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Breaking : Federation Accounts Allocation, FG, States and local councils share N1.203tr for August 2024

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The Federation Accounts Allocation Committee (FAAC) has announced the disbursement of N1.203 trillion in revenue for August 2024 to the Federal Government, State Governments, and Local Government Councils.

The announcement was contained in a communiqué after the FAAC’s September 2024 meeting in Abuja.

The total distributable revenue of N1.203 trillion comprises several sources, reflecting the government’s diverse revenue streams.

This amount includes distributable statutory revenue of N186.636 billion, distributable Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion.

These figures reflect the government’s continued reliance on multiple channels to generate public funds, although some sources showed a decrease from the previous month.

The FAAC communiqué also reported that the total revenue available for distribution in August 2024 was N2.278 trillion.

However, the actual distributable amount was reduced following deductions for cost of collection, which stood at N81.975 billion as well as transfers, interventions, and refunds amounting to N992.617 billion.

These deductions indicate the costs incurred by various government agencies in collecting the revenue as well as amounts transferred for specific interventions or refunds during the month.

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The gross statutory revenue collected for August 2024 amounted to N1.221 trillion, representing a decrease of N165.994 billion compared to July 2024 when the statutory revenue was N1.387 trillion.

Similarly, the gross revenue from VAT for August was N573.341 billion, down by N51.988 billion from the N625.329 billion recorded in July. These declines highlight the volatility in some of the major revenue sources, particularly as they relate to domestic consumption and taxation.

From the N1.203 trillion total distributable revenue, the Federal Government, State Governments, and Local Government Councils received allocations. The Federal Government received N374.925 billion, the State Governments received N422.861 billion, and the Local Government Councils received N306.533 billion. In addition, a total sum of N99.474 billion, which represents 13% of mineral revenue, was shared to the oil-producing states as derivation revenue.

Of the N186.636 billion distributable statutory revenue, the Federal Government received N71.624 billion, while the State Governments received N36.329 billion, and the Local Government Councils received N28.008 billion. Furthermore, N50.675 billion was allocated to oil-producing states as derivation revenue from this statutory distribution.

From the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, while the State Governments and Local Government Councils received N266.948 billion and N186.863 billion respectively.

In terms of the N15.017 billion generated from the Electronic Money Transfer Levy (EMTL), the Federal Government received N2.252 billion, while the State Governments received N7.509 billion, and the Local Government Councils received N5.256 billion.

The N468.245 billion from Exchange Difference revenue was distributed with the Federal Government receiving N220.964 billion, the State Governments receiving N112.076 billion, and the Local Government Councils receiving N86.406 billion. In addition, oil-producing states were allocated N48.799 billion from this revenue as derivation.

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BREAKING: Court Discharges Comfort Emmason as Police Prosecution Withdraws Case

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An Ikeja Magistrates’ Court on Wednesday discharged Miss Comfort Emmason of charges bordering on unruly behaviour and assaulting the flight crew aboard an Ibom Air aircraft from Uyo to Lagos on Monday.

Magistrate Olanrewaju Salami struck out the five-count charge against Emmason after the police prosecution team withdrew the case.

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At the resumed hearing, prosecutor Oluwabunmi Adeitan informed the court of new developments that necessitated the withdrawal.

She tendered an application to the court for the withdrawal of the case, which was admitted by the court.

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Breaking: EFCC Detains Ex-Governor Tambuwal Over Alleged ₦189bn Frauds

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The Economic and Financial Crimes Commission(EFCC) on Monday grilled a former Sokoto Governor Aminu Tambuwal over suspicious cash withdrawals of N189billion.

Tambuwal, who was in the custody of the anti-graft agency in Abuja, was expected to account for the questionable cash haul during his tenure.

The Ex-Governor, who arrived the EFCC’s Headquarters around 11:30am, was still facing interrogators on the alleged financial crime at press time.

It was unclear if the Ex-Governor will be detained overnight or not.

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A source in EFCC said: “He is being held over alleged fraudulent cash withdrawals to the tune of N189billion.

“The withdrawals are in flagrant violation of the Money Laundering( Prevention & Prohibition) Act, 2022.

“We have isolated all the allegations for Tambuwal, it is left to him to respond. “

EFCC’s spokesperson, Dele Oyewale, declined comments on the matter

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Update : Anyone caught in corrupt practices could be sent to jail., ICPC warns NDDC staff

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has warned Niger Delta Development Commission (NDDC)’s staff against engaging in corrupt practices.

Mrs Ekere Usiere, ICPC Anti-Corruption Commissioner in charge of Rivers and Bayelsa state offices, gave the warning in a statement issued by NDDC’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on Friday.

According to the statement, Usiere spoke during the quarterly anti-corruption sensitisation workshop for NDDC staff and further warned that anybody caught in act would face the full wrath of law.

She acknowledged the critical role of the NDDC in the development of the Niger Delta region and stressed the importance of holding periodic meetings to sensitise staff against corrupt practices.

“NDDC staff must distance themselves from corruption, as anybody caught will be prosecuted in accordance with the law,” she stated.

Usiere explained that regular anti-corrupt workshops would enable NDDC employees to understand the impact of corruption on development and how to prevent it.

“This workshop themed, “Infractions/Offences in Anti-Graft Laws; Preventive Measures,” serves as an antidote to corrupt practices,” she said.

Also speaking, Dr Evans Peters, Head of Legal Department at ICPC in Rivers, urged the commission to strengthen its Anti-Corruption and Transparency Unit to enhance its effectiveness.

He further advised the NDDC to implement a system for continuous review of corruption-prone processes and procedures, and to develop a code of ethics that would include corruption prevention guidelines for staff.

According to Peters, it is an offence for an individual to inflate contracts, award contracts without budgetary provision, and frustrate investigations.

“In addition, any staff who make false statements and returns, fail to report bribery activities, and conspire to provide false information, or engage in similar acts will be prosecuted.

“Every public servant should take the ICPC Act as a Bible and internalise its tenets, as ICPC frowns heavily on gratification,” he said

Peters further warned that proceeds from crime, or anything beyond a worker’s legitimate income, remained subject to seizure by the government, with the offender still liable to prosecution.

“Anyone caught in corrupt practices could be sent to jail. The law does not condone ignorance,” he added.

Earlier, Dr Samuel Ogbuku, Managing Director of the NDDC, emphasised the importance of adopting measures to tackle corruption and entrench transparency in public service.

Represented by Dr James Fole, NDDC’s Director III of Administration and Human Resources, Ogbuku stated that the workshop formed part of a broader strategy to enhance service delivery in the commission.

“We are passionate about service delivery; hence, we organised this workshop to educate our staff on the need to avoid corrupt acts.

“We want our staff to work with diligence and uprightness while carrying out their duties,” he advised.

Ogbuku noted that the NDDC Board and Management would spare no effort to ensure that ethics and values would be firmly entrenched in the commission.

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