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Lagos LGAs received highest FAAC revenue in first half of 2024

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Data from the Nigeria Bureau of Statistics (NBS) shows that all 774 local government areas (LGAs) across the 36 states and the federal capital territory (FCT) received a total net statutory allocation of N1.69 trillion from the federal account allocation committee (FAAC) in the first half of 2024.

Analysis of the data showed that all 20 LGAs in Lagos received more FAAC revenue compared to others.

 

Alimosho LGA received N11.13 billion, making it the highest FAAC recipient among the 774 local councils, according to the NBS.

 

Ajeromi/Ifelodun LGA followed with N8.90 billion, while Kosofe LGA received N8.80 billion in the first half of 2024.

 

Other top recipients include Mushin (N8.69 billion), Oshodi/Isolo (N8.66 billion), Ojo (N8.58 billion), Ikorodu (N8.41 billion), and Surulere (N8.24 billion).

 

The lowest earners include Ifedayo LGA in Osun state, which received N1.30 billion, followed by Ilejemeji in Ekiti which got N1.38 billion, and Bakassi in Cross River at N1.39 billion.

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Others on the list are Remo north and Ewekoro in Ogun, with N1.42 billion and N1.43 billion allocations respectively; while Atakumosa east and Ila –both in Osun — got N1.43 billion each.

 

On July 11, 2024, the supreme court ruled that the federal government must directly disburse allocations to LGAs from the federation account.

 

The court criticised the practice of states creating and controlling caretaker committees, emphasising that LGAs should be democratically elected as required by the constitution.

 

The apex court also ordered the federal government to withhold allocations of LGAs governed by unelected officials appointed by governors.

Here are the top 35 LGAs in Nigeria by FAAC allocation in the first half of 2024.

S/N State LGA AREA Net statutory allocation
1 Lagos ALIMOSHO N11,125,569,058.06
2 Lagos AJEROMI/IFELODUN N8,904,728,579.89
3 Lagos KOSOFE N8,803,368,865.59
4 Lagos MUSHIN N8,693,172,825.22
5 Lagos OSHODI/ISOLO N8,655,276,499.40
6 Lagos OJO N8,575,594,528.96
7 Lagos IKORODU N8,414,325,544.95
8 Lagos SURULERE N8,238,506,999.04
9 Lagos AGEGE N8,080,824,853.54
10 Lagos IFAKO/IJAYE N7,964,424,656.85
11 Lagos SOMOLU N7,861,958,799.65
12 Lagos IKEJA N7,562,322,910.33
13 Lagos AMOWO-ODOFIN N7,548,291,846.14
14 Lagos LAGOS MAINLAND N7,537,561,759.80
15 Lagos ETI-OSA N7,524,930,309.64
16 Lagos BADAGRY N7,325,668,449.83
17 Lagos APAPA N7,176,937,789.60
18 Lagos LAGOS ISLAND N7,140,136,090.46
19 Lagos EPE N7,123,051,691.47
20 Lagos IBEJU-LEKKI N6,821,145,324.58
21 FCT Abuja ABUJA MUNICIPAL N6,294,647,971.10
22 Rivers PORT HARCOURT N4,432,519,769.65
23 FCT Abuja BWARI N4,289,385,337.67
24 Rivers OBIO/AKPOR N4,104,556,959.77
25 FCT Abuja GWAGWALADA N3,987,711,966.03
26 FCT Abuja KWALI N3,814,664,563.40
27 FCT Abuja KUJE N3,813,776,540.26
28 FCT Abuja ABAJI N3,602,765,765.03
29 Kano NASSARAWA N3,553,724,933.52
30 Rivers KHANA N3,513,494,113.36
31 Rivers OGBA/EGBEMA/NDONI N3,489,521,634.05
32 Rivers OBUA/ODUAL N3,478,140,399.80
33 Bauchi BAUCHI N3,419,144,260.39
34 Rivers ETCHE N3,406,781,729.40
35 Rivers AHOADA WEST N3,338,745,927.24

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JUST IN: FG declares October 1 as public holiday

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The Federal Government has declared Tuesday, October 1, as a public holiday to commemorate Nigeria’s 64th independence anniversary.

Olubunmi Tunji-Ojo, minister of interior, announced the holiday on Saturday in a statement by Magdalene Ajani, permanent secretary in the ministry.

The minister praised patient and hardworking Nigerians, adding that their sacrifices would not be in vain.

More to follow…

READ  Lagos begins publication of names, pictures of sex offenders
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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Bobrisky scandal: We won’t spare indicted officials –Minister

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1. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday warned that officials of the Nigeria Correctional Service (NCoS) found culpable in the apartment-for-prison scandal involving notorious cross-dresser Idris Okuneye, a.k.a. Bobrisky, would not go unpunished. Tunji-Ojo, who spoke at a media briefing in Abuja to mark his one year in office, vowed that no personnel or officer of the Nigeria Correctional Service found involved in the ongoing probe would be spared.

 

2. Ahead of the resumption of flights to Nigeria by Emirates on October 1, the federal government has finalized an agreement with United Arab Emirates (UAE) authorities to guarantee reciprocal rights for Nigerian airlines willing to start flying to any UAE cities, especially Dubai.

 

3. The Economic and Financial Crimes Commission (EFCC) on Friday arrested a former governor of Taraba State, Darius Ishaku, over alleged fraud of N27 billion. He was reportedly picked up at his Abuja residence.

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4. President Bola Tinubu on Friday appointed seven executive directors for the Nigerian Television Authority (NTA).

 

A press release signed by his media aide, Bayo Onanuga, said the president re-appointed Ayo Adewuyi as the Executive Director of News.

 

5. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday justified the increase in passport fees, stating that the rise was only about 45 percent. According to him, the increase was driven by the exchange rate between the dollar and the naira.

 

6. Justice Ayokunle Faji of the Federal High Court in Lagos State, on Friday, ordered the remand of four bloggers for allegedly cyberstalking and spreading false information aimed at insulting the Chief Executive Officer of Guaranty Trust Holding Company PLC, Segun Agbaje.

The bloggers, Precious Eze, Olawale Rotimi, Rowland Olonishu, and Seun Odunlami, were remanded at the Ikoyi Correctional Centre.

 

7. The Lagos State Police Command has summoned four of its officers to account for their alleged involvement in the extortion of N1 million from some National Youth Service Corps members.

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In an X post, a user tweeting as #YemieFash, identified as Olúyẹmí Fásípè, revealed that the corps members were threatened by the officers and later taken to the Kafaru Oluwole Tinubu House, Area C Police Command, where they were “robbed.”

 

8. The Lagos State Wastewater Management Office has sealed off the Orchid Shopping Centre in the Eti-Osa area of the state over a threat to public health.

 

This was disclosed in a statement shared on X.com by the state Commissioner for the Environment and Water Resources, Tokunbo Wahab, on Friday.

 

9. The House of Representatives has summoned the EFCC Chairman, the Nigerian Correctional Service Comptroller General, Bobrisky, VeryDarkMan, and all officers involved in the prosecution of Bobrisky.

 

This was contained in a letter written by the Lead Chairman of the joint committee, Jon Ginger Onwusibe, to parties on Friday over the disturbing allegations of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigeria Correctional Service.

READ  Police arrest man for stealing streetlight solar panels in Lagos

 

10. A Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to recognize Chief Olusola Ebiseni and Dayo Awude as the governorship and deputy governorship candidates of the Labour Party (LP) for the November 16 governorship election.

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CBN extends suspension of processing fees on deposits to March 2025

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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

 

The development comes six days before the suspension date initially fixed, expires.

 

On May 1, banks resumed the collection of processing fees on cash deposits.

 

Six days later, CBN suspended charges on the deposits until September 30.

 

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

 

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

 

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

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“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

 

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

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