Connect with us

Finance

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

Published

on

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.

ALSO READ:

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.

Continue Reading
Advertisement

ADVERTISEMENT

ADVERTISEMENT

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Customs Corner

CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security

Published

on

Author: Muhammad Bashir.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, had on Tuesday, 16 April 2024, received in audience the Nigerian Financial Intelligence Unit (NFIU) delegation, led by Director General Hafsat Bakari, at the Service’s Headquarters in Abuja.

CGC Adeniyi’s meeting with DG Bakari centred around sealing a strong partnership that will enable the two agencies to take measures of enhancing border security through intensifying onslaught against smugglers and money launderers and other terrorism financing activities.

The CGC, while addressing the NFIU officials, congratulated DG Bakari for her appointment to head the organisation. He expressed Nigeria Customs Service’s commitment to support NFIU by way of establishing a joint team that will be tasked to address some pressing issues.

“I want to wish you a successful tenure. I see, through your passion, your commitment to Project Nigeria, and I also see the collaborative spirit that you brought on board. These are all things that I share also because I believe that we can draw strength from each other, assist ourselves, and get things done.” the CGC said.

“We need to form an internal team that will be drawn up from our side to review those outstanding issues so that we begin to see, in a determined effort, what we can do,” he added.

Speaking earlier, the NFIU Director-General, Hafsat Bakari, applauded the NCS’s resilient commitment to safeguarding Nigerian borders, particularly in combating smuggling activities.

Emphasising the importance of information sharing, Mrs Bakari highlighted that her visit to the Headquarters of the Nigeria Customs Service is to establish a cordial relationship with the service in intelligence sharing.

She said, “We recognise the vital role of the NCS in protecting Nigeria’s borders, preventing the smuggling of illicit goods, but also in ensuring that those who import goods into our country pay the appropriate fees and levies that are due to the federal government.”

According to her, the ultimate goal of the NFIU was to ensure the safety and prosperity of Nigeria, adding that “we want to make sure that we have efficient systems processes and technologies in place to identify the smuggling of currency and other high-value items.

Continue Reading

Customs Corner

Nigeria Customs Command and Staff College Graduates 50 Officers of Junior Course 18

Published

on

As CGC Adeniyi Commends Directing Staff, Instructors for Dedication to Service

Author: Muhammad Bashir.

The Nigeria Customs Command and Staff College, Gwagwalada, marked a significant milestone on Friday, April 19, 2024, as it graduated 50 officers from Junior Course 18. The ceremony, held at the Ahmadu Makarfi Hall of the college, was attended by top officials of the Nigeria Customs Service, family members, and friends of the graduating officers.

Comptroller-General of Customs Bashir Adeniyi, represented by Deputy Comptroller-General in charge of Human Resources and Development Greg Itotoh, commended the directing staff and instructors for their exceptional input throughout the training session. He praised the graduating officers for their hard work and dedication, urging them to apply the knowledge and skills acquired during their training to enhance the service’s operations.

DCG Itotoh emphasised the importance of capacity building in achieving the Nigeria Customs Service’s strategic goals, stating, “The Service is committed to building a strong and effective team, and this graduation is a testament to that commitment.” He encouraged the graduating officers to be innovative and proactive in their approach to customs operations, embracing technology to enhance effective service delivery.

Commandant of the College, ACG Kingsley Egwuh, also praised the directing staff for their dedication and hard work in shaping the officers’ minds. He congratulated the graduating students, urging them to embrace the opportunities and challenges ahead and make a positive impact in the Nigeria Customs Service.

The graduating officers, who have completed their training in various aspects of customs operations, leadership, and weapon handling, are expected to be deployed to various formations of the Service, where they will apply their knowledge and skills to enhance effective service delivery.

The ceremony featured the presentation of certificates and awards to deserving officers, recognising their outstanding performance during the training.

Earlier, the College had also held a regimental dinner for the graduating officers of Junior Course 18 on the 17th of April, 2027 – where Comptroller-General of Customs Bashir Adeniyi urged them to embrace professionalism and integrity in their service.

As the Special Guest of Honour at the Regimental Feast, CGC Adeniyi took to the podium to congratulate the graduating students after scaling through a series of rigorous training in the colleges, which, according to him, were meant to equip them to master the technical know-how of the Customs work.

Celebrating their academic achievements, CGC Adeniyi, however, enjoined them to be good ambassadors of the Service and give their careers purposeful meaning and uphold the motto of the Nigeria Customs Service—Justice and Honesty.

He added, “As you all return to your respective Commands, put everything you’ve learned to the test. That is the only gratitude you can show to those who have taken time to develop the curriculum which you were taught here.”

“You have been here for some time. You have developed yourselves. In a couple of years, the business of the Nigeria Customs Service will rest squarely on your shoulders”, he said.

The night concluded with a sense of accomplishment and pride, marking not only the end of academic pursuits but also the beginning of a journey for these graduates to carry forward the values of the Nigeria Customs Service with honour and dedication.

Continue Reading

Customs Corner

European Union Proposes ‘Getaway Corridor’ Project to Combat Illicit Trafficking

Published

on

Author: Cynthia Ikebudu.

In a bid to tackle the rampant issue of illicit trafficking and smuggling across borders, the European Union (EU) unveiled a groundbreaking initiative aimed at enhancing law enforcement and trade facilitation at the Nigeria Customs Service Headquarters in Abuja on 16 April 2024.

The project, titled “Getaway Corridor,” according to EU representatives Louis Jacques Blondiau and Thierry Thimon, is set to cover ten countries, including Nigeria, with the goal of curbing illicit activities on the borders and suppressing smuggling operations.

Louis Jacques Blondiau, the leader of the group, emphasised that the Getaway Corridor project entails the development of a road infrastructure network designed to serve as a gateway for combating anti-smuggling activities while promoting trade facilitation. According to him, “each participating country will designate a specific zone for the project’s execution, which will involve four key phases: identification, implementation, evaluation, and project ownership, ensuring alignment with local needs and priorities.”

During the meeting, the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, commended the EU’s initiative, acknowledging its potential to significantly enhance the effectiveness of law enforcement efforts in Nigeria. He pledged the full support of the Nigeria Customs Service and other relevant agencies in ensuring the successful execution of the project.

“The proposed Getaway Corridor project marks a significant step towards strengthening international cooperation in combating illicit flows and promoting trade security within the region. With the commitment of both the EU and Nigerian authorities, it is poised to make a meaningful impact in curbing illegal activities and fostering sustainable development,” the CGC stated.

Continue Reading

Trending