The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.

This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

FAAC has the duty of examining and approving the distribution of financial resources to the states and the Federal Government.

Monthly, this committee is tasked with the disbursement of funds across Nigeria’s 36 states and its 774 local government areas.

This allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.

The FAAC shared N1.152.trn to the three tiers of government for February 2024 from a gross total of N2.326.14trn.

Manga stated that the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.

This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.

The statement noted that the Federal Government received N345.890bn, states, and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.

The FAAC statement also noted an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.

This increase reflects the country’s economic growth and improved tax compliance.

Despite the positive trend in VAT, the Gross Statutory Revenue of N1.017tn for March was lower than February’s N1.192tn by N175.212bn.

The decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

The balance in the Excess Crude Account as of April 2024 stands at $473,754.57, indicating a reserve for future financial stability.

The statement noted that the FAAC’s decision to allocate these funds is expected to bolster economic activities across the nation and support the government’s efforts in improving infrastructure, healthcare, education, and other vital sectors.

President Bola Tinubu has appointed Emomotimi Agama as the director general of the Securities and Exchange Commission (SEC).

Ajuri Ngelale, special adviser to the president on media and publicity, disclosed this in a statement on Friday.

Details later…

The army has released Clement Ikolo, a traditional ruler in Delta state, who was arrested over the murder of 17 officers in Okuama community.

Ikolo was released on Friday during a briefing by Onyema Nwachukwu, director, army public relations, at the Army Headquarters in Abuja.

The army personnel were killed on March 14 during a peacekeeping operation in the community.

The Defence Headquarters had declared Ikolo among eight persons wanted in connection to the murder.

The monarch subsequently turned himself in after releasing a statement to plead his innocence.

Ikolo said taking lives is against his philosophy and faith as a Catholic, and urged the army to look elsewhere for the culprits.

The monarch was released to Ede Dafinone, senator representing Delta central, who stood as surety.

Nwachukwu said Ikolo’s release did not amount to exoneration but was only facilitated after the senator testified to his character.

Others declared wanted over the murder are Ekpekpo Arthur, a professor of physics at the Delta State University; Akeywiru Omotegbono, Andaowei Bakrikri, Igoli Ebi, a lady; Akata David, Sinclear Oliki, and Reuben Baru.

After the killing of the officers, President Bola Tinubu and the military high command promised that the perpetrators would be brought to justice.