Nigeria’s Gross Statutory Revenue Drops By Over 102bn Naira

Treasury bills-nigeria

Nigeria’s Gross Statutory Revenue for the month of November dropped by 102 billion Naira to 297 billion Naira compered with the month of October, a government official said on Tuesday. 

The current revenue position was made known by the Minister of Finance, Miss Kemi Adeosun, during the Federation Accounts Allocation Committee (FAAC) meeting.

The FAAC during the meeting distributed the sum of 369 billion Naira to the Federal, States and Local Governments for the month of November.

Addressing reporters in Abuja after the meeting, the Minister of Finance said that the Gross Statutory Revenue for the month which stood at 297 billion Naira was less than what it was in October.

She, however, promised that the government was looking at ways of increasing revenues from the non-oil sector.

The nation is looking to diversify its economy away from crude oil dependency, with more focus on agriculture.

Revenue generation of the oil-rich nation had dropped since the price of crude oil began to decline.

The allocation is coming on the same day that President Muhammadu Buhari presented the 2016 budget proposal to the National Assembly for their consideration and approval.

A budget of 6.08 trillion Naira was presented, with the President saying it was focused on youth employment.

Bayelsa Govt. Declares N1.27bn As Deficit Balance

Deputy Governor of bayelsa state Gboribiogha JonahThe Bayelsa State Government has declared a deficit balance of 1.27 billion Naira as funds available after meeting its financial obligations amounting to 6.9 billion Naira  for October 2015.

Presenting the figures during the monthly transparency briefing in Yenagoa, the Bayelsa State capital on Tuesday, the Deputy Governor, Rear Admiral Gboribiogha Jonah (Rtd), said that the state received a gross inflow of 6.5 billion Naira, out of which a total of 2.2 billion Naira was removed as Federation Accounts Allocation Committee (FAAC) deductions.

On the inflow, he announced a statutory allocation from FAAC as 1.8 billion Naira, derivation as 4 billion Naira; Value Added Tax – 512 million Naira; exchange differentials of 115 million Naira, while Internally Generated Revenue for the month of September stood at 522 million Naira.

Giving a breakdown of the FAAC deductions, Mr Jonah said that the state expended 1.2 billion Naira as bond repayment, 18 million Naira on foreign loans to the state inherited from previous administration, as well as Commercial Agricultural Loan Scheme which amounted to 66.7 billion Naira.

On the outflows, the Deputy Governor stated that a total of 6.09 billion Naira was spent in October, comprising bank loan repayments of 1 billion Naira; salaries of civil servants at 3.6 billion Naira while that of political appointees stood at 515 million Naira. This is in addition to pension arrears for August 2015 which is 459 million Naira.

Bayelsa Polls: Former And Serving Councillors Endorse Gov. Dickson

dicksonOver 625 former and serving councillors from the eight local government areas of Bayelsa State have endorsed Governor Seriake Dickson for a second term in office.

The Chairman of the councillors’ forum, Mr Tonkumo Igoniwari, said that former and serving legislators from 1999 till date unanimously adopted Governor Dickson based on his achievements in the last couple of years in addressing the challenges of infrastructural deficit and issues of security and education in the state.

He described Governor Dickson as a true democrat for earlier allowing them to serve out their tenure when he became governor of the state, pointing out that the gesture was a clear departure from the past.

Expressing appreciation for the vote of confidence passed on him, Governor Seriake Dickson noted that their support would spur him to do more exploits in the development of the state.

The Governor further revealed that key members of the opposition were endorsing him, disclosing that more endorsements would still come as the election approaches.

Describing the councillors as critical builders of democracy, the Speaker of the Bayelsa State House of Assembly, Kombowei Benson, urged them to mobilize the people at the grassroots and ensure that they deliver their wards, units and local government areas in the coming election.

According to him, the opposition party does not have any structure in the state, as all the 105 councillors are of the PDP, 21 out of the 23 House of Assembly seats belong to the PDP, in addition to the PDP producing the eight local government chairmen.

Governor Dickson Declares State Account

dicksonBayelsa State Governor, Seriake Dickson, on Saturday declared the State’s statement of account.

While addressing his political appointees on the statement of accounts,  the Governor expressed concern over the steady decline in revenues from the Federation Accounts Allocation Committee (FAAC), as evidenced in the less than one billion Naira shortfall in revenue between August and September.

Governor Dickson, who reassured Civil Servants of his preparedness to pay their salaries from Monday, October 5, in spite of the sharp decline in revenue of the state, also appealed to Bayelsans to keep faith with his administration as he assured them that he and his team are making the best out the situation.

He also seized the opportunity to remind Bayelsans of the states indebtedness which according to him, is as a result of the financial mismanagement experienced in the state during the five year rule of former Governor Timipre Sylva.

He, however, advised Bayelsans to be wise when casting their votes on December 5.

Aside informing Bayelsans of the financial condition of the state, the meeting afforded the Governor another opportunity to rub minds with his appointees and noted the strategies mapped out by his administration to ensure landslide victory during the upcoming polls.

FAAC Distributes N628 Billion To Three Tiers Of Government For November

minister of state for financeA total of N628 billion has been disbursed to the Federal, State and Local Governments for the month of November.

Addressing journalists after the Federation Accounts Allocation Committee meeting in Abuja, the Minister of State for Finance, Ambassador Bashir Yuguda said gross revenue for the month stood at N500 billion, lower than the N536 received in October.

Ambassador Yuguda attributed the drop in revenue to a reduction in export volumes and a drop in crude oil prices.

‎He however said that a total of N35 billion has been proposed for distribution under the Subsidy Reinvestment Programme (SURE-P) for the three tiers of government.

Nigeria To Investigate Banks Over False Remittance

The Federal Government of Nigeria has begun investigating commercial banks for irregularities in remittances of revenue by some of them engaged in the collection of non- oil revenue for the federation account.

Money deposit banks across the country would be scrutinized as their activities concerning the receipt and remittances to the federation account of taxes and duties from the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) have come under question to ascertain the extent of diversion by the banks.

The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) had earlier revealed that it discovered a wide range of irregularities and will work transparently to recover every excess deduction and stop further leakages.

At a news conference in Abuja, the chairman of RMAFC, Elias Mbam said the Federation Accounts Allocation committee (FAAC) has authorized it to carry out an investigation of the bank’s activities beginning from January 2008 to June 2012.

A total of 21 banks in the country have been contracted by the FIRS and the NCS to collect taxes and duties for the country.

FG to resume subsidy payment in July

The Federal Government has announced that it will resume the payment of fuel subsidy next month.

The Minister of State for Finance, Dr. Yerima Ngama, made this known in Ibadan on Tuesday, shortly after the Federation Accounts Allocation Committee (FAAC) meeting ended.

The government had in April, stopped the payments of fuel subsidy to oil marketers, in a bid to ensure prudent management of the fuel subsidy budget.

While N232 billion was budgeted for the payment of subsidy arrears in the 2012 budget, a whopping N451bn has so far been paid as arrears to oil marketers for 2011.

This made the Minister of Finance, Dr. Ngozi Okonjo-Iweala constitute a committee led by the Group Managing Director, Access Bank Plc, Mr. AigbojeAig-Imoukhuede, to verify the payment of subsidy arrears.

“In the month of May, just like April, we didn’t pay any amount for subsidy. This is because we stopped the payment of fuel subsidy because we felt there was a need to carry out a reconciliation of the payments” he said.

Ngama noted that the committee had concluded its assignments and would submit its report to the Federal Government before the end of this week.

“I am glad to inform you that the committee that was asked to do that assignment has completed its work and the report will be sent to the Federal Government. As this committee submits its report; it, therefore, means that the ministry will from next month resume the payment of subsidies to oil marketers.”

He said apart from the N451bn paid to oil marketers, additional N50bn was recently released, thus bringing the subsidy bill for this year to N501bn.

Asked how much had so far been spent on subsidy this year, Ngama said,”N451bn has been paid and additional N50bn was last month released before the suspension of payment.”