Business

FG, States, LGAs Share N4.55trn In Nine Months

Published

8 years ago

December 1, 2017

The Federal Government, states and local government authorities shared a total of N4.55 trillion between January and September this year as disbursements from the Federation Accounts Allocation Committee (FAAC).
According to the latest quarterly report of the Nigerian Extractive Industries Transparency Initiative (NEITI), released in Abuja on Wednesday, out of the N4.55 trillion that was shared in the review period, N1.76 trillion was disbursed in the third quarter as against the N1.38 trillion and N1.41trillion shared in the second and first quarters of the year, respectively.
It also showed that between January and September, the Federal Government received the highest allocation of N1.85 trillion, followed by state governments with N1.51trillion and the 774 local governments with N913.8 billion.
The sum of N271.78 billion went to the Department of Petroleum Resources, Nigeria Customs Service and the Federal Inland Revenue Service as costs of revenue collection.
Further analysis showed that the revenues shared to the federating units were higher in the third quarter, a situation that has been the pattern for some years now.
For instance, while the Federal Government got N549.41billion in the second quarter of 2017, the third quarter figure was N752.79 billion, an increase of 37.02 per cent. The trend was the same for the states and local governments, as they received N586.58billion and N363.98billion in the third quarter as against N467.13billion and N280.42billion in the second quarter, respectively.
The report noted that the percentage increases between the two quarters for the two tiers of government were 25.57 per cent and 29.8 per cent.
It attributed the reason for the increases in FAAC disbursements to the three tiers of government in the third quarter to the positive developments in the oil sector occasioned by resurgent crude prices and increased production levels.
The NEITI quarterly review report based its analysis on data obtained from FAAC, the National Bureau of Statistics, Federal Ministry of Finance and the Budget Office of the Federation.
The report stated that the “upward trend in the FAAC disbursements to the three tiers of government are encouraging signs, which if sustained, will improve government expenditures, help to boost economic activities and move the country further away from recession.”
The report also stated that Nigeria’s revenue in the first half of 2017 was about 49 per cent lower than the budgeted figures.
It stated that while the government projected N5.368trillion revenue inflow in its 2017 fiscal framework for the first six months of the year, the actual inflow was N2.712trillion.
The government’s half-year projections were N2.67trillion for oil and N2.7trillion for non-oil revenues, but the actual revenue fell short of projections.
“Actual oil revenue was N1.587trillion, representing a shortfall of N1.079trillion, implying a 40.4 per cent underperformance. Non-oil revenue fared slightly worse, as only 41.6 per cent of the projected revenue was realised. Actual non-oil revenue totalled N1.125 trillion, indicating a shortfall of N1.575 trillion,” the report stated.
It pointed out that while the government projected that the non-oil sector would outperform the oil sector, the latter performed better by as much as 41 per cent in revenue generation, raking in N1.587 trillion as against N1.125 trillion for the non-oil sector.
Figures for the three tiers of government were no different. The Federal Government had hoped for N2.542 trillion revenue flow for the first half of the year, but the actual revenue was N1.497 trillion.
A breakdown of the inflows showed that the oil sector accounted for a larger part of the shortfall, with a 60 per cent drop, while the non-oil sector underperformed by 49 per cent.
“Budgeted half-year inflow from the oil sector was N1.061 trillion but actual oil inflow to the Federal Government was N414 billion. The Federal Government’s budget estimated half-year non-oil revenue inflow at N705 billion, but realised only N352 billion, indicating a 49 per cent shortfall,” the NEITI report stated.
FG sacks trade fair complex concessionaire
The Federal Government has sacked the concessionaire in charge of the Lagos International Trade Fair Complex over non-remittance of lease fees totalling N6 billion.
As stated in the termination letter issued by the National Council on Privatisation (NCP), the concessionaire, Aulic Nigeria Limited, had breached the agreement it signed in 2007 with the Federal Government.
According to the letter, the illegalities perpetrated over the years by the concessionaire vary from the non-remittance of the lease fees to the alleged eviction of the management board from the administrative building, among others.
The letter stated that the NCP terminated the concession agreement on August 23, but took some time to implement the decision due to logistics and security reasons.
The Inspector General of Police, Ibrahim Idris, had on November 20, issued a directive that the concessionaire be evicted from the complex and this was smoothly carried out.
According to the termination letter, the management board, headed by the Executive Director, Lagos International Trade Fair Complex, Mrs. Lucy Ajayi, was directed to take possession of the complex from the concessionaire.
Speaking at a press conference in Lagos on Tuesday, Ajayi said the board would now be able to perform its statutory function and move the complex to greater heights.
Ajayi, while addressing the shop owners, assured them that they were in an era of new change, stating that the management board would do its best to ensure that their interests were taken into consideration.
“I want to thank you all for your perseverance and endurance during those trying periods. I use this medium to assure you that all those injustices meted out to you in time past are over,” she said.
The Chairman, Stakeholders Forum, Lagos International Trade Fair Complex, Mr. Jude Okeke, described the takeover by the management board as a re-birth for the complex.
According to him, by design, the management board is supposed to be the landlord of the complex, overseeing all the activities within and around it.
“We have been in the wilderness for a long time and this has caused a lot of losses in financial, trade and other aspects,” Okeke stated.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

23 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

23 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.