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
![](https://thegleamer.com/wp-content/uploads/2024/06/UI.jpg)
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
Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa
![](https://thegleamer.com/wp-content/uploads/2024/08/IMG-20240828-WA0129.jpg)
Mariam Sanni
The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.
Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.
He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.
The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).
GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.
The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.
Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.
The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.
The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .
Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.
During the closing ceremony, the African Climate Adaptation Business Network was formally established,
The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.
Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk
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