The Federation Account Allocation Committee (FAAC) says it shared a total sum of N907.054 billion to the Federal Government, States and Local Government Areas in June.

This was contained in a communiqué issued at the end of FAAC meeting for July 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, according to a statement by FAAC’s spokesman, Bawa Mokwa, on Thursday.

Mokwa disclosed that the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) of N11.436 billion, and Exchange Difference revenue of N320.892 billion.

FAAC noted that in June 2023, the total deductions for the cost of the collection were N73.235 billion and total deductions for transfers and refunds were N979.078 billion.

It added that the balance in the Excess Crude Account (ECA) was $473,754.57

The statement explained that the Federal Government received N345.564 billion, State Governments received N295.948 billion and Local Government Councils received N218 billion.

See the full statement below:

FAAC SHARES N907.054 BILLION JUNE 2023 REVENUE TO FG, STATES AND LGCs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N907.054 billion June 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.

In June 2023, the total deductions for the cost of the collection were N73.235 billion and the total deductions for savings, transfers and refunds were N979.078 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

The communiqué stated that from the total distributable revenue of N907.054 billion; the Federal Government received N345.564 billion, the State Governments received N295.948 billion and the Local Government Councils received N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13% derivation revenue.

Gross statutory revenue of N1,152.921 billion was received for the month of June 2023. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.

From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion. The sum of N23.008 billion was shared to the relevant States as 13% derivation revenue.

For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411 billion.  This was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.

The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.

The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.

From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.

According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase. Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.

Bawa Mokwa

Director (Press and Public Relations)

Credit to: Channelstv.com

National Vice Chairman, North West, of the ruling All Progressives Congress APC, Salihu Moh. Lukman said the resolution of National Economic Council (NEC) on the review of the palliatives on the removal of fuel subsidy is an indicated that the President Bola Tinubu’s government is responsive to the pains of Nigerians.

Lukman stated this while speaking in an interview on Channels Television’s Politics Today on Thursday.

He said, “Of course, government has been quite responsive by initiating some palliative measures and I think listening to the outcome of the National Economic Council confirms that we have a government that is responsive, that listens to the criticisms of Nigerians on the basis of which it has reviewed the palliatives.”

Recall that the NEC has thrown its weight behind the planned distribution of grains and fertilizer to States by the Federal Government through the Central Bank of Nigeria to mitigate the impact of the removal of petrol subsidies on citizens.

The decision was part of resolutions reached today at the 4th meeting of the Council chaired by Vice President Kashim Shettima at the State House Council Chambers, Abuja.

The decision was taken after a presentation by the NEC Adhoc Committee on cushioning the effect of petrol subsidy removal was made by Anambra State Governor, Prof. Chukwuma Soludo.

Speaking after deliberations on the presentation, Vice President Kashim Shettima read the resolutions of the Council noting, “We will also pursue vigorously, the mass deployment of CNG-powered vehicles and establishment of autogas conversion plants/kits in all States in the short-term and deployment of electric buses and cars with charging infrastructure across the country.”

The meeting also resolved to support enhanced engagements between State Governors and the leadership of the labour unions across the States and proposed the provision of the cost-of-living allowances to be paid to civil servants in both the State and Federal Civil Services.

The Council agreed to support the federal Government’s efforts to scale up infrastructure especially to give attention to fixing dilapidated highway roads across the country.

Credit to: vanguardngr.com

The Leone Stars of Sierra Leone started preparations for the 2023 Africa Cup of Nations qualifying tie against the Super Eagles of Nigeria on Thursday.

The training session took place at the Samuel Kanyon Doe Stadium, Monrovia.

The ground will host the game on Sunday, June 18.Leone Stars head coach, John Keister announced a 38-man squad for the qualifier this week.

Keister is expected to cut down the list before the game.The Leone Stars are currently third on the Group A table with five points from four games.

Keister’s charges are points four behind leaders Nigeria and two adrift of second-placed Guinea-Bissau.

Sierra Leone need to win the game to keep their dreams of making it to Cote d’Ivoire 2023 alive.

Credit to: leadership.ng

His Excellency, Vice President Mohammed B.S. Jallow on 18 July 2023 received in audience the resident coordinator and advisor to Qatar Charity Foundation in The Gambia, Hareth Tarawneh.

Mr Tarawneh affirmed that the purpose of their visit to the Vice Presidency was to inform the Vice President of their plan to re-launch and reactivate their operations in West Africa, including The Gambia.

The Vice President applauded the Charity for “having a big heart for The Gambia,” as evidenced in their plan to boost their operations in the country.

The Charity’s resident coordinator expressed good impressions about VP Jallow’s reactions. “We were very thrilled and excited to meet with His Excellency. He has provided us support in our humanitarian operations. His expertise and advice on the areas of intervention are great,” he attested.

He said that the Vice President is also opening doors for potential partnership with different institutions.

The priority areas of intervention for the Qatar Charity include: early prevention mechanisms of floods, education, health, food security and livelihoods. They hope to achieve this together with their local and international partners.

Credit to: thepoint.gm

Aareonakakanfo of Yorubaland, Iba Gani Adams, has condemned the continuous hike in the prices of Premium Motor Spirit (PMS) otherwise called petrol, saying its effects were biting very hard on Nigerian citizens and had put the entire nation on its knee.

The Yoruba generalissimo said this on Thursday in his reaction as Nigerians have been pouring out their minds on the incessant price increase of petroleum products in the country, insisting that Nigerians can no longer bear the hardship.

Iba Adams in a statement signed by his Special Assistant on Media, Mr. Kehinde Aderemi, said the situation had added to the plights of ordinary Nigerians, saying such skyrocketing increase had never happened in nation’s history.

This was just as he noted that there was no oil-producing country like Nigeria in the entire world where the citizens were groaning in pain over insensitive increase in the prices of fuel, describing the situation as unfortunate and unexpected.

“This situation is becoming very unbearable. There is no country in the world like Nigeria (a major producer of oil) where the citizens are groaning in pain over insensitive increase in the prices of fuel.

“We know how much we buy fuel before now. Nigeria is yet to survive the subsidy removal that led to the sudden increase in the price of fuel from N187 to N500 per litre before it was jerked up now to N617 per litre within two months. It is painful. No sensitive government would be happy when the citizens are suffering.

“It is imperative for me to speak up, especially, with what we experience now in the country. It is unfortunate, this is not what we expect from a
president that is coming from the Southwest region of the country,” he said.

“As a product of this democratic struggle; a political activist and the father of the nation, President Bola Tinubu must know that the citizens are his children. Therefore, a father must work on the best way to solve the problem of the children.

“With the present situation in the country, three state governors have declared a three-day work-free day for civil servants in their respective states.

“The national leadership of the College of Education Academic Staff Union (COEASU) had directed its members nationwide to attend their respective workplaces only two days a week.

“The new directive was premised on the recent price hike on fuel, and this has worsened the cost of transportation, food and other essential commodities increasing by over 300 percent,” he added.

Iba Adams further condemned the fuel price increase, noting that all over the world, many things, including Power, Healthcare, Food Items, among other necessities had been subsidized in the interest of the mass of the people. Power, health, food and other necessities of life are being subsidized.

According to him, an ordinary Nigerian worker travelling from Mainland to Island on a weekly basis would spend 25 litres of fuel per day, amounting to over N15,000; N75,000 per week, and over N300,000 a month.

Iba Adams described the present situation the country had found herself as too bad, calling on President Bola Ahmed Tinubu “to retrace his step in order to save the country from this hardship,” even as insisted that all over the world governments still subsidize critical sectors of the economy, including energy because of productivity’s sake as, according to him, n”o economy survives high cost of energy.”

“That is too bad for Nigeria and Nigerians. Energy, including petrol, diesel, or gas needs to be subsidized because of productivity’s sake. No economy survives high cost of energy.

“It is the responsibility of every government to subsidize food-that is what is called food security. When the government subsidizes energy that is energy security.

“Presently Germany has subsidized electricity, and it would cost 5 billion Euros for its industrial output in 2023. What it means is that the government of Germany has taken up about 80 percent of the cost from industrialists and major manufacturers in the country.

“This is added to the fact that in German government subsidized food, energy, health and housing and they have an enduring welfare and social security scheme that caters to the needs of vulnerable and indigent citizens of the country,” Adams said.

“As at 2022, China has subsidized energy with 130 billion dollars. And also, over 100 billion dollars is being used to subsidize energy supply in Britain.

“All over the world, governments are subsidizing energy to boost productivity. It is sad that presently people are losing their jobs, more businesses are collapsing, companies are folding up and tension is heightened in the country.

“Hyperinflation is setting in and it shows nothing but the insensitivity of the new administration.

“Nigeria runs an informal economy and PMS is the most important energy source in Nigeria, therefore, President Tinubu has to retrace his step in order to save the country from this hardship,” he concluded.

Credit to: Tribuneonlineng.com

An official of the West African Examination Council (WAEC), Mr Olufemi Olaleye, yesterday, told the Ogun State Governorship Election Tribunal sitting in Abeokuta, the state capital, that the examination body, does not keep duplicate copies of candidates’ certificates.

Happy 62nd birthday Peter Gregory Obi, the pilot of the new Nigeria. We pray you have many more great years and may your desire for a great better Nigeria come to fulfillment.
Happy Birthday 🎉🎂 💥

It was so refreshing for myself and our National Women’s Leader of the SLPP Madam Hawa Foray to meet with the newly appointed Minister of Gender and Children’s Affairs
Dr ISATA Mahoi.

Her agenda aligned perfectly with what I believe Sierra Leone needs. I look forward to working with her positively as we continue our journey in making Sierra Leone safe for all our women and children.

– First Lady Dr. Fatima Maada Bio