Business
FAAC MEETING: FG, STATES AND LGCs SHARE N1,152.756 TRILLION FROM A GROSS TOTAL OF N2,326.149 TRILLION FOR THE MONTH OF FEBRUARY, 2024
The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month of February, 2024 from a gross total of N2,326.149 trillion.
In a statement Signed by Director, Press and Public Relations of FAAC Mohammed Manga in Abuja revealed that 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 N352.409 Billion, the States received N366.950 Billion, the Local Government Councils got N267.153 Billion, while the Oil Producing States received N166.244 Billion as Derivation, (13% of Mineral Revenue).
The sum of N66.456 Billion was given for the cost of collection, N856.937 Billion allocated for Transfers Intervention and Refunds, while the sum of N250.000 Million was saved.
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 February 2024, was N460.487 Billion, which was an increase from the N420.733 Billion distributed in the preceding month, resulting in an increase of N39.755 Billion.
From that amount, the sum of N18.420 Billion was allocated for the cost of collection and the sum of N13.262 Billion given for Transfers, Intervention and Refunds. The remaining sum of N428.806 Billion was distributed to the three tiers of government, of which the Federal Government got N64.321 Billion, the States received N214.403 Billion, Local Government Councils got N150.082 Billion.
Accordingly, the Gross Statutory Revenue of N1,192.428 Billion received in the month was higher than the sum of N1,151.808 Billion received in the previous month of January 2024, N40.620 Billion. From that amount, the sum of N47.404 Billion was allocated for the cost of collection, a total sum of N843.675 billion for Transfers, Intervention and Refunds and a total of N200.000 Billion saved.
The remaining balance of N101.349 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N7.351Billion, States received N3.729 Billion, while the sum of N87.394 Billion was allocated to LGCs as Derivation (13% Mineral Revenue).
Also, the sum of N15.789 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.274 Billion, States got N7.578 Billion, Local Government Councils received N5.305 Billion, while N0.632 Billion was allocated for Cost of Collection.
The Communique also disclosed N657.444 Billion from Exchange Difference, which was shared as follows: Federal Government received N278.463 Billion, States got N141.240 Billion, while the sum of N108.891Billion was allocated to Local Government Councils, N78.850 Billion was given for Derivation (13% of Mineral Revenue) and the sum total of N50.000 Billion was saved.
Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Excise Duty and Customs External Tarrif levies (CET) increased significantly, while Oil and Gas Royalties increased marginally.Electronic Money Transfer Levy (EMTL) and Companies Income Tax (CIT) recorded considerable decreases.
According to the Communique, the total revenue distributable for the current month of February 2024, was drawn from Statutory Revenue of N101.349 Billion, Value Added Tax (VAT) of N428.806 Billion, N15.157 Billion from Electronic Money Transfer Levy (EMTL), and N607.444 Billion from Exchange Difference, bringing the total distributable amount for the month to N1,152.756 trillion.
The balance in the Excess Crude Account (ECA) as at March 2024 stands at $473,754.57.
In his opening remarks at the meeting, Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, said in the fiscal side, there is a move to raise the forex trading.
He informed that President Bola Ahmed Tinubu led administration in its avowed determination to achieve and ensure rapid and sustained economic growth in the country has commenced the intervention programme which is a direct payment to about 15 -17 million poorest and vulnerable Nigerians, after carefully making sure that the system is fraud free, using the Biometric Registration and Digital Registering.
He explained that there is an increase in revenue, and *we are commending the revenue generating agencies for their hard work
Business
Chartered Institute of Purchasing and Supply Management Advocates Digitisation of Procurement Processes, Rolls Out New Website
By Joel Ajayi
The Chartered Institute of Purchasing and Supply Management of Nigeria (CIPSMN) has unveiled a revamped website as part of its broader push to accelerate the digitisation of procurement processes across the country.
The relaunch was announced at the institute’s 16th Annual General Meeting (AGM) held on Wednesday in Abuja, where the North Central Coordinator of CIPSMN, Abdul Mamman, said the initiative would strengthen real-time information sharing, expand member participation and align the profession with global best practices.
Mamman warned that organisations and professionals who failed to embrace digital procurement risked being left behind in an increasingly technology-driven environment.
According to him, the upgraded website is designed to provide members with timely feedback, wider engagement and access to real-time information within and outside Nigeria.
“By adopting digital procurement systems and platforms, we create opportunities to save time and efficiently analyse large volumes of activities involved in procurement,” Mamman said.
“When you are digitalised, your coverage is wider and information is shared instantly. That is why we are relaunching our website—to ensure broader participation and enable every member to access real-time information.”
He added that the institute was positioning its members to meet global standards in procurement and supply chain management through the adoption of emerging technologies such as blockchain, artificial intelligence and data analytics.
Mamman explained that the institute’s objective was to add value to procurement by promoting proper sourcing systems, relevant skills, recognised credentials and practical competence.
He also called on the Federal Government to strengthen procurement governance by inaugurating the National Council of Public Procurement, describing it as a critical policy-making body.
“We are appealing to President Bola Tinubu to inaugurate the National Council of Public Procurement,” he said.
“Once inaugurated, the council will oversee procurement activities and report directly to the President, ensuring greater transparency and accountability.”
In his remarks, the President of CIPSMN, Alhaji Sikiru Balogun, said the AGM provided an opportunity to assess the institute’s progress and outline an action plan for 2026.
Balogun disclosed that a major priority for the coming year was securing presidential assent to a bill already passed by the National Assembly, seeking to amend the institute’s name from Purchasing and Supply Management to Procurement and Supply Management.
“The bill has been passed by both the House of Representatives and the Senate. What we now seek is presidential assent,” he said.
“The name change is to align the institute with global best practices and reflect the true scope of the profession worldwide.”
Also speaking, the Registrar of the institute, Alhaji Mohammed Aliyu, described the 2025 AGM as successful, noting growing recognition of procurement as a critical driver of economic development.
Aliyu said the institute remained committed to promoting professionalism, ethical conduct and best practices in procurement, a sector he noted accounts for a significant portion of the national budget.
He called for stricter professionalism in the sector, lamenting what he described as the encroachment of unqualified “mid-career professionals” into procurement roles.
“This is not ideal and is unethical,” he said.
“Our focus in the coming year is to ensure that the profession takes its rightful place, with qualified practitioners occupying procurement positions in both the public and private sectors.”
Aliyu expressed confidence that strengthening professionalism in procurement would support the economic reform agenda of the Tinubu administration and enhance transparency and efficiency in public spending.
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