Business
FAAC Disburses N354.3bn To Tiers Of Govt
Federal Account Allocation Committee (FAAC) Friday allocated N354.3 billion to the three tiers of government for the month of October.
The Tide learnt that the detailed allocation formula was announced at the committee’s meeting in Abuja.
The statutory allocation accounted for N165.62 billion of the total distributed revenue while the Value Added Tax (VAT) and Budget Augmentation amounted to N39.78 and N121.23 billion respectively.
The allocation indicates an up rise of N3.58 billion on the amount distributed in September.
The three tiers of government last month shared N350.72 billion with the Value Added Tax of N36.53 and Budget augmentation of N51.2 billion.
In a statement signed by the Accountant General of the Federation, Mr Ibrahim Dankwanbo noted that there was a cut-down of 29.56 per cent in the statutory revenue of the amount compared to that of September.
“The decrease was attributed to decline in oil production as a result of the shutdown of facilities earlier repaired at Escravos and Forcados terminals following the dis of more sabotage points” – it stated.
The statement further stated that the sum of N121.23 billion from the Excess Crude Account was proposed to augment the shortfall in the budget revenue for October.
In his paper titled: “Bridging the Development Gap” the minister of state, for finance Mr Remi Babalola, said he was encouraged by the positive outlook for the country.
“Bonny Light Price has increased 70 per cent, to-date closing at 79 dollars per barrel”.
Mr Babalola, also called on banks to resume prudent lending as their pivotal role in strengthening the economy.
“It is only lending activities to small and medium enterprises that can engender growth for the real sector in the long-run and not an unsustainable fiscal stimulant”, he said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
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.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
-
Oil & Energy24 hours agoSenate Seeks Mandate To Track, Trace, Recover Stolen Crude Oil Proceeds
-
News19 hours agoPolice Confirm Death Of Two Officers In Imo, Finger IPOB
-
News1 day agoRSG REITERATES COMMITMENT TO ERADICATING SEXUAL, GENDER-BASED VIOLENCE
-
Maritime23 hours agoNavy Rescues Six Male, Five Female Passengers From Drowning In Rivers
-
Niger Delta24 hours agoCSOs Demand Probe Of Ex-Governor In C’River
-
Politics23 hours agoDIRI’S DEFECTION TO APC STRATEGIC, VISIONARY MOVE, SAYS EX-PRESIDENT JONATHAN’S AIDE
-
Oil & Energy24 hours agoLocal Content key To Africa’s Energy Future~NCDMB’S Scribe
-
Rivers19 hours agoNLNG Lauds Young Scientists, Bids Winners Welcome
