Federal, States, Local Govts Share N906.955 Billion From October Revenue

November 22, 2023

The Federation Account Allocation Committee (FAAC) has shared a total sum of N906.955 billion October 2023 Federation Account Revenue to the Federal, States and Local Governments.

A communique issued by the FAAC at its November, 2023 meeting indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N202.887 billion and Augmentation of N60.000 billion.

According to the communique, total revenue of N1,346.519 billion was available in the month of October 2023, and total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion.

The Director (Press and Public Relations), Office of the Accountant General of the Federation, Bawa Mokwa, said in a statement today, November 22, that the Gross statutory revenue of N 660.090 billion was received for the month of October 2023, and this was lower than the N1,014.953 billion received in the month of September 2023, by N354.863 billion.

The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.

The communique stated that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the State Governments got N307.717 billion and the Local Government Councils pocketed N225.209 billion.

A total sum of N50.674 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.

From the N305.070 billion distributable statutory revenue, the Federal Government got N147.574 billion, the State Governments pocketed N74.852 billion and the Local Government Councils received N57.707 billion. The sum of N24.937 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.

The Federal Government received N48.517 billion, the State Governments received N161.723 billion and the Local Government Councils got N113.206 billion from the N323.446 billion distributable Value Added Tax (VAT) revenue.

The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments got N7.776 billion and the Local Government Councils received N5.443 billion.

The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.

The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments got N16.032 billion and the Local Government Councils received N 12.360 billion.

In the month of October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.

Why I Was Supposed To Be In The Guinness Book Of Records – Tinubu

Greenbarge Reporters

November 22, 2023

President Bola Tinubu has said that his impeccable record during his tenure as Lagos State Governor (1999-2007) ought to be listed in the Guinness Book of World Records in his favour.

The Nigerian leader, in his address at the 10th German-Nigerian Business Forum held in Berlin, Germany, said that one of his transformative initiatives was through the Lagos Internal Revenue Service (LIRS) which re-engineered the finances of Lagos State from a meager N600 million per month to N20 billion.

According to him, the giant strides he recorded during his tenure as governor positioned the state to become the fifth-largest economy in Africa, rising from zero.

“For those who fear various obstacles, look at me; I come from the private sector, and I’m one of you, trained by Deloitte. I served as the treasurer of Exxon Mobil. I define corporate governance in any way, and I am in it.

“I governed Lagos for eight consecutive years. “Today, I can proudly say that Lagos State is on the horizon and has the fifth-largest economy in Africa, rising from zero.”

President Tinubu said that if the Guinness Book of World Records did not acknowledge his work, he would insert himself in it.

“Nigeria voted for me for reforms, and from day one of my inauguration, I started the reforms. To me, if you didn’t mention me in the Guinness Book of Records, I would strive to find a way to insert myself because I did it without expectation; my inaugural speech disclosed what I would do.”

FG Sets Up Technical Committee To Revive Ajaokuta Steel Company

Greenbarge Reporters

November 22, 2023

The Federal Government of Nigeria has set up a technical Committee to urgently look into the revival of the Ajaokuta Steel Company in Kogi State.
The Committee will be expected to determine what to produce, the raw materials to use, cost of reviving the production centre as well as to determine sources of funding.
The Minister of Defence, Mohammed Badaru Abubakar, who disclosed this when he received the Minister of Steel Development, Prince Shuaibu Abubakar Audu and the Managing Director of Ajaokuta Steel Company, Sumaila Abdul Akaba in his office in Abuja, named the Permanent Secretary, Director- General of Defence Industries Corporation of Nigeria ( DICON) and the Managing- Director of Ajaokuta Steel Company as members of the Technical Committee.
He asked them to work vigorously and ambitiously and come up with a report on the way forward in two weeks time.
The minister vowed that the administration of President Bola Ahmed Tinubu is committed to the revitalization and repositioning of the Steel Company for the purpose of producing, among others, military hardware to support the fight against insecurity in Nigeria.
According to the minister, Ajaokuta Steel Company is known for the local production of Military hardware, adding that there is the need to partner with Ministry of Steel Development because 80/90 per cent of what is required for the production of military hardware is Steel.
He said that strengthening the Company to produce military hardware instead of relying on foreign production would boost the nation’s fight against insurgency and other related crimes.
“Local production of military Hardware is critical because the crisis we have in the country at present will not allow us rely on other countries for Military hardware.”
This was even as the ninister of Steel Development, Prince Shuaibu Abubakar Audu, said that reviving Ajaokuta Steel would be a game changer to Nigerian Industry and the economy as a whole.
He said that due to paucity of funds, production was stalled. “But I believe that if initiatives are put in place, Ajaokuta Steel will be revived and work will resume within the first four years of the Present Bola Tinubu’s administration.”
He said that the Company has about 48 production units and one of such units is for production of Military hardware, and that if the Ministry of Defence collaborate with the Company, it would have the capacity to produce military Hardware that the nation will needs.

Nigeria Army Accuses Finland Of Protecting IPOB Activist, Simon Ekpa; Wants FG To Take Action

Editorial staff

November 21, 2023

The Nigeria Army has accused the government of Finland of shielding one of the top leaders of the proscribed Indigenous Peoples of Biafra (IPOB), Simon Ekpa.

Appearing before the House of Representatives today, November 21, to brief the members on the security situation in the country,

the Chief of Defence Staff (CDS), General Christopher Musa, insisted that Nigerian government should engage the government of Finland and possibly invite its ambassador to Nigeria for briefing.

The Defence Chief who led other Service Chiefs and the Inspector General of Police to the meeting with the House of Representatives at the commencement of its sectoral debate, said that while the military and other security agencies in the country are doing their very best to ensure that there is peace in the South East, the comments and activities of Simon Ekpa have been sabotaging such efforts.

He said that about 140,000 terrorists have so far surrendered and are awaiting disarmament.

He said that there currently no single Nigerian territory under the control of Boko Haram insurgents.

Source: Prompt News.

Wike Seeks NASS Approval Of N61 Billion To Execute Critical Projects In FCT Before End Of Fiscal Year

Editorial staff

November 21, 2023

Minister of the Federal Capital Territory (FCT), Nyeson Wike, has sought the approval of the National Assembly to spend over 61 billion Naira on critical projects in the FCT before the end of this fiscal year.

He said that President Bola Tinubu has already endorsed the amount for submission to the federal lawmakers as 2023 supplementary budget.

The Minister, who made this known during inspection of projects, expressed optimism that the millennium tower project, when completed, would change Abuja’s landscape greatly and boost tourism in the FCT.

He expressed satisfaction with the level of ongoing work at the construction of Southern Parkway to Ring I and B12 stretching from Bolingo junction to the city gate; assuring the contractors that payment would be made early and monthly.

“Remember when we came on board, we did say we will prioritize and we will discuss with contractors that we have the funds. If we give them the funds, what time will it take them to complete these projects?

“The first thing we did was to identify projects that we think can be completed within one year…..We have funded them and we will continue to fund them,” he added.

“What is important to me is that the commitment we have given to them, they have reciprocated. Look at the Vice President’s residence that was awarded in 2010 at the cost of N7 billion. It was abandoned and we called back Julius Berger to know if they can complete the project within eight months and they replied with an affirmation but they cannot continue with it at the same cost, which is obvious. They have indicated that they cannot do it for less than N15 billion.

“Looking at the inflation in the cost of building materials, but we have just come to see what they are doing and we have told them that we will fund them before ending of the month very well so that they will be able to finish it.”

The Minister said that the renewed vigour regarding ongoing work at various project sites is due to the promise and delivery of Renewed Hope Agenda by the President.

According to him, the FCT Administration would not rely on funds from Federation account; adding: “We are doing everything possible to improve our IGR. As I speak to you today, we have done very well in terms of IGR and this money will be directed to specific projects so that we will not later say that we do not have money to do some projects.

“For example, what we are doing now is that, we have submitted supplementary budget of 2023 and Mr. President has approved to transmit it to the National Assembly, now we are asking that we should be allowed to spend 61 billion before 2024, because we have the money and to use that money for specific projects so that by May 29th these projects are completed then we take new other projects for 2024.”

He stressed that no project he started would be abandoned and that discussions are almost concluded with SUKUK to fund projects in the FCT to the tune of between N70 billion and N100 billion.

“We are going to attach these funds to specific projects. For them, they are interested in roads and bridges, but we spoke to them that we have other projects like the Millenium Tower that is going to change our landscape in terms of tourism and rest of it, and they have agreed.

“So what you will see from next year will be like a wonder and with everybody’s support we are goin to achieve.”

The Minister tasked the contractors to work hard to deliver in the promises he made; saying: “Put everything you have so that we can achieve this, so that all these stories about abandoned projects will be a thing of the past.”

Obasanjo Describes Western Democracy As Govt Of Few Over Majority, Not Ideal For Nigeria

Editorial staff

November 21, 2023

Former President, Chief Olusegun Obasanjo

Former President Olusegun Obasanjo has described Western Liberal Democracy as a “government of a few people over all the people or population.

”These few people are representatives of only some of the people and not full representatives of all the people.

“Invariably, majority of the people were wittingly or unwittingly kept out.”

Obasanjo, who spoke

at a high-level consultation on “Rethinking Western Liberal Democracy for Africa,” in Abeokuta, the Ogun State capital said: “this is why we should have ‘Afro Democracy’ in place of Western Liberal Democracy.”

The former President said that the Western style of democracy failed in Africa because it does not take into consideration the views of the majority of the people.

He said that African countries have no business operating a system of government which they have no hands in its definition and design.

“The weakness and failure of liberal democracy as it is practised stem from its history, content, context and its practice.

“Once you move from all the people to representatives of the people, you start to encounter troubles and problems.

“For those who define it as the rule of majority, should the minority be ignored, neglected and be excluded?

“Those who brought it to us are now questioning the rightness of their invention, its deliverability and its relevance today without reform.”

Obasanjo said that the essence of any system of government should be the welfare and well-being of the people.

“In short, we have a system of government in which we have no hands to define and design and we continue with it, even when we know that it is not working for us.”

I Am Not Dead, Defence Staff Chief, Gen. Musa Cries Out

Editorial staff

November 21, 2023

The Chief of Defence Staff (CDS), General Christopher Musa has debunked media report that he was dead.

In a statement today, November 21, the army General described the report as “unfortunate, unethical and lack credibility.”

The statement, which was issued by the Director in the Defence Information of the Defence Headquarters, Brigadier General

Tukur Gusau said that Brigadier General Musa is alive and hearty.

“The Chief of Defence Staff who just returned from an official assignment outside the country has resumed work with more vigour to continue with his uncommon leadership style to prosper the Armed Forces of Nigeria.

“The online newspaper had since retracted the news story and offered its unreserved apology to the CDS, his family and the Armed Forces of Nigeria.”

34-Year Old Man Rapes 90-Year Old Woman

Greenbarge Reporters

November 21, 2023

A 34-year-old man has been arrested and charged with the rape of a 90-year-old woman in an aged care home in the town of Bateau Bay, 100 km North of Sydney in Australia.
An Australian Guardian report today, November 21, quoting the police, said that the suspect entered old people home in the east coast holiday town and attacked the woman in the early hours of November 15.
The head of the sex crimes unit, Jayne Doherty, said that the “horrendous” act of attacking a defenceless old lady in the safety of her home in this way was unthinkable.
The victim suffered serious injuries and was traumatised, Doherty said, adding that the woman is being cared for by her family and medical staff at a hospital.
The suspected attacker was later arrested in a nearby town yesterday, November 20.
Source: dpa/NAN.

Greatest Asset Nigeria Has Over Other Nations Is Human Resource – Tinubu Boasts In Germany

Editorial staff

November 21, 2023

President Bola Tinubu has boasted in far away Berlin, Germany, that beyond Nigeria’s natural resources, the people of Nigeria, who are highly educated, highly skilled, and naturally industrious are the primary asset and advantage the country over other nations in the global race for new investments.

Tinubu told international investors today, November 20, at a panel discussion titled, “Fostering local value chains and investments in Africa – The role of the German private sector” at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz, that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.

“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.

“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments.

”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa.

“Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.

“Africa has moved beyond the false past notions of business disincentivization and poor adherence to the rule of law.

“We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts. We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception.”

President Tinubu briefed the summit of the country’s intentional move toward developing labour-intensive sectors of the Nigerian economy for massive job creation as well as a new emphasis on technological progress and new opportunities in Nigeria’s rapidly expanding information and communications technology space.

The President assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.

“Nigeria has consolidated on its democracy with several consecutive handovers of power.

“There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment.

“Your money is safe. Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. “We are reforming the economy based on the principle and philosophy of good governance,” the President confidently affirmed.

He asked German automobile firms to establish manufacturing plants in Nigeria, even as he invited German businesses to take advantage of investment opportunities in multiple sectors following the successful visit of the German Chancellor to Nigeria in October.

Earlier, German Chancellor, Olaf Scholz looked at the dynamic and evolving nature of economic relations between the developed and developing nations of the world and said that he is he positioning Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.

“To be clear, this is not about traditional development aid with donor-recipient schemes. Instead, we now focus on investments that yield benefits for both parties. In Germany, as we strive for climate neutrality by 2045, we anticipate a substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa.

“Many African countries possess larger potentials for renewable energy and competitive hydrogen production than we do. I am convinced that there are fantastic opportunities for expanding cooperation between German and African companies in this context.

“I highlighted this during my visit to Nigeria, where we already operate a hydrogen office and aspire to be a partner in the ambitious expansion of renewable energies.”

Other panelists at the discussion were the German Federal Chancellor, Olaf Scholz; President Alassane Ouattara of Côte d’Ivoire; Prime Minister Aziz Akhannouch of Morocco; President Macky Sall of Senegal; Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.

I’m Thinking Of Returning To Nigeria, Broadcaster, Dayo Says, After Buying Bread, plantains, 8 Others For N90,000 In US

Greenbarge Reporters

November 20, 2023

A broadcaster and Media entrepreneur, Dayo Adeneye has expressed his desire to return to Nigeria from the United States where he’s residence, after buying rice, bread, plantain and a few other items that hardly filled up a trolley for $90 (N90,000).
Adeneye shared a picture roday, November 21, via Instagram, showing the items he got for his family.
He complained that the high cost of the few items in his trolley, excluded fuel.
He wrote: “10 items for $90…N90,000 and I never even buy gas (fuel). “Omoh, this abroad is not abroading at all ohh. “Time to head for Naija abi? We still give thanks. “Happy Thanksgiving in advance folks.”
Reacting in the comment section, an instagram user with the handle @hearrrttof wrote: “Na because you dey convert am to naira naa.” Adeyeye replied, “My bro, na naira u change come here ohh.”
Another user with the handle @raymond_agaba1 wrote: “The inflation is everywhere uncle D we feeling it more here in the US no be only in Nigeria things are hard.”
Also, Adeneye replied, “I believe you bro.”
Source: Qed.com

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