BREAKING; FAAC: Federal Govt, States, LGs share N1.424 trn December 2024 revenue
BREAKING; FAAC: Federal Govt, States, LGs share N1.424 trn December 2024 revenue
A total sum of N 1.424 trillion, being Dec. 2024 Federation Account Revenue has been shared to the Federal Government, states, and the Local Government Councils (LGCs).
This is according to a statement by Bawa Mokwa,
Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF).
Mokwa said that the revenue was shared at the January Federation Account Allocation Committee (FAAC) meeting on Friday in Abuja.
Meanwhile, a communiqué from the FAAC meeting said that the N1.424 trillion total revenue comprised statutory revenue of N386.124 billion, and Value Added Tax (VAT) revenue of N604.872 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.
The communiqué indicated that total gross revenue of N2.310 trillion was available in Dec. 2024.
It said that total deduction for cost of collection was N84.780 billion while total transfers, interventions, and refunds were N801.175 billion.
“Gross statutory revenue of N1.226 trillion was received for Dec. 2024. This was lower than the sum of N1.827 trillion received in of Nov. 2024 by N600.988 billion.
“Gross revenue of N649.561 billion was available from VAT in Dec. 2024. This was higher than the N628.973 billion available in Nov. 2024 by N20.588 billion,” it said.
The communiqué said that from the N1.424 trillion total distributable revenue, the Federal Government received the total sum of N451.193 billion, while the state governments received the sum of N498.498 billion.
It said that the LGCs
received N361.754 billion, and a total sum of N113.477 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“On the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments received N85.055 billion.
“The LGCs received N65.574 billion, and the sum of N67.806 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, the state governments received N302.436 billion and the LGCs received N211.705 billion,” it said.
It further said that a total sum of N4.682 billion was received by the Federal Government from the N31.211 billion EMTL.
It said that the state governments received N15.605 billion, and the LGCs received N10.924 billion.
“From the N402.714 billion Exchange Difference revenue, the communiqué said that the Federal Government received N188.090 billion, and the state governments received N95.402 billion.
It said that the LGCs received N73.551 billion, while the sum of N45.671 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
It said that in Dec. 2024, VAT and EMTL increased significantly while Oil and Gas royalty, CET levies, excise duty, import duty, petroleum profit tax and companies income tax decreased considerably.(NAN)
News
President Tinubu returns to Nigeria after Abu Dhabi outing
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)
News
APC clears air on receiving letter of defection from another State Governor
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
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.
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