The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 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 September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds. The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:
Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

NTA News

Voice of African Universities has called on the Nigerian Government to appoint  Professor Aisha Sani Maikudi as the substantive Vice Chancellor of University of Abuja.

The call was made by Prof. Mamadou Camara, the Deputy Vice President of the Association (West Africa), in a statement he issued on Wednesday in Marseille, France.

Prof. Camara emphasized the necessity of this endorsement, noting that Professor Maikudi possesses the qualifications and vision required to lead the University into a progressive future.

He noted that the 41-year-old Professor of International Law, Professor Maikudi, would bring an outstanding blend of academic excellence, leadership experience, and international connections to this vital role.

According to him, her impressive academic credentials and global network have been instrumental in advancing the interests of the University of Abuja.

Prof. Camara condemned the ongoing smear campaign against her candidacy, which has been orchestrated by some individuals questioning her age and gender.

He described these attacks as anti-modern and counterproductive to the advancement of education in Nigeria

“Detractors claim she is too young and suggest that a woman cannot hold such a prestigious office. This argument is not only intellectually dishonest but also steeped in hypocrisy,” Prof. Camara added.

While the Voice of African Universities condemned the unfounded attacks on her candidacy, the association called for a fair and transparent selection process that upholds the values of excellence and meritocracy.

The association restated its stance to support the candidacy of Professor Aisha Sani Maikudi for the substantive position of Vice Chancellor of the University of Abuja.

Prof. Camara added that even though the power to appoint a VC rests with the Governing Council of the university, the Nigerian Ministry of Education and other stakeholders should ensure that fairness and due process are followed in the selection process.

A Kano High Court No. 4, presided over by Justice Usman Malam Naabba, has granted a restraining order stopping the Federal Government from erecting railway construction on people’s land at Kuyan Ta Inna layout in Kano.

Justice Usman Malam Naabba issued the order on Thursday, October 17th.

Briefing newsmen after the court session, counsel to the applicants, Barrister Umar Usman Dan Baito, explained that the applicants’ prayer was to restrain the respondents from trespassing, taking over, or erecting a railway on the applicants’ properties until the hearing of the motion on notice.

Barrister Dan Baito stated that the court, presided over by Justice Naabba, has granted the order, restraining the respondents from meddling with or interfering in the peaceful possession of the applicants’ various landed properties at Kuyan Ta Inna layout in Kano. The court has adjourned the case to November 18, 2024.

The applicants

The defendants in the suit include the Federal Ministry of Transport, the Federal Ministry of Works and Housing, the Chief of Army Staff, the Inspector General of Police, the Director of the Department of State Security Services, the Kano State Commissioner of Police, the Nigeria Security and Civil Defence Corps, and a businessman operating under a business name.

Barrister Dan Baito added that the applicants are 75 in number.