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FAAC Shares 780.926bn For March 2020

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6 years ago

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Any moment from now, civil servants are expected to be paid their April 2020 salaries.
This is because the Federation Accounts Allocation Committee (FAAC) has shared a total of 780.926 billion as March 2020 Federation Account Revenue.
The Office of the Accountant General of the Federation (OAGF) disclosed in Abuja that the Federal, States, Local Governments and relevant Agencies in the country shared ¦ 780.926 billion as at the end of the FAAC meeting.
According to the statement: “The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.”
It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.
The gross statutory revenue for the month of March 2020 was put at ¦ 597.676 billion.
This was higher than the ¦ 466.058 billion received in February 2020 by ¦ 131.618 billion.
Value Added Tax (VAT) yielded gross revenue of ¦ 120.268 billion in March 2020 as against ¦ 99.552 billion in February 2020, resulting in an increase of ¦ 20.716 billion.
A total of ¦ 62.928 billion was available from Exchange Gain in the month under review.
The OAGF noted: “The Statement of Accounts indicated that from the total revenue of ¦ 780.926 billion, the Federal Government received ¦ 264.330 billion.”
Continuing, the Office said: “The State Governments received ¦ 181.487 billion, and the Local Government Councils received ¦ 135.950 billion.
“The Oil Producing States received ¦ 38.751 billion as 13% derivation revenue while the cost of revenue collection by Revenue Agencies and allocation to North-East Development Commission (NEDC) was ¦ 160.408 billion.”
According to the Statement of Accounts, the Federal Government received ¦ 217.773 billion from the gross statutory revenue of ¦ 597.676 billion.
The State Governments received ¦ 110.457 billion and the Local Government Councils received ¦ 85.158 billion.
The sum of ¦ 32.299 billion was given to the relevant States as 13% derivation revenue and ¦ 151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.
The Federal Government received ¦ 16.777 billion from the Value Added Tax (VAT) revenue of ¦ 120.268 billion available in the month of March 2020. The State Governments received ¦ 55.925 billion, the Local Government Councils received ¦ 39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was ¦ 8.419 billion.
The Statement confirmed that the Federal Government received ¦ 29.780 billion, the State Governments received ¦ 15.105 billion, the Local Government Councils received ¦ 11.645 billion and the Oil Producing States received ¦ 6.452 billion from the total revenue of ¦ 62.982 billion available from Exchange Gain.
It was also revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases which resulted in the large volume of money shared.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.
Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.

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Association Woos Govt, Coys On  Boat Operators  Employments

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2 weeks ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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2 weeks ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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2 weeks ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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