Business

FG Disburses Excess Crude Funds

Published

11 years ago

May 25, 2015

Federal Government yesterday said in addition to their constitutionally approved receipts from the Federation Account, the 36 states received N2.92trn from the Excess Crude Account, ECA, between 2011 and 2014.

Federal Government’s share from the ECA during the period was N3.29trn.

A statement by the office of Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, indicated that the figures showed that the states received N966.6bn in 2011, N816.3bn in 2012, N859.4bn in 2013 and N282.8bn in 2014.

The statement which was signed by the minister’s Special Adviser, Paul Nwabuikwu, attributed the low figure for last year to the steep decline in revenues due to the impact of the crash in global oil prices, which began in the middle of the year.

A breakdown of the latest disbursements to states showed that Akwa Ibom got N265bn, compared to Rivers State’s N230.4bn and Delta State’s N216.7bn.

Bayelsa received N176.3bn, Kano N106.5bn and Lagos N82.9bn.

Other collections by the states showed that Kwara State collected N52.8bn, Enugu N51.6bn, Gombe N47.7bn, Nassarawa N46.9bn, Ekiti N46.8bn and Ebonyi N44.3bn.

According to the statement, summary of the inflows and outflows from the Account shows that the opening balance was $4.56bn in 2011 and reached a peak the following year at $8.7bn before declining to $2.3bn in 2013.

The statement indicated that the fluctuation in the ECA reflected the sharing of the proceeds usually requested by state governors as well as the practice of Augmentation which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections.

It also clarified that subsidy and SURE-P payments were also made from the Account during the four year period.

The balance as at May 2015 is put at $2.07bn.

Meanwhile, the federal government has said that it would not pay fraudulent petroleum products marketers subsidy claims allegedly amounting to N159billion.

Minister of Finance, Dr Ngozi Okonji-Iweala who made government position known yesterday said that government was not owing marketers as claimed.

She noted that the current fuel scarcity across the country was as a result of the arm-twisting of marketers who want to hold the nation hostage.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

3 days ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

3 days ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

3 days ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa