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N606 billion Was Shared Among Nigerian Govt, States And local Councils For April.

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states Nigerian Govt allocation N606 billion local Councils

N606 billion Was Shared Among Nigerian Govt, States, And local Councils For April.

N606 billion was shared among Nigerian govt, states, and local councils on Friday as federal allocation for the month of April 2020.

At the end of the online meeting of the Federal Accounts Allocation Committee (FAAC) in Abuja, the details of the allocation were contained in a Secretariat report released by the office of the Accountant General of the Federation.

Mahmoud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance, Budget, and National planning presided the meeting.

The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges, and Excess Crude Oil Revenue.

The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government councils N66.411 billion, while the oil-producing states received N32.895 billion as derivation (13 percent Mineral Revenue).

The report said the cost of collection for the Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), and Nigeria Customs Service (NCS) Refund; as well as allocation to the North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

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The Federation Accounts Allocation Committee (FAAC) said the gross revenue available from the Value Added Tax (VAT) for the month was about N94.495 billion as against the N120.268 billion distributed in the preceding month, a decrease of about N25.772 billion.

The distribution showed the federal government got N13.182 billion, the states N43.941 billion, while local government councils got N30.758 billion.

The distributed Statutory Revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by about N227.265 billion.

This showed a predicted trajectory of decline in revenue accrual as a result of the continued ravaging impact of the coronavirus pandemic on the global economy, particularly the international crude oil market.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

No details of the decreases were provided in the communique.

The total revenue distributable for the current month (including the cost of collection to NCS, DPR, and FIRS) according to the committee is N606.196 billion.

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Finance

Nigeria’s Misery Index Rises as Inflation Reaches 15.75%

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Inflation Reaches 15.75%

The misery index, otherwise known as the economic discomfort index, is used to measure overall hardship in an economy.
During rare instances unemployment and inflation increase together. In fact, it is no coincidence that the misery index came into popular use during the 1970s, an era of high unemployment and inflation known as “stagflation.”
Nigeria’s inflation rate increased by 15.75% (year-on-year) in December 2020, the highest rate recorded in 3 years.
This was the highest inflation rate since November of 2017, based on increasing prices in food (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade.

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According to the latest consumer price index report, released by the National Bureau of Statistics (NBS), Nigeria Consumer Price Index (CPI) growth was measured at 15.8% YoY in Dec 2020, compared with a rate of 14.9 % in the previous month.

The rise in the consumer price index indicates that consumers spent more in the month of December compared to the previous month.
This recorded high inflation rate could be attributed to:
Dollar shortages
Surging unknown gunmen attacks in farming areas.
Lingering disruptions from the COVID-19 pandemic.

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Finance

Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

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Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

According to the Finance Act 2020 recently signed into law by President Buhari, the unclaimed dividends and deposits in dormant bank accounts will be available as special credit to the Nigerian government through the Unclaimed Funds Trust Fund
The trust fund will be a sub-fund of the Crisis Intervention Fund.
The trust fund will be managed by the Debt Management Office (DMO).
The DMO’s responsibility also includes payment of claims for such dividend and the accompanying compensation for accrued interest.

The Act states that the monies transferred to the trust fund will be a “special debt owed by the Federal Government to shareholders and dormant bank account holders”.

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It also said that the original owners of the money can claim it at any time.
Major Reason for FG’s decision:
To mitigate Nigeria’s fiscal frailties (weakness) and the economic crunch caused by the emergence of Covid-19.
In 2016, the Securities and Exchange Commission (SEC) issued a rule which stated that:
“Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF)”.

As at the end of 2019 from 2002, the total value of unclaimed dividends stood at 158.44bn.
What this means that,
• Importantly, with these funds, it is expected that the government would have more financial capacity to handle cost-intensive projects and infrastructural developments that would directly impact the well beings of Nigerians if the funds are well utilized.
• The era of unclaimed dividends and dormant bank account balances is over.

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Elon Musk Becomes Richest Person in the World

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Elon Musk

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

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On Thursday, Tesla’s share price increased and it pushed Musk past former richest person, Jeff Bezos.
Musk started 2020 worth about $27 billion.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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