Business
FG, States, LGCs Share N1, 678 Trillion From A Gross Total Of N2, 344 Trillion For February
The Federation Account Allocation Committee (FAAC), at its March 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.678 Trillion to the three tiers of government as Federation Allocation for the month of February 2025 from a gross total of N2.344 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), an argumentation of N178 Billion and revenues from Solid Minerals, the Federal Government received N569.656 Billion, the States received N562.195 Billion, the Local Government Councils got N410.559 Billion, while the Oil Producing States received N136.042 Billion as Derivation, (13% of Mineral Revenue).
The sum of N89.092 Billion was given for the cost of collection, while N755.097 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 February 2025, was N609.430 Billion as against N771.886 Billion distributed in the prece ding month, resulting in a decrease.
From that amount, the sum of N28.178 Billion was allocated for the cost of collection and the sum of N18.848 Billion given for Transfers, Intervention and Refunds. The remaining sum of N609.430 Billion was distributed to the three tiers of government, of which the Federal Government got N91.415 Billion, the States received N304.715 Billion and Local Government Councils got N213.301 Billion.
Accordingly, the Gross Statutory Revenue of N1.653 Trillion received for the month was lower than the sum of N1.848 Trillion received in the previous month by N194.664 Billion. From the stated amount, the sum of N61.449 Billion was allocated for the cost of collection and a total sum of N736.249 Billion for Transfers, Intervention and Refunds.
The remaining balance of N827.633 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N366.262 Billion, States received N185.773 Billion, the sum of N143.223 Billion was allocated to LGCs and N132.374 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N35.171 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N5.276 Billion, States got N17.585 Billion, Local Government Councils received N12.310 Billion, while N1.465 Billion was allocated for Cost of Collection.
The Communique also mentioned the sum of N28.218 Billion generated from Solid Minerals which was distributed to the three tiers of Government as follows: Federal government got N12.933 Billion, the State received N6.560 Billion, the LGCs got N5.057 Billion, while the Oil producing States received N3.668 Billion.
The Communique further disclosed an Augmentation of the sum of N178 Billion which was shared to the three tiers of Government as follows: Federal Government received N93.770 Billion, the State got N47.562 Billion, while the Local Government Councils received N36.668 Billion.
Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases, while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty increased significantly.
According to the Communique, the total revenue distributable for the current month of February 2025, was drawn from Statutory Revenue of N827.633 Billion, Value Added Tax (VAT) of N609.430 Billion, N35.171 Billion from Electronic Money Transfer Levy (EMTL), the sum of N28.218 Billion and an argumentation of N178 Billion, bringing the total distributable amount for the month to N1.678 Trillion.
However, HM Wale Edun while briefing the FAAC committee on the State of the Nation for the March meeting thanked them for their support and consultations, and explained that Nigeria’s microeconomics situation has improved as a result of different economic reforms put in place. He reiterated that, the Country’s major role is to encourage, give way and bring in private sectors for more economic stability.
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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