Business
FAAC Disburses N354.3bn To Tiers Of Govt
Federal Account Allocation Committee (FAAC) Friday allocated N354.3 billion to the three tiers of government for the month of October.
The Tide learnt that the detailed allocation formula was announced at the committee’s meeting in Abuja.
The statutory allocation accounted for N165.62 billion of the total distributed revenue while the Value Added Tax (VAT) and Budget Augmentation amounted to N39.78 and N121.23 billion respectively.
The allocation indicates an up rise of N3.58 billion on the amount distributed in September.
The three tiers of government last month shared N350.72 billion with the Value Added Tax of N36.53 and Budget augmentation of N51.2 billion.
In a statement signed by the Accountant General of the Federation, Mr Ibrahim Dankwanbo noted that there was a cut-down of 29.56 per cent in the statutory revenue of the amount compared to that of September.
“The decrease was attributed to decline in oil production as a result of the shutdown of facilities earlier repaired at Escravos and Forcados terminals following the dis of more sabotage points” – it stated.
The statement further stated that the sum of N121.23 billion from the Excess Crude Account was proposed to augment the shortfall in the budget revenue for October.
In his paper titled: “Bridging the Development Gap” the minister of state, for finance Mr Remi Babalola, said he was encouraged by the positive outlook for the country.
“Bonny Light Price has increased 70 per cent, to-date closing at 79 dollars per barrel”.
Mr Babalola, also called on banks to resume prudent lending as their pivotal role in strengthening the economy.
“It is only lending activities to small and medium enterprises that can engender growth for the real sector in the long-run and not an unsustainable fiscal stimulant”, he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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