Business

NEITI Remits N30.09trn To Federation Account

Published

12 years ago

July 1, 2014

The Nigeria Extractive In
dustry Transparency Initiative (NEITI) has said N30.09 trillion was remitted into the Federation Account between 2007 and 2011 from mineral and non-mineral revenues.
The NEITI Chairman, Mr Ledum Mitee, made this known at the public presentation of Independent Audit Reports of 2007 to 2011 Fiscal Allocation and Statutory Disbursement (FASD) audit in Abuja.
Mitee said the audit established that mineral and non-mineral revenues were two major revenue streams that flow into the Federation Account through the office of Account General of the Federation.
He said that mineral revenue remittances account for N23.7 trillion (less joint Venture Cash Calls and Nigerian National Petroleum Corporation subsidy claims), while non-mineral revenues stood at N4.01 trillion.
The chairman said that during the same period, the country earned N2.3 trillion from the Value Added Tax.
“From the Report, total transfer to Excess Crude Account (ECA) between 2007 and 2011 stood at N8.53 trillion with the highest transfer of N3.15 trillion was recorded in the year 2011.
“The report indicated that transfers to ECA dropped below one trillion naira in year 2009, recording only N339.54 billion in the whole year.
“The report further disclosed that N31.15 billion was reported by Federal Allocation Committee as under remittance of funds by NNPC in December 2011.
“We have confirmations that NNPC made remittances in February 2012, while the NNPC cited nationwide strike at the same time as reason for delay before the audit window closed,” he said.
He said that the fiscal allocation statutory disbursement audit also revealed that the total oil and gas revenue to the federal, state, local governments was N22.35 trillion.
Mitee said the beneficiaries of the 13 per cent derivation also shared in the sum within the period under review.
He said the breakdown showed that N9.75 trillion was disbursed in 2007, N5.42 trillion in 2008, while N4.28 trillion and N2.80 trillion were disbursed in 2009 and 2010, respectively.
The chairman said the report also showed that there was a general allocation of N7.44 billion to the nine state offices of the Niger Delta Development Company (NDDC).
The amount, he said, was shared to the commission for the completion of their projects.
“It highlighted that most of the projects were neither identifiable nor scheduled for monitoring and proper management.
“The report observed that the NDDC enabling Act is silent on the issue of how the budgets of the oil producing companies are obtained by the commission,” he said.
He said the report further showed that Petroleum Pricing Products Regulatory Agency paid the subsidy on Household Kerosene between 2007 and 2009.
He, however, noted that no such payment was made for the product in 2010 and 2011.
Mitee said subsidy was paid by Debt Management Office as a result of which the agency’s account was not funded in 2011.
“It is underestimated that NNPC deducts its subsidy payment at source from domestic crude sale,” he said
The report, he said, showed that the NDDC received N593.96 billion between 2007 and 2011 and spent N459.24 billion on recurrent and capital projects.
He said the report revealed that the share of Derivation and Ecology Fund stood at N164 billion between 2007 and 2011, while receipt from excess crude account stood at N53 billion.
He said the report disclosed that the total signature bonus collected by the Federal Government between 2007 and 2011 was N109.67 billion.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.