The federation account allocation committee (FAAC) says the three tiers of government shared N1.2 trillion in April.

This was contained in a communiqué issued at the end of the FAAC meeting for May 2024 by Bawa Mokwa, director of press and public relations in the office of the accountant-general of the federation (OAGF), on Thursday.

The figure represents an increase of N85 billion compared to the N1.12 trillion shared in March.

FAAC said the allocation comprises distributable statutory revenue of N284 billion, distributable value-added tax (VAT) revenue of N466 billion, electronic money transfer levy (ETML) revenue of N18 billion, and exchange difference revenue of N438 billion.

The committee said the total revenue of N2.1 trillion was available in the month of April 2024, adding that the total deduction for the cost of collection was N80 billion; total transfers, interventions and refunds was N903 billion.

A gross statutory revenue of N1.2 trillion was received for April, representing N216 billion higher than the sum of N1.01 billion received in March.

For VAT, the gross revenue was put at N500 billion, compared to N549 billion available in March — a difference of N48 billion.

The communiqué confirmed that from the N1.2 trillion total distributable revenue, the federal government received N390 billion, states got N403 billion and the local governments received N293 billion.

A total sum of N120 billion was shared with the benefiting states as 13 percent derivation revenue.

From the distributable statutory revenue of N284 billion, the communiqué stated that the federal government received N112 billion, states got N56 billion and the local governments received N43 billion., while N71 billion was given to the benefiting states as derivation revenue.

FAAC further said from the N466 billion distributable VAT revenue, the federal government received N69 billion, states received N233 billion and local governments got N163 billion.

A total sum of N2.704 billion was received by the federal government from the N18 billion EMTL, states received N9 billion and local governments received N6 billion.

According to the committee, out of the exchange difference revenue of N438 billion, the federal government got N205 billion, states got N104 billion, and N80 billion was handed to local governments.

The sum of N48 billion was shared with the benefiting states as 13 percent derivation revenue.

In addition, FAAC said oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL and CET Levies increased significantly in April.

However, import duty and VAT recorded considerable decreases.

FAAC also said the balance in the excess crude account (ECA) for April was $473,754.

Festus Keyamo, minister of aviation and aerospace development, says Emirates Airlines has given a definite date to resume flight operations to Nigeria.

The minister made this known on Wednesday in a post on his X page.

Keyamo said he got correspondence from Emirates Airline when he visited Salem Saeed Al-Shamsi, ambassador of the United Arab Emirates (UAE) in Abuja.

“Yesterday, I paid a working visit to the Ambassador of the UAE to Nigeria, His Excellency, Salem Saeed Al-Shamsi at the UAE Embassy in Abuja. He handed me a correspondence from the Emirates Airline indicating a definite date for their resumption of flights to Nigeria,” Keyamo said.

“That date will be formally announced by Emirates Airlines in a matter of days.”

In October 2022, Emirates Airlines suspended flight operations to Nigeria over its inability to repatriate funds trapped in the country.

The airline suspended operations twice last year, with the first in August 2022.

Emirates Airline said the suspension in October was due to its $85 million revenue trapped in Nigeria.

On November 19, 2023, Keyamo said Emirates Airlines would soon announce the exact date of their resumption of flight operations to Nigeria.

He also said the federal government is working on some details concerning the resumption.

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially launched CoopHub, a new digital solution for Cooperative Societies. The groundbreaking platform was unveiled at the launch ceremony held on May 10th, 2024, to commemorate the 79th anniversary of the Bank.

CoopHub, the first of its kind in the Nigerian banking industry, is a digital platform designed strategically to transform the way Cooperative Societies operate by providing tailored solutions that bridge the gaps in the traditional framework of Cooperative Societies.

The unique platform insulates Cooperative Societies against prevalent struggles like manual recordkeeping, limited access to loans, poor communication, insecurity, and other restrictions, supporting them with the solutions needed to not only mitigate these problems but also operate with the utmost efficiency.

With CoopHub, leaders of Cooperative Societies can manage every aspect of their community’s operations from a simplified dashboard accessible on their phones, seamlessly managing their Cooperative Society’s finances, communication, member records, analytics and every other detail in real time and on the go. Members of the Cooperative Societies also enjoy increased access to loans, seamless contribution tracking, secure transactions, and easy communication with the leaders. Essentially, CoopHub helps Cooperative Societies maintain 100% transparency, reliability, and security, with the option of white labelling for a customised experience.

Disclosing the Bank’s motive for creating CoopHub, Wema Bank’s MD/CEO, Moruf Oseni, highlighted the Bank’s commitment to innovation and customer-centricity.

“Cooperative Societies have many pain points. As a bank that is committed to empowering lives through innovation, we examined the end-to-end value chain of Cooperative Societies and launched CoopHub to provide solutions that address the pains and headaches in the Cooperative Society experience for both the leaders of these communities and the members. CoopHub is the future of Cooperative Societies and we have designed every detail to address the needs of every player in the Cooperative Society ecosystem and empower these communities for optimal productivity,” he said.

Delving into the unique features of CoopHub, Solomon Ayodele, Wema Bank’s Head of Innovation, added,
“CoopHub is taking Cooperatives to an era where conflicts, stressful physical meetings, mistrust, inadequate capital, poor recordkeeping and inefficient governance are all a thing of the past. With a digitised database for all records, a dedicated User Management section for leaders to manage members efficiently, a transparent overview of contributions for both leaders and members, seamless communication framework that allows for easy planning of meetings and events, and a host of other unique features, CoopHub truly is the solution that every Cooperative Society needs.

“To promote community and financial security, CoopHub also offers a three-factor authentication system that ensures that every withdrawal from the Cooperative Society’s account is subject to an approval of three members of the Cooperative Society, including the Admin. We have been very intentional with CoopHub and I encourage every Cooperative Society to come on board and experience the future of Cooperative Societies through CoopHub”, Ayodele concluded.

CoopHub is now live and open to every Cooperative Society across the world. This futuristic solution is set to not only empower Nigerian lives with increased access to their needs through Cooperative Societies, but also revolutionise Cooperative Society operations for the best.

To onboard a Cooperative on CoopHub, simply register at https://coophub.alat.ng/