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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

Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

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Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

The House of Representatives on Tuesday queried the whereabouts of the 44 million dollars recovered from the Nigeria Intelligence Agency (NIA) by the Economic and Financial Crime Commission (EFCC) in 2017.

The Office of the National Security Adviser had stated that it was not in custody of the money.

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The Director of Finance and Admin in the Office of the National Security Adviser, Brig. General Ja’afaru Mohammed told the House Adhoc committee investigating the management of recovered fund between 2002 and 2020 that the ONSA had nothing to do with recovered funds and assets.

The Chairman of the adhoc Committee Rep. Adejoro Adeogun had quoted the Chairman of the nation’s anti-graft agency, EFCC as saying that the fund recovered from the NIA office in Okoyi was in the custody of the Office of the National Security Adviser.

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NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

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NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, Duke Oil has sealed a pact to supply 30,000 barrels per day of crude oil supply to Indonesia’s state oil corp, Pertamina, and Indian Oil Corporation.

The move, which signals the nation’s attempt to capture market share in Asian countries may push the profit of the entity to about $70 million in the 2021 trading year.

Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in the latest edition of NNPC Quarterly Magazine revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio and adopted alternative trading strategies to increase its volumes and profitability.

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The subsidiary is expected to expand into bitumen and base oil importation in the 2021 trading year.

Sade disclosed that the move has already seen the gross revenue of the entity growing to 28 billion naira against a budgeted figure of 16 billion naira. Despite the Covid-19 pandemic last year, the development led to an additional 12-billion-naira income.

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa by End of 2021

The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The World Bank expects the Nigerian inflation rate in 2021 to be 16.5%. The forecast for sub-Saharan Africa, excluding Nigeria, is 5.9%.
The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

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Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the covid-19 pandemic are responsible for the challenges. He added that it was critical for the government to maintain reform momentum, but that some important reforms had stalled.

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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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