News
‘FG, Others Shared N1.490trn FAAC Funds In Two Months’
The National Bureau of Statistics, NBS, has said that the three tiers of government shared a total of N1,490,760,000 for June and July, 2018. The Bureau indicated this in its report released on yesterday on the Federation Account Allocation Committee, FAAC, for June and July 2018 disbursement.
The report shows that the FAAC disbursed the sum of N668.90bn to the three tiers of government in June 2018 from the revenue generated in May 2018.
The amount disbursed comprised of N575.48bn from the Statutory Account and N93.42bn from Valued Added Tax, VAT. Of the total sum, the Federal Government received a total of N282.22bn from the N668.90bn; states received a total of N181.17bn while Local Governments received N136.49bn.
The sum of N53.07bn was shared among the oil producing states as 13% derivation fund. Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.63bn, N7.40bn and N3.92bn, respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N240.85bn was disbursed to the FGN consolidated revenue account; N5.10bn shared as derivation and ecology; N2.55bn as stabilization fund; N8.57bn for the development of natural resources; and N5.96bn to the Federal Capital Territory (FCT) Abuja.
For the month of July, the NBS indicates that FAAC disbursed the sum of N821.86bn to the three tiers of government in July 2018 from the revenue generated in June 2018.
The amount disbursed comprised of N687.35bn from the Statutory Account, N85.34bn from Valued Added Tax (VAT) and N7.32bn excess bank charges. Federal Government received a total of N315.01bn from the N821.86bn, states on their part received a total of N194.51bn and Local governments received N147.05bn.
The sum of N42.85bn was shared among the oil producing states as 13% derivation fund, while N100.00bn was transferred to Excess crude Account(ECA). Also in the month, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.82bn, N12.21bn and N5.42bn respectively, as cost of revenue collections.
News
HYPREP Plans 1,500 Jobs, Expanded Skills Training as Ogoni Cleanup Records Progress
News
RHI, RSG Empower 500 Senior Citizens In Rivers
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
News
Expedite Action On MBA Forex Operator’s Prosecution, Rivers NUJ Tells EFCC
The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.
The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.
The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.
According to him, it has caused hardship among many households in the country and should be given the attention it deserves.
He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.
This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.
The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.
The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.
According to him, the NUJ’s main focus is blue economy and tourism.
He expressed the readiness of the Council to partner the agency in the area of information dissemination.
“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.
Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.
According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.
As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.
He pledged to partner with the NUJ now that the leadership has visited the Commission.
The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.
He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.
By: King Onunwor
-
News4 days agoRSIPA Outlines Plans To Boost Investors’ Confidence …China Applauds Fubara As Listening Gov
-
Niger Delta2 days ago
Oborevwori Condoles Diri, Family, Bayelsans Over Passing Ewhrudjakpo’s Passing
-
Politics2 days ago
DEFECTION: FUBARA HAS ENDED SPECULATIONS ABOUT POLITICAL FUTURE — NWOGU
-
Politics2 days ago
Alleged Tax Law Changes Risk Eroding Public Trust — CISLAC
-
Maritime2 days agoImo Category C Victory: NIMASA Staff Host Executive Management Party
-
Politics2 days ago
HILDA DOKUBO ASSUMES CHAIRMANSHIP, DENIES FACTIONS IN RIVERS LP
-
Rivers2 days ago
Group Urges LGA Chairmen To Prioritise Accountability, People-Centred Governance
-
Sports2 days ago
New Four Yr Calendar For AFCON
