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FG, States, LGAs share N676.407bn in July

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images 21 2 FG, States, LGAs share N676.407bn in July


Nigeria’s three tiers of government and relevant government agencies shared about N676.407 billion as Federation Accounts Allocation Committee’s (FAAC) disbursement for July accordding disclosures at a virtual FAAC meeting for August held on Wednesday and chaired by Dr Mahmud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning. 

According to the FAAC report, gross statutory revenue of N543.788 billion was received for July 2020, which is higher than the N524.526 billion received in the previous month by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceding month, resulting in an increase of N3.793 billion.
More so, from the total distributable revenue of N676.407 billion;  the Federal Government received N273.189 billion, the State Governments received N190.849 billion and the Local Government Councils received N142.761 billion.
The Oil Producing States received N42.851 billion as 13 per cent derivation revenue, while cost of collection and transfers to relevant agencies   collectively had allocation of N26.757 billion.
The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion;  the State Governments received N129.181 billion and the Local Government Councils received N99.593 billion.  N42.851 billion was given to the relevant States as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies.
The Federal Government received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. The State Governments received N61.668 billion, the Local Government Councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.
The report further stated that in July 2020, oil and gas royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), Import and Excise Duty recorded a decline.
The report also revealed that the balance in the Excess Crude Account (ECA) as at August 19  was $72.408 million.

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To Boost Revenues , FG Posts Treasurers To MDAs

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images 89 2 To Boost Revenues , FG Posts Treasurers To MDAs

The Federal Government on Tuesday commenced the deployment of professional treasury officers to revenue generating ministries, departments and agencies in a bid to improve the country’s revenue base.
Minister of Finance, Budget and National Planning, Zainab Ahmed, said an important sector with huge potential was the revenue generation arm of the Federal Government Owned Entities.
Ahmed spoke in Abuja at the orientation for directors of revenue in FGOEs organised by the Office of the Accountant-General of the Federation.
She said, “You may all wish to know that analysis of budgets of some of the FGOEs shows that these entities have the capacities, if properly managed, to significantly improve the revenue base of the Federal Government.
“It is in this light that the deployment of the treasury directors is considered expedient to the selected FGOEs as a pilot test.”
The minister explained that the deployment of directors of revenue to the FGOEs was in compliance with presidential approval that was conveyed via the Secretary to the Government of the Federation’s circular with reference SGF.50/S.3/C.9/24, dated October 16, 2018.
She said the circular was on the approved Revenue Performance Management Framework for Government Owned Enterprises.
Ahmed said the government was increasingly concerned about the dwindling profile of revenues, adding that the trend had to be quickly arrested particularly with key revenue generating agencies of government.

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FEC Approves ₦745 Million To Hire Auditors For NDDC

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images 88 2 FEC Approves ₦745 Million To Hire Auditors For NDDC

The Federal Executive Council (FEC) on Wednesday approved N745 million for the hiring of additional forensic field auditors for the audit of the Niger Delta Development Commission (NDDC).
The Minister of Niger Delta Affairs, Sen. Godswill Akpabio, also disclosed that the council approved the hiring of auditors to ensure that whatever comes out of the forensic audit is acceptable not just in Nigeria but to the international community.
Akpabio said: “The memo that was presented by the Ministry of Niger Delta Affairs was a concluding memo on the procurement of Field Forensic Auditors for the forensic audit of the Niger Delta Development Commission and today the council approved additional forensic field auditors at a total sum of about N745.2 million.
“This brings the total number of field forensic auditors to 16 in addition to the earlier approved Lead Forensic Auditors, Messrs Olumiluwa Bashir and Co.
“These people are now going to be in charge of the nine states of the Niger Delta which has been divided into 16 lots. As I stated earlier, lots one is Ernst and Young for the headquarters.
“They will be undertaking the 19 years of audit and also bring out the organigram for the restructuring of the NDDC for better performance in future.’’
The minister added that the council equally approved the need to attach in
vestigative security agencies to each of the team to ensure transparency in the exercise.

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Bolaji Owasanoye, 136 Others Short – Listed For SAN Rank

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images 87 2 Bolaji Owasanoye, 136 Others Short - Listed For SAN Rank

Chairman of the Independent Corrupt Practices and other related offence Commission (ICPC), Professor Bolaji Owasanoye and the Executive Secretary of the National Human Rights Commission (NHRC), Anthony Ojukwu, are among 137 lawyers short-listed for conferment with the rank of Senior Advocate of Nigeria (SAN).
A statement released late on Wednesday by the Acting Chief Registrar of Supreme Court and Secretary of the Legal Practitioners’ Privileges Committee (LPPC) , Hajo Sarki, said the 137 short-listed candidates are emerged at advocate filtration stages and academic pre-qualification exercise.
No fewer than 116 out of the 137 are practising lawyers while 21 are from the academia.
Sarki said all qualified candidates short-listed are graded under the category system of the LPPC Guidelines, 2018.
He said: “The general public is at liberty to comment on the integrity, reputation and competence of the candidates.
Sarki added that any complaint (s) presented to the LPPC “must be accompanied with a verifying affidavit deposed to before a Court of Record in Nigeria.
“Please be informed that in relation to paragraph 12 (2). of the Legal Practitioners’ Privileges Committee Guidelines, 2018, twenty copies of such comments or complaints must be received at the office of the Secretary, Legal Practitioners’ Privileges Committee not later than 4.00pm on Tuesday 13th October, 2020

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