News
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
News
Fubara Tasks Nigeria’s Surveyor-General On C of O …Says Surveyors’ Role Pivotal In Governance
Rivers State Governor, Sir Siminialayi Fubara, has expressed concern over certain unprofessional practices within the surveying profession, urging practitioners to address issues surrounding the acquisition of Rights of Way and seismic operations in the State.
The governor also raised strong objections to what he described as threats to land ownership and title in the State through the alleged issuance of Federal Certificates of Occupancy by the Office of the Surveyor-General of the Federation and other affiliated federal agencies.
According to him, such actions are contrary to Section 1 of the Land Use Act, Cap L5, Laws of the Federation of Nigeria 2004, which vests all land within a state in the Governor as trustee on behalf of the people.
Fubara made the remarks while speaking as Special Guest at the National Conference of the Association of Private Practicing Surveyors of Nigeria (APPSN), a sub-group of the National Institute of Surveyors (NIS), held at the Obi-Wali Cultural Centre, Port-Harcourt, yesterday.
Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor also expressed concern over the problem of land grabbing through illegal survey plans and the payment of inadequate compensation to landowners during compulsory land acquisition for oil and gas exploration by licence holders, urging surveyors to uphold professionalism and fairness in their practice.
He said such illegal activities negatively affect the development of the State.
Fubara urged surveyors to promote ethical and sustainable planning practices that protect the environment, including the preservation of green spaces, marine areas, and forest reserves.
He described the role of surveyors as pivotal to the growth, development, peace, and orderly governance of any society.
According to him, the services of surveyors are critical to physical and urban planning, housing development, land administration, and the provision of infrastructure.
He stressed that surveyors play indispensable roles in land use and management, infrastructure provision, environmental management, and conflict resolution, noting that their presence in government ministries, departments, and agencies ensures adherence to best practices.
“The role of surveyors in governance is pivotal to the growth, development, peace, and order of society, particularly in land administration, infrastructure development, environmental management, and conflict resolution,” the governor said.
He noted that the conference theme, “Mapping the Future: The Vital Roles of Surveyors in the Nigerian Oil and Gas Industry,” was particularly significant to Rivers State, given its position as the hydrocarbon heartbeat of the nation.
The President of the Nigerian Institution of Surveyors (NIS), Surv. Pius Eze, urged all participants to optimize the opportunity provided by the conference for professional upgrading and networking, adding that the conference displays consistency of vision and dedication to the welfare of private practitioners.
The National Chairman of APPSN, Surv. Simepiriye Kalio, thanked leaders and members of the association for their sacrifices to achieving the successes recorded.
The Chairman of APPSN, Rivers State chapter, Surv. Andy Nwikinane, said that the association was working with relevant stakeholders to prevent the infiltration of quacks in the profession.
News
African Leaders Should Be Under 50 -Jonathan
Former President Goodluck Jonathan has called for a generational shift in African leadership, urging countries across the continent to deliberately promote younger leaders between the ages of 25 and 50.
According to him, younger leaders are more physically and mentally equipped for the rigours of modern governance.
Jonathan made the call in Abuja, yesterday, at the International Memorial Lecture and Leadership Conference marking the 50th anniversary of the assassination of former Head of State, General Murtala Ramat Muhammed.
Reflecting on the demands of leadership, the former president recalled that while in office, he sometimes had no more than two hours of sleep in 24 hours, stressing that advanced age can limit the capacity to cope with the pressures of governance.
“Why do we begin to think that you must be a hundred years old before you can rule your country?” Jonathan asked.
He noted that leadership requires unusual stamina and resilience, arguing that younger leaders are better positioned to withstand the pressure.
“If they need to stay awake for 24 hours, they can stay awake for 24 hours. When I was in office, some days I did not sleep up to two hours. If you subject an older person to that kind of stress, the person will spend 50 per cent of the time in hospital,” he said.
Jonathan aligned his position with the spirit of Nigeria’s “Not Too Young To Run” movement, which seeks to lower age barriers for elective offices and encourage youth participation in politics.
“I have to reinforce the Not Too Young To Run movement. We have to bring some of these age limits down. If we are looking for people who can run nations in Africa, we should look within the 25 to 50 age bracket. That is when you can be very vibrant, physically strong and mentally sound,” he said.
He also questioned the practice of some public office holders spending extended periods outside their states or countries.
“In a country like the United States, some governors do not leave their states for four years. But here, some of our governors spend 50 per cent of their time outside. So who runs the state? Why will we not have security problems? Coming of age must transcend many things. First and foremost, we must have the discipline to manage ourselves,” he added.
Reflecting on the legacy of General Murtala Muhammed, Jonathan said the late leader demonstrated that age was not a barrier to decisive and visionary leadership. Muhammed became Head of State at 38 and, despite ruling for only 200 days, left a lasting impact.
“General Murtala Muhammed assumed office at the very young age of 38. Despite a tenure of only 200 days, his achievements were profound because he was driven by a clear, unyielding vision.
“His leadership sent a clear message: leadership was to serve the national interest, not personal ambition,” Jonathan said.
The former president also referenced other Nigerian leaders who assumed office at relatively young ages, including General Yakubu Gowon, who became Head of State at 32 and later introduced the National Youth Service Corps, which remains in existence to this day.
“Young man of 32 managed to pull the country through the civil war. So why do we now think leadership must only come at old age?” he asked.
However, Jonathan cautioned that youth alone is insufficient without discipline, patriotism and strong institutions.
While praising Muhammad’s decisiveness, he stressed that democracy depends more on institutions than on individuals.
“Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Above all, it requires respect for the rule of law and the willingness to submit power to the will of the people,” he said.
He urged African leaders to view governance as stewardship rather than entitlement and encouraged young people to see leadership as service.
“Young people must see leadership as service, not entitlement. Leaders must see governance as stewardship, not a right,” he said.
“I sometimes remember when I contested as a deputy governorship candidate. You had to be 40 years old before you could even be a senator, a deputy governor or a governor, not to talk about president. Yet the Head of State we are celebrating today assumed office at 38,” he added.
Calling on Nigerians and Africans to draw lessons from history, Jonathan said leadership should be measured by impact rather than duration in office.
“As we mark 50 years of General Murtala Muhammed’s legacy, let us remember that leadership is not measured by how long you govern; it is measured by the courage to act decisively when the nation needs direction and by the impact you make on society,” he said.
He emphasised that while military leaders govern by command and authority, democracy demands a different approach anchored on strong institutions, credible electoral bodies, an independent judiciary, well-trained security agencies and accountable governance systems.
“While General Murtala Muhammed symbolised decisive leadership, our democratic future depends on strong institutions. Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Democracy also demands restraint and respect for the rule of law,” Jonathan said.
News
Police Bust Kidnapping Syndicate In PH
The Rivers State Police Command has confirmed the arrest of two men linked to a criminal syndicate that lured, kidnapped, and robbed women working as “run girls” in Port Harcourt hotels.
The suspects, 27-year-old Albert Koko-Ete Hanson and 18-year-old Wisdom Okon from Abak Local Government Area of Akwa Ibom State, were apprehended after victims reported the crimes to hotel security.
One of the victims, simply identified as Faith, told the police that she was invited to a hotel under the pretense of a client request and was led to a two-bedroom apartment where the suspects were staying.
She said the suspects showed her a photograph of another woman, whom they claimed was owing them N5 million, and demanded her phone password to access her bank account. Her phone was seized, though she had no money in her account.
Faith also alleged that another female victim had already been tied and blindfolded in a bathroom, and both were later stripped and sexually assaulted, with threats of organ harvesting reportedly made by the suspects.
It was learnt that a third victim alerted friends in the hotel via text message while the suspects tried to access her bank app. The quick action of the hotel security team led to the rescue of all the three victims.
The prime suspect, Albert Koko-Ete, reportedly confessed to the crimes and revealed that he had been operating the syndicate for six years, earning over N18 million naira.
Rivers State Police Public Relations Officer, CSP Grace Iringe-Koko, warned young women against engaging in prostitution, citing the high risks involved.
Iringe-Koko advised women to acquire skills and seek legitimate means of income, revealing that the syndicate specifically targeted women with high-end devices such as iPhone 15 and above.
The Police confirmed that the suspects’ method involved identifying women they could abduct to extort money from them or their relatives.
The Police said the suspects remain in custody and will be arraigned in court once investigations are complete.
The Command reiterated its commitment to protecting citizens and dismantling criminal networks preying on vulnerable individuals.
King Onunwor
-
Politics2 days agoAPC Releases Adjusted Timetable For Nationwide Congresses, Convention
-
Business2 days agoCustoms Seek Support To Curb Smuggling In Ogun
-
Sports2 days ago
DG NIS Wants NSC Board Constituted, Seeks Increased In Funding
-
News2 days ago
Police Bust Kidnapping Syndicate In PH
-
Sports2 days agoSWAN Rivers Set-up Five Functional Committees
-
Sports2 days ago
NSC Disburses N200m Training Grants To 26 Athletes
-
Sports2 days ago
‘NTF Will Build On Davis Cup Success For Brighter Future’
-
Sports2 days ago
Falcon Players Prepare For Title Defense
