The Federation Account Allocation Committee (FAAC) has distributed a total of N676.407 billion revenue for July 2020 to the federal, state and local governments as well as relevant agencies in the country.
This was disclosed after the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 through virtual conferencing, and chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmud Isa-Dutse.
According to a communique issued by FAAC at the end of the meeting, the gross statutory revenue of N543.788 billion was received for the month of July 2020.
This was higher than the N524.526 billion received in the previous month (June) by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion in the preceding month, resulting in an increase of N3.793 billion.
From the total distributable revenue of N676.407 billion, the federal government received N273.189 billion, states got N190.849 billion, while the local government councils received N142.761 billion.
Similarly, oil producing states received N42.851 billion as 13 per cent derivation revenue, while two sub-heads, including cost of collection and transfers to relevant agencies accounted for an allocation of N26.757 billion.
From the gross statutory revenue of N543.788 billion, the federal government received N254.688 billion, state governments, N129.181 billion and the local government councils, N99.593 billion.
The sum of 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 also received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion, state governments received N61.668 billion, local government councils got N43.168 billion, while cost of revenue collection and transfers collectively got an allocation of N9.283 billion.
Further details of the reference month showed that 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 decreases.
The balance in the Excess Crude Account (ECA) as at August 19, 2020 stood $72.408 million, the communique said.
Osinbajo , Facebook ‘ s Vice President To Hold Informal Chat Today
Vice President Yemi Osinbajo and Facebook’s Vice President, Policy and Communication, Nick Clegg, are set to hold a virtual informal chat on Facebook on Friday.
Facebook, in a statement issued on Thursday, said the chat would be held as part of its activities during the United Nations General Assembly (UNGA).
The 75th session of the U.N. General Assembly commenced on Tuesday with a moment of silence against the unprecedented backdrop of the Coronavirus pandemic.
It will close on Sept. 22.
Facebook said that the event, which would be moderated by Omowale David-Ashiru, Vice President, Global Operations at Andela, would explore the growth of digital economy in Nigeria.
According to the statement, the session will also highlight Facebook’s role in economic development across Sub-Saharan Africa.
“As the Chair of Person of Nigeria’s Economic Sustainability Committee, Vice President Osinbajo will highlight the importance of digital technologies, innovation hubs and private equity funding in ensuring economic growth and development in the country,” it said.
The session would also provide Osinbajo a platform to share further insight into Nigeria’s Post-COVID Economic Recovery Plan (ERP), Facebook said.
The company stated that the 45-minute virtual event will be streamed on Facebook Live.
Fuel Crisis Looms In FCT , North As PTD Orders Tanker Drivers To Stop Lifting
The Federal Capital Territory (FCT), Abuja and other parts of Northern Nigeria will experience huge fuel scarcity as the Petroleum Tanker Drivers (PTD), on Wednesday, ordered immediate stoppage of distribution of petroleum products from Lagos to the Northern part of the country till further notice.
A statement signed by Otunba Salimon Oladiti, the PTD National Chairman, said the action became imperative, following the shut out of heavy trucks including tankers from using all the link roads in Minna, Niger State.
The Niger State Government had in a letter signed by Abdullahi Imam, the Permanent Secretary, Ministry of Transport and addressed to the state chairman of PTD, informed them of the government decision to shut down major roads leading to Minna, effective from midnight of September 15, 2020.
The letter, dated September 9 read: “You are aware of efforts of the Niger State Government to rehabilitate Minna Bida road and the major roads leading to Minna. These efforts have largely been frustrated because of the heavy presence of heavy trucks plying these roads.
“In view of the foregoing, we hereby notify you of the government’s decision for a total shutdown of all major roads linking to Minna to heavy trucks from 12 midnight of September 15, 2020.
“You will please bring this information to all your members in order to guide them to find alternative routes for their movements.”
In a swift response to this, the National Chairman of PTD said their members will stop lifting products from Lagos to the Northern part of the country from Thursday.
Otunba Oladiti said: “We want to use this medium to inform the general public that from Thursday, September 17, our members will not be lifting products from Lagos to the Northern part of the country because the Niger State Government has shut out heavy-duty trucks including tankers from passing through the state.
“The only alternative road is not motorable. This is Bida- Agai- Lapai- Lambata road. In fact, this road is a death trap. When we got wind of the plan of the Niger State Government to shut the roads about weeks back, I spoke to the Minister of Works through one of his aides and he assured that the ministry would do palliative and remedial works on the road. Unfortunately, over two weeks after our discussion, nothing has been down on the roads.
“As leaders, we have to do the needful and protect the lives of our members from the avoidable accident and attacks from hoodlums. So, starting from tomorrow September 17, 2020, our members will not be lifting products from Lagos to the Northern part of the country. Until the federal government makes the alternative road motorable, our members will not resume lifting of products to the northern part of the country.
“In the letter to our State Chairman, the Niger State Government through its Ministry of Transport dated September 9, 2020, by the Permanent Secretary in the Ministry, Abdullahi U. Imam informed us about its decision to shut out all heavy trucks vehicles from passing through the link and major roads in the state from Tuesday.”
He added: “Consequently, we have directed our members to stop lifting products from Lagos to the northern part of the country until further notice.
FG Approves Creation Of New Anti – Corruption Agency
The federal government on Wednesday approved the establishment of “ The Proceeds of Crime Recovery and Management Agency, to join the growing list of anti graft agencies established by the government
The government had in efforts to tackle corruption, established the Economic and Financial Crime Commission EFCC Act of 2004, the Independent Corrupt Practices & Other Related Offences Act 2000, the Advance Fee Fraud and Other Related Offences Act 2006 and the Money Laundering (Prohibition) (Amendment) Act 2012.
Others include the Miscellaneous Offences Act, Code of Conduct Act, the Nigerian Extractive Industries Transparency Initiative Act, the Freedom of Information Act 2011, the Fiscal Responsibilities Act 2010, as well as the Penal Code Laws of Federation of Nigeria 2004.
The government also promulgated the Criminal Code Law of Federation of Nigeria 2004, the Banks and Other Financial Institutions (Amendment) Act 1991 and the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks (Amendment) Act 1994.
At the virtual meeting of the Federal Executive Council FEC presided over by President Muhammadu Buhari at the presidential villa, Abuja, the Council approved the transmission of a bill named “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
Minister of Justice and Attorney General of the Federation, Abubakar Malami, explained that the agency is necessary to mange assets that constitute proceeds of crimes as he pointed out that previous proceeds of crime are scattered in different and multiple agencies.
“The Federal Ministry of Justice presented to Council a memo today. The Council memo is about a Bill which will seeks the approval of the Council to transmit to the National Assembly for passage. It is Proceeds of Crime Recovery and management Agency Bill.
“It is in essence a bill that is targeted and intended to have in place a legal and institutional framework. The legal component of it is having a law. And the institutional component of it is to have an agency that will be saddled with the responsibility of managing the assets that constitute the proceeds of crime in Nigeria.
“What happens before now is the proceeds of crime are scattered all over, and mostly in the hands of different and multiple agencies of government inclusive of the police, the DSS, EFCC, and ICPC.
“So, with that kind of arrangement which is ad-hoc, there is no agency of government that is saddled with the responsibility of data generation, an agency that can give you off-head the number of landed assets, number of immovable assets, the amount in cash that are recovered by the federal government by way of interim forfeiture overweigh of a
“So, it is indeed overtime a kind of arrangement that is not uniform and consistent.”
According to him, the new law seeks to move the fight against corruption to the next level.
He added: “Next level of transparency, next level of accountability in essence, will have in place an agency of government that is exclusively responsible for anything proceeds of crime.
“A one-stop shop arrangement by which all the assests that are recovered arising from crimes that are indeed vested in the federal government, you have a one-stop arrangenet where you can have an information. As it is for example, the Federal Ministry of Justice is only in a position to account and giving comprehensive account of what
recoveries were made by the ministry.
“But any recovery made by the police, DSS, the Ministry of Justice is not in a position to know. So, for the purpose of decision making and policy, the federal government is not in a position to have a wholistic appreciation.
“So, by the bill that is now presented for the consideration of the council, we’ll have a law that establishes an agency, and secondly, an agency.
“And as you rightly know, Mr President has sanctioned ever since he came on board, that there should be a budget line, a budget item for recovered assets.
“So, if you have a budget item for recovered assets, this agency will now be in a position to provide information to the Federal Ministry of Finance, Budget and National Planning on demand as to what amount is available for budget purposes, thereby establishing the desired transparency, the desired accountability which has not been available before now.
“So, it is about a memo that seeks to establish a legal framework, that seeks to establish institutional framework, that seeks to further take the fight against corruption to the next level by way of establishing transparency, accountability and making the possibility of forfeiture a proceeds of crime easy through the sanctioning of non-conviction based forfeiture among others.”
When asked whether the bill stemmed from his experience with the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, he said it had been long in planning.
Malami further explained: “Let me take you through the history lane as far as the proceeds of crime bill is concerned. There was an attempt some time back in 2007 to present to the FEC, it was unsuccessful, the bill was not passed.
“There was further attempt in 2011 to present same bill with some material amendments, and then it did not succeed in getting the blessings of FEC. And there was a further attempt in 2019 to present the Bill and it wasn’t as well successful but it eventually
“So, perhaps to now tie it to a particular institution or particular development of 2020, I think is unfounded taking into consideration the historical antecedents relating to the bill.“
On the controversy surrounding the new gazette he issued, which has been seen as an attempt to weaken the Nigerian Bar Association (NBA), he said: “The first question has to do with rules of professional conduct with particular reference to a gazet in contention. My response is simple, that the matter is being interrogated and id make statement at the
appropriate time and id say no more as far as that issue is concerned.”
FEC also approved a new national policy on occupational safety and health, tagged: “National Policy on Occupational Safety 2020.”
Minister of Labour and employment, Chris Ngige disclosed this while briefing correspondents on his memo to FEC.
He explained that the new policy is aimed at ensuring that all workers are safe at their work places across the country, adding that it derives from provisions of the Nigerian constitution and the International Labour Organisation’s (ILO) convention.
Ngige added: “The Federal executive Council today approved a new policy on occupational safety and health-2020. This policy is designed to make for safety and health of workers at work places.
“It derives from the main ground norm norm law of the 1999 constitution as amended, which in section 17 (3c) prescribes that the Nigerian State shall make laws and bye-laws for preservation of the health and well-being of workers in the work places; men and women at work.
“It also derives form the ILO convention 155, which Nigeria has also domesticated. Again, that talks about making the work place conducive and ensuring the health and well-being of workers.”
The Minister said the last time the policy was reviewed was 14 years ago but the new one has a review period of three years.
He stated: “The last policy we have was approved in 2006 which makes it exactly 14 years since that was approved by the Federal Executive Council and that is the policy we have been working on. But you know that 14 years is a long span in the life of any law so in the course of operation, certain issues have been thrown up, the world has gone digital, work place mechanism and hazards have been changing and it was therefore necessary that we do a new policy.
“This policy we did now is what you call repeal and replace and it takes care of all that is needed for now, for the health of Nigerian workers.”
Continuing, he said: “It gives specific roles to agencies, National Environmental Standards and Regulations Enforcement Agency (NESREA,) Nigerian Civil Aviation Authority (NCAA,) Nigerian Maritime Administration and Safety Agency (NIMASA), Standards Organisation of Nigeria and the Federal Ministry of Health.
“Everybody has his own role now because it’s a cross-cutting situation as most Ministries, Departments and Agencies of government are involved.”
On the seven-day ultimatum given by the Trade Union Congress (TUC) threatening strike action, the Minister maintained that it is misplaced because it was addressed to the President of Nigerian, which he said, contravenes labour laws.
He said: “The TUC issue, the seven-day ultimatum was misplaced because they were writing the President and issuing ultimatum to him.
“The President is not recognised by ILO. The competent authority for this nature of dispute in Nigeria resides in the man who oversees them, which is whoever is the Minister of Labour and Employment.”
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