
“I don’t know whether Atiku is upset or not upset, but I know a lot of our followers are talking a lot of nonsense, and I’m wondering how I became attached to Atiku when I’ve been in PDP since 1999 never leaving,” he responded.
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FIRS Introduces New SOP To End Tax Confusion Nationwide

The Federal Inland Revenue Service (FIRS) has introduced a new Standard Operating Procedure (SOP) to fix inconsistencies in tax services across its over 300 offices nationwide.
The move aims to make tax processes clearer, more transparent, and easier for Nigerians.
In a statement, Special Adviser on Communications and Advocacy to the FIRS Executive Chairman, Mr. Collins Omokaro, said the updated SOP is a key part of the agency’s plan to improve taxpayer experience.
He explained that, in the past, different FIRS offices used different methods, which often confused taxpayers.
“This is about people, experience, and impact. It’s a step towards a tax system that supports voluntary compliance and national development,” Omokaro said.
The new SOP provides a single guide for key processes like registration, payment, audit, and enforcement. This will ensure all FIRS offices follow the same steps, making the system fairer and more predictable.
FIRS Executive Chairman, Dr. Zacch Adedeji, described the SOP as more than just a set of rules.
“This SOP is not just a technical document; it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people,” he said.
The SOP also supports FIRS’s digital transformation, combining human and technological systems to deliver faster and more reliable services. It will also improve internal efficiency by providing clear guidance and better training for staff.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” Omokaro added.
The reform is part of FIRS’s efforts to become a more service-driven organisation, focused on clarity, consistency, and national growth. The agency hopes the new SOP will make tax services better for Nigerians and increase public trust in the system.
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FG Working Towards World-Class Public Service -Walson-Jack

The Head of the Civil Service of the Federation (HCSF), Mrs Didi Walson-Jack, says the Federal Government is committed to building a world-class public service in Nigeria.
Walson-Jack made this known in Abuja, on Wednesday, at a World Press Conference ahead of the International Civil Service Conference and the African Public Service Week scheduled for June 25 to 26 in Abuja.
She said a recent study tour to Singapore was part of preparatory activities aimed at positioning Nigeria’s civil service for excellence and attracting global participation in the upcoming events.
“The study tour to Singapore was the first major activity we undertook under the collaboration between the Office of the Head of Civil Service of the Federation and the Heads of Service of the 36 states and the FCT,” she said.
According to her, the visit, supported by the United Nations Development Programme (UNDP), involved 20 State Heads of Service and was designed to benchmark best global practices and enhance Nigeria’s public service delivery.
“The idea was born out of our ongoing collaboration, where we share ideas and knowledge across federal and state levels.
“Singapore was chosen because it is globally recognised for excellence in public service,” she explained.
Walson-Jack noted that the second phase of the tour will involve the remaining 17 heads of service later this year.
She said the tour provided participants with the opportunity to engage with both public and private sector institutions in Singapore, compare administrative practices, and gain insights into global standards.
“It was an eye-opener and a capacity-building opportunity.
“Since our return, several state civil services have begun implementing reforms in collaboration with the federal service, particularly in areas such as capability development and digital transformation,” she added.
Walson-Jack further disclosed that Nigeria would host a reciprocal study tour during the upcoming African Public Service Week, where foreign delegates will engage with various federal institutions.
“They will see firsthand our digitalisation efforts, performance management systems, and other reform initiatives aimed at transforming our civil service.
“We hope the experience will inspire similar actions in their home countries,” she said.