Connect with us

Nation

FG, States, LGs Share N473.8bn For Oct

Published

on

Nigeria’s earnings from oil exports dropped further in October, with a loss of about $1.3 million (about N256.1 million), as the slide in global crude oil prices continued to negatively impact the country’s economy.
The loss was a result of drop in average crude oil price from $47.315 a barrel in August to $46.96 in September, said the minister of finance, Kemi Adeosun.
However, compared to September, the revenue slide was relatively smaller.
Oil receipts which stood at about N213.128 billion in September, dropped by about N25.898 billion, to N187.23 billion in October, as the Federation Accounts Allocation Committee, FAAC, converged on Abuja on Friday to share the statutory allocation for the month.
At the close of trading on Friday, Brent crude oil price, which opened at $43.04 per barrel, dropped by 2.95 percent, to about $41.77, signalling no respite for Nigeria and other major oil producers struggling to keep their heads above the economic waters.
Members of the Organisation of Petroleum Exporting Countries, OPEC are already preparing for the 168th meeting of the group scheduled for Vienna, Austria next Friday to attempt to strike a compromise on how to stabilize the market and firm up commodity prices.
Members of the group are already jittery, amid fears that crude oil price may be heading towards the $20 per barrel mark, down from a peak of over $107 per barrel in June 2014, if steps were not taken to attempt to salvage the situation.
The N187.23 billion oil revenue in October would be the worst accrual from oil exports since the present administration took over power.
In May, FAAC reported a yield of about N225.2 billion, which increased to about N289.4 billion in June.
Although about N213.13 billion was realized as oil revenues in September, it was lower by about N2.85 billion than the N215.98 billion in August.
At the end of the FAAC meeting in October, the Accountant General of the Federation, Ahmed Idris, had explained that the drop in oil revenue was as a result of the negative impact of facility shutdowns for maintenance and production shut-ins at different periods and terminals during the month.
At the end of the FAAC meeting in Abuja on Friday, Minister of Finance, Kemi Adeosun, said gross revenue received in October stood at N400.310 billion, which is higher by N78.314 billion than the N321.996 billion for the previous month.
Mrs. Adeosun said intermittent shutdowns of operational facilities and production shut-ins for repairs and maintenance at different terminals continued to negatively impact on crude oil and gas revenue during the month.
Besides, the Minister said the country lost about $1.3 million (about N256.1 million) as a result of drop in average crude oil price from $47.315 in August to $46.96 in September.
To make up for the drop, Mrs. Adeosun said non-oil revenue recorded a significant improvement during the month, with about N104.212 billion collection above the figure in September.
In addition, about N6.33 billion was received from the Nigerian National petroleum Corporation, NNPC, as refund for the N450 billion unremitted revenue since 2012, while another N6.995 billion came into the government coffers as exchange gain for the month.
Apart from a total of N57.789 billion realised from value added tax, VAT, collection, the Minister said the balance in the excess crude oil revenue account remained ta $2.258 billion.
Details of the revenue allocations to the three tiers of government for the month showed that the Federal Government took N200.662 billion, or 52.68 per cent; states N126.277 billion, or 26.72 per cent; local governments N95.303 billion, while 13 per cent oil derivation to the nine oil producing states was N24.141 billion.
On stolen funds, which President Muhammadu Buhari said recently that some public officials have started returning to the Federal Government, the Minister said such monies were not part of the revenues shared during the FAAC meeting.
“Recovered loot is not shared in the FAAC meeting,” the minister said. “We have no records of recovered loots. But, I am sure the process is on-going. When the accounts of such returns become available, they would be returned to wherever they were stolen from.”

Continue Reading

Nation

Monarch Hails Fubara Over Road Project

Published

on

Ogene of Asa Asi Asaga Community in Ogba/Egbema/Ndoni Local Government Area of Rivers State, Eze Andrew Enemuwa, has expressed gratitude to the Governor of the State, Sir Siminalayi Fubara for the award of the contract for construction of Igiri- Ubimini-Egbeda-Elele road project.
Eze Enemuwa said the people of the local government are proud associating with a visionary leader like Governor Fubara whose interest in the development of his people knows no bounds.
The monarch, also the Secretary of Ogba Traditional Rulers and Chiefs Council said the unprecedented crowd of ONELGA people that attended the event shows that Governor Fubara is greatly loved and cherished by the people.
The Eze Dike Di Nu Obi of Ogbaland said the presence of the traditional rulers at the event speaks volumes.
The Okene Asa Kaka urged the people of the area to support Governor Fubara to attract more development to the local government area.

Continue Reading

Nation

1,680 Children Abducted In Nigeria -UNICEF

Published

on

As Nigeria marks 10 years anniversary of the abduction of the Chibok girls, the United Nations Children Fund( UNICEF) has  put the number of abducted children at different schools within the last 10 years in Nigeria at 1,680.
The organisation said this at an event it organised in conjunction with the Faculty of Media and Communications Studies in the University of Port Harcourt to mark the 10 years anniversary of Chibok girls abductions.
According to UNICEF release read by Communication officer, UNICEF Nigeria Dr Mrs Ijeoma Onuoha Ogwe, 180 children were killed within the period under review due to attacks on schools, while an estimated 60 school Staff were kidnapped,14 killed and more than 70 attacks on schools.
It urged the Nigerian Government and security agencies to intensify effort towards the rescue of the 90 remaining Chibok girls.
UNICEF described the Chibok girls saga as a wakeup call to the severe risks children face in their pursuit of education
‘Today, reflecting on this tragedy and other recent abductions, it is evident that our efforts to safeguard our children’s future must be amplified
“Given this alarming statistics, we must address not only the symptoms but also the root causes of this crisis,” it said.
UNICEF also said that the threat of abduction of students is severely affecting children’s learning.
“As at 2021, over one million children were afraid to return to school and in 2020, around 11,500 schools were closed due to attacks”, it said.
It called on the government and the international community to ensure that all schools have the resources and tools to fully implement the minimum standards for safe schools, focus on the most vulnerable regions and address critical gaps in safe schools infrastructure.
UNICEF also called for preparedness for natural disasters, conflicts and comprehensive approaches to violence against children.
Others include, strengthening law enforcement and security measures to protect educational institutions and communities from attacks and abduction, prioritising education and child protection in national policies and budget allocations to create a safer, more inclusive environment for all Nigerian children and ensure the continuity of education and learning when schools are shut through multiple learning pathways such as radio and TV programme and through digital platforms the Nigerian learning Passport.
Ogwe said UNICEF is working with the Nigerian Government to ensure that every child can access safe learning environment.
“The agency has supported the inauguration of state safe school steering committees and the drafting of state costed implementation plans for safe schools in 13 States.
“It also provides school grants, safety kits training and awareness raising to accelerate the implementation of the minimum standards for safe schools.
“As we remember the Chibok girls and all children whose rights to education have been compromised, let this somber anniversary serves as a catalyst for change”, UNICEF said.
Speaking with The Tide, Dr Nwachukwu Ginikanwa said the anniversary should serve as a wakeup call to the authorities to take the issue of security seriously.

John Bibor

Continue Reading

Nation

Fubara Has Rekindled Rivers Hope-Former Envoy

Published

on

As the one year anniversary of the Governor Siminalayi Fubara administration in Rivers State draws closer, a former Chairman of Eleme Local Government Council, Amb.Oji Ngofa, says the Governor has rekindled the hope of Rivers people.
Amb. Ngofa said within the one year of the administration, the Governor has shown a sense of connecting the people and the government unlike the immediate past administration led by Chief Nyesom Wike.
The former Deputy National Secretary of the All Progressives Congress ( APC) explained that within one year, Rivers people are seeing a visionary leadership whose imagination is essentially focused on the desire to improve the lives of the people, with the sole aim of creating an economy where everyone can participate.
Speaking in an interview in Port Harcourt, the forrmer Ambassador said Governor Fubara has been able to engage relevant stakeholders and sectors of the State which, according to him, remains the hallmark of leadership.
He emphasised that with Governor Fubara, no doubt, Rivers State is in safe hands, saying with Governor Fubara, there is the likelihood that the State would be greater than other States.
He noted that the Governor’s vision to develop and give capacity to the people in order to participate in the economy as well as creating the enabling environment for business to flourish in the State, coupled with his peaceful nature, have all combined to endear him to the people.
Amb Ngofa said real power comes from how well one is connected with the people through good leadership, and the people on their own voluntarily surrender to you just as Governor Fubara has demonstrated within the past one year, stressing that that has informed his decision as an astute politician just like all well-meaning Rivers people to align with the Governor in order to move the State forward .
He described Governor Fubara’s milestones in infrastructure, human capital development, health and agriculture as monumental.
Amb Ngofa urged the Governor to ensure his revitalisa- tion programme on Songhai Farms extends to Buguma and Andoni fish farms and Rivers State Sustainable Development Agency (RSSDA), and expand on the initiative, as it is critical in job creation for the teeming youths of the State.
“ In his one year in office as governor, Rivers people have seen the difference in terms of governance and total departure from self. Now Rivers people are having easy access to their governor. His focus is on policies and programmes that are capable of revitalising the economy aimed at improving the wellbeing of Rivers people, not just one man. Projects are springing up in all parts of the State, not necessarily in Port Harcourt and Obio,/ Akpor. All in just one year despite the distractions”, he said.

The Port Harcourt ring road loan to small skill medium businesses are one of the biggest achievements of his administration
Aleto- Woji road abandoned by the last administration had been carried on by a government that has interest of the people at heart
Despite the destruction ,he had demonstrated sense of focus on his primary duties as a governor
We are not just seeing monumental projects ,Rivers people are seeing total commitment to create an economy that will enable Rivers people to have a hold on there lives especially with projects like revitalizing Shonghai ,plaintain farms .
It is critical focusing on human capital development .I am aware of his programme of revitalising the economy ,state owned industries through public private partnership
Rivers people hope had been rekindled and those of us who are critic to the governor Wike led administration had been vindicated
Urging Eleme people to support the administration of governor Fubara to achieve their common dream which is development.

Continue Reading

Trending