Federal, States, Local Governments Share N725.57 Billion Revenue For March

April 28, 2022

The Nigeria’s Federation Account Allocation Committee (FAAC) has shared a total sum of N725.571 billion to the federal government, states and local government councils as March 2022 Federation Account revenue.

The Director of Information, Press and Public Relations in the Office of the Accountant General of the Federation, Henshaw Ogubike, who announced the sharing today, April 27, after a virtual meeting of FAAC, said that the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and distributable Value Added Tax (VAT) revenue of N204.402 billion.

The total deductions for cost of collection amounted to N44.411 billion, while the total deductions for statutory transfers, refunds and savings stood at N382.826 billion.

He said that from the total distributable revenue of N725.571billion, the federal government received N277.104 billion, state governments received N227.201 billion, while the local government councils received N167.910 billion.

He said that the total of N53.356 billion was shared to the relevant sates as 13 per cent derivation revenue.

In the reference month, gross statutory revenue of N933.304 billion was received which was higher than the N429.681 billion received in the previous month by N503.623 billion.

The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.

From the N521.169 billion distributable statutory revenue, the federal government received N246.444 billion, states received N125.000 billion and the local government councils received N96.369 billion.

The sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.

Also in the month of March, the gross revenue available from the VAT pool was N219.504 billion, which was higher than the N177.873 billion available in the preceding month by N41.631 billion.

The sum of N6.322 billion allocation to NEDC and N8.780 billion cost of collection were deducted from the N219.504 billion gross VAT revenue, resulting in the distributable VAT revenue of N204.402 billion.

From the N204.402 billion distributable VAT revenue, the federal government received N30.660 billion, state governments received N102.201 billion, while the local government councils received N71.541 billion.

Petroleum Profit Tax (PPT), oil and gas royalties, import and excise duties, Companies Income Tax (CIT) and VAT recorded tremendous increases in March.

The balance in the Excess Crude Account (ECA) was $35.372 million as at April 27, 2002.

Death Penalty For Kidnappers, 15 Year Jail For Ransom Payers, In Senate Bill

Editorial staff

April 28, 2022

Nigeria’s Senate has passed a Bill with death penalty for kidnappers and 15 year jail term for anyone who pays ransom to kidnappers to secure the freedom of someone so kidnapped.

The passage of the Bill today, April 27, followed the adoption of the report of the Senate Committee on Judiciary, Human Rights and Legal Matters at plenary.

Presenting the report, Chairman of the Committee, Senator Opeyemi Bamidele (Ekiti Central), said that the bill sought to outlaw the payment of ransom to abductors, kidnappers and terrorists for release of persons who have either been wrongfully confined, imprisoned or kidnapped.

According to the lawmaker, the overall import of the bill is to discourage the rising spate of kidnapping and abduction for ransom cases in Nigeria, fast spreading across the country.

He said that in the memoranda presented to the committee, plethora of issues relating to the subject matter of terrorism and terrorism financing in line with global best practices were raised.

Senator Bamidele assured that the amendment bill would set standards and regulatory system intended to prevent terrorist groups from laundering money through the banking system and other financial networks.

He said that having policies in place to combat financing of terrorism would either reduce or eliminate privacy and anonymity in financial and other sundry transactions as it related to the subject in the society.

The lawmaker said that the need to comprehensively review the Terrorism Prevention Act arose from the unfavourable ratings of Financial Act Task Force (FATF) recommendations of Nigeria’s Mutual Evaluation Report.

“And the consequent placement of Nigeria in FATF’s International Cooperation and Review Group Process with its impending sanctions on Nigeria’s economy.”

President of the Senate, Ahmad Lawan said that the bill would complement the Federal Government’s efforts in the fight against insecurity when signed into law by the President.

“It is our belief here in the Senate, that this bill, by the time it is signed into an Act by the President, will enhance the efforts of this government in the fight against terrorism, kidnapping and other associated and related vices.

“This is one piece of legislation that can turn around not only the security situation in Nigeria, but even the economic fortunes of our country.

“We have done so much as a government in terms of infrastructural development across all parts of this country but because security situation is not the kind of situation that we all want, this tends to overshadow all the tremendous and massive developments in our country.

“It is our belief that the Executive will waste no time in signing this bill into law.”

The Senate, thereafter, adjourned plenary until May 10, for Sallah break.

The bill will be debated in the House of Representatives before it is sent to President Buhari for his assent.

Festival Of Resignation Hits Sokoto: Deputy Gov, SSG, Chief Of Staff, Others Involved

Greenbarge Reporters

April 27, 2022

Sokoto State is currently contending with resignation of its top officials and appointees of Governor Aminu Tambuwal.
The State Deputy Governor, Alhaji Manir Dan’iya, Secretary to the State Government (SSG), Malam Saidu Umar, and 11 other key political office holders in the state turned in their resignation today, April 27.
A statement by Special Adviser to the Governor on Media and Publicity, Muhammad Bello, listed others, who have tendered their resignations to include the Chief of Staff to the governor, Mukhtar Magori as well as Commissioners for Finance, Environment, Youths and Sports and that of Lands and Housing, Abdussamad Dasuki, Sagir Bafarawa, Bashir Gorau and Aminu Bala respectively.
Others are Commissioners for Commerce, Works, Water Resources, Solid Minerals, Religious Affairs and Careers and Security, Bashir Gidado, Salihu Maidaji, Shuaibu Gwanda-Gobir, Abubakar Maikudi and Abdullahi Maigwandu and Retired Colonel Garba Moyi respectively.
No reason was given for the mass resignation.
Source: Daily Post.

AfDB Pampers Nigeria With$ 540 Million To Develop Special Agro-Industrial Processing Zones

Editorial staff

April 27, 2022

The African Development Bank (AfDB) appears to be giving Nigeria special attention with its planned support for the development of Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.

Dr Akinwumi Adesina, President of the Bank and a former Nigeria Minister of Agriculture, Dr. Akinwumi, who made this known in Abuja, said: “we have decided to mobilize $540 for the program. The African Development Bank has approved a total of $210 million. The Islamic Development Bank, and the International Fund for Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the program.”

The AfDB President said that the processing zones will initially be rolled out in seven States, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory.”

Buhari Govt Moves To Bring Back Ajaokuta Steel, Itakpe Iron Ore To Life

Greenbarge Reporters

April 27, 2022

The Muhammadu Buhari’s Federal Government has embarked on a renewed effort at bringing to production, Ajaokuta Steel project as well as Itakpe Iron Ore in Kogi State.

Today, April 27, the Federal Executive Council (FEC), at its weekly meeting, presided over by the President, approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company limited and also the National Iron ore mining complex in Itakpe in favour of mrses. CPCS Transform Consortium in the sum of N853,266, 644.4, inclusive of 7.5 percent VAT.
Briefing newsmen shortly after the meeting, the minister of information, Alhaji Lai Mohammed said that the concession move has nothing to do with Russia which is now at war with Ukraine.
“I don’t think the war between Russia and Ukraine has anything to do with this. To the best of my knowledge, I went through this memo and all the consultants are Nigerian companies.”
The minister believed that with the new development, “we would have made significant step in bringing back to life both the Ajaokuta and the iron ore companies in Itakpe and move forward the industrial revolution of Nigeria.
“When these two complexes begin to function, then, not only are we going to save money in terms of foreign exchange, but we are going to see a lot of industrial development and also technology transfer.”
Lai Mohammed recalled that the contract for the Ajaokuta Steel complex was awarded in 1979 to a Russian company, called TPE.
He said that by the end of 1983, the contract had reached advanced stage, and that, regrettably, since then it has been suffering and by 1994, TPE demobilized from site and 1996, the contract was determined. “Subsequently, various administrations have tried to revive the Ajaokuta steel complex without much success. “However, you will recall that Mr. President was on a state visit to Russia on the 22nd and 24th October 2019 and, here it was resolved that Ajaokuta steel complex, which the Federal Government has made massive investment must be resuscitated.
“Regrettably, COVID-19 has slowed down the efforts of the ministry of mines to bring this to fruition.”

Airtel Nigeria Too, Acquires Banking Status

Editorial staff

April 27, 2022

The Central Bank of Nigeria (CBN) has granted Airtel Nigeria a full super-agent license, coming six months after the company announced that it had secured the license in principle.

In a statement by the Company’s Secretary, Simon O’Hara, Airtel now has a full super-agent license to operate as an agency network. Super agents are businesses that have been licensed by the CBN to recruit agents for agency banking, which involves providing financial services to communities on behalf of banks in order to increase financial inclusion.

According to the CBN’s regulatory framework, super agents are responsible for monitoring and supervising the activities of agents, including the volume and value of transactions for each type of service they offer, as well as monitoring effective compliance with set limits.

The statement filed with the NGX reads, “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the Central Bank of Nigeria (‘CBN’) has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licences.”

I Saw Antelope, Shot At It, But Turned To Human Being, Hunter Tells Police

Editorial staff

April 27, 2022

“I saw an antelope in the bush, which I shot at with my dane gun; but was surprised when I went to pick the antelope and met Baba Imam on the ground.”

This was the statement of a hunter who was arrested by police for killing the chief Imam in Osun State, Adegun Yusuf.

The 78-year-old Islamic cleric was a resident of Alaguntan village in Orile-Owu, Aiyedaade Local Government Area.

Police Public Relations Officer, S.P Yemisi Opalola said that on April 17, at about 11:30 a.m, a complainant from the Ogbere Oloba area of Ibadan reported the matter at a police station, that the Imam of Alaguntan was shot dead by a hunter from the same village.

Opaola said that the shooter confessed to the alleged crime which occurred when he was on a hunting expedition.

“He saw an antelope in the bush, which he shot at with his dane gun; he was surprised when he went to pick the antelope and met Baba Imam on the ground.”

The police spokesman said that the suspect would be charged to court after the completion of investigation.

Twitter Has Been My Sole Issue And Biggest Regret, Jack Dorsey On Why He Sold It

Editorial staff

April 26, 2022

Twitter founder, Jack Dorsey has admitted that Twitter, as a company has always been his sole issue and his biggest regret.

Giving reasons why he sold it to billionaire, Elon Musk, Dorsey said: “I love Twitter. Twitter is the closest thing we have to global consciousness. The idea and service is all that matters to me, and I will do whatever it takes to protect both.. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step.

“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving the problem of it being a company, however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.

“Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also @paraga’s goal, and why I chose him.

“Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.”

Jack assured that Twitter will continue to serve the public conversation.

Elon Musk, had yesterday, April 25 night, reached an agreement to buy Twitter for approximately $44 billion.

The 50-year-old acquired the company at $54.20 a share, the same price named in his initial offer on April 14.

UK Companies Plan $300 Million Investments In Nigeria

April 26, 2022

Some companies in the United Kingdom have agreed to bring investments in various economic fields worth $300 Million to Nigeria soon.

This came against the backdrop of an agreement signed by Nigerian and representatives of the companies on Foreign Direct Investment (FDI). The agreement was reached at the Economic and Development Forum (EDF) held in London.

The agreement is targeting small and medium-size enterprises and will create over 5,000 jobs in the coming years.

Nigeria and Britain also agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries.

The Nigeria’s Minister of Industry, Trade and Investment, Niyi Adebajo, signed the deal on behalf of the Nigerian government while his British counterpart, Penny Mordaunt, represented his country at the forum.

Kogi Fixes Hajj Fare For 2022 At N2.6 Million

Editorial staff

April 26, 2022

Kogi State has fixed fare for intending pilgrims in the 2022 pilgrimage at N2,656,000.

The Executive Chairman of the State

Hajj Commission, Sheikh Luqman Imam Abdullahi, who made the announcement today, April 26, said however that the fare is tentative.

He said that as part of preparations for the 2022 pilgrimage to Saudi Arabia, intending pilgrims going through Kogi State have been given May 15, 2022 as deadline for payment of the fares.

He said that the rise in cost is as a result of the local exchange rate and increase in the value added tax, (VAT), from 5% to 15% by the kingdom of Saudi Arabia.

Sheikh Luqman Abdullahi advised intending pilgrims to update their payments, emphasizing that the final Hajj fares are being expected.

He advised intending pilgrims to take the Covid-19 vaccination and provide proof, adding that such is one of the requirements for the Hajj performance.

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