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FRC: 122 AGENCIES TO REMIT N1.8TR SURPLUS TO GOVT

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FRC: 122 AGENCIES TO REMIT N1.8TR SURPLUS TO GOVT

The Fiscal Responsibility Commission (FRC) has compelled 122 agencies to remit N1.8 trillion surplus to the Consolidated Revenue Fund.

Its Acting Chairman, Victor Muruako gave the order when the Executive Director, Civil Society Legislative Advocacy Centre (CISLAC)/Transparency International Nigeria, Auwal Ibrahim Musa, visited the commission.

“The Commission has continued to record tremendous progress in the remittance of operating surplus by schedule corporations. At present, the Commission has caused over N1.8 trillion to be remitted to the Consolidated Revenue Fund of Government.

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“Before this time, the Commission had 31 schedule corporations, later 99 new agencies were added and this brings the total number of agencies in the schedule to 122.This is targeted at generating more independent revenue for the government,” he said.

While calling for more funding of the commission to enable it discharge its oversight functions on the 122 Schedule Corporations in line with the provision of the Fiscal Responsibility Act, 2007, he urged CISLAC and other well-meaning Nigerians to help the commission in pushing for the quick passage of the amendment of the Fiscal Responsibility Act, 2007, which was with the Seventh Assembly.

Musa reiterated the interest of CILAC to partner the commission to ensure economic stability.

He also stressed the need for economic diversification instead of heavy reliance on oil revenue generation and lamented the external debt standing at $26.94billion, Excess Crude Account (ECA) barely $ 71 million, Balance of Trade (BoT) at $18.7 billion and widening fiscal deficit on account of lower oil revenue.

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Finance

Nigerian Economy Losses N700Bn to EndSars Protest – LCCI

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Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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Foreign

10,000 Protesters Defy Thai Crackdown After Emergency Decree

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Thai protesters

10,000 Thai protesters gathered Thursday in defiance of a sweeping crackdown after authorities moved to crush months of pro-democracy demonstrations by imposing emergency powers and rounding up leading activists.

Protesters chanted “Prayut get out!” and “free our friends!” as they confronted police at Ratchaprasong, a busy junction in central Bangkok, despite a new decree that bans gatherings of more than four people — aimed at quelling student-led demonstrations.

The Government of Prime minister Prayut Chan-o-Cha, a former army chief who initially took power in a 2014 coup, has been the target of the protesters, but they have also taken aim at Thailand’s unassailable monarchy.

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As night fell, Thai protesters waved their lit-up mobile phones in the air.

Thousands sat on plastic sheets on the road snacking on street food while scores more watched from overhead walkways. Many said they would return Friday evening.

After the emergency measures were announced early Thursday, riot police dispersed hundreds of protesters who camped overnight outside the prime minister’s office.

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Finance

CBN Invests Over N120bn on Cotton Value Chain

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Nigeria’s External Reserves Records Decline to $35.67bn

The Central Bank of Nigeria, CBN says it has invested over N120 billion on the Nigerian Cotton value chain and projected over 300, 000 metric tonnes of seed cotton by end of 2020.

This was made known by the Deputy Governor, Corporate Services, CBN, Edward Adamu, at the Cotton, Textile and Garments, CTG, stakeholders meeting tagged ‘Cotton Harvest 2020 season’.

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According to Adamu, the Apex bank’s intervention is to eradicate smuggling and dumping of textile goods in Nigeria and also to resuscitate and return the lost glory of the cotton textile and garment industry.

He recalls the booming days of the industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry, with over 180 textile Mills in operations, which employed close to over 450,000 people.

Explaining that if nurtured properly, the industry can create millions of jobs for Nigerians.

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Gallant Officer
"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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