Connect with us

Politics

Breakdown Of Nigerias Revenue Generated And Amount Allocated To FG, States And Local Government For The Month Of July

Published

on

 

The Federation Account Allocation Committee (FAAC), at its August 2024 meeting chaired by the Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1,358.075 Trillion to the three tiers of government as Federation Allocation for the month of July, 2024 from a gross total of N2,613.791Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and N13.647 Billion from Solid Mineral Revenue, the Federal Government received N431.079 Billion, the States received N473.477 Billion, the Local Government Councils got N343.703 Billion, while the Oil Producing States received N109.816 Billion as Derivation, (13% of Mineral Revenue).

The sum of N99.756 Billion was given for the cost of collection, while N109.816 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of July 2024, was N625.329 Billion as against N562.685 Billion distributed in the preceding month, resulting in an increase of N62.644 Billion.

From that amount, the sum of N25.013 Billion was allocated for the cost of collection and the sum of N18.009 Billion given for Transfers, Intervention and Refunds. The remaining sum of N582.307 Billion was distributed to the three tiers of government, of which the Federal Government got N87.346 Billion, the States received N291.154 Billion and Local Government Councils got N203.807 Billion.

Accordingly, the Gross Statutory Revenue of N1,373.503 Trillion received for the month was lower than the sum of N1,432.667 Billion received in the previous month by N45.517 Billion. From the stated amount, the sum of N73.959 Billion was allocated for the cost of collection and a total sum of N1,137.951Trillion for Transfers, Intervention and Refunds.

The remaining balance of N161.593 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N58.545 Billion, States received N29.695 Billion, the sum of N22.894 Billion was allocated to LGCs and N50.459 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.602 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.823 Billion, States got N9.409 Billion, Local Government Councils received N6.586 Billion, while N0.784 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N581.710 Billion from Exchange Difference, which was shared as follows: Federal Government received N276.110 Billion, States got N140.047 Billion, the sum of N107.970 Billion was allocated to Local Government Councils, N57.583 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed the sum of N13.647 Billion from Solid Mineral Revenue, which was shared as follows: Federal Government got N6.255 Billion, the States received the sum of N3.172 Billion, Local Government Councils received N2.446, while the sum of N1.774 Billion was allocated to Deviation (13% of Mineral Revenue).

Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Electronic Money Transfer Levy (EMTL) and External Tarrif levies (CET) increased significantly, while Companies Income Tax (CIT) recorded a decrease. Excise Duties increased only marginally.

According to the Communique, the total revenue distributable for the current month of July 2024, was drawn from Statutory Revenue of N161.593 Billion, Value Added Tax (VAT) of N528.307 Billion, N18.818 Billion from Electronic Money Transfer Levy (EMTL), N581.710 Billion from Exchange Difference and the sum of N13.647 Billion, bringing the total distributable amount for the month to N1,358.075 Trillion.

The balance in the Excess Crude Account (ECA) as at August 2024 stands at $473,754.57.

While welcoming the Federation Account Allocation Committee the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, commended them for their show of support to the President Bola Ahmed Tinubu-led Administration especially during the recent protest. He urged them to continue to support the efforts of the Federal Government in its determination to transform Nigeria’s economy for the future of our nation.

HM Edun further commended President Bola Ahmed Tinubu for
signing the National Minimum Wage Act into law, adding that its implementation will be of immerse benefit to all Nigerians

 

Politics

Fubara To Contest Rivers Governorship Seat Under NDC

Published

on

A Rivers State politician, Blessing Fubara, has declared his intention to contest the 2027 governorship election in Rivers State under the platform of the Nigeria Democratic Congress.

The politician has already obtained both the nomination and expression of interest forms needed to participate in the governorship race ahead of the 2027 election.

Blessing Fubara shares the same surname and local government area with the current Rivers State Governor, Siminalayi Fubara.

Both men are from Opobo/Nkoro Local Government Area. However, there has been no confirmation that they are family members.

The Chairman of the NDC in Rivers State, Success Jack, confirmed that Blessing Fubara is among those seeking the party’s governorship ticket.

He also stated that he could not confirm whether the governorship aspirant is related to Governor Siminalayi Fubara.

According to him, the party is preparing seriously for the 2027 general elections and hopes to win not only the governorship seat but other elective positions in Rivers State.

The development comes weeks after Blessing Fubara left the All Progressives Congress and joined the NDC.

Following his defection in Abuja, he was received by former Bayelsa State Governor, Seriake Dickson, alongside other leaders and members of the party.

After joining the NDC, Blessing Fubara said his decision was taken for the interest of Rivers people.

He also stated that the future of the state must be protected ahead of the next general election, expressing confidence that the state would experience positive changes after the 2027 polls.

Continue Reading

Politics

Desmond Elliot Withdraws from APC Lagos Assembly Primaries, Cites Intimidation

Published

on

 

Surulere I lawmaker Desmond Elliot has withdrawn from the All Progressives Congress Lagos House of Assembly primaries, citing intimidation across multiple zones.

In a viral video posted online, the lawmaker said he was stepping out of the race despite seeking re-election under the APC. He alleged that his supporters faced intimidation during the process in several parts of the constituency.

Elliot’s decision came as the primaries held across Lagos on Tuesday. Chief of Staff to the President Femi Gbajabiamila, who represents Surulere Federal Constituency, praised the conduct of the exercise in Surulere, describing it as peaceful.

The withdrawal narrows the contest for the APC ticket in Surulere I ahead of the 2027 general election. Party officials in Lagos have not yet responded to Elliot’s claims, and the APC state chapter has not announced whether the primary in the constituency will proceed with other aspirants.

Elliot has represented Surulere I in the Lagos State House of Assembly since 2015.

 

https://www.instagram.com/reel/DYkCaAiMxxt/?igsh=ZWw5czl6MHJhNnRy

Continue Reading

Politics

Political Shockwave in Rivers as Fubara Pulls Out of APC Governorship Race, Backs Party’s Candidate

Published

on

Rivers State Governor, Siminalayi Fubara, has officially withdrawn from the All Progressives Congress (APC) governorship primaries scheduled to take place on Thursday, a development that has stirred fresh political conversations across the state.

The governor announced his decision in a personally signed statement titled “My Decision to Withdraw from the Rivers State Gubernatorial Primaries,” which was released on Wednesday night.

In the statement, Fubara explained that his withdrawal followed wide consultations with political associates, stakeholders, and supporters. He stated that the decision was taken in the overall interest of peace, unity, and stability within the APC and Rivers State at large.

According to the governor, politics should not be allowed to divide the people or create unnecessary tension within the party. He stressed that preserving unity among party members and maintaining stability in the state remain more important than personal political ambition.

Fubara further pledged his total loyalty and support to whoever eventually emerges as the APC governorship candidate, assuring party faithful that he remains committed to the success and progress of the party ahead of the next general elections.

The Rivers governor also appreciated his supporters across the state for standing by him throughout the political process. He thanked party leaders, youth groups, women supporters, and political associates who had continued to show him solidarity and encouragement.

He urged his supporters not to see his withdrawal as the end of his political journey, but rather as a decision made in the collective interest of the party and the state. He also appealed to them to remain peaceful, united, and committed to the ideals of the APC.

Political observers have described the development as one of the biggest political surprises in Rivers State in recent times, especially considering the growing speculations and intense political alignments ahead of the governorship primaries.

Analysts believe the governor’s withdrawal may reshape the political calculations within the APC and influence the direction of the party’s governorship race moving forward.

The announcement has continued to generate mixed reactions from political stakeholders and residents across Rivers State. While some supporters described the move as strategic and mature, others expressed surprise over the governor’s sudden exit from the contest.

Several party faithful, however, commended Fubara for placing party unity and stability above personal ambition, noting that his decision may help reduce internal tensions and strengthen the APC ahead of the elections.

The development has also intensified attention on the remaining aspirants contesting for the APC governorship ticket, as consultations and political meetings continue ahead of the primary election.

Many observers believe the governor’s endorsement of the eventual APC candidate could play a major role in shaping the outcome of the party’s governorship battle and future political structure in the state.

As political activities continue to gather momentum in Rivers State, all eyes are now on the APC primaries and the next phase of political developments expected to unfold in the coming days.

Continue Reading

Trending