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Breaking : Federation Accounts Allocation, FG, States and local councils share N1.203tr for August 2024
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.
FAAC shares N1.143tr among tiers of govt
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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After Umrah, Tinubu Bids Farewell to Saudi Arabia, Returns to Abuja, Says Onanuga
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… Prays for Nigeria’s peace, unity, security, prosperity
… Holds farewell meeting with Makkah Deputy Governor
President Bola Ahmed Tinubu departed Saudi Arabia for Abuja on Wednesday after completing his Umrah pilgrimage in the holy city of Makkah, where he offered special prayers for Nigeria’s peace, security, unity and prosperity.
The President’s aircraft took off from the Royal Terminal of King Abdulaziz International Airport, Jeddah, at exactly 5:13 p.m. Saudi time, bringing his spiritual visit to the Kingdom to an end.
According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu was seen off at the airport by the Deputy Governor of Makkah Region, Prince Saud bin Mishaal bin Abdulaziz Al Saud; Nigeria’s Ambassador to Saudi Arabia, Yakubu Gambo; and the Consul-General, Ambassador Muazam Ibrahim Nayaya.
Before his departure, the President held a brief farewell meeting with the Deputy Governor of Makkah at the Royal Guest Palace within the airport.
Tinubu, who arrived in Saudi Arabia last Thursday, led members of the Nigerian delegation in performing the Umrah rites, including circumambulation of the Holy Ka’abah.
A major highlight of the pilgrimage was Sunday’s rare opportunity granted to the President and members of his delegation to enter the sacred Ka’abah, where they performed two raka’at prayers.
During the spiritual exercise, Tinubu offered supplications to Almighty Allah for enduring peace, improved security, national unity and economic prosperity, while seeking divine wisdom, guidance and strength to discharge his responsibilities to Nigerians. Nigerianews subscription
He also prayed for divine blessings upon the country, its leaders and citizens, expressing hope that Nigeria’s ethnic, religious and cultural diversity would become a source of national strength, cohesion and shared prosperity.
The President described the pilgrimage as an opportunity for spiritual reflection, thanksgiving and renewed dedication to the task of building a peaceful, united and prosperous Nigeria. Nigerianews subscription
He expressed appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman for the hospitality and special courtesies extended to him and his delegation.
Tinubu particularly acknowledged the rare privilege of accessing the Holy Ka’abah, describing the opportunity to pray within the sacred structure as spiritually significant. FollowPolitics
According to the statement, the President concluded the pilgrimage with renewed faith, gratitude to Almighty Allah and a strengthened resolve to pursue his administration’s Renewed Hope Agenda.
Onanuga said Tinubu remained committed to translating Nigerians’ aspirations into tangible improvements in living conditions and building a better country for all. Nigerianews subscription
The presidential delegation included the National Security Adviser, Mallam Nuhu Ribadu, and the governors of Sokoto, Jigawa, Kaduna, Borno and Yobe states, among other senior government officials.
The President’s return concludes a visit that combined religious observances with prayers for national stability, improved security and the success of ongoing efforts to reposition Nigeria for sustainable growth and development.
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AFAN Calls on FG to Revive MAGS-AP, Seeks Affordable Farm Inputs for Nigerian Farmers
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The All Farmers Association of Nigeria (AFAN) has called on the Federal Government to urgently restore the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP) programme to improve farmers’ access to affordable agricultural inputs and strengthen food production across the country.
The association said the revival of the programme would provide farmers with better access to essential agricultural inputs, including fertilisers, improved seeds and other farm support services required to boost productivity and ensure food security.
AFAN noted that the rising cost of agricultural inputs has continued to place enormous pressure on farmers, particularly smallholder farmers, who play a critical role in Nigeria’s agricultural value chain.
According to the association, restoring the programme would help reduce the financial burden on farmers, encourage increased participation in agricultural production and support the Federal Government’s efforts to achieve food security under its agricultural transformation agenda.
The association further stressed that affordable and timely access to farm inputs remains essential to improving crop yields, expanding agricultural activities and making farming more attractive to young Nigerians.
AFAN also urged the Federal Government to strengthen collaboration with relevant agricultural institutions, state governments, financial institutions and private-sector stakeholders to ensure that farmers benefit directly from government intervention programmes.
It maintained that a sustainable agricultural sector requires consistent policies, adequate funding and effective implementation of programmes designed to support farmers at every stage of production.
The association expressed optimism that restoring NAGS-AP would contribute significantly to increased food production, job creation, rural economic development and the stabilisation of food prices across the country.
AFAN therefore appealed to the Federal Government to give the programme urgent attention as part of broader efforts to strengthen Nigeria’s agricultural sector and achieve sustainable food security.
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Zamfara Signs MoU with REA, Stakeholders to Boost Renewable Energy
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…….Tegbe, REA MD Commend Lawal as Zamfara Unveils Electricity Policy today
The Minister of Power, Chief Joseph Olasunkanmi Tegbe, and the Managing Director/Chief Executive Officer of the Rural Electrification Agency (REA), Dr. Abba Abubakar Aliyu, have joined the Zamfara State Governor, Dauda Lawal, to launch the state’s Electricity Policy and inaugurate renewable energy projects aimed at enhancing electricity supply across the state.
The event, held on Wednesday, November 4, 2026, in Zamfara State, was themed “Enhancing Power Supply” and attracted key stakeholders in the electricity and renewable energy sectors.
A major highlight of the occasion was the signing of a Memorandum of Understanding (MoU) between the Zamfara State Government, the Rural Electrification Agency and other stakeholders, in the presence of the Minister of Power, to strengthen collaboration and accelerate the development of renewable energy infrastructure in the state.
Speaking at the event, Tegbe and the REA Managing Director emphasised the importance of renewable energy, particularly solar power generation, as a sustainable solution to the country’s electricity challenges.
They highlighted the need to harness Zamfara State’s abundant solar energy potential to expand electricity access, strengthen power generation capacity and provide reliable and affordable electricity to residents, businesses and industries.
The officials also commended Governor Dauda Lawal for his commitment and initiative towards developing solar-powered electricity infrastructure, describing the state’s efforts as a significant step towards achieving sustainable energy development and improving the living conditions of the people.
They further highlighted the ambition to upgrade solar power generation capacity to 200 megawatts (MW), noting that increased investment in renewable energy would contribute significantly to the state’s economic growth and development.
The Minister and the REA Managing Director also stressed the importance of collaboration between federal and state governments, development partners and private-sector investors in achieving sustainable electricity supply.
The launch of the Zamfara State Electricity Policy, alongside the inauguration of renewable energy projects and the signing of the MoU, represents a significant step in the state’s efforts to strengthen its electricity sector and embrace cleaner and more sustainable energy sources.
The initiative is expected to improve electricity access, stimulate commercial and industrial activities, attract investment, create employment opportunities and support socio-economic development across Zamfara State.
The development also aligns with the Federal Government’s commitment to expanding electricity access and accelerating Nigeria’s transition towards sustainable and renewable energy.
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