Nation
FAAC: Fed, States, Local Govts Revenue Down By N284bn In Oct
The revenue shared by the Federal Government, States and Local Governments (LGs) dropped by N284.41billion in October, the Accountant-General of the Federation (AGF), Ahmed Idris, said, yesterday.
According to the communique by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting held yesterday in Lagos, Idris said the gross statutory revenue of N407.86billion was received in October, lower than the N692.28billion received in the previous month by N284.41billion.
Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably.
There was a slight decline in Value Added Tax (VAT) whereas, import Duty and Excise Duty increased marginally.
The distributable Statutory Revenue for the month was N363.84billion, VAT stood at N154.84billion and Exchange Gain was N3.21billion.
Idris also said there were augmentations of N100billion from non-oil mineral revenue bringing the total distributable revenue to N671.91billion.
According to him, the Federal Government takes 15per cent of VAT distribution, state government, 50per cent and Local Government 35per cent.
“Sectoral breakdown of funds available for distribution for the month of October showed that mineral revenue in October stood at N167.56billion lower than N422.70billion in September, this created a revenue differenceof -N255.13billion. For non-mineral revenue, N240.29billion as against N269.58billion creating a revenue difference of -N29.28billion,” he stated in the report.
“Comparative analysis of funds available with prior statements of accounts showed that total funds available for distribution stood at N407.86billion as against N692.28billion in September.”
According to it, the communique by FAAC, Gross Revenue available from the VAT for the month under review was N166.284billion as against N170.850billion distributed in September, resulting in a decrease of N4.566billion.
“The distributed statutory revenue of N407.864billion received for the month was lower than the N692.283billion received for the previous month by N284.419billion.
“Of this, the Federal Government received N180.551billion, states got N91.578billion, LGCs got N70.603billion, derivation (13 per cent mineral revenue) got N21.118billion, cost of collection received N17.940billion while transfers and refunds got N26.075billion,” it stated.
Nation
Rivers Deputy Governor Hails PH City One Love For Humanitarian Gesture
Rivers state Deputy Governor Professor Ngozi Nma Odu has commended “The Port Harcourt City One Love,”a Port Harcourt based humanitarian orgnisation For it’s commitment towards alleviating the sufferings of the poor and vulnerable in the society.
Professor Ngozi Nma Odu said this while speaking at this year’s edition of “operation feed the needy” a yearly outreach program of “The Port Harcourt City One Love ” in Port Harcourt.
The Deputy Governor said by feeding more than sixty thousands hungry people within the past six years, the Port Harcourt City One Love Movement has distinguished itself as a club that cares for the less privilege in the society.
She commended the , organization for listing eleven thousand persons to be fed in the current exercise.
Meanwhile The Port Harcourt City One Love has planned a permanent solution to the problem of feeding the poor in the state.
The leader of the group Mr Idaere Gogo Ogan who said this in an interview with newsmen during the distribution of food items to the poor and vulnerables in Port Harcourt said the organization is planning a permanent food kitchen where poor and vulnerable persons can work in anytime and get fed.
Idaere Gogo Ogan said more than sixty thousands poor and vulnerable persons across Port Harcourt City and environs have been fed since the inception of “The operation feed the needy” program six years ago,adding that so far sixty thousands poor and vulnerable persons have beneffited.
He described the group as a platform to promote friendship, brotherhood, community development empathy and feeding the less privilege and hungry people
“That’s what we are doing today here,so we started the exercise six years ago”.he said.
Ogan said the effort was a private sector driven initiative but added “it also involves people in Government because the platform does not recognize any division,we bring everybody together in unity , friendship and brotherhood”he said.
He said the effort will go along way in alleviating hunger especially following the prevailing hunger in the country.
According to him “you know the country is very tough, people are hungry people are starving, there is a whole lot of economic hardship,so for us, this is just our own way of reaching out, our own social contribution to what is very difficult”he said.
Over eleven thousand persons were fed in the just concluded exercise.
Areas of coverage include, Isaac Boro park, Port Harcourt prison/Macoba, Borokiri/Enugu waterside Bundu areas Waterlines and others.
Some of the beneficiaries including an 80 years old widow commended the movement for the annual programm and urged other organizations to emulate them
John Bibor,/Esuuk Oyet/Suotor Memoye /Jeremiah Hannah
Nation
We’ll Partner Private Sector to Industrialize Rivers State – Fubara …Hints Revitalization of Ahoada, Trans Amadi Industrial layout
Nation
SheVentures Open Zero-interest Loan Applications for Women Entrepreneurs
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers.
“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs”, Edun said.
Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB), Nnenna Jacob-Ogogo said access to affordable finance remains a major constraint for women entrepreneurs.
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