FAAC shares N1.78tn revenue for December to FG, states, LGs – Newstrends
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FAAC shares N1.78tn revenue for December to FG, states, LGs

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FAAC shares N1.78tn revenue for December to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has shared a total of N1.783 trillion from November 2023 revenue accrued to the federation account to the federal, state and local governments.

This is contained in a communique issued by FAAC at its December 2023 meeting.

It stated that the N1.783 trillion total distributable revenue comprised distributable statutory revenue of N376.306 billion, distributable Value Added Tax (VAT) revenue of N335.656 billion, electronic money transfer levy revenue of N11.952 billion and exchange difference revenue of N364.869 billion.

According to the communique issued at the end of the third day of the meeting on Friday, the total revenue of N1.6 trillion was available in November 2023. Total deductions for cost of collections were N60.960 billion; total transfers, interventions and refunds were N470.592 billion.

Gross statutory revenue of N882.560 billion was received for November 2023. This was higher than the N660.090 billion received in October 2023 by N222.470 billion.

The gross revenue available from the VAT in November 2023 was N360.455 billion. This was higher than the N347.343 billion available in October 2023 by N13.112 billion.

The communique stated that from the N1088.783 billion total distributable revenue, the federal government received a total of N402.867 billion, the state governments received N351.697 billion and the 774 local government areas received N258.810 billion.

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A total sum of N75.410 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.

From the N376.306 billion distributable statutory revenue, the federal government received N174.908 billion, the states received N88.716 billion and the LGAs received N68.396 billion. The sum of N44.286 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

The federal government received N50.348 billion, the 36 states received N167. 828 billion and LGAs: N117.480 billion from the N335.656 billion distributable VAT revenue.

The N11.952 billion electronic money transfer levy was shared as follows: the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.

The Federal Government received N175.817 billion from the N364.869 billion Exchange Difference revenue. The State Governments received N89.177 billion, and the LGAs received N68.751 billion.

The sum of N31.124 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

In November 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Value Added VAT increased considerably, while transfer levies, import duty and money transfer recorded decreases.

The balance in the excess crude account remains $473,754.57.

FAAC shares N1.78tn revenue for December to FG, states, LGs

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May Day: A’Ibom gov increases minimum wage to N40,000

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Governor Bassey Otu of Cross River State

May Day: A’Ibom gov increases minimum wage to N40,000

Governor Bassey Otu of Cross River State has said the least paid worker in the state will henceforth go home with N40,000 monthly, instead of N30,000.

He made this announcement in his address to workers on Wednesday during the celebration of this year’s Workers’ Day at UJ Esuene Stadium, Calabar.

He said he increased the wage based on economic reality as well as the lean federal allocations accruing to the state.

Otu said his government was very appreciative of workers even though their industrial output  was only  five per cent which was very poor.

He said, “Government considers its workforce as the driver of lofty projects and programmes for the common good of the people.

“Workers in the state are always held in high esteem to achieve good results,  prompting the payment of salary and pension up to date.

“The state government is presently on the verge of concluding necessary arrangements for the staggered payment of outstanding gratuity to its retired workers. I therefore sue for a little patience from the pensioners in this regard.”

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However,  the organised labour  in the  state have accused the state government of neglect and deceit, calling for open recruitment of employable youths to fill up various vacant positions.

Chairman of TUC, Comrade Monday Ogolodom, said the administration deceived the senior citizens  when it failed to deliver its promise to clear the backlog of gratuities since 2013.

Addressing workers, Ogolodom said, “Payment of gratuity in the state has become a mirage. I recall on the 4 of October, 2023, during the swearing-in of the Head of Service, Innocent Eteng, His Excellency, the  Governor made a very welcoming, sweet and promising speech, saying “before the end of December, 2023 all backlog of Gratuity in the state shall be cleared.

“Today is the 1st May, 2024, 4 (four) months after, nothing has started,” adding that this had portrayed the governor in bad light.

He appealed to him to set up machinery towards actualizing the promise  as some of the elder statesmen and women were dying due to lack of funds for medication.

He alleged that bribes for promotion were now rampant, adding that it was appalling and discouraging for industrious and qualified workers.

He described as unending the verification that was supposed to weed out ghost workers in the state, saying this has denied workers overdue promotions.

He called on government to officially embark on recruitment exercise instead of secret recruitment.

May Day: A’Ibom gov increases minimum wage to N40,000

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El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

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El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

The Chairman of the Nigeria Labour Congress (NLC), Kaduna state, Comrade Ayuba Magaji Suleiman, has hailed Governor Uba Sani for personally attending the May Day rally in Kaduna.

Speaking at Murtala Square, Kaduna, on Wednesday, Suleiman said the last time a governor personally attended the rally was nine years ago.

“Your Excellency, we want to thank you for personally attending the May Day Celebration. Labour has not witnessed the presence of a governor at such an occasion in the last nine years,” he said.

Malam Nasir El-Rufai, Sani’s predecessor, spent two terms of eight years as governor.

While commending the governor for prioritizing workers’ welfare through prompt payment of salaries and allowances, as well as involvement of the labour unions in decision making in the state, the NLC Chairman expressed hope that workers would enjoy favorable working conditions.

In his speech, the governor assured the workers of his support, saying development is about the people, just as governance is also about the people.

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He said governors were working with NLC to come up with decent and acceptable pay for workers.

The Government under my leadership will continue to prioritize workers’ welfare and equip them appropriately within available resources, conscious of the fact that a committed and motivated workforce is critical to the achievement of our Rural Transformation Agenda. Human capital development and poverty reduction will continue to receive robust government attention through investment in education, health, agriculture, housing, micro, small and medium enterprises, as well as support to security agencies as they tackle terrorism, banditry, kidnapping, and other violent crimes.

“Nigerian Governors, under the platform of Nigeria Governors Forum, are in consultation with Labour Unions at the federal and state levels in order to come up with a decent and acceptable salary increase for state and local government workers. As a comrade and veteran of the struggle for better working conditions for Nigerian workers, I will not rest on my oars until we agree on a wage package that will put smiles on the faces of our workers.

“As we ramp up our Rural Transformation Drive and implement innovative programmes to reinvent our economy, we seek the cooperation and total commitment of Kaduna State workers. Increased productivity and sustained industrial harmony will help reposition our economy and put our government in good stead to frontally tackle our myriad security and developmental challenges.”

El-Rufai ignored us for 8 years, Kaduna NLC praises Gov Sani

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Umahi replies Obi over Lagos-Calabar coastal project criticism

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Works Minister David Umahi

Umahi replies Obi over Lagos-Calabar coastal project criticism

The Minister of Works, David Umahi has said that Peter Obi, the former governor of Anambra, is inciting the southeast to rebel against the federal government over the Lagos-Calabar coastal road project.

Umahi disclosed this on Wednesday at a road project stakeholders’ meeting in Lagos.

The Lagos-Calabar coastal road, which will pass through eight other states including the beach resorts along Lagos’ beachfront, has had its construction processs commenced by the federal government.

The project has generated controversy and concerns about funding and the businesses that would be affected during construction.

On Tuesday, Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, criticised the federal government over the project, describing it as a misplaced priority.

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The former Anambra governor said the “insensitive” demolition of structures for the project was “heart-wrenching”.

Responding to Obi’s comment, Umahi said Obi supported the demolition of structures for road infrastructure while he was the governor of Anambra.

The minister condemned Obi for criticising the federal government over the project, adding that affected property owners are already being compensated.

“When you condemn people you bring judgment upon yourself and that is what he has done,” Umahi said.

“I think he is inciting some of the south-east people that are not well informed.

“He is inciting and getting them into trouble and he does not go to fight for them.

“Wisdom is a defence. It gives light to those that practice it. I want our people to have wisdom because I’m involved.”

Umahi added that the federal government did not destroy the facilities of Landmark Beach, noting that only shanties on the right of way were removed.

He said the owners of Landmark Beach were not unfairly treated in the construction of the project.

The minister accused Paul Onwuanibe, chief executive officer (CEO) of Landmark Africa Group, of politicising the issues arising from the project.

Umahi replies Obi over Lagos-Calabar coastal project criticism

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