Tag: 36 States

FAAC: FG, States, LGs share whopping ?1.727tr revenue for Nov.

Aminu Imam
FAAC FG, States, LGs share

The Federation Accounts Allocation Committee (FAAC) has disbursed a total of ?1.727 trillion among the Federal, State, and Local Government Councils as revenue for November 2024. A communiqu, issued after the FAAC meeting on Thursday in Abuja, detailed the breakdown of the distribution. The total distributable revenue included: Statutory revenue, ?455.354 billion; Value-Added Tax (VAT) revenue – ?585.700bn; Electronic Money Transfer Levy (EMTL) – ?15.046bn and Exchange Difference revenue – ?671.392 billion. The communiqu highlighted that a gross revenue of ?3.143 trillion was generated in November. However, deductions for cost…

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‘Revenue generating agencies fail to remit N4.1tr’ FAAC

Aminu Imam
FAAC on remittances

The monies unremitted by revenue generating agencies to the coffers of the Federal Government increased to N4.1trillion as of June 2024, the Federation Accounts Allocations Committee, (FAAC), has revealed. FAAC stated that this was despite the agencies reconciliation and payment of outstanding debts of N94.96 billion in May 2024. The latest development was disclosed in a report by the Federation Account Allocation Committee post-mortem sub-committee meeting and signed by the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, Mohammed Shehu. A breakdown of the agencies indebted to the Government showed…

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Economic Stimulus Programme: ‘Over N438bn allocated to 34 States, FCT’ – FG

Aminu Imam
36 States on stimulus

The Federal Government has disbursed over N438 billion to 34 states and the Federal Capital Territory (FCT) under the Nigeria Community Action for Resilience and Economic Stimulus, (NG-CARES) programme. According to the Information and Communication Officer of the Federal CARES Support Unit (FCSU), Suleiman Odapu in a press statement, the disbursements were determined by the results achieved by the states and FCT during the third Independent Verification Agency (IVA) assessment conducted in January 2024. This substantial reimbursement aims to bolster State governments and the FCT in mitigating the multi-faceted challenges…

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Lagos, Kano, Abia, 9 other States allocation rise by 40%, as FAAC allocation hits N4.5trillion

Aminu Imam
FAAC allocation

No fewer than 10 States across the federation received a boost of 50 percent or more in their monthly allocation from statutory federal funds, findings have shown. This was as 12 out of the 36 States received an increase of 40% or more in their monthly allocation. According to data sourced from monthly reports of the Federation Accounts Allocation Committee, (FAAC), as released by the National Bureau of Statistics, (NBS), the total allocation to the 36 States also increased by 27% to N4.5bn in 12 months, from N3.58trillion in the…

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FG drags 36 Govs. to Supreme Court, seeks full autonomy for LGAs

Aminu Imam
Nigerian State Governors

The Federal Government has instituted a legal action against the Governors of the 36 States of the Federation at the Supreme Court over alleged misconduct in the administration of Local Government Areas, (LGAs). FG, in the suit, filed by the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, (SAN), is seeking full autonomy for all LGAs in the country as the third tier of Government. It specifically prayed the apex court to issue an order, prohibiting state governors from embarking on unilateral, arbitrary and unlawful dissolution…

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Federal, States, LGs shared ?10tr in 2023 NEITI

Aminu Imam

The three tiers of government – the federal, State and local government councils shared the total sum of ?10.1tn from the Federation Account as statutory revenue allocations in 2023. Contained in the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the Federation Account revenue allocations for the year 2023, its Executive Secretary, Dr. Orji Ogbonnaya, who announced the release of the report at the NEITI House in Abuja, said a breakdown of the revenue receipts showed that the Federal Government received about ?4trn, representing about 39 per…

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FG moves to check excessive borrowing by States

Aminu Imam

Worried by the indiscriminate borrowing by State governments from banks and the capital market, the Federal Government has commenced a process to check such borrowing. Consequently, the Fiscal Responsibility Commission, (FRC), has issued a guideline on conditions a state government must meet before borrowing from any bank in the country. The Head, Directorate of Legal, Investigation and Enforcement at the Commission, Barrister Charles Abana, disclosed this at the Growth Initiative for Fiscal Transparency, (GIFT) parley with Civil Society Partners, in Abuja, on Monday. The Commission, he said, was shocked to…

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1999 Constitution Amendment Bill: States reject LG autonomy

Aminu Imam

…As NASS sends 35 amendment Bills to Buhari for assent The National Assembly says 35 Constitution amendment Bills have been passed by the State’s Houses of Assemblies. The Senate, yesterday, requested its Clerk to transmit the 35 Bills out of the 44 Constitution amendment Bills to President Muhammadu Buhari for his assent. However, among the proposed legislations not approved by the State Houses of Assemblies are Bills seeking financial and legislative autonomy for local governments. The resolution to transmit the Bills to Buhari for assent was passed at Tuesdays plenary…

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36 States urge FG to refund N176bn stamp duty fees

Aminu Imam

The tax war between the Federal Government and some States has taken a new twist, as 36 States of the federation, through their Attorneys-General, have dragged the Federal Government to the Supreme Court over alleged failure to remit funds generated from stamp duties into their respective accounts. The State governments have demanded that the Federal Government refund over N176 billion stamp duty proceeds received into its coffers between 2015 and 2020. According to a suit filed before the Supreme Court on Thursday, the attorneys representing the 36 State governments asked…

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