Connect with us

News

BREAKING: FG, states, LGs share N1.123tn in March

Published

on

 

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.

READ  Subsidy removal: FG approves 5bn palliative for each state

 

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.

READ  Goods worth millions lost in Ladipo plank market fire

 

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.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Labour gives FG May 31 deadline for new minimum wage

Published

on

By

 

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have given the federal government a deadline of May 31 to come up with a new national minimum wage for workers.

 

The ultimatum was given despite the decision of the federal government to increase the salaries of civil servants by 35 percent.

 

The Federal Government also approved an increase in pension of between 20 percent and 28 percent for pensioners on the defined benefits scheme, with respect to the six consolidated salary structures.

 

The implementation of the new salary structure was backdated to January 1, 2024.

 

Labour has since said it wants the sum of ₦615,000 as the new minimum wage.

 

Speaking during the Workers Day Celebration in Abuja, Joe Ajaero, president of NLC, said they might not guarantee the industrial harmony of the country if the new minimum wage is not implemented.

 

“The NLC and the TUC have made it clear and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country,” Ajaero said.

Also speaking, Festus Osifo, TUC president, said the N30,000 current minimum wage is insufficient for Nigerian workers due to the current economic realities.

READ  Nigeria needs help with debt burden, Akin Adesina tells international community

 

Osifo implored the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

 

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the TUC president said.

Continue Reading

News

Claims of inciting Igbos against FG baseless, Obi replies Umahi

Published

on

By

 

The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has responded to the allegation that he is inciting people of the south-east against the federal government.

 

The former governor of Anambra said the allegation is a “baseless distraction” designed to tarnish his character.

 

He averred that his “focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics”.

Obi said he would not reduce himself to the level of those who wallow in ethnic politics.

 

“Regarding allegations of incitement against the government, I firmly reject these unfounded accusations aimed at tarnishing my character,” Obi wrote on X.

 

“My focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics.

 

“Claims of incitement are baseless distractions. I have always advocated for unity and advancement, refusing to partake in reactionary divisive politics.

 

“Worse still, I have never and can never descend so low as to base my political aspirations on any sectional or ethnic interest.”

READ  Goods worth millions lost in Ladipo plank market fire

 

THE INCITEMENT ALLEGATION

David Umahi, minister of works, on Wednesday accused Obi of inciting people of the south-east against the federal government over the Lagos-Calabar coastal road project.

Speaking during a stakeholders’ meeting in Lagos, Umahi said Obi implemented the demolition of structures for road infrastructure while he was governor of Anambra.

 

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

 

Obi has repeatedly criticised the federal government for the construction, describing the project as a misplaced priority.

 

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

 

Recently, the federal government commenced the construction of the 700-kilometre Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos, while traversing eight other states.

 

The project has elicited controversy over funding, and the businesses that would be affected during construction.

READ  I did it to pay rent, lady who accused Eniola Badmus of prostitution pleads in custody (Video)

 

RESPONSE ON DEMOLITIONS AS ANAMBRA GOVERNOR

Responding to Umahi on demolition of structures, Obi said while he was governor, he clearly stated that all structures obstructing existing roads and lacking approval would be removed.

 

The former Anambra governor challenged anyone to show evidence on whether the “demolished structures on existing roads or ongoing businesses were not encroaching on the road and built without government approval”.

 

He added that it amounts to false equivalence to compare his actions as governor with the current Lagos-Calabar coastal road project.

 

Obi said he “never proposed creating a new road that would disrupt existing structures”.

 

“My actions were strategic, aiming to prioritise the repair and maintenance of existing infrastructure over projects that risked disruption and destruction,” Obi added.

“This approach aimed to safeguard the livelihoods of Nigerians and ensure the efficient use of resources.”

Continue Reading

News

Coastal highway: Umahi slams Obi, says he’s inciting south-east people against FG

Published

on

By

 

David Umahi, minister of works, says Peter Obi, former governor of Anambra, is inciting people of the south-east against the Federal Government over the Lagos-Calabar coastal road project.

Umahi spoke in Lagos on Wednesday during a stakeholders’ meeting on the road project.

 

Recently, the federal government commenced the construction of the Lagos-Calabar coastal road, which is expected to run through the shoreline of beach resorts in Lagos, while traversing eight other states.

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.

 

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

 

UMAHI REPLIES OBI

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

READ  Subsidy removal: FG approves 5bn palliative for each state

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.

READ  Reverence: Saudi Arabia bends marriage law for Ronaldo, baby mama

Continue Reading

Trending News