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 South African police have arrested eight Nigerians for allegedly attacking officers during a drug raid.

In a statement issued on Friday, the police said the suspects were arrested in the Northern Cape province.

The police said the suspects also damaged vehicles and other property.

“At the time of the arrest, police were tracing information of one of the Nigerian nationals being in possession of drugs,” the statement reads.

“While conducting this search, a large group of Nigerians attacked police. Police fired rubber bullets to disperse the crowd.

“One suspect was arrested for illegal possession of drugs, and three suspects were arrested for public violence and detained at Kimberley Police Station.

“During processing, the suspects broke windows at the station. Additional charges of malicious damage to property were added.

“Another group of Nigerians later approached the Police Station and threatened to retaliate.

“The Operational Commander warned the group to disperse.

“However, upon dispersing, the group damaged police vehicles. Another four suspects were arrested for malicious damage to property.”

Koliswa Otola, police commissioner for the province, commended officers for the arrest of the suspects.

Otola condemned acts of violence against law enforcement agents, saying those who prevent police from exercising their duties “will be dealt with harshly”.

“We will not allow such lawless behaviour,” the commissioner said.

“We are processing the suspects and working with Home Affairs to determine if they are legally or illegally in the country.

“Police will continue to stamp the authority of the state in the Northern Cape Province.”