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)
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JUST IN; NAHCON hints of possible reduction in 2025 Hajj fare
JUST IN; NAHCON hints of possible reduction in 2025 Hajj fare
Professor Abdullahi Saleh Usman, the Chairman/CEO of the National Hajj Commission of Nigeria (NAHCON), has suggested that the cost for Nigerians intending to undertake this year’s Hajj pilgrimage to Saudi Arabia could be reduced, pending the approval of certain waivers by the Federal Government.
On Monday, NAHCON announced the Hajj fares, with the Adamawa/Borno zone set at N8,327,125.59, the Northern zone at N8,457,685.59, and the Southern zone at N8,784,085.59.
The Commission described these fare structures as the result of extensive collaboration.
The Hajj Commission stated that the fare was approved by the Office of the Vice President, with input from the commission, the Presidency, and state pilgrims’ welfare boards “did their best to maintain the Hajj fare within the same range as previously charged”.
In an interview with journalists in Makkah, Saudi Arabia, a transcript provided by the Commission’s media team to reporters in Abuja, Prof. Usman revealed that NAHCON is anticipating waivers on certain charges.
If approved, these waivers could potentially reduce the fare for Nigerians this year.
Although Usman clarified that the commission did not receive direct financial support from the Federal Government, he acknowledged the government’s crucial role in facilitating engagements and discussions with various institutions.
“Actually, we have not received any financial support from the Federal Government. However, the Federal Government has played significant role in facilitating all the engagements, discussions with some institutions.
“We are also expecting waivers on some charges which if approved may likely being down the fare,” the NAHCON CEO said.
He stated that as a result of the commission’s consultations with Saudi-based service providers, it had successfully secured a reduction in the charges for services at the Masha’ir (the holy sites of Arafat, Mina, and Muzdalifah), bringing the cost down to SR4,050 from last year’s SR4,770.
“Our consultation, our contacting with service providers result to huge get huge discount from service providers. For example, the service provider who used to give us service at Masha’if, that is Arafat, Mina, and Muzdalifah, last year charged us SR4,770.
“With this discussion, this year they bring it down to SR4,050. This is the way we got it, ” the chairman informed.
Usman also announced that the deadline for payment of this year’s Hajj fare is January 31, emphasizing that any intending pilgrims who do not make their payment by this date will not be able to participate in the pilgrimage.
“The deadline for payment of Hajj fare this year, 2025 is by 31at January 2025. Anyone who could not pay before this date, it means he cannot participate in this year’s Hajj.
“This is not our decision, I mean it is not a decision of the commission. Even it is not a decision if the Federal Government; it is a decision if the Saudi Arabia government. So we cannot do any otherwise,” he said.
Usman explained that the variation in this year’s Hajj fare was due to the distance to Saudi Arabia, noting that the Adamawa/Borno zone is closer to the Kingdom than other parts of Nigeria.
He further clarified that airlines set their prices based on the distance to Saudi Arabia.
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JUST IN; Wike, Fubara smiling after closed door meeting with President Tinubu in Aso Rock
JUST IN; Wike, Fubara smiling after closed door meeting with President Tinubu in Aso Rock
President Bola Tinubu on Tuesday held a closed-door meeting at the Presidential Villa in Abuja with the Minister of the Federal Capital Territory (FCT), Nyesom Wike, Rivers State Governor Siminalayi Fubara, and a delegation of Ogoni leaders.
The meeting, which gathered key stakeholders, seemed cordial, as photos shared by the President’s Special Assistant on Social Media, Olusegun Dada, showed Wike and Fubara smiling together in a rare display of unity despite their ongoing political feud.
Dada shared the images on X with the caption, “President Bola Ahmed Tinubu meets with Governor Fubara, HM Nyesom Wike, and Ogoni leaders at the State House.”
Other senior officials present at the meeting included the President’s Chief of Staff, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; and the Minister of Information and National Orientation, Mohammed Idris.
The meeting followed increased calls from a coalition of civil society organizations urging the Federal Government to allocate $1 trillion for the cleanup of the Niger Delta. They also demanded compensation for livelihoods lost due to environmental degradation, pending the resumption of crude oil production in Ogoniland.
The gathering was particularly notable due to the ongoing rift between Governor Fubara and Wike, who were once close political allies.
Their smiles and apparent camaraderie during the event have sparked speculation about a potential reconciliation or collaboration on addressing Ogoni-related matters and state issues.
While the details of the discussions remain undisclosed, the presence of such prominent figures highlights the Federal Government’s commitment to promoting unity and tackling key issues in the Niger Delta region.
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Ex–Convict arrested by Police, sent back to Prison custody eight days after Governor’s pardon
Ex–Convict arrested by Police, sent back to Prison custody eight days after Governor’s pardon
Former prisoner Sunday Omisakin has been detained at the Ilesa Correctional Facility just eight days after being pardoned by Osun State Governor Ademola Adeleke for allegedly breaking into a house and taking a television.
Omisakin was pardoned for what was seen to be a minor infraction and was ranked number eight on the governor’s prerogative of compassion list, which was signed on December 26, 2024.
However, on January 3, 2025, he was arrested for allegedly burglarizing a residence in Osogbo and stealing a plasma television worth N600,000.
The suspect was brought before the Osun State Magistrate Court in Osogbo, where Magistrate Adekanmi Adeyeba presided, facing two charges of burglary and theft.
According to police prosecutor Inspector Kayode Adeoye, “On January 3, 2025, at about 12:00 p.m. at Al-Medinat Area, Iludun, Osogbo, Omisakin broke into the house of one Shittu Damilare and stole a plasma TV worth N600,000.”
Omisakin has been remanded in custody pending further court proceedings.
“The offence committed is contrary to and punishable under section 411 (1) (2) 363, 390(9) of criminal code cap 34 vol.II laws of Osun State of Nigeria 2002.”
Meanwhile, Omisakin pleaded not guilty to the charges, while his counsel, Najite Okobe, requested the court to grant him bail on the most lenient terms.
The prosecutor opposed to the bail stating that “Governor just pardoned him few days ago. He was sentenced to prison by Magistrate Olusegun Ayilara and he was not done serving his jail term.”
Magistrate Adeyeba ordered that Omisakin be remanded in the Ilesa Correctional Facility and adjourned the case to January 10, 2025, when his bail request was denied. The case was then further adjourned to February 2025 for hearing.
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