The Federation Account Allocation Committee (FAAC) has disbursed N1.123trillion to the federal, state, and local governments for March 2024.

The allocation, derived from a gross total of N1.867 trillion, 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.

The committee is tasked with the disbursement of funds across Nigeria’s 36 states and its 774 local government areas monthly. The allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.

FAAC shared N1.152.trillion to the three tiers of government for February 2024 from a gross total of N2.326.14trillion

Manga stated that the Accountant General of the Federation, Dr, 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 N345.890 billion, states, and local governments received N398.689 billion and N288.688 billion, respectively, while oil-producing states received N90.224 billion 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 N549.698 billion — an N89.210 billion 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 N1.017 trillion for March was lower than February’s N1.192 trillion by N175.212 billion.

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.

The Nigerian National Petroleum Company Limited, NNPCL and its joint venture partner in OML 85, First Exploration and Petroleum Development Company Limited, First E&P, have commenced oil production from Madu Field.

A statement by NNPCL Chief Corporate Communications Officer Olufemi Soneye, said production from the field, located in shallow waters offshore Bayelsa State and operated by First E&P, is expected to be at an average of 20,000 barrels per day.

“Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading (FPSO) Unit, which has a crude oil storage capacity of up to 800,000 bbls,” Soneye said.

He said the achievement is a testament to the commitment of the President Bola Tinubu administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.

According to the statement, NNPCL Group Chief Executive Officer, Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that will contribute to the larger goal of meeting the output required to drive revenue growth and boost the nation’s economy.

Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to achieving economic development for Nigeria.

Ogun State Government on Thursday, donated 25 patrol vehicles to the state police command just as it acquired surveillance drones to monitor criminal activities in all parts of the state.
Governor Dapo Abiodun donated the vehicles in the presence of the Inspector General of Police (IGP), Mr. Kayode Egbetokun, at the Arcade Ground, Governor’s Office, Oke-Mosan, Abeokuta, even as he called on the force to include technology in it’s crime fighting efforts.
He said acquiring the drones was one of the proactive steps his administration has taken in collaboration with Lagos and Oyo states to effectively monitor activities on the Lagos-Ibadan Expressway to ensure prompt response in emergency situations.
The drones, the governor noted, would be operated by trained personnel from the Nigeria Police Force, Department of Stata Service (DSS) and the Nigeria Security and Civil Defence Corp (NSCDC).
Governor Abiodun who had earlier received the Inspector General in his office said: “As a gesture of appreciation of you and all what your are doing to law enforcement and effective policing in our state and by extension Nigeria, we have decided to complement you and your efforts by donating today, 25 patrol vans to the police and our law enforcement architecture. This, we believe, will commemorate your first official visit to Ogun State.
“Towards ensuring peace in our state, we will continue to strengthen and support our already established Security Trust Fund (STF) by procuring relevant gadgets, including drones. We will continue to argument the allowances and living condition of our security personnel to motivate them to enhance security and safety in our state.”
The governor, who was impressed with the efforts of the police boss at repositioning the force for optimal performance in line with the tenet of the President Bola Tinubu’s Renewed Hope Agenda, however called for the integration of modern technology in tackling the various security challenges facing the nation.
“As we acknowledged your alignment with the tenet of President Bola Ahmed Tinubu’s Renewed Hope Agenda, we urged the integration of cutting edge surveillance technology to combat the challenges of banditry and terrorism in the nation,” the governor advised.
He said Ogun State remains steadfast in fulfilling its constitutional role by prioritizing the welfare and security of the people through fostering effective inter-agencies cooperation among security agencies in the state.
Prince Abiodun said his administration in the past four and a half years, has procured more than 100 patrol vehicles and motorcycles, as well as over 300 communication gadgets for security agencies in a bid to keep the peace, assuring that his administration would spare nothing at ensuring that residents live in a stable environment and engage in business activities without fear of molestation.
The governor described the Inspector General of Police as a dutiful officer and a fine gentleman who through his educational background and professional dedication was poised at ensuring that Nigerians have a police force they could be proud of.
“You have been deliberate and intentional in the systematic redesigning of the operational strategies and administrative policies of the police force which is driven by purposeful leadership and capacity enhancement.
“The impactful motivation you continually instill in your personnel through timely promotion and incentives, have boosted their performance and dedication. As an expert in peace and conflict studies, you have exemplified the essence of positive police/civil relations, elevating the trust of Nigerians in the police by addressing misconducts with decisive action.
“Your commitment to community policing has strengthened the bond between the law enforcement and the community members significantly improving the intelligence capacity of the officers. Realizing that modern policing necessitate cooperation with all and is underpinned by technological advancement, you put your efforts and encouraged continued innovations in these areas,” the governor added.
Prince Abiodun lauded the police authority for its infrastructural development efforts in that state command, particularly the new police headquarters building, the Technical Intelligence Unit, the Complaints Response Unit, and the Olukayode Adeolu Egbetokun Multi-purpose Cooperative Hall.
Also speaking, Egbetokun said his vision was to put in place a professionally competent police force that is service oriented, rule of law compliant, people friendly and positioned to respond appropriately and adequately to the dynamics of crimes in the society.
He acknowledged the massive infrastructural development across the state, disclosing that more police stations and more Area Commands would be created as well as the deployment of more mobile policemen squadrons to provide adequate security in the state.
The IGP praised Governor Abiodun’s innovative idea in the purchase of the drones, noting that the gesture would further enhance the security of the state, even as he called on other states to take the same step to ensure the security of their people.