The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.

This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

FAAC has the duty of examining and approving the distribution of financial resources to the states and the Federal Government.

READ ALSO: FAAC Shares N907b To FG, States, LGs

Monthly, this committee is tasked with the disbursement of funds across Nigeria’s 36 states and its 774 local government areas.

This allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.

The PUNCH reported that the FAAC shared N1.152.trn to the three tiers of government for February 2024 from a gross total of N2.326.14trn

Manga stated that the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.

READ ALSO: FAAC: FG, States, LGs Share N1.15trn For January

“This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.

The statement noted that the Federal Government received N345.890bn, states, and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.

The FAAC statement also noted an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.

This increase reflects the country’s economic growth and improved tax compliance.

READ ALSO: FG, States, LGs Share N714.629bn March FAAC Revenue

Despite the positive trend in VAT, the Gross Statutory Revenue of N1.017tn for March was lower than February’s N1.192tn by N175.212bn.

The decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

The balance in the Excess Crude Account as of April 2024 stands at $473,754.57, indicating a reserve for future financial stability.

The statement noted that the FAAC’s decision to allocate these funds is expected to bolster economic activities across the nation and support the government’s efforts in improving infrastructure, healthcare, education, and other vital sectors.

President Bola Tinubu has approved the appointment of seven persons to the Board of the Securities and Exchange Commission. ⁣

The Presidency announced the appointment on Friday in a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, titled ‘President Tinubu appoints board of Securities and Exchange Commission.’ ⁣
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They include Mr Mairiga Katuka (Chairman of the Board), Mr Emomotimi Agama as Director-General, Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) and Mr Bola Ajomale as Executive Commissioner (Operations).⁣

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Others are Mrs. Samiya Usman as Executive Commissioner (Corporate Services), Mr. Lekan Belo and Mr. Kasimu Kurfi as Non-Executive Commissioners. ⁣
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Ngelale said the President anticipates that all members of the Board will “bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”

A heartwarming video of some villagers giving a heroic welcome to soldiers returning from a successful operation in the North East has been shared online.

The Nigerian Army shared the video online as the soldiers returning from their military operation were met with cheers and celebrations from local residents recently.

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The Army wrote: “Heartwarming welcome accorded to Nigerian Army heroic troops in the Northeast region after a successful operation in Sambisa and Timbuktu Triangle during Operation Desert Sanity III. This video clip captures the genuine and heartfelt welcome extended by the local communities to the valiant troops in appreciation of their successful operation.”

Watch the video below…

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