Business

FAAC: FG states LGCs Share N1,354.371 Trillion From Gross Total of N2,483.890 Trillion For Month of June 2024

Published

9 months ago

July 16, 2024

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its July 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1,354.371 Trillion to the three tiers of government as Federation Allocation for the month of June, 2024 from a gross total of N2,483.890 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N200 Billion, the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, while the Oil Producing States received N95.598 Billion as Derivation, (13% of Mineral Revenue).

The sum of N92.112 Billion was given for the cost of collection, while N1037.407 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 June 2024, was N562.685 Billion as against N497.665 Billion distributed in the preceding month, resulting in an increase of N65.020 Billion.

From that amount, the sum of N22.507 Billion was allocated for the cost of collection and the sum of N16.205 Billion given for Transfers, Intervention and Refunds. The remaining sum of N523.973 Billion was distributed to the three tiers of government, of which the Federal Government got N78.596 Billion, the States received N261.987 Billion and Local Government Councils got N183.391 Billion.

Accordingly, the Gross Statutory Revenue of N1,232.667 Trillion received for the month. From the stated amount, the sum of N68.951 Billion was allocated for the cost of collection and a total sum of N1,021.202 Trillion for Transfers, Intervention and Refunds.

The remaining balance of N142.514 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N48.952 Billion, States received N24.829 Billion, the sum of N19.142 Billion was allocated to LGCs and N49.591 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N16.346 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.354 Billion, States got N7.846 Billion, Local Government Councils received N5.492 Billion, while N0.654 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N472.192 Billion from Exchange Difference, which was shared as follows: Federal Government received N224.514 Billion, States got N113.877 Billion, the sum of N87.794 Billion was allocated to Local Government Councils, N46.007 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed an Augmentation of N200 Billion which was shared as follows: Federal Government got N105.360 Billion, the States received the sum of N53.440 Billion, while the sum of N41.200 Billion was allocated to Local Government Councils.

Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Petroleum Profit Tax (PPT), Royalty Crude, Rentals and Customs External Tarrif levies (CET) recorded considerably decreases.

According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.514 Billion, Value Added Tax (VAT) of N523.973 Billion, N15.692 Billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion, bringing the total distributable amount for the month to N1,354.371 Trillion.

The balance in the Excess Crude Account (ECA) as at July 2024 stands at $473,754.57.

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Business

Clean Energy Transition Can’t Succeed Without Workers’ Rights – REAN

Published

3 days ago

March 27, 2025

The Gleamer

By Joel Ajayi

The Executive Secretary of the Renewable Energy Association of Nigeria (REAN), Dr. Tosin Akande, has emphasized that a successful clean energy transition is impossible if workers’ rights are neglected.

The energy transition refers to the shift from reliance on fossil fuels to renewable and cleaner energy sources for a more sustainable and environmentally friendly future.

Dr. Akande issued this warning in her goodwill message at the public presentation of the Workers’ Charter of Demand and Stakeholders’ Engagement held on Thursday in Abuja.

She stressed the importance of worker inclusion in the clean energy transition, warning that ignoring labor rights could jeopardize the process.

“A clean energy transition cannot be successful if workers are neglected. We must create mechanisms for reskilling and upskilling, particularly for workers who have spent their careers in the fossil fuel industry,” she stated.

Dr. Akande also highlighted the renewable energy sector’s vast potential for job creation, emphasizing the need for strong policies to prevent unemployment and poor working conditions.

“Without strong policies, many workers could face job losses or poor working conditions,” she warned.

Her goodwill message reinforced the urgent need for collaboration among government, labor unions, and industry stakeholders to ensure that Nigeria’s transition to clean energy is both equitable and sustainable.

Dr. Akande commended Friedrich-Ebert-Stiftung (FES) Nigeria and its partners for their dedication to advocating labor rights amid Nigeria’s energy transition process.

The event, organized by the Institute for Peace and Conflict Resolution (IPCR) in collaboration with FES Nigeria, also marked the launch of the Justice Department Transition Project, which aims to ensure a just and sustainable shift to renewable energy.

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