Business
FAAC: FG, States, LGCs Share N1,143.210 Trillion From A Gross Total Of N2,324.792 Trillion For The Month Of May 2024
Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its June 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1,143.210 Trillion to the three tiers of government as Federation Allocation for the month of May, 2024 from a gross total of N2,324.792 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N365.813 Billion, the States received N388.419 Billion, the Local Government Councils got N282.476 Billion, while the Oil Producing States received N106.502 Billion as Derivation, (13% of Mineral Revenue).
The sum of N76.647 Billion was given for the cost of collection, while N1104.935 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 May 2024, was N497.665 Billion as against N500.920 Billion distributed in the preceding month, resulting in a decrease of N3.255 Billion.
From that amount, the sum of N19.907 Billion was allocated for the cost of collection and the sum of N14.333 Billion given for Transfers, Intervention and Refunds. The remaining sum of N463.425 Billion was distributed to the three tiers of government, of which the Federal Government got N69.514 Billion, the States received N231.713 Billion, Local Government Councils got N162.199 Billion.
Accordingly, the Gross Statutory Revenue of N1,223.894 Trillion received for the month was lower than the sum of N1,233.498 Trillion received in the previous month of April 2024 by N9.604 Billion. From the stated amount, the sum of N56.109 Billion was allocated for the cost of collection and a total sum of N1,010.602 Trillion for Transfers, Intervention and Refunds.
The remaining balance of N157.183 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N61.010 Billion, States received N30.945 Billion, the sum of N23.857 Billion was allocated to LGCs and N41.371 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N15.777 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.272 Billion, States got N7.573 Billion, Local Government Councils received N5.301 Billion, while N0.631 Billion was allocated for Cost of Collection.
The Communique also disclosed the sum of N587.456 Billion from Exchange Difference, which was shared as follows: N80.000 Billion allocated Transfers, Intervention and Refunds, leaving a balance of N507.456 Billion of which the Federal Government received N233.017 Billion, States got N118.189 Billion, the sum of N91.119 Billion was allocated to Local Government Councils, N65.131 Billion was given for Derivation (13% of Mineral Revenue).
Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), increased significantly, Import and Excise Duties, Royalty Crude and Gas, Customs External Tarrif levies (CET),
Electronic Money Transfer Levy (EMTL), and Value Added Tax (VAT) recorded considerably decreases.
According to the Communique, the total revenue distributable for the current month of May 2024, was drawn from Statutory Revenue of N157.183 Billion, Value Added Tax (VAT) of N463.425 Billion, N15.146 Billion from Electronic Money Transfer Levy (EMTL), and N507.456 Billion from Exchange Difference, bringing the total distributable amount for the month to N1,143.210 Trillion.
The balance in the Excess Crude Account (ECA) as at May 2024 stands at $473,754.57.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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