Connect with us

News

FAAC: FG, States, LGs share N1.411tn For October

Published

on

A total sum of N1.411 trillion, being October 2024 Federation Accounts Revenue, has been shared among the Federal Government, States and Local Government Councils.

A statement by the Office of the Accountant General of the Federation last Wednesday, said the revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State, and chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein.

The November 2024 FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government. The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that a total gross revenue of N2.668 trillion was available in October 2024. Total deduction for the cost of collection was N97.517 billion while total transfers, interventions and refunds were N1.159 trillion.

According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024. This was higher than the sum of N1.043 trillion received in September 2024 by N293.009 billion. Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024.  This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.

The communiqué stated that from the N1.411 trillion total distributable revenue, the Federal Government received a total sum of N433.021 billion and the State Governments received a total sum of N490.696 billion. The Local Government Councils received a total sum of N355.621 billion, and a total sum of N132.404 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue.

On the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.

Continue Reading

News

DHQ Confirms Deaths Of Terrorists, Soldiers In Borno Attack

Published

on

The Defence Headquarters has confirmed that terrorists and military personnel were killed when insurgents launched a coordinated attack on the 29 Task Force Brigade Headquarters in Benisheikh, Borno State.

The military, however, did not confirm or debunk reports that the Commander of the 29 Brigade, Brigadier General Oseni Braimah, was among those killed in the incident.

The Defence Headquarters in a statement by the Director, Defence Media Operations, Major General Michael Onoja, yesterday, said the attack occurred at about 12:30am yesterday when insurgents attempted to breach the defensive perimeter of the military installation.

He said troops of Operation HADIN KAI, led by the brigade commander, responded with “exceptional courage, professionalism, and superior firepower,” forcing the attackers to retreat.

“In continuation of the Armed Forces of Nigeria’s counter-terrorism efforts, troops of the 29 Task Force Brigade in Operation HADIN KAI came under a coordinated terrorist attack on their location at the Brigade Headquarters in Benisheikh, Borno State.

“However, the troops, led by the Commander 29 Brigade, Brigadier General Oseni Braimah, responded with exceptional courage, professionalism, and superior firepower. In a well-coordinated counteraction, the insurgents were decisively engaged and forced to retreat in disarray, abandoning their mission, ”the statement partly read.

The Defence Headquarters described the attack as a sign of desperation by insurgents who had suffered significant losses in recent military operations.

“This attack is a clear indication of the desperation of terrorist elements who, having suffered significant losses in recent operations, continue to resort to futile and ill-fated offensives against well-defended military positions,” the statement added.

The military acknowledged that the encounter resulted in casualties among troops, but did not confirm or debunk reports that the Commander of the 29 Brigade, Brigadier General Oseni Braimah, was among those killed in the incident.

“Regrettably, the encounter resulted in the loss of a few brave and gallant soldiers who paid the supreme price in the line of duty. The Chief of Defence Staff honours their heroism, sacrifice, and unwavering commitment to the defence of the nation,” the statement noted.

It added that the High Command had extended condolences to the families of the fallen personnel and urged the public to avoid spreading unverified information, especially on social media.

The Defence Headquarters also disclosed that clearance operations were ongoing to track fleeing insurgents and prevent them from regrouping.

“The Armed Forces of Nigeria, in collaboration with other security agencies and stakeholders, remain resolute and undeterred in the ongoing fight against terrorism and insurgency. Additional clearance and exploitation operations are ongoing in the general area to track and neutralise fleeing insurgents,” the statement said.

The incident follows a pattern of rising attacks in the region in which residents and security personnel have lost their lives.

 

Continue Reading

News

Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns

Published

on

A group of Eminent persons from the Niger Delta region under the aegis of The Niger Delta Watch Dog has warned the Federal Government against yielding to the call to decentralize pipeline surveillance in the region.

The Eminent persons who said this in a press release made available to newsmen in Port Harcourt said those calling for decentralization of pipeline surveillance are ignorant of the dangers it poses to the peace and stability of the Niger Delta.

.They argued that the proposal poses significant risk to the peace security and economic stability of the region.

According to the release” While decentralization is often perceived as a means of promoting inclusivity and local participation, in this specific context it poses significant risks to peace, security, and economic stability.

It further said”evidence from community dynamics across the region suggests that decentralization will cause more harm than good, leading to increased conflict, fragmentation of authority, and heightened threats to critical national infrastructure.
“By contrast, the centralized model currently implemented by Tantita Security Services under the leadership of Government Ekpemupolo Tompolo has demonstrated measurable success in stabilizing the region, reducing conflict, and safeguarding Nigeria’s economic lifelines”

While describing the Niger Delta region as the backbone of Nigeria oil and gas, it added that any changes in policy will lead to crisis in the region.

“The Niger Delta region remains the backbone of Nigeria’s oil and gas industry, hosting extensive pipeline networks that are vital to national revenue and economic sustainability.

“Given the sensitive nature of this infrastructure, the framework through which pipeline security is managed must prioritize stability, coordination, and conflict prevention.

“Any policy shift particularly toward decentralization must therefore be carefully evaluated in light of the region’s socio-political realities”
It said
The release jointly signed by Chief Idowu Asonja ,Ellington Pokumo the Public Relations officer of the group Comrade Douye kojo Isoun and others,

said decentralization will lead to escalation of Inter-Community land dispute, intensifies rivalry between groups as well as heightens the struggle against Territorial control among others.

“Decentralizing pipeline security will likely intensify existing disputes between neighbouring communities as many communities in the Niger Delta have been involved in conflicts over Land ownership and territorial boundaries as well as Control of natural resources and

“Claims over oil pipelines passing through their territories” adding
“Such instability not only disrupts social harmony but also directly endangers pipeline infrastructure, increasing the risk of vandalism, sabotage, and production losses”

It said the gains recorded so far by the present centralization policy should be preserve as any shifts could wrecked havoc in the region.

“Any policy shift must preserve these hard-earned gains. At this time, decentralization presents a significant risk, while the current system continues to offer stability, security, and economic assurance for the nation.

“It is therefore strongly advised that the Federal Government of Nigeria carefully scrutinize and ultimately disregard calls for the decentralization of pipeline security contracts. “Available evidence and prevailing realities suggest that such calls may not be driven by the broader national interest, but rather by narrow, self-serving agendas that could reignite conflict within the region, this we know the Government does not need” the group said

Continue Reading

News

RSIPA DG Unveils New Rivers Investment Pathway At BRACED Commission

Published

on

The Director-General of the Rivers State Investment Promotion Agency (RSIPA), Dr. Chamberlain Peterside, has used the platform of the revived BRACED Commission to unveil investment opportunities and plans in Rivers State.

 

The BRACED Commission just bounced back and has already held a roundtable in Port Harcourt preparatory to an economic summit in the near future.

The roundtable featured the investment promotion agencies of the cooperating states: Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states.

Dr Peterside not only chaired the roundtable but made presentations for Rivers State economic landscape.

He hailed the rebound of the BRACED Commission which did well at the onset. “The governors of the region were one and united for one cause. Then, politics came and everything scattered. The agenda is simple, to integrate the economy of the region into one strong bloc.”

He admitted that Rivers State’s investment promotion agency is very young, plus six months in the limbo of state of emergency. “This thus is a very unique opportunity to get resurgent momentum.”

He listed the achievements of RSIPA in the short period since its establishment, saying it has received numerous investment proposals.

“We’ve engaged actively with the private sector, both those currently operating in the state and those intending to invest. We do realize the fact that investment begins from domestic investors. and you have to guide them.

“Through outreach programmes and establishment of a One-Stop-Center (OSC), we have created a streamlined system for addressing investor needs, supporting their business operations. For the first time in Rivers State, prospective investors and small and medium enterprises now have a centralized hub that can address their challenges and find solutions that enable them to thrive.”

He outlined the plans ahead thus: “One of our cardinal focuses at RSIPA is to enhance the operating climate and improve the ease of doing business.

“We are committed to creating a vibrant and business-friendly environment that attracts and retains investment. We are also working closely with other ministries, departments, and agencies to harmonize our activities.

“Collaboration for us is key; we see Rivers State as a single ecosystem where all stakeholders work together to support investment inflow and build a favorable environment for businesses to flourish.”

For the region, he lamented the situation whereby “the carpet is shifting under our feet. The IOCs (international oil corporations) have moved offshore. The issue before us now is how should the region act now. We should target big ticket investment proposals. This is because some proposals will involve other states. There is thus need to collaborate.”

He gave examples of projects that cannot be for one state. “Railway system is not for one state. At the moment, there is no railway line that links Benin to Port Harcourt to Calabar. BRACED can push this agenda.

“There is an oil route from Opobo to Akwa Ibom where Sterling Oil is operating. It’s a route of interest. Governor Sim Fubara wants us to synergise with other states economically. The best time is now because all the governors are now in one political party.”

He called on all the agencies in the BRACED states to sell the idea to their governors.

“Let the governors know that BRACED task is not a competition but as a collaboration. We have the Niger Delta Development Commission (NDDC), the South-South Chambers of Commerce, Industry, Mines and Agriculture (SSCCIMA), the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), etc. This is the ripest time to strike the iron.”

The Director General of the Bayelsa Investment Promotion Agency (BIPA), Mrs. Patience Ranami Abah, also shook the floor when she presented what she termed ‘Closing the Value Capture Gap’.

She showed how the states will win bigger by playing together to present an economic front.

David Franklin, a deputy director, who represented the Permanent Secretary, Federal Ministry of Industry, Trade, and Investment, Abuja, said investment in people is the beginning of prosperity.

“The South-South is the hub of power of Nigeria due to the hydrocarbon industry, blue economy, agriculture, tourism, etc.”

The Director General, BRACED Commission, Amb.Joe Keshi, in his welcome remarks, said the roundtable was themed around synchrosnising investment frontiers in a strategic framework for south-south economic integration.

The roundtable ended with a communique that recommended setting up a monitoring committee, and other organs to drive integration and investment.

Some of the key resolutions in the Communique issued at the end of the two-day symposium included the call for a BRACED Investment Promotion Charter with a harmonized Regional Investment Promotion Framework and a roadmap.

The Communique called for infrastructure alignment, uniform economic reforms, human capital development plan, and a technical oversight group.

The communique urged state governments, investors, and development partners to collaborate in transforming the BRACED states into a beacon of economic dynamism.

Continue Reading

Trending