Business
Federal Allocation: Three Tiers To Share N621bn
The three tiers of government in the federation is expected to share a total of N621 billion for the month of February 2012.
According to the information from The Tide source, the decision was taken during the Federation Account Allocation Committee (FAAC) meeting in Abuja on Monday, which was revealed by the Minister of state for finance , Yerima Ngama shortly after the meeting.
Mr Ngama said that the federal government got a total of N260 billion while the states and local government areas got a total of N131 billion and 111 billion respectively.
He said that the thirteen per cent mineral derivations accruing to oil producing states stood at over N60 billion for the month of February.
According to the Minister, the amount shared in February shows an increase of over N6 billion of the funds shared in January 2012.
There were fears that the three tiers of governments may not have enough money to share for the month of February because as at last week the Nigerian National Petroleum Corporation, Federal Inland Revenue Service and the Nigerian Customs Service had not remitted revenues for the month of last month into the Federation Account.
This according to sources was the reason why the FAAC meeting did not hold last Friday.
Last year, the monthly FAAC meeting was postponed several times because of NNPC’s N450 billion indebtedness to the Federation Account. The corporation later agreed to pay the debt in instalments.
Last month, the Federal, states and local governments shared N614 billion for the month of January as against N616.93 shared in December, 2011.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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