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FG, states, LGs share N1.298trn for September – FAAC

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The Federal Accounts Allocation Committee (FAAC), has shared N1.298 trillion among the Federal Government, states, and the Local Government Councils (LGCs) for September.

This is according to a communique issued at the end of FAAC meeting for October held on Thursday in Abuja.

The communiqué was made available to newsmen by Bawa Mokwa, the Director, Press and Public Relations, Office of the Auditor-General of the Federation (OAGF).

According to the communiqué, N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, and distributable Value Added Tax (VAT) revenue of N543.518 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18. 445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150.000 billion.

It said that a total revenue of N2.258 trillion was available in the month of September.

“Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.

According to the communiqué, gross statutory revenue of N1.043 trillion was received in September 2024, which was lower than the sum of N1.221 trillion received in August by N177.426 billion.

It said that gross revenue of N583.675 billion was available from VAT in September, higher than the N573.341 billion available in the month of August by N10.334 billion.

“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.

“The LGCs received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

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On the N124.716 billion statutory revenue, the communiqué said that the Federal Government received N43.037 billion and the state governments received N21.829 billion, while the LGCs received N16.829 billion.

It said that the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” it said.

It said that in September, Oil and Gas Royalty, Excise Duty, EMTL and CET Levies increased considerably while VAT and Import Duty increased marginally.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and others recorded significant decreases.

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National

P-CNGi, LNG Arete sign pact for $27.3m gas plant project

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The Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd. on Friday signed a Memorandum of Understanding (MoU) on $27.3 million gas plant project to boost CNG infrastructure investment, expansion and availability.

The Programme Director/Chief Executive Officer, P-CNGi, Mr Michael Oluwagbemi, said the partnership aimed at constructing a Liquefied Natural Gas (LNG) plant with a processing capacity of seven million standard cubic feet per day (MMSCFD).

The P-CNGi (investing six million dollars) is co-investing alongside the LNG Arete (investing $12 million) and the Midstream Downstream Gas Infrastructure Fund, under the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Oluwagbemi said the project, which would employ over 100 Nigerians, would accelerate CNG infrastructure development in the north, securing a 25 per cent equity stake in LNG Arete’s seven MSCFD mini LNG facility located in Ajaokuta, Kogi state.

According to him, the project which will become operational in the next 12 to 16 months, will establish a critical supply hub for CNG across Northern Nigeria, and beyond.

He said it would ensure stable cost-competitive CNG supply for industry and residential users in the north which was underserved.

Oluwagbemi said due to increasing demands to access gas for transportation and industrialisation, the President was determined to bring affordable transportation programmes by leveraging abundant gas resources and boost steady supply to the end users.

“Gas is cheaper, it is safer, and more reliable.

“Of course, the previous administration and this administration have been committed to moving gas from the region where it is primarily produced today, which is the southern part of the country, to the rest of the country.

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“That is why the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have been investing in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline.

“From the producing fields, the project will focus on a liquefaction plant and implant storage at Ajaokuta, and eventual pipeline trucks which will be able to move gas over further distances across the north of Nigeria,’’ he assured.

He said the LNG which would be transformed to CNG could be utilised by our power plants, as well as our vehicles and other industries, boosting industrialisation.

The P-CNGi boss said many industries across the north, ranging from textile, agriculture, processing to manufacturing, would benefit hugely from the project.

“The logistics, of course, of moving goods and food items from the north down to the south, especially, processed and manufactured products, will also be cheaper because of this project.

“And even more importantly, is that even when the north gets piped by natural gas in a few years’ time, this plant is still going to be very critical to enable LNG trucks that run more efficiently on LNG, even better than CNG.

“Those LNG trucks will begin to move Nigerian products from Nigeria to Ghana, and to Senegal, ensuring Nigerian products are very competitive and creating jobs,’’ he said.

Also speaking, Hajara Pitan, Project Director, LNG Arete, expressed appreciation to President Bola Tinubu, the management of P-CNGi and other enablers that ensured the reality of the agreement.

“A major reason for the lack of development of the gas sector has been the fact that infrastructure and gas is expensive, but with the mini LNG technology, we’re able to participate as Nigerians in this sector in a major way.

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“Our aim is clear in LNG Arete to support the Federal Government in deepening gas utilisation across Nigeria, and especially in the underserved regions of northern Nigeria.

“LNG is liquefied natural gas, and so what that means is that we take gas from where it originates, we liquefy it by reducing the quantity and allow it to move around more easily,’’ she said. (NAN)

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Cross River ND-PYLF accuses governor Otu of neglecting youths

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The Cross River State chapter of the Niger Delta Progressive Youth Leadership Foundation (ND-PYLF), has criticized Governor Bassey Otu for failing to fulfill his promises to the youth since the beginning of his first term in office.

ND-PYLF lamented the absence of sustainable initiatives that could equip young people with skills, employment, or entrepreneurial support.

The secretary, Engr. Sunday Odey Ogbudu and spokesperson, Wilfred Ekawu, in a statement, expressed disappointment over what it described as the governor’s lack of commitment to youth development, job creation, and empowerment programs.

They said: “Governor Otu came into office with promises of a brighter future for the youth, but so far, there has been little to no progress. Unemployment remains high, and opportunities for young people are scarce. His administration has not prioritized youth empowerment as expected.

“We had high hopes that his leadership would usher in a new era of youth inclusiveness in governance and economic development, but what we see today is neglect and a failure to engage the youth meaningfully.”

The group urged the governor to reassess his administration’s approach and implement concrete policies that would benefit the younger generation before the situation worsens.

“The youth are the backbone of Cross River’s future, and if they are ignored, the state will suffer in the long run. We call on Governor Otu to fulfill his campaign promises and take decisive action toward youth development.”

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Students To Honor Ogun Transport Official ,Olugboyega For Leadership

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The Progressive Students Movement (PSM), Nigeria Chapter, a leading Pan-African student organisation, has announced its intention to honour Engr Ademehin Olugboyega, the State Director of Vehicle Inspection Services at the Ogun State Ministry of Transportation, for his outstanding leadership and unwavering commitment to duty.

The announcement was made in a statement issued on Friday by PSM President, Comrade Ambassador Okereafor Bestman, and shared with journalists.

The group praised Engr Olugboyega for his exemplary service, describing him as a hardworking, principled, and compassionate individual with an impeccable reputation.

“PSM strongly believes in recognising individuals who have diligently distinguished themselves in their duties,” the statement read.

“Information at our disposal shows that Engr Ademehin Olugboyega is an uncompromising man of high standards, a true lover of the Most High God, and someone with an unblemished reputation.

“We firmly believe that with more people like him in service, Nigeria will become a better place.”

In recognition of his significant contributions to nation-building, the PSM Nigeria Chapter revealed plans to confer upon Engr Olugboyega the prestigious “Icon of National Development” award.

The accolade is intended to celebrate his exceptional leadership and dedication to improving standards within his field.

The PSM, known for its advocacy on behalf of students and its promotion of progressive ideals across Africa, stated that the award would be formally bestowed in the near future, underscoring its commitment to spotlighting role models in Nigerian society.

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