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FAAC shares N616.886 billion among three tiers of gov’t for April, 2021

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The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.886 billion as April 2021 Federation revenue to the Federal, States and Local Governments Councils.

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2021.
In a statement by Mr. Henshaw Ogubike, Director of Information, Press and Public Relations on Friday, said, the distributable statutory revenue for the month of April 2021 was N429.733 billion; distributable revenue from the Value Added Tax (VAT) was N164.340 billion; Excess Bank Charges Recovered was N0.563 billion; Exchange Gain was N2.250 billion. The sum of N20 billion from Non Oil revenue was added as augmentation, bringing the total distributable revenue to N616. 886 billion.

In April 2021, the sum of N79.468 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $ 72.413 million.

The communiqué indicated that from the total distributable revenue of N616.886 billion; the Federal Government received N244.011billion, the State Governments received N193.432 billion, and the Local Government Councils received N143.298 billion. The sum of N36.145 billion was shared to the relevant States as 13% derivation revenue.

From the distributable statutory revenue of N429.733 billion; the Federal Government received N207.477 billion, the State Governments received N105.235 billion and the Local Government Councils received N81.132 billion. The sum of N35.890 billion was given to the relevant States as 13% derivation revenue.

The Federal Government received N24.651 billion from the distributable Value Added Tax (VAT) revenue of N164.340 billion. The State Governments received N82.171billion, the Local Government Councils received N57.519 billion.

From the Exchange Gain revenue of N2.250 billion, the Federal Government received N1.051 billion, the State Governments receive N0.533 billion, the Local Government Councils received N0.411 billion and N0.255 billion was given to the relevant States as 13% derivation revenue.

The communiqué confirmed that the Federal Government received N0.296 billion, the State Governments received N0.150 billion, and the Local Government Councils received N0.116 billion available from Excess Bank Charges.

The Federal Government received N10.536 billion, the State Government received N5.344 billion and the Local Government Councils received N4.120 billion from the N20 billion augmentation from Non-Oil revenue.

According to the Communiqué, in the month of April 2021, Petroleum Profit Tax (PPT) and Excise Duty recorded considerable increases while collections for Companies Income Tax (CIT) and Oil and Gas Royalties decreased significantly. Also, Value Added Tax (VAT) and Import Duty took a marginal downturn.

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Business & Economy

Tinubu To Present 2024 Supplementary Budget To NASS

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President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
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President Bola Tinubu will soon present the 2024 Supplementary Budget to the National Assembly (NASS).

“I submitted the last budget to you,” the President said when he addressed a joint sitting of the National Assembly on Wednesday.

“You expeditiously passed it. We are walking the talk. I will soon bring the Year 2024 (Supplementary) Appropriation Bill. That is just for your information,” the President said in his terse speech at the joint sitting to mark the Silver Jubilee Of Nigeria’s 4th Republic.

In his response, Senate President Godswill Akpabio, said, “Thank you, Mr President, we will be expecting the Supplementary Appropriation Bill of 2024 as soon as possible.”

Also, at the joint sitting which coincided with the first anniversary of the Tinubu administration, the President confirmed ‘Nigeria, we hail thee’ as the “latest national anthem”.

Tinubu said, “You sang out the latest national anthem, ‘Nigeria, we hail thee’. This is our diversity, representing all characters and how we blend to be brothers and sisters.”

The President pleaded with both the Senate and the House of Representatives to continue to collaborate and work together with the administration to build the country on the path of sustained progress and development.

“We have no other choice; it is our nation. No other institution or personality will help us unless we do it ourselves. No amount of aid from foreign countries or any other nation (will fix us), they take care of themselves first. Let us work together as we are doing to build our nation, not only for us but for generations unborn,” he said.

 

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We Have No Magic Wand, Tackling Inflation Will Take Time — Cardoso

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Yemi Cardoso,CBN Governor
Yemi Cardoso,CBN Governor
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The Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso has urged the citizens to be patient over the fight against current inflation and hike in food items in the country.

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

The CBN governor mentioned that there was no magic needed to solve inflation in Nigeria but rather patience.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated, “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing.”

He added, “The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure- related constraints along the line of distribution network, security challenges in some food producing areas, and exchange rate pass-through to domestic prices for imported food items.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

The Central Bank of Nigeria has also blamed the recent volatility of the country’s foreign exchange market on seasonal demand for dollars.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” a communique issued by the committee on Tuesday stated.

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Port Harcourt Refinery Begins Full Operations Next Month

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Port Harcourt Refinery
Port Harcourt Refinery
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The 210,000-barrel-per-day Port Harcourt refinery is expected to commence operations by the end of July, following multiple delays.

National Public Relations Officer of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, revealed this new timeline on Monday. He noted that the refinery’s operation would boost economic activities, reduce petroleum product prices, and ensure an adequate supply.

In December last year, Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the Port Harcourt refinery, the largest in the region.

The refinery consists of two units: an older plant with a 60,000-barrel-per-day capacity and a newer plant with a 150,000-barrel-per-day capacity. The refinery was shut down in March 2019 for the first phase of repairs after the government enlisted Italy’s Maire Tecnimont as a technical adviser and appointed oil major Eni as a technical adviser.

On March 15, 2024, NNPC Limited’s Group Chief Executive Officer, Mele Kyari, announced that the Port Harcourt refinery would begin operations in about two weeks. He made this statement during a press briefing following his appearance before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

“We achieved mechanical completion in December,” Kyari stated. “We now have crude oil stocked in the refinery and are conducting regulatory compliance tests. The Port Harcourt refinery will start within two weeks.”

However, two months later, the refinery had yet to commence operations.

In an interview, IPMAN’s Ukadike emphasized that the work done on the refinery represented a complete overhaul rather than mere rehabilitation. He assured that every effort was being made to meet the July deadline.

Ukadike said, “When we visited, the MD informed us that the refinery was nearly ready and would start production by the end of July. The overhaul is extensive, with all the armoured cables replaced and everything almost brand new. The maintenance turnaround is massive, with work being done day and night. All hands are on deck to meet the target. By the end of July, the refinery should be operational.”

When asked about the government’s previous unfulfilled promises to restart the refinery, Ukadike acknowledged the delays but noted that no reasons were given for missing the last deadline in April

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