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FAAC SHARES N 1,149.816 BILLION JANUARY 2024 REVENUE TO FG, STATES AND LGs

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Accountant General of the Federation, Mrs Oluwatoyin Sakirat Madein

By Elizabeth Okwe

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,149.816 Trillion January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils.

The revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun

According to a communique issued by FAAC, the N1,149.816 Trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

Total revenue of N2,068.154 billion was available in the month of January 2024. Total deductions for cost of collection was N78.412 billion, total transfers, interventions and refunds was N639.926 billion and savings was N200.000 billion.

Gross statutory revenue of N1,151.808 billion was received for the month of January 2024. This was higher than the sum of N875.382 billion received in the month of December 2023 by N 276.426 billion.

The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.

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Economy

Despite Earlier Apprehensions, Senators Agree on Funding for Development Commissions

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Despite Senators’ division over new regional development commissions’ funding arrangement, Lawmakers in the Red Chamber on Thursday finally agreed on the source of funding for the newly created zonal development commissions.

The arguments had unfolded as the Senate and House of Representatives moved forward with legislation to establish these commissions, which were also stripped of operational immunity for their boards and executives.

The disagreement emerged during the clause-by-clause consideration of the South-South Development Commission Establishment Bill 2024, which serves as the structural template for other zonal commissions.
Central to the debate was the Senate Committee on Special Duties’ recommendation that 15% of statutory allocations from member states be directed toward funding these commissions.

Several Senators, including Yahaya Abdullahi (PDP, Kebbi North), Wasiu Eshinlokun (APC, Lagos East), and Seriake Dickson (PDP, Bayelsa West), voiced concerns over the proposed funding model.

 

 

Senator Abdullahi warned that the provision could lead to legal challenges from state governments, as no state would willingly allow its statutory allocation to be reduced.

“Mr President, distinguished colleagues, the 15% of statutory allocations of member states recommended for funding their zonal development commissions would be litigated against by some state governments,” Abdullahi said.

Seeking to clarify the matter, the Deputy President of the Senate, Barau Jibrin, quickly intervened.

He explained that the 15% allocation would not involve a direct deduction from the states’ funds.

He said, “Mr President, distinguished colleagues, the 15% of statutory allocation of member states, recommended for funding of Zonal Development Commissions by the federal government, is not about deduction at all.

“What is recommended, as contained in the report presented to us by the Committee on Special Duties and being considered by the Senate now, is that 15% of the statutory allocation of member states in a zonal development commission would, by way of calculation by the federal government, be used to fund the commission from the Consolidated Revenue Fund.

“Each state has a monthly statutory allocation, 15% of which, as contained in this report being considered, will be calculated by the federal government and removed from the Consolidated Revenue Fund for funding of their Development Commission.”

Despite Barau’s explanation, several senators remained unconvinced and expressed their desire to contribute to the debate.

However, Senate President Godswill Akpabio stepped in, asserting that the provision was constitutionally sound.

“We don’t need to debate whether 15% of statutory allocations from member states in a commission would be deducted,” Akpabio said, citing Section 162(4) of the 1999 Constitution, which grants the National Assembly the authority to appropriate funds from either the Consolidated Revenue Fund or the Federation Account.

“Fifteen percent of the statutory allocation has been recommended by the Senate, and by extension, the National Assembly, for funding these zonal development commissions. Anyone who wishes to challenge that in court is free to do so,” he added.

Akpabio then called for a voice vote, and the majority voted in favour of the provision.

In his remarks following the passage of the consolidated bills, Akpabio expressed gratitude to the Senators for their efforts in finalising the Zonal Development Commissions.

He noted that these commissions would provide a foundation for the newly created Ministry of Regional Development.

The bills passed include the South-South Development Commission Establishment Bill 2024, the North West Development Commission Act (Amendment) Bill 2024, and the South-East Development Commission Act (Amendment) Bill 2024.

The South West Development Commission Establishment Bill 2024 and the North Central Development Commission Establishment Bill 2024 were previously passed.

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Tinubu Seeks Senate Confirmation for Seven Ministerial Nominees

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By Elizabeth Okwe and Ojone Grace Odaudu

President Bola Ahmed Tinubu on Thursday urged the Senate to screen for confirmation, seven nominees for appointment as ministers.

Senate President Godswill Akpabio read President Tinubu’s letter of request during plenary.

The ministerial nominees for Senate’s consideration and approval are, Dr Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction); Muhammadu Dingyadi (Labour & Employment); Bianca Odumegwu-Ojukwu (State Foreign Affairs), and Dr Jumoke Oduwole (Industry, Trade and Investment).

Others are, Idi Mukhtar Maiha (Livestock Development), Yusuf Ata (State, Housing and Urban Development), and Dr. Suwaiba Ahmad (State Education).

Akpabio referred the nominees to the Committee of the Whole for further legislative work as soon as possible

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Tinubu Fires More Ministers

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By Elizabeth Okwe and Ojone Grace Odaudu

President Bola Ahmed Tinubu has fired at least five ministers

The ministers are

1. Barr. Uju-Ken Ohanenye, Minister of Women Affairs

2. Lola Ade-John, Minister of Tourism

3. Prof Tahir Mamman, Minister of Education

4. Abdullahi Muhammad Gwarzo, Minister of State, Housing and Urban Development

5. Dr. Jamila Bio Ibrahim, Minister of Youth Development.

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