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FAAC: FG, States, LGCs Share N1.203trn For August
The Federation Account Allocation Committee (FAAC), at its September 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.203 trillion to the three tiers of government as Federation Allocation for the month of August, 2024 from a gross total of N2.278 trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference (ED), the Federal Government received N374.925billion, the States received N422.861billion, the Local Government Councils got N306.533 Billion, while the Oil Producing States received N99.474billion as Derivation, (13% of Mineral Revenue).
The sum of N81.975billion was given for the cost of collection, while N992.617 billion was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of August 2024, was N573.341 billion as against N625.329 billion distributed in the preceding month, resulting in a decrease of N51.988 billion.
From that amount, the sum of N22.934billion was allocated for the cost of collection and the sum of N16.512 billion given for Transfers, Intervention and Refunds. The remaining sum of N533.895billion was distributed to the three tiers of government, of which the Federal Government got N80.084billion, the States received N266.948billion and Local Government Councils got N186.863billion.
Accordingly, the Gross Statutory Revenue of N1.221trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994. From the stated amount, the sum of N58.415 billion was allocated for the cost of collection and a total sum of N976.105billion for Transfers, Intervention and Refunds.
The remaining balance of N186.636 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624billion, States received N36.329 billion, the sum of N28.008 Billion was allocated to LGCs and N50.675 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N15.643 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.252 Billion, States got N7.509 Billion, Local Government Councils received N5.256 Billion, while N0.626 Billion was allocated for Cost of Collection.
The Communique also disclosed the sum of N468.245 Billion from Exchange Difference, which was shared as follows: Federal Government received N220.964 Billion, States got N112.076 Billion, the sum of N86.406 Billion was allocated to Local Government Councils, N48.799 Billion was given for Derivation (13% of Mineral Revenue).
It further disclosed that
Companies Income Tax (CIT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Petroleum Profit Tax (PPT), Oil and Gas Royalty and Customs External Tarrif levies (CET) all recorded decreases.
According to the Communique, the total revenue distributable for the current month of August 2024, was drawn from Statutory Revenue of N186.636 Billion, Value Added Tax (VAT) of N533.636 Billion, N15.017 Billion from Electronic Money Transfer Levy (EMTL) and N468.245 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.203 Trillion.
The balance in the Excess Crude Account (ECA) as at September 2024 stands at $473.754.57
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while welcoming FAAC members, appreciated them for their continued support and contributions, urging them to do more
While also thanking the Revenue Generating Agencies for their hard work in ensuring that the three tiers of government are running smoothly, HM Edun assured that Nigeria is going well, explaining that we have a President whose actions is in line with the Rule of Law and he is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country
He emphasised that the policies are for the good of the nation it is for our own good, we have to go through turbulent situation before the economy will stabilize for good, he said.
He added that the challenges we are witnessing are not only limited to Nigeria alone but to other countries of the world. *We have to play our own role, we have to fasten our belts*, he noted
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Our Govt’ll Eventually Triumph, Fubara Assures Rivers People …Inaugurates Govt House Staff Quarters

Rivers State Governor, Sir Siminalayi Fubara, has declared that despite the unceasing antagonism against his administration, the course of governance is irreversible, and victory is assured for the State.
The Governor, who noted how the news of the judgment of the Supreme Court dampened the spirit of most Rivers people, charged them to brace up because what is ahead is more than what just passed.
Governor Fubara gave the assurance while inaugurating the Rivers State Government House Staff Quarters, reconstructed by his administration, along Forces Avenue (opposite Government House), Old GRA, Port Harcourt last Monday.
He noted that as humans, they may have felt disturbed by the Apex Court’s pronouncements, but advised them to realise that God, who has their back, will accomplish His purpose.
He said, “Our back is not on anybody; it is on God. I want to thank you for your support, and assure you that, if there is one person on this planet Earth that will continue to stand by you, I will be that person.
“I assure you that I will lead you with honour, I will lead you with respect, and I will lead you with integrity, knowing that when I leave here, I would have questions to answer, if I am called upon 20 – 30 years from today. I want to be proud to defend my position. So, I thank you and assure you that I will not disappoint you.”
Governor Fubara, however, emphasised that no matter how much the adversaries have tried to fool the State, the time has fully come for Rivers people to take their destinies in their hands.
The Governor, who clarified that he has never subscribed to violence or asking people to indulge in lawless acts, warned that his administration will not look away when haters of the State struggle to unlease violence in the State.
He said, “No matter how we’ve been fooled in this State, it has gotten to a point when the people have to decide to take their destinies in their hands.
“Inasmuch as I don’t subscribe to violence, when the time comes for us to take a decision, I will lead the course for that decision. Let me say it again: I am not scared of anything, the worse that will happen is for me to leave the office. Am I leaving the earth? Is it going to stop me from existing?
“So, I am not even bothered about that. But the right thing must be done, and must be said when the opportunity is given to us. Let me thank everyone, more especially our youths. Be strong, don’t be perturbed. I assure you, at the right time, you will hear from us.”
Governor Fubara pointed to why it has to be on record and known by everybody that the interest of Rivers State remains his top priority, quickly emphasising that he will not hesitate to pay the supreme price, if it is so required.
But, Governor Fubara noted that his strength is in the supreme God and all Rivers people who love the State, and are interested in its progress and peace, counselling them to know that there is honour and glory in fighting gallantly, being on the side of truth.
Governor Fubara pointed attention to the Holy Scripture, quoting Philippians 3 verse 18-19, which said: “For as I have often told you before, and now, I tell you again, even with tears, many live as enemies of the cross of Christ. Their destiny is destruction, and their god is in their stomach, and their glory is in their shame, their mind is set on earthly things only.”
The Governor stated: “Just like the word said, we are not after our stomach, we are after the joy of our people, that at the end of the day, what will count for us is the lives that we have touched genuinely, the legacy we leave that will speak for us, that will open doors for our children, the generations yet unborn.
“Knowing that and having that in mind, it spurs us, it forces me, as a person, to stand on the side of right, to do good, to stand on the side of truth that even if anybody calls me tomorrow, I should be bold to defend my actions.”
Commenting on the project, Governor Fubara expressed delight that his administration was foresighted to have conceived the project, executed it, and, by the special grace of God, is dedicating it to the glory of God for use by the workers.
Governor Fubara stated that what has been achieved: the staff quarters and other projects lined up for inauguration, as proof against what has been said in some quarters, that there is good governance on course in the State.
He said, “Here is a legitimate, purpose-driven governance in Rivers State, and we are here to display, genuinely, not because of our own selfish interest, one of those things that this government has done to show that we appreciate, understand the need, and must continue to do what is right for our people.
“When we came on board, this building was a dilapidated building, completely unhabitable. We felt we must add value, which is the basis of our governance, to what we met, and we decided that, look, our staff can’t be living in uncomfortable place, they can’t leave like animals while I leave in big comfortable place.
“How would I get efficiency from my workers if they are not happy, and the government decided to embark on this project. I am happy that the contractor delivered it within the time limit.”
Governor Fubara thanked the elders of the State who have continued to provide support and stand with his administration, and assured them that he will not disappoint their expectation of providing good governance to the State.
In his address, Chief of Staff, Government House, Rt. Hon. Edison Ehie thanked the Governor for embarking on the reconstruction of the project, and for tastefully furnishing the facility to make living comfortable for workers.
Providing the project description, Permanent Secretary, Government House, Mr Chukwuma Ndudi Augustine, said the project was awarded on June 6, 2024 to Monier Construction Company (MCC), and today, staff of government will have a more comfortable accommodation that will impact positively on their productivity.
He stated: “The Government House Staff Quarters has 6 numbers of two bedroom, 11 numbers of one bedroom, 11 numbers of Boys Quarters. Hostel A has 32 bed spaces, Hostel B has 30 bed spaces. There is canteen, cafeteria, gymnasium – fitness centre where staff will be exercising themselves, mini basketball court, a soundproof power generating plant, water tank. The contract is completed, and contract sum fully paid.”
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Okogbule Steps Down, Lauds Fubara For Support As RSU VC
The outgoing Vice Chancellor of the Rivers State University (RSU), Port Harcourt, Prof. Nlerum Okogbule, has commended the Rivers State Governor, Sir Siminilayi Fubara, for his support towards the successful completion of his tenure.
Okogbule said he owed the governor a debt of gratitude for his support to his administration and his decision to allow him continue from office as the Vice Chancellor despite being appointed by Fubara’s estranged godfather and predecessor, Nyesom Wike.
The outgoing Vice Chancellor stated this during a valedictory press briefing held at the university’s auditorium to give account of his five-year single tenure as the Vice Chancellor of the university.
“The essence of this briefing is to give account of my stewardship, achievements and challenges within the period under review.
“First, let me thank the Almighty God for seeing me through in good health despite the office challenges. He has really been faithful. My appreciation also goes to the two governors who are visitors to the university for appointing me and for as well, allowing me complete my tenure,” he said.
Okogbule expressed joy for the opportunity given to him to serve the State, saying he was bowing out from the office as a fulfilled man who has served meritoriously and also achieved a lot in the development of the institution.
He noted that RSU became one of the best universities in the country under his watch and listed the establishment of the school’s satellite campus in Etche, Emohua and Ahaoda as part of his achievements.
According to him, academic activities in those satellite campus are in their third years.
“We could not complete that of Keren in Khana Local Government Area because we could not complete the remodeling of the campus; so the students will continue to remain at the main campus,” he added.
Okogbule also pointed out that the graduation and induction of first set of medical nurses and midwifery students took place during his administration, while also achieving full accreditation of many courses for the university.
On the challenges faced by his administration, the Vice Chancellor identified lack of funding and power supply as major constraints, and advised his successor to look for alternative sources for power generation.
He expressed appreciation to his management team, staff and students including the media for the support given to him during his tenure and urged them to extend same to his successor.
Prof. Okogbule’s five-year single term comes to an end today, having been appointed on March 5, 2020 by the former governor of the State, Nyesom Wike.
Amadi Akujobi
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Don Tasks Varsities On Artificial Intelligence
A renowned lecturer at the University of Port Harcourt, Prof. Bourdillon Omijeh, has called on universities to upscale their academic curriculum to keep up with the advancement of Artificial Intelligence (AI).
Omijeh stated this while delivering the 196th Inaugural Lecture of the University of Port Harcourt, last week.
Speaking on the topic: “Embedded Systems, The Game Changer On Modern Industrialisation”, he discussed what he described as Education 4.0, emphasising the need to integrate digital and innovative skills into education to keep up with rapid technological changes with Artificial Intelligence.
“Education 4.0 has to do with education in the fourth industrial revolution, whereby you have build in the emerging digital skills. The jobs that are available now, in the next few years, will phase out, because we are now in the era of full automation.
“Artificial Intelligence is taking the whole lead, and so we need to develop manpower for industry. If we go to the oil and gas today, it is a transformed oil and gas system, whereby all the things that would have been done mechanically are being done automatically”, he said.
Omijeh called on government to prioritize human capacity development, saying that while infrastructural projects may face setback, investing in youth education and equipping students with relevant technological skills will enable them to earn livelihood during their studies.
He stressed the importance of acquiring practical skills alongside formal education, adding that relying solely on academic certificates will no longer be sufficient in today’s fast-changing digital landscape.
In his speech, the Vice Chancellor of University of Port Harcourt, Prof. Owunari Georgewill, highlighted Prof. Omijeh’s impact on the school.
“Prof. Omijeh is a game-changer. He has attracted so much to the university in terms of collaboration. And I must tell you, do not think it is easy that you make people from outside the country come here, bring equipment, bring money, trust you enough to say you can carry out research and give them results.
“You know we are in an era of digital transformation and so every curriculum must take into cognizance the fact that the digital transformation has come to stay.
“So, in whichever way you want to teach, in whichever way you want to research, you must think digital as the way to go. So, embedded systems have come to stay in the University of Port Harcourt”, he said.
The lecture showcased Prof. Omijeh’s research breakthrough in embedded systems, emphasizing their impacts on industrial revolution, community development and global recognition.
His innovations include GSM-based control device for home appliances, GSM-based remote control robotic car, among others.
The Inaugural Lecture recommended that the federal government should invest massively in Education 4.0 and the production sector of the economy, fund start-ups, innovation hubs and create smart factories.
It also recommended for improved curriculum and teaching methodology for embedded systems and emerging technology, among others.