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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.

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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BREAKING: Tinubu Directs Immediate Withdrawal of Police Officers from VIPs for Core Policing Duties — Onanuga

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PRESIDENT Bola Tinubu has ordered the withdrawal of police officers currently providing security for Very Important Persons, VIPs in the country.

A statement issued by presidential spokesman, Bayo Onanuga said henceforth, police authorities will deploy them to concentrate on their core police duties.

According to the statement, the presidential directive was issued at the security meeting President Tinubu held on Sunday with the police, Air Force, army chiefs and the Director-General of the Department of State Services, DSS, in Abuja.

The Presidential directive stated that “VIPs who want police protection will now request well-armed personnel from the Nigeria Security and Civil Defence Corps.

“Many parts of Nigeria, especially remote areas, have few policemen at the stations, thus making the task of protecting and defending the people difficult.

“In view of the current security challenges facing the country, President Tinubu is desirous of boosting police presence in all communities.

“Already, President Tinubu has approved the recruitment of 30,000 additional police officers. The federal government is also collaborating with the states to upgrade police training facilities nationwide.”

Sunday’s meeting was attended by the Chief of Army Staff, Lt General Waidi Shaibu; the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke; the Inspector General of Police, IGP Kayode Egbetokun; and the Director-General of the Department of State Services, Tosin Adeola Ajayi.

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Update : Relief in Kwara as Tinubu Announces Rescue of 38 Kidnapped Worshippers

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…vows unrelenting pursuit of national security

President Bola Ahmed Tinubu on Sunday announced the rescue of all 38 worshippers abducted earlier in the week from the Christ Apostolic Church (CAC), Eruku, in the Ekiti Local Government Area of Kwara state, reaffirming his administration’s commitment to securing every Nigerian across the country.

In a post on his verified X handle, @officialABAT, the President said the development followed days of coordinated operations by security agencies, which he had personally supervised after cancelling his scheduled trip to the G20 Summit in Johannesburg, South Africa.

“You will recall that I cancelled my trip to the G20 Summit in South Africa to enable me to coordinate the security efforts at home. Thanks to the efforts of our security forces over the last few days, all the 38 worshippers abducted in Eruku, Kwara State have been rescued”, President Tinubu wrote.

The President also confirmed the recovery of 51 of the students abducted from a Catholic school in Niger State, noting that he continues to monitor nationwide security developments through constant updates from operational commanders in the field.

Expressing determination to sustain the pressure on criminal elements, President Tinubu assured citizens of his unwavering resolve to protect lives and restore stability.

“Let me be clear: I will not relent. Every Nigerian, in every state, has the right to safety, and under my watch, we will secure this nation and protect our people,” he said.

The President commended the security forces for their efforts and pledged that the government would continue to strengthen intelligence, response capabilities, and inter-agency coordination in the ongoing fight against banditry, terrorism, and other threats.

The rescue operations come days after heightened national concern over abductions in parts of the Northwest and North-Central regions, prompting the President to order additional deployments and intensified counter-terrorism actions.

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Our Security Crisis Troubles Me Most,” Tinubu Admits

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President Bola Tinubu says insecurity remains the most troubling challenge facing Nigeria, especially the Northern region.

He said on Saturday in Kaduna that urgent efforts were required to rebuild trust, strengthen unity and restore safety across communities.

Tinubu, represented by the Speaker of the House of Representatives, Tajudeen Abbas, spoke at the 25th Anniversary of the Arewa Consultative Forum (ACF) and the launch of its Endowment Fund.

The president said insecurity must be tackled decisively to prevent further economic decline and educational setbacks.

Tinubu said, “Nothing troubles me more gravely than the security crisis bedevilling Nigeria, especially Northern Nigeria,

“We cannot prosper when one limb of the national body is paralysed.”

He said his administration inherited complex security challenges but was addressing them with “urgency and determination.”

The president said that the government was committed to eliminating terrorist and bandit groups operating in the North and reversing the region’s economic decline.

He expressed optimism about Northern Nigeria’s economic prospects, saying he looks forward to the day crude oil tankers begin to roll out from Kolmani and other northern oil fields.

Tinubu added that key infrastructure projects, including the Abuja, Kaduna,Kano Superhighway,. were being fast-tracked for completion and commissioning.

He said the North must speak with honest and courageous voices to address its challenges, warning that the region cannot progress if leaders fail to protect vulnerable communities.

“We fail the day we sleep comfortably while millions sleep with empty bellies, the day fear becomes a permanent companion for travellers,” he said.

Tinubu added that although decades of dysfunction had strained unity, the diversity represented at the ACF anniversary demonstrated a collective resolve to resist division and restore solidarity.

The president praised the ACF for serving as the conscience of Northern Nigeria for 25 years, saying that the forum had consistently defended dignity, fairness and equality for millions.

He described the Silver Jubilee as a celebration of courage, advocacy and principled service.

Tinubu urged leaders across all sectors to recommit to the values that guided the founding of the ACF, stressing that the unity and stability of the North were vital to Nigeria’s overall peace and development.

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