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Economy & Politics

FG, States Share Another N518.542b June Federation Revenue

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  • The Federal Government and the 36 states of the federation yesterday distributed the sum of N518.542 billion being federally generated revenue for the month of June.
  • The distribution is coming barely two weeks after an emergency Federation Accounts Allocation Committee (FAAC) met to share the sum of N713 billion Nigerian Liquefied Natural Gas (NLNG) dividends and other oil companies taxes declared by the Federal Inland Revenue Service (FIRS) as a way of alleviating the harsh liquidity position which had assailed some states, leading to inability of some to pay workers’ salaries.
  • Sum declared for sharing consisted of N289.353 billion from oil minerals revenue; N196.599 billion non-oil proceeds and the sum of N62.392 billion VAT collections for the month.
  • At the yesterday meeting, the Federal Government received the sum of N218.928 billion from the Statutory allocation and another sum of N9.359 billion from the VAT pool; the states got N111.043 billion from the statutory revenue and another sum of N31.196 billion from VAT, while the Local Councils got N85.610 billion from statutory revenue and the sum of N21.837 billion from VAT income stream.
  • The oil minerals bearing states are to share the sum of N34.104 billion representing 13 per cent of derivation principles.
  • Meanwhile, the Excess Crude Account (ECA) has grown by $100 million bringing the level of the accounts to $2.207 billion.
  • Source:The Guardian

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Economy & Politics

Just In: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning

A 2016 report had indicted Magu of several criminal acts including diversion of recovered loot. 

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Ibrahim Magu

Ibrahim Magu, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC) has been invited by operatives of the Department of State Services (DSS) for questioning. 

Nairametrics gathered Magu was invited Monday afternoon by the DSS. 

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Tony Amokedo, a spokesman for Ibrahim Magu claims Mr. Magu wasn’t arrested as reported in a section of the media, but was invited for questioning by DSS officials. He said Magu was invited for a Panel set up by the Federal Government investigating corruption allegations against Magu. 

READ ALSO: Reasons we arrested Innoson Motors’ boss, Innocent Chukwuma – EFCC

Also, following earlier reports of Magu’s alleged arrest, the DSS quickly released a statement through its Public Relations Officer, Peter Afunanya, Ph.D, denying the arrest of the chief of Nigeria’s anti-graft agency.

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“The Department of State Services (DSS) wishes to inform the public that it did not arrest Ibrahim MAGU, Acting Chairman of the Economic and Financial Crimes Commission (EFCC) as has been reported by sections of the media. The Service, has since, today, 6th July, 2020, been inundated with enquiries over the alleged arrest,” DSS statement read.

Last month, the Attorney-General of the Federation, Mr. Abubakar Malami (SAN), wrote to Buhari, recommending the removal of Magu, accusing him of misconduct, insubordination and diversion of recovered loot. 

READ ALSO: EFCC and other anti-graft agencies demand speedy repatriation of stolen funds

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A 2016 report by the DSS revealed Ibrahim Magu lives a “high-profile lifestyle”. The report revealed Magu lives in a house rented for N40 million at N20 million a year which was paid for by one retired Air Commodore, Umar Mohammed.

Magu is also accused of using private jets belonging to Mohammed and going on trips with bank executives being investigated by the EFCC. 

The report also revealed Magu was guilty of withholding EFCC files, obstruction of justice and sabotage by the Nigerian Police Commission in 2010.

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Economy & Politics

Over 20% of N-Power beneficiaries are now business owners – FG

The Minister emphasized the President’s vision of lifting 100 million Nigerians out of poverty.

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Over 20% of N-Power beneficiaries are now business owners - FG

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has said that about 109,823 beneficiaries of the N-Power programme now have their own businesses.

This represents about 22% of the 500,000 Nigerians that have benefited from this programme since its inception.

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This was disclosed in a statement by the Minister’s Special Assistant on Strategic Communications, Mrs Halima Oyelade on Saturday, July 4, 2020. She said that the beneficiaries of Batch A and B of N-Power have established businesses in their communities.

READ MORE: Why Federal Government disengaged 2,525 N-Power beneficiaries

The Minister in the statement said, “Statistics like this gives me joy and once again, I want to say congratulations; I look forward to hearing amazing testimonies and meeting beneficiaries of this programme who will be doing great things in the future”.

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She emphasized President Muhammadu Buhari’s vision of lifting 100 million Nigerians out of poverty in the next 10 years by creating opportunities that would improve the productivity of Nigerian youths for entrepreneurship or employment.

Going further the minister said, “Thus, the need to find ways to engage them is of utmost importance. However, the commencement of the enrolment of Batch C was predicated on the need to give more Nigerian youths the opportunity to benefit. This is because, keeping only 500,000 beneficiaries for four years defeats the purpose of Mr President’s vision, hence the need to scale up and was in no way meant to be punitive.”

While acknowledging the beneficiaries’ contributions, Farouq said, ‘’You are our model N-Power beneficiaries. Please avail yourselves of all opportunities provided by government like interest-free loans and leverage on those opportunities while using N-Power as a stepping stone”.

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The minister said the ministry is working at resolving some of the challenges facing the programme which include delays in the payment of stipends, beneficiaries not showing up at their places of primary assignments and people accessing the programme while gainfully employed elsewhere.

The minister also assured beneficiaries that outstanding payments would be made and transition plans were ongoing and would be duly communicated to them on their platform.

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Some of the beneficiaries of the programme gave good testimonies about the impact of the programme in their lives and all expressed their gratitude to the Federal Government for the opportunity.

Nairametrics has reported the opening of application portal for batch C of the programme with effect from 11.45 pm on June 26, 2020. There have been over 3 million applicants that have shown interest in batch C of the programme in about a week.

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Economy & Politics

Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt.

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Nigeria's Debt to revenue ratio, DMO suspends April 2020 FGN savings bond offer

Nigeria, Africa’s largest economy’s total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter of 2020, which is March 31, 2020. This represents a 15% increase from the figure that was recorded for the corresponding period in 2019, which was about $69.09 billion (N24.94 trillion).

This was disclosed in a latest publication by the Debt Management Office (DMO) on Friday June 3, 2020.

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Nigeria has seen its debt stock rise sharply in recent years as the country tries to fund infrastructural and developmental projects and boost its fragile economy, which has been in and out of recession. The country’s economy has been projected to fall into recession again, due to the adverse impact of COVID-19 that has seen oil prices crash globally.

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt. This represents 34.89% of the total public debt stock. Whereas, $51.64 billion (N18.64 trillion) is the total domestic debt, which represents 65.11% of the total public debt.

READ MORE: Nigeria borrows N754 billion in 3-month, total debt now N25.7 trillion  

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The Federal Government accounts for 50.77% of the total domestic debt, which is $40.26 billion (N14.53 trillion), whereas the State Governments and Federal Capital Territory account for 14.34% of the total domestic borrowing which is $11.37 billion (N4.11 trillion).

Nigeria has been under a lot of fiscal crisis following the crash of oil prices triggered by the coronavirus pandemic. The oil sector accounts for about 90% of the country’s foreign exchange earnings and about 60% of its total revenue.

The country, which had lined up a series of debt issue this year, had to halt the external commercial borrowing due to oil price collapse. The Minister for Finance, Zainab Ahmed, had last week disclosed that the country would no longer go ahead with its Eurobond debt issue.

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READ ALSO: Lagos debt hits N39.6 billion, to borrow N97 billion more

The Nigerian government, for now, is focusing on the domestic markets and concessionary loans to help fund the 2020 budget deficit which is made worse by drop in revenue. In the recently approved 2020 revised budget, the federal government is expected to borrow N850 billion from the domestic market.

This rising debt has put a lot of pressure on the government’s resources as it spent $1.69 billion (N609,13 billion) to service its domestic debt in the first quarter of 2020 alone.

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Nairametrics had reported that Nigeria’s global rating is at risk due to the sharp rise in the country’s sovereign debt and a growing finance gap. According to a report from the global rating agency, Fitch Ratings, this could trigger a rating downgrade as policymakers struggle to stimulate growth and deal with the impact of low oil prices and sharp drop in revenue.

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According to Fitch, the country’s debt to revenue ration is set to deteriorate further to 538% by the end of 2020, from the 348% that it was a year earlier.

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