FAAC Shares N604bn October 2020 Revenue To FG, States And LGs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N604.004 billion October 2020 federation account revenue to the Federal, States, and Local Government Councils and agencies.

This was announced after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja.

According to a statement issued on Wednesday by FAAC’s Director of Information, Hassan Dodo, the meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

“From this amount, inclusive cost of collection to NCS, DPR, and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil-producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion,” the statement partly read.

SEE FULL STATEMENT HERE:

The FG, States and LGCs share N604.004 billion for the month of October 2020.

The Federation Accounts Allocation Committee (FAAC), today at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed shared to the three tiers of government, a total sum of N604.004 billion as federation allocation for the month of October 2020.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.

The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion as against  N141.858 billion distributed in the preceding month of September, 2020, resulting in a decrease of N15.395 billion. The distribution is as follows; Federal Government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project received N3.794 billion.

The distributed Statutory Revenue of  N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, Derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.

The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex

Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.

The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million.

 

Hassan Dodo

D (Information)

Wednesday, November 18th, 2020

Inflation Rate Rises To 11.61% In October

PHOTO credit: National Bureau of Statistics

 

Fresh data from the National Bureau of Statistics on Monday shows that Nigeria’s inflation for the month of October has risen by 0.36 basis points year on year to 11.61 percent and also increased month on month to 1.07 percent from 1.04 percent.

The composite food index rose by 14.09 percent in October compared to 13.51 percent recorded in September due to increases in prices of meat, fish, vegetables, bread and cereals, potatoes, yam and other tubers.

According to experts, the rise in inflation rate may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders

Core inflation, which excludes the prices of volatile agricultural produce eased to 8.88 percent year on year in October compared with the 8.94 percent recorded in September.

The urban inflation rate stood at 12.20 percent year-on-year in October from September’s 11.78 percent, while rural inflation increased to 11.07 percent in October from 10.77 percent in September.

On a month-on-month basis, the urban index rose to 1.15 percent in October from 1.13 percent, while the rural index was slightly higher at 0.99 percent in from 0.96 percent.

Kenyan Election Delayed To October 26

File photo: (L) Incumbent President, Uhuru Kenyatta, and the opposition leader, Raila Odinga (R)

Kenya’s new election has been delayed to October 26, the polls commission said Thursday, as it seeks more time to fix issues that led to the initial vote being annulled.

The Independent Electoral and Boundaries Commission (IEBC) said in a statement that a detailed judgment from the Supreme Court on why it cancelled the poll “impacts on the election operations and in particular (the) technology to be deployed.”

The decision comes a day after the Supreme Court issued a detailed judgement lambasting the Independent Electoral and Boundaries Commission (IEBC) for failing to properly conduct the election.

The court ordered a fresh election, which had initially been set for October 17. However doubts had piled up over the ability of the commission to conduct necessary reforms and preparations in such a short time.

In a statement, the IEBC said it had decided to push back the vote as the full court ruling “impacts on the election operations and in particular (the) technology to be deployed.”

“In order to ensure that the commission is fully prepared to deliver an election that meets the standards set out by the Supreme Court, we wish to notify the public and all stakeholders that the fresh presidential election shall now be held on Thursday 26 October.”

AFP

FAAC Meeting: N369 Billion Distributed For November

financeThe Federation Accounts Allocation Committee (FAAC) has distributed the sum of  N369 billion to the Federal, State and Local Governments for the month of November.

Addressing newsmen in Abuja, the Minister of Finance, Mrs Kemi Adeosun, said that gross statutory revenue for the month which stood at N297 billion declined by over N102 billion compared with what was received in October.

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

Burkina Faso Coup: Officers Dissolve Government

burkina-fasoThe transitional government in Burkina Faso has been dissolved by the presidential guard officers.

To end the deviant regime, a new “national democratic council” in the country had taken control.

Interim Parliament Speaker, Cheriff Sy, said the move was “clearly a coup”.

There is heavy shooting by presidential forces at the revolutionary square in the capital, Oaugadougou.

On Wednesday, the Interim President and Prime Minister were arrested by the presidential guards.

They were due to hand power to a new government after elections on October 11.

Super Eagles To Resume Training In 3 Weeks

Super-Eagles-of-NigeriaNigeria’s international football team, the Super Eagles will resume training at the end of September ahead of a series of friendlies in Europe, as well as a 2016 African Nations Championship qualifier against Burkina Faso.

The team’s officials said the players from the Nigerian League would form the preliminary squad, with the foreign-based stars to join in Europe.

Officials of the Nigeria Football Federation are already in discussions with Cameroon Football Federation for a friendly during the FIFA-free window in October.

The home-based Eagles will also welcome Burkina Faso in a 2016 Championship qualifier on October 16, with the return leg on October 23 in Ouagadougou.

The overall winners of this tie will qualify for the African Nations Championship in Rwanda next year.

NFF Proposes Friendly With Cameroon

nffThe Nigerian Football Federation (NFF) is seeking to get Grade A friendlies this year for the Super Eagles, as Coach Sunday Oliseh steps up rebuilding of the former African Champions.

Sources revealed that the federation was working on plans to secure a friendly against Cameroon in October.

The NFF plans to make good use of the two FIFA friendly windows left for this year.

October 5 till 13 and November 9 till 17 are the remaining FIFA friendly windows.

In their last match,the Super Eagles of Nigeria got a goalless draw with the Taifa Stars of Tanzania.

The coach had, however, expressed optimism that the Nigerian National Team would improve in subsequent games.

Yobe State Partners UNICEF For Improved Water And Hygiene

Yobe-unicefYobe State Government and the United Nations Children’s Fund (UNICEF) have agreed to work towards improving water, hygiene and sanitation, as well as educational development of the state.

The State Governor, Ibrahim Gaidam, who received the Country Representative in Nigeria, Ms Jean Gough, said the State government would pay its 30 per cent counterpart fund between the months of September and October, to enable the take-off of the various programme in the state.

The Governor attributed the delay in the payment of the counterpart fund to the dwelling resources, but expressed confidence that the situation would change for the better.

Gaidam said: “The state will contribute its part of the counterpart fund along with the Local Governments of the state on a ratio of 18 to 12 respectively”.

He commended UNICEF for its commitment to improving the lots of the people, mostly in developing economy.

According to him, the Memorandum of Understanding (MoU) between UNICEF and the Yobe State Government was signed in 2013 and would run to 2018. He assured UNICEF representatives that the State, under his leadership, would abide by the terms of the agreement, to achieve the desired results.

Ms Gough while soliciting for strict adhering to the terms of the MoU, assured Governor Gaidam that her organisation would work assiduously towards serving the State better.

She said UNICEF would its best in improving water, hygiene, sanitation and particularly education which had been badly affected by the Boko Haram militants activities in the north-east, with much concentration in Yobe and Borno States.

The Country Representative commended the State government for the polio eradication, but urged them to work towards frequent immunisation and to ensure they reached all nooks and crannies of the State.

UNICEF is to contribute 70 per cent for the programmes to be implemented in the state, while the state and the Local Government will pay 30 per cent of the amount.

UNICEF has presently opened a D Field office in Maiduguri, the Borno state capital, to take charge of activities in Yobe and Borno States worse hit by the terrorists group.

U.S. Jobless Claims Hover Near Pre-recession Levels

Corporate recruiters gesture and shake hands as they talk with job seekers at a Hire Our Heroes job fair targeting unemployed military veterans and sponsored by the Cable Show, a cable television industry trade show in WashingtonNew applications for unemployment benefits held near their pre-recession levels last week, offering further evidence of the economy’s underlying strength.

Initial claims for state unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week ended April 12, the Labor Department said on Thursday. They stayed close to a 6-1/2 year low touched the prior week.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 315,000.

U.S. Treasury yields hit session highs on the data, while stock index futures and the dollar were little changed.

The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, fell 4,750 to 312,000, the lowest level since October 2007.

A Labor Department analyst said no states were estimated and there were no special factors influencing the state level data.

The claims data covered the survey week for April nonfarm payrolls. Despite last week’s increase, claims were down 19,000 between the March and April survey periods, which suggests an acceleration in job growth.

Job growth averaged about 195,000 per month in February and March, with the unemployment rate holding at near a five-year low of 6.7 percent over that period.

Labor market indicators such as job openings, the duration of unemployment and short-term unemployment, suggest some tightening in conditions.

On Wednesday, Federal Reserve Chair, Janet Yellen said it was “quite plausible” the economy would be back to near full employment by the end of 2016.

The economy is gaining traction after being held down by an unusually cold and snowy winter. Retail sales and industrial production have been robust. Employment has picked up and there is a bit of inflation in the economy.

The health of the labor market will most likely determine when the U.S. central bank will start raising benchmark interest rates, which it has kept near zero since December 2008.

The Fed is expected to conclude its monthly bond buying program later this year and most economists expect the first rate hike will be in the second half of 2015.

The claims report showed the number of people still receiving benefits after an initial week of aid dropped 11,000 to 2.74 million in the week ended April 5. That was the lowest level since December 2007.

US Appeal Court Upholds Abdulmutallab’s Life Sentence

A US Federal Appeal Court has upheld the life sentence on Farouk Abdulmutallab, the Nigerian man who tried to set off an explosive while aboard a US airliner in 2009.

The 6th US Circuit Court of Appeal rejected arguments by the man known as the underwear bomber that the sentence was cruel and US District Judge, Nancy Edmunds, had erred by letting him represent himself at trial despite doubts about his competency.

Mr. Abdulmutallab challenged the sentence despite having pleaded guilty in October 2011, a day after his trial began.

He called his attempted bombing at the time a part of his “religious duty” to participate in a Jihad against the United States to avenge attacks on Muslims.

Writing for a three-judge panel, Circuit Judge, David Mckeague, said that a life sentence was appropriate, given the nature of the crime, and the defendant, having committed an act of terrorism, “communicated a desire” to undertake more.

The Circuit Judge had found no reason to question Abdulmutallab’s competence, and said that statements were admissible under a public safety exception to the warning against self-incrimination.

Mr. Abdulmutallab’s bomb ignited a comet but did not explode on Northwest Airlines Flight 253, which had 289 people on board.

Delta To Stage Trade Fair To Diversify Economy

The Delta state government on Monday flagged off the media presentation of Delta state trade fair, tagged “Trade Beyond Oil” which is scheduled to kick off in October in the city of Warri.

Speaking to journalist during the media unveiling, the Commissioner for Commerce and Industry, Kingsley Emu noted that trade beyond oil is a need to diversify the state’s economy and that the forthcoming trade fair will key into the vision to actualize it.

He stated that there has not been any trade fair in the state for over five years.

According to him, the theme ‘trade beyond oil’ is coined from the Delta beyond oil vision, which seeks to diversify and develop other areas and natural resources in the state aside oil as a significant percent of the state’s population are employed through in the agricultural sector.

In his remark, the Commissioner for Information, Barrister Chike Ogeah, pointed out that the program is going to affect the state positively which is to diversify the economy as the nation is also moving in the same direction of Nigeria beyond Oil.

During an interview session, consultants to the trade fair, Crown Media Limited, Austin Izagbo, was optimistic that the fair is is going to be a new dimension of trade fair because “it would also be given private investor touch” he stated.

 

More Rains This Year – Meteorological Agency

Nigerians living along the Niger River basin should brace up for more flood this year, going by the latest warning from the Nigeria Meteorological Agency.

The MET office gave the prediction while presenting its report of this year’s rainfall expectations.

It put the commencement of the rains from February running through June, with a lull between early October and late December across the country.