News
FAAC: FG, States, LGs Share N581.5bn
The Federal Ministry of Finance yesterday announced that the Federation Accounts Allocation Committee (FAAC) had shared N581.498 billion to the three tiers of government for December 2013.
The Minister of State for Finance, Dr Yerima Ngama, announced this in Abuja when he addressed newsmen on the outcome of the FAAC meeting which ended yesterday
Ngama said that the amount shared included N64.725 billion from Value Added Tax (VAT), N7.617 billion refunded by the Nigerian National Petroleum Corporation (NNPC) and N35.549 billion from SURE-P.
He said that actual distributable amount for the month was N473.607 billion as against budgetary expected figure of N623.768 billion.
“The distributable statutory revenue for the month is N473.607 billion, which is N150.161 billion less than the N623.768 billion that was budgeted for the month.
“Also distributed is the sum of N7.617 billion refunded by the NNPC to be shared to states and local governments. In addition, the sum of N35.549 billion is proposed for distribution under the SURE-P Programme,’’ he said.
A breakdown of the distribution showed that the Federal Government received N221.161billion, representing 52.68 per cent; states got N112.176 billion, representing 26.72 per cent, while local governments received N86.483 billion, representing 20.60 per cent.
He also announced that N48.461 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.
On VAT, the minister said that the gross revenue collected in December was N64.725 billion as against N91.730 billion distributed in November, representing a drop of N27.005 billion.
He said that the mineral revenue collected for the month was N379.122 billion, which was less than the N490.765 billion realised in November and also less than budgeted expectation of N465.057 billion for the month.
He stated that non-mineral revenue collected during the period was N100.828 billion, showing a reduced difference of N6.159 billion from the N106.987 that was collected in November.
Ngama said N6.343 billion was transferred to the nation’s Excess Crude Account (ECA) for December, adding that revenue realised in the month was poor.
He attributed the low revenue to serious disruption in oil production, vandalism of pipelines and “Force Majeure” declared at Bonny Terminal.
Also addressing newsmen, the Chairman of Finance Commissioners Forum, Mr Timothy Odah, said that the forum had extensive discussions on how best to resolve the issue of returns from the revenue collecting agencies.
He said that a committee, headed by the Accountant-General of the Federation, had been constituted to look into issues of returns from the agencies, especially NNPC.
“We want to know the average daily oil production so that we can use it as a yard stick to measure what they bring to us as the returns for the month hence forth,” he said.
He said that the committee would also look into the contentious issue of 10.8 billion dollars, alleged not to have been remitted to the federation’s account by the NNPC.
“The essence of the committee is to look into the explanation that was given by the NNPC in regards to the missing 10.8 billion dollars so that we will know if we will agree with it or not,” he explained.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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