Headline

FG, States, LGs Share N1.4trn For June

Published

1 year ago

July 17, 2024

The Federation Account Allocation Committee (FAAC), today, shared a total of N1.354 trillion to the three tiers of government.

A communique at the end of its meeting in Abuja indicated that the funds came from the Federation revenue earned in June

The distributable revenue comprised statutory revenue of N 142.5 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion and Augmentation of N200.000 billion.

Total revenue of N2.483 trllion was available in the month of June 2024.

Total deduction for cost of collection was N92.112 billion while total transfers, interventions and refunds was N1,037.407 billion.

Gross statutory revenue of N1.432 trillion was received for the month of June 2024.

This was higher than the sum of N1.223 trillion received in month of May 2024 by N208.773 billion.

The gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.665 billion available in the month of May 2024 by N65.020 billion.

The communiqué stated that from the N1,354.371 billion total distributable revenue, the Federal Government received total sum of N459.776 billion, the State Governments received total sum of N461.979 billion and the Local Government Councils received total sum of N337.019 billion.

A total sum of N95.598 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion and the Local Government Councils received N19.142 billion.

The sum of N49.591 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N78.596 billion, the State Governments received N261.987 billion and the Local Government Councils received N183.391 billion from the N523.973 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.354 billion was received by the Federal Government from the N15.692 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.846 billion and the Local Government Councils received N5.492 billion.

From the N472.192 billion Exchange Difference revenue, the Federal Government received N224.514 billion, the State Governments received N113.877 billion and the Local Government Councils received N87.794 billion. A total sum of N46.007 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N200.000 billion augmentation, the Federal Government received N105.360 billion, the State Governments received N53.440 billion and the Local Government Councils received N41.200 billion.

According to the communiqué, in the month of June 2024, Companies Income Tax Oil (CIT) and Value Added Tax (VAT) increased significantly while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases.

The balance in the ECA was $473,754.57

Headline

12 Die, 30 Missing In Peru Landslide

Published

11 hours ago

December 1, 2025

Editor

At least 12 people, including three children, died in a landslide at a river port in central Peru on Monday, and 30 were reported missing, officials said.

The landslide submerged a boat with about 50 passengers on board, and another with none, as they were docked at the port of Iparia in the Amazon jungle region of Ucayali, according to a police report cited by the Andina news agency.

Six people were injured, it added, and a search and rescue operation was underway at the start of the Peruvian rainy season.

Without giving a toll, Peru’s COEN national emergency operations centre said on X that tragedy struck at dawn due to “erosion” of the bank of the Ucayali river.

It said the navy has been called in to help.

AFP

Headline

Nigeria Grants Asylum To Guinea-Bissau Opposition Candidate

Published

11 hours ago

December 1, 2025

Editor

The Nigerian embassy in Guinea-Bissau has granted asylum to Fernando Dias da Costa, the country’s opposition presidential candidate, following alleged threats to his life after last week’s military coup, The Cable Reports.

The coup was announced by military officers on Wednesday, just days after Guinea-Bissau’s presidential election in which both incumbent President Umaro Embaló and his main challenger, da Costa, claimed victory before official results were released.

Nigeria condemned the takeover and urged an immediate return to constitutional order.

In a letter to the President of the Economic Community of West African States Commission, Omar Touray, dated November 30, the Foreign Affairs Minister, Yusuf Tuggar, said President Bola Tinubu had approved asylum and protection for da Costa inside the Nigerian embassy in Bissau.

Tuggar wrote that the decision was made “in response to threats made against da Costa’s life.”

“In this regard, it would be appreciated if you would kindly mandate the ECOWAS Stabilisation Support Mission in Guinea-Bissau to provide him protection and security while in the premises of the Nigerian embassy,” the letter stated.

The foreign affairs minister’s Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir, confirmed the letter’s authenticity to The Cable on Monday.

He said, “The decision of the Federal Government of Nigeria to grant asylum and provide protection to Fernando Dia Da Costa falls squarely within Nigeria’s sovereign responsibility and longstanding commitment to regional peace, stability, and democratic governance.”

He added that Nigeria acted “in the broader interest of de-escalation,” saying the government had exercised its discretion “to prevent further deterioration of tensions and to promote social cohesion in Guinea-Bissau and the wider West African sub-region.”

According to Abdulkadir, the intervention aligns with ECOWAS principles and reflects Nigeria’s role as a stabilising force in West Africa.

Following the coup, ECOWAS held an emergency virtual summit of heads of state and subsequently suspended Guinea-Bissau from the regional bloc until constitutional order is restored.

Headline

Trump To Attend FIFA World Cup Finals Draw On Friday

Published

11 hours ago

December 1, 2025

Editor

The White House on Monday confirmed US President Donald Trump would attend the draw for the FIFA World Cup finals in Washington later this week.

The United States will co-host the 2026 tournament alongside Canada and Mexico.

“On Friday, President Trump will attend the FIFA World Cup final draw at the Kennedy Centre,” White House Press Secretary Karoline Leavitt told reporters.

Trump has made the World Cup a centrepiece event of both his second presidency and the 250th anniversary of US independence next year.

But the giant sporting extravaganza has not escaped the political turmoil caused by Trump’s hardline stance on a host of issues.

Trump, a Republican, has raised the possibility of moving games from some US host cities amid a crackdown on what he says is crime and illegal migration in some Democratic-run areas.

AFP