JUST IN; Federal Govt, States, Local Govt Areas to share N1.358 trillion for July (see breakdown)

Published

1 year ago

August 17, 2024

Fed Govt, States, Local Govt Areas to share N1.358 trillion for July (see breakdown)

The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July.

This is contained in a communique issued after FAAC meeting for August on Friday in Abuja.

According to the communique, the N1.358 trillion total distributable fund comprised statutory revenue of N161.593 billion.

It also comprised Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

The communique that a total revenue of N2.613 trillion was available in the month of July.

“Total deduction for cost of collection was N99.756 billion, while total transfers, interventions and refunds was N1.155 trillion ” it said.

According to the communique, gross statutory revenue of N1.387 trillion was received for the month of July.

“This was lower than the sum of N1.432 trillion received in the month of June by N45.517 billion,” it said.

It said that gross revenue of N625.329 billion was available from VAT in July, adding that it was higher than the N562.685 billion available in the month of June by N62.644 billion.

“From the N1.358 trillion total distributable revenue, the Federal Government received the total sum of N431.079 billion and the state government received N473.477 billion.

“The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that on the N161.593 billion statutory revenue, the Federal Government received N58.545 billion and the state government received N29.695 billion.

It added that the LGCs received N22.894 billion, while the sum of N50.459 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

It further said that in July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL)and CET Levies increased significantly.

“Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

“The balance in the Excess Crude Account is 473, 754 dollars.” (NAN)

President Tinubu returns to Nigeria after Abu Dhabi outing

Published

17 minutes ago

January 17, 2026

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President Tinubu returns to Nigeria after Abu Dhabi outing

President Bola Tinubu has returned to Nigeria after participating in the 2026 Abu Dhabi Sustainability Week (ADSW 2026).

Presidential spokesperson, Mr Bayo Onanuga, disclosed this in a statement issued on Saturday in Abuja.

The president attended the summit alongside some members of his cabinet.

On the sidelines of the summit, Nigeria signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE).

The agreement is aimed at deepening economic cooperation, boosting bilateral trade and investment, and enhancing technology transfer.

It will also expand collaboration in key sectors, including energy, infrastructure, agriculture, mining and renewable energy.

In his address at the summit, Tinubu announced that Nigeria and the UAE would jointly host INVESTOPIA in Lagos in February.

The initiative is designed to attract global investors and accelerate sustainable investment inflows into Nigeria.

Tinubu also said Nigeria targets mobilising up to $30 billion annually in climate and green industrial finance.

He said the funds would support energy transition reforms and expand nationwide access to electricity. (NAN)

APC clears air on receiving letter of defection from another State Governor

Published

1 hour ago

January 17, 2026

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APC clears air on receiving letter of defection from another State Governor

The Zamfara chapter of the All Progressives Congress (APC) has denied receiving a letter from Gov. Dauda Lawal seeking to defect to the party.
The News Agency of Nigeria (NAN) reports that there were speculations across the state over Lawal’s move to defect to APC.
A statement issued in Gusau on Saturday by the state APC Publicity Secretary, Malam Yusuf Idris, described the speculations as fabricated.
“The party came across a fabricated report purported to have emanated from one Tambarin Gusau claiming that Go Dauda Lawal has sent a letter to the party wanting to join the APC.
“The report is malicious, unfortunate, unfounded, mischievous and showed the unprofessional manner which some people can go in misleading others and causing chaos in a stable and a peaceful party like the APC.
“The APC has responsible channels where everything is done in a guided manner,” Idris said.
According to him, the party has not received any letter from Lawal as claimed through the imagination of the writer nor was the party aware of any recent moves by the governor to defect from the PDP to the APC.
“All members of the party and indeed the public especially in Zamfara should therefore disregard such report.,” Idris added.(NAN)

News

282 Passengers safe as plane makes emergency landing in Lagos

Published

5 hours ago

January 17, 2026

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282 Passengers safe as plane makes emergency landing in Lagos

A Qatar Airways passenger plane on Friday made an emergency landing at the Murtala Mohammed International Airport in Lagos after developing a technical fault mid-flight.

The aircraft, which had 248 passengers and 12 crew members on board, was forced to land abruptly after the malfunction was detected while it was operating within Nigerian airspace.

The Lagos State Emergency Management Agency (LASEMA) confirmed the incident in a statement released by its Permanent Secretary, Dr. Olufemi Oke-Osanyintolu.

According to him, the agency was alerted to the situation through its 767 and 112 toll-free emergency lines, prompting an immediate response from emergency officials.

He explained that upon receiving the distress call, the LASEMA Response Team (LRT) was swiftly deployed to the airport to assess the situation and provide necessary support.

“Upon arrival at the scene, the LASEMA Response Team confirmed that the aircraft was in distress,” the statement noted.

“The pilot executed a safe landing on the runway at Murtala Mohammed International Airport with LASEMA Response Team and other emergency responders standing by on extreme high alert on the runway.

“Collaborative efforts of the multi-agency responders were coordinated. After proper check by the pilot and the engineering crew, the aircraft was moved to the apron for detailed inspection and prompt repairs.”

“All passengers of the distressed airplane were evacuated safely; no injuries reported, no loss of lives,” the statement said.

Despite the technical issue and the emergency landing, the agency stated that there was the aircraft experienced no major damage.

“The aircraft has been secured on the apron. Recovery activities have been completed,” the statement added.