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FAAC: FG, States, LGAs Share N1.298trn For Sept

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A total sum of N1.298 trillion from September 2024 federation accounts revenue has been distributed to the Federal Government, states, and local government areas.
The revenue allocation was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja on Thursday, October 17, 2024.
The N1.298 trillion distributable revenue comprised: statutory revenue of N124.716 billion, Value Added Tax (VAT) revenue of N543.518 billion, electronic money transfer levy revenue of N18.445 billion, exchange difference revenue of N462.191 billion and augmentation of N150 billion.
A communiqué issued by FAAC indicated that N2.258 trillion was available in September 2024. Deductions for collection costs amounted to N80.993 billion, and transfers, interventions, and refunds totaled N878.946 billion.
Gross statutory revenue for September 2024 was N1.043 trillion, which was N177.426 billion lower than the N1.221 trillion received in August 2024.
Gross VAT revenue for September 2024 was N583.675 billion, an increase of N10.334 billion from the N573.341 billion received in August 2024.
From the N1.298 trillion total distributable revenue, the federal government received N424.867 billion, state governments received N453.724 billion, LGAs got N329.864 billion and N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N124.716 billion statutory revenue: FG received N43.037 billion, states received N21.829 billion, LGAs received N16.829 billion, while N43.021 billion (13 per cent of mineral revenue) was shared to benefiting states
From the N543.518 billion VAT revenue: FG got N81.528 billion, the 36 states received N271.759 billion, with the local government areas receiving N190.231 billion
N18.445 billion revenue that came in from electronic money transfers was shared thusly, FG, N2.767 billion; states, N9.222 billion; LGAs N6.456 billion
N462.191 billion revenue was generated from the exchange rate differential. From that, the federal government received N218.515 billion, state governments got N110.834 billion, local governments also received N85.448 billion, while N47.394 billion (13 per cent of mineral revenue) was shared to benefiting states
From the N150 billion Augmentation: the federal government received N79.020 billion, states: N40.080 billion, and LGAs: N30.900 billion.

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NIGERIA AT 65: FUBARA HARPS ON UNITY, PEACE

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The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.

Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.

Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.

According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”

He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.

 

The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.

 

Prayers were offered for Rivers State and Nigeria.

 

Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.

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Shettima departs New York for Germany after UNGA engagement

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Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.

In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.

The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.

“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.

“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”

Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”

“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.

“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”

The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.

The Tide source recalls that the VP departed Abuja, yesterday.

He led other Nigerian officials at the Assembly.

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FG holds special thanksgiving service ahead of 65th Independence Day

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As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.

The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.

Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.

Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00

The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.

This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.

“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.

The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.

 

 

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