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Federal Government Approves 13% Derivation For Revenue Generated From Mining

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images 39 2 Federal Government Approves 13% Derivation For Revenue Generated From Mining

The Federal Government of Nigeria has approved a 13 percent derivation to all the states of the federation for revenue generated through mining to encourage collection of mining tax in states.
Minister of State, Mines and Steel Development, Dr Uchechukwu Sampson Ogah, disclosed this when he paid a courtesy visit to Governor Bala Mohammed of Bauchi State during his tour of mining sites to interact with miners and communities.
He said the officials of the ministry were in Bauchi to seek synergy between the state and federal government as it relates to mining in line with the economic diversification agenda of President Muhammadu Buhari.
The Minister told the governor that collaboration between states and federal government as well as community leaders was imperative to smooth mining operations in Nigeria.
“Almost all the minerals are in Bauchi state.
“Bauchi is one of the key states that we are proud of in terms of deposit of mineral resources but our concern is that the resources are yet to be harnessed by the state government due to some challenges,” he acknowledged.
He said the ministry was already promoting the mineral potentials of Bauchi state to serious mining investors who are willing to invest in the state.
“We have visited the areas where the mining ore is being processed and that is why we are preaching that no mineral should be taken out of Nigeria in raw form but have to be processed so that we get all the components to add value to what we are exporting,” he added.
While responding, Governor Mohammed urged the federal government to establish a robust funding mechanism to enable genuine miners access financial interventions, adding that giving financial assistance to genuine miners will go along way towards reducing, tackling and discouraging illegal mining operations in the country.
“We have recognised your passion, energy, drive and determination to make sure you leave the mining sector better than you have found it.
“We have abundant natural resources in Bauchi that, if well harnessed and supported by the federal government, can sustain Nigeria as a whole.”
He said the state government was working to create some value chains around many mining opportunities of the state to increase its revenue generation, adding that despite the abundant natural resources in Bauchi, both the state and the federal government were not benefiting from them because of the activities of illegal miners and advocated for community engagement to overcome the situation.
He noted that his administration will continue to work with the Ministry to provide level playing ground for genuine investors to come and invest in the state for the benefit of both the state and the federal government.

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FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020

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images 79 2 FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020

FG, States, LGs Share N682.060bn As Allocation For August, 2020
The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.
This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.
The gross statutory revenue of N531.830 billion was received for the month of August 2020. This was lower than the N543.788 billion received in the previous month by N11.958 billion.
The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N682.060 billion; the Federal Government received N272.905 billion, the State Governments received N197.648 billion and the Local Government Councils received N147.422 billion.
The Oil Producing States received N30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively had allocation of N33.205 billion.
The Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils received N98.522 billion.
N30.881 billion was given to the relevant States as 13% derivation revenue and N22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies.
The Federal Government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The State Governments received N69.857billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion.
The Communiqué stated that for the month of August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.
The balance in the Excess Crude Account (ECA) as at 17th September, 2020 was $72.409 million.

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Lokoja Tanker Explosion: Pupil, 9 Others Dead

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images 75 2 Lokoja Tanker Explosion: Pupil, 9 Others Dead

A primary school pupil died on Wednesday alongside nine persons after a petrol tanker exploded at Felele area of Lokoja, Kogi State capital.
It was gathered that the tanker lost control and rammed into oncoming vehicles before going up in flames around 8am.
Some of the victims are Kogi State Polytechnic students.
The emergency responders failed to attend to the fire for over one hour.
Kogi State Governor Yahaya Bello in a statement by his spokesperson Onogwu Muhammed commiserated with the bereaved families.
“It is very sad to learn of the tragic loss of lives, many vehicles, property and other valuables in the petrol tanker fire,” he said.
He also urged students of the polytechnic to maintain peace.

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Nigerian Fraud Suspect , Wanted By FBI For $6 Million Scam Surrenders To EFCC

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images 66 2 Nigerian Fraud Suspect , Wanted By FBI For $6 Million Scam Surrenders To EFCC

A Nigerian, Felix Osilama Okpoh, who is wanted by the U.S. Federal Bureau of Investigations (FBI) for his alleged involvement in a Business Email Compromise (BEC) scheme that defrauded over 70 different businesses in the United States, has turned himself in to Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
Mr Okpoh, 31, who allegedly conspired with five others to defraud their American victims of over $6million, was led to the Lagos office of the EFCC by his father, retired Colonel Garuba Okpoh and his mother Justina Okpoh.
A spokesperson for the EFCC, Wilson Uwujaren, said the suspect surrendered on September 18 and that investigations into his case had since commenced.
Mr Uwujaren quoted Mr Okpoh as saying, during interrogation, that he decided to surrender himself to the Commission out of respect for his parents and his resolve to be morally upright.
The FBI accused the suspect of allegedly providing hundreds of bank accounts to Richard Izuchukwu Uzuh and other co-conspirators, Alex Afolabi Ogunshakin, Abiola Ayorinde Kayode, and Nnamdi Orson Benson, that were used to receive fraudulent wire transfers.
Bank accounts that Mr Okpoh allegedly provided to Mr Uzuh allegedly received fraudulent wire transfers from victim businesses totalling over $1million
On August 21, 2019, Mr Okpoh was indicted in the United States District Court, District of Nebraska, Omaha, Nebraska, on charges of Conspiracy to Commit Wire Fraud. On August 22, 2019, a federal warrant was issued for his arrest.
On June 16, 2020, United States Attorney Joe Kelly and Kristi K. Johnson, Special Agent in Charge of the Omaha field office of the Federal Bureau of Investigation, announced the unsealing of indictments charging the six Nigerians for their involvement in the fraud schemes.
“The schemes included individual victims and victim businesses both in Nebraska and other states,” the U.S.
Department of Justice said in a statement announcing the indictment. “BECs are sophisticated cybercrimes involving electronic transfer payments or automated clearinghouse transfers.”
“The indictments charge the defendants with one or more of the following violations of federal law: 1) Conspiracy to commit wire fraud and wire fraud, punishable by up to 20 years of imprisonment and a fine of up to $250,000; 2) Identity theft and access device fraud, each punishable by up to 10 years of imprisonment and a fine of up to $250,000.
“The Nigerian nationals charged and still at large are Richard Uzuh; Micheal Olorunyomi; Alex Ogunshakin; Felix Okpoh; Abiola Kayode and Nnamdi Benson. An indictment is a formal accusation returned by a grand jury upon establishing probable cause. The indictment is not evidence of guilt and defendants are entitled to a presumption of innocence. Two related defendants have entered pleas of guilty. Adewale Aniyeloye was sentenced in the District of Nebraska to 96 months’ imprisonment for wire fraud. Onome Ijomone received a 60-month sentence for conspiracy to commit wire fraud.”

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