Connect with us

Featured

FAAC: FG, States, LGCs Share N656.602bn Revenue

Published

on

The Federation Account Allocation Committee (FAAC) has shared a total sum of N656.602billion as April 2022 Federation Account Revenue to the Federal Government, states and local government councils.
This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for May 2022.
The N656.602billion total revenue comprised distributable statutory revenue of N461.189billion, Value Added Tax (VAT) revenue of N166.522billion, the sum of N8.891billion being excess bank charges recovered and augmentation of N20billion.
In April 2022, the total deductions for the cost of collection were N29.609billion and the total deductions for transfers and refunds were N147.651billion.
Director (Information, Press and Public Relations), Office of the Accountant General of Federation, HenshawOgubike, said in a statement, yesterday, that the balance in the Excess Crude Account (ECA) was $35.377million.
The communiqué confirmed that from the total distributable revenue of N656.602billion; the Federal Government received N257.611billion, State Governments got N201.256billion and the Local Government Councils received N149.251billion.
The sum of N48.485billion was shared to the relevant states as 13percent derivation revenue.
Gross statutory revenue of N635.037billion was received for the month of April 2022.
This was lower than the N933.304billion received in the previous month by N298.267billion.
From the N461.189billion distributable statutory revenue, the Federal Government received N217.412billion, the State Governments got N110.275billion and the Local Government Councils received N85.017billion.
The sum of N48.485billion was shared with the relevant States as 13percent derivation revenue.
In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825billion.
This was lower than the N219.504billion available in the month of March 2022 by N40.679billion.
From the N166.522billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978billion, the State Governments got N83.261billion and the Local Government Councils pocketed N58.283billion.
The Federal Government got N4.684billion; the State Governments received N2.376billion and the Local Government Councils pocketed N1.831billion from the N8.891billion Excess Bank Charges recovered.
The N20.00billion augmentation was shared as follows: the Federal Government received N10.536billion, the State Governments got N5.344billion and the Local Government Councils received N4.120billion.
According to the communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

Print Friendly, PDF & Email

Featured

Wike Hails Rivers United For Winning 2021/2022 NPFL

Published

on

Rivers State Governor, Chief Nyesom Wike, has congratulated the Rivers United Football Club for emerging the winner of the 2021/22 Nigeria Professional Football League (NPFL).
Rivers United was officially confirmed the champions of the 2021/2022 NPFL season following Plateau United 1-2 away loss to Akwa United, last Saturday.
The governor commended the players and coaching staff of the state-owned football club, yesterday, following the memorable victory, which ended their 5-year NPFL title wait.
Wike, who attributed the achievement of Rivers United to the talented team’s determination, said it was most heartening that by virtue of the league win, the club would represent the country at the Confederation of African Football (CAF) Champions League next season.
He further added that Rivers United’s triumph at the 2021/2022 NPFL has brought a wave of joy and happiness for the people of Rivers State and the country at large.
“I wish to express my heartfelt appreciation to the coaching staff and particularly the capable players of Rivers United for the valuable efforts they made to emerge the winners of the 2021/2022 NPFL.
“The Government and good people of Rivers State are very proud of the team’s exploits following their dogged performances and resilient display throughout the 2021/2022 season. It is worthy to note that over the years, Rivers United has brought so much joy and happiness to football fans and supporters all over the country. This victory, no doubt, marks a major milestone in Rivers State football’s history.”

Print Friendly, PDF & Email
Continue Reading

Featured

Registration For CBN, AFF eNaira Hackathon Opens, Today

Published

on

Registration for the eNaira hackathon, geared towards ideating innovative solutions for the newly launched digital currency, organised by the Africa Fintech Foundry (an innovative hub established to identify and accelerate innovative startups in Africa), in partnership with the Central Bank of Nigeria (CBN), is billed to open on June 27, 2022 and run till July 21, 2022.
A statement issued by the organisers said the main event, which is billed to kick-off from August 4, 2022, is part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies.
It, therefore, urged interested participants to visit the eNaira Hackathon @www.affcbn.com
With the theme “eNaira – Africa’s Gateway to a Digital Economy,” the hybrid hackathon will bring together teams of talented entrepreneurs, developers, designers, solution developers, problem-solvers, out-of-the-box thinkers, and code magicians from Africa to develop innovative solutions that will drive improved adoption of the eNaira.
Speaking on innovation in Nigeria’s payments system ecosystem, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, recently said: “We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.
“We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.
“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook.
“Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA).”
The statement issued by the organisers said, the hackathon will address the strategic points to eliminate possible glitches that could hamper smooth transactions being carried out with the eNaira.

Print Friendly, PDF & Email
Continue Reading

Featured

NECO Begins SSCE,Today

Published

on

The National Examination Council (NECO) has debunked the alleged postponement of its 2022 Senior School Certificate Examination (SSCE) for school-based candidates in the country.
The examination body said the 2022 SSCE would commence on Monday, June 27, and end on August 12, 2022.
NECO made this known in a statement made available to newsmen, last Saturday, by its spokesperson, Azeez Sani, in Minna, Niger State.
The statement read: “The 2022 Senior School Certificate Examination (SSCE) for school-based candidates conducted by the National Examinations Council (NECO) will commence on Monday, 27th June, 2022.
“State Ministries of Education, Principals, Commandants and all stakeholders are enjoined to disregard any speculation on the alleged postponement of the examination.
“The council has put all necessary measures in place to ensure a seamless conduct of the 2022 Senior School Certificate Examination.
“The 2022 NECO Senior School Certificate Examination will end on Friday, August12, 2022.
“Candidates are to be examined in 76 subjects during the examination.”

Print Friendly, PDF & Email
Continue Reading

Trending