Connect with us

news

Alleged Fraud: “Will the masses finally reap the dividends of democracy, particularly at the state and local government levels?” questions arise as N1.1 trillion is shared among tiers of government from Federation Account revenue, yet, analysis suggests otherwise.

Published

on

Allocation highest ever
N500b kept in savings
Yusuf: let gains of reform reflect on citizens
It was a huge “payday” for the tiers of government yesterday.
The federal, state and local governments shared a handsome N1.127 trillion from the N1.674 trillion collectable revenue in December 2023.

Over N500 billion was saved to take care of future needs.

It is the second consecutive month that the revenue shared from the central purse crossed the N1 trillion mark.

The first time it did was in September 2023.

From the N655.932 billion shared in May, the month that President Bola Ahmed Tinubu took office and pronounced that the “petrol subsidy is gone,” the revenue has been going up steadily (SEE TABLE).

The staggering figure, made available after the Federation Account Allocation Committee (FAAC) meeting yesterday, is a reflection of the nation’s economic upward movement, analysts said.

According to them, it also presents an opportunity for the government at all levels to ensure growth and development.

Economists last night said with increased revenue, the people should begin to get the dividends of democracy, especially at the state and local governments.

The agreement by FAAC members to allow N500 billion in savings is indicative of financial prudence, a member said.

Breaking down the revenue accruals, according to a statement by the FAAC, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL) increased significantly.

But there is a slight decline in oil and gas royalties, import duty and CET levies.

Despite the remarkable revenue gains, the balance in the Excess Crude Account (ECA) remained static at $473,754.57.

The surplus in the federation account serves as a cushion for any unforeseen economic challenges that may arise.

A closer look at the activities surrounding the Federation Account has shown that N875.382 billion was received as gross statutory revenue for December 2023, which was slightly lower than the N882.560 billion received in November.

In terms of the Value Added Tax (VAT), December 2023 saw a significant increase compared to the previous month.

The gross revenue available from VAT stood at N492.506 billion, which is a N132.051 billion increase from November.

This surge in VAT revenue can be attributed to the improvement in economic activities and increased consumer spending during the festive season.

Further analysis of the revenue distribution revealed that the Federal Government got N383.872 billion from the total distributable revenue; states received N396.693 billion and the local government areas received N288.928 billion.

State collecting derivation funds from mineral revenue shared N57.915 billion, representing 13 per cent of the revenue.

Regarding distributable statutory revenue, the Federal Government received N173.729 billion, state governments, N88.118 billion and councils, N67.935 billion from the N363.188 billion generated.

From the distributable VAT revenue of N458.622 billion, the Federal Government received N68.793 billion, state governments received N229.311 billion, and local government councils received N160.518 billion.

The Electronic Money Transfer Levy (EMTL) of N17.855 billion was allocated as follows: the Federal Government received N2.678 billion, states got N8.928 billion and local government councils received N6.249 billion.

However, the stagnant Excess Crude Account raises concern about the need for strategic investment of surplus funds into critical sectors.

The slight decline in statutory revenue and continued dependence on oil and gas require further attention.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

BREAKING: Faleke Obtains Tinubu’s Presidential Nomination Forms

Published

on

(L-R): Founder of Tinubu Support Group, James Faleke; APC National Organising Secretary, Suleiman Argungu; and other APC officials during the presentation of nomination and expression of interest forms to Faleke for President Bola Tinubu in Abuja on Tuesday.

The lawmaker representing Ikeja Federal Constituency, James Faleke, has picked up the All Progressives Congress Expression of Interest and Nomination forms on behalf of President Bola Tinubu ahead of the 2027 presidential election.

The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.

Faleke’s collection and payment for the forms, valued at N100 million on behalf of the President, formally signal the commencement of Tinubu’s bid for re-election.

The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.

The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.

INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026

Continue Reading

news

Gbajabiamila Endorses Hamzat, Says Lagos Is in Safe Hands

Published

on

The Chief of Staff to President Bola Ahmed Tinubu, Femi Gbajabiamila, has assured Lagos State Deputy Governor, Kadri Obafemi Hamzat, of his support in securing the All Progressives Congress (APC) governorship ticket ahead of the 2027 election.

Gbajabiamila, a former Speaker of the House of Representatives, gave the assurance on Sunday, describing Hamzat as competent and well-suited to lead Lagos State.

He stated that the state would be in safe hands under Hamzat’s leadership.

Hamzat had visited Gbajabiamila at his Surulere residence in Lagos as part of consultations with party stakeholders over his governorship ambition.

Responding, Gbajabiamila commended Hamzat’s capacity and approach, expressing confidence in his ability to govern the state effectively.

“Dr Hamzat, you are a man of honour, and it shows in your approach to consultations. But I say this publicly—you can take my support for granted because I have full confidence in your ability and capacity. My constituency, Surulere, is for you, and Lagos is for you,” he said.

In his remarks, Musiliu Obanikoro, a member of the Governor’s Advisory Council (GAC), briefed the host on the extent of consultations carried out so far.

“I can confidently inform the Chief of Staff that the level of endorsement has been overwhelming,” he said.

Other members of the delegation included the Secretary of the GAC, Alhaji Muti Are, Senator Ganiyu Olanrewaju Solomon, Hon. Bode Oyedele, Engineer Adekunle Olayinka, Dr. Hakeem Shittu, Hon. Saheed Kekereekun, Dr. Jebe, and Hon. Rasaq Ajala, among others.

Continue Reading

news

KOGI STATE STRENGTHENS CHINA PARTNERSHIP FOR AGRO-INDUSTRIAL DEVELOPMENT AND SAPZ IMPLEMENTATION

Published

on

Kogi State has taken a significant step in advancing its international partnerships aimed at accelerating the implementation of its Special Agro-Industrial Processing Zone (SAPZ) programme.

The SAPZ initiative is a strategic agro-industrial platform designed to boost food production, enhance processing capacity, create employment opportunities, attract private sector investment, and position Kogi State as a leading agricultural and industrial hub in Nigeria.

Central to the engagement is the development of a modern agricultural science and technology industrial park in Kogi State. The project aligns with the broader SAPZ framework and is expected to drive agro-processing, facilitate agricultural technology transfer, support equipment deployment, promote enterprise incubation, strengthen logistics and cold chain systems, enhance export infrastructure, and provide sustainable power solutions.

The Kogi SAPZ structure comprises the Ajaokuta Agro-Industrial Hub, alongside Agricultural Transformation Centres in Anyigba, Alape, and Osara, as well as the Zariagi Agro-Air Hub. The programme is designed to integrate existing farmer clusters with an additional 150,000 hectares of farmland per zone, creating opportunities for large-scale, tenant-driven agricultural production.

Priority value chains under the SAPZ include rice, maize, cassava, livestock and poultry, sesame, cashew, oil palm, and greenhouse farming. The programme also incorporates critical support systems such as warehousing, cold chain logistics, power solutions, compressed natural gas (CNG), agricultural technology, equipment deployment, and agro-export infrastructure.

As part of this effort, Kogi State entered into a strategic cooperation agreement with Hezheng Holdings Group and Hezheng Digital Technology (Hezheng Innovation Valley) Co., Ltd. The agreement marks a transition from conceptual planning to implementation and reflects the State’s deliberate strategy to attract credible technical partners, industrial park operators, investors, and global business platforms into the SAPZ ecosystem.

The Kogi State delegation was led by Alhaji Yakubu Okala, FCA, Auditor General of Kogi State and Project Investment Adviser, who represented His Excellency, the Executive Governor of Kogi State. Other members of the delegation included the Honourable Commissioner for Agriculture, Hon. Ojomah Timothy; Technical Adviser to the Governor’s Office, Dr. Abdullahi Ozomata; Chief Economic Adviser to the State, Alhaji Aliyu Inda Salami; and Project Consultant/Managing Director of Pulse Engineering and Consulting Limited, Mr. David Lekan Obatolu.

During the visit, the delegation toured key Hezheng facilities, including its investment promotion centre, agricultural industry exhibition hall, global launch hall, and live-streaming incubation base. The tour provided valuable insights into Hezheng’s industrial park management model, enterprise support systems, agricultural technology integration, and cross-border market development strategies.

Deliberations between both parties focused on actionable implementation areas such as industrial park development, technology transfer, processing infrastructure, enterprise incubation, park management systems, investment mobilisation, and equipment deployment. Discussions also explored frameworks for establishing a structured and sustainable China–Kogi industrial cooperation platform.

Both sides expressed strong alignment on the project vision and implementation roadmap. In the coming months, technical and commercial workstreams will be advanced towards full project mobilisation, including preparatory activities for groundbreaking and the establishment of coordination offices in China, Kogi State, and Abuja.

This engagement underscores the commitment of the Kogi State Government to transitioning the SAPZ programme from planning to execution, while positioning the State as a competitive destination for agro-industrial investment.

Kogi State remains resolute in its vision to build a bankable and investment-ready agro-industrial ecosystem that will enhance food security, promote value addition, create jobs, strengthen farmer-market linkages, support export growth, and unlock new economic opportunities for its people.

 

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved