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Business News

Federal, States, LGs got ₦741.843 billion allocation in August

FAAC met in Abuja to disburse ₦741.84bn among tiers of government from revenue generated in August.

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Zainab Ahmed, Pres. Buhari to review Finance Bill, tax reform yearly to finance budget 

The Federation Account Allocation Committee (FAAC), yesterday, met in Abuja to disburse ₦741.843 billion among tiers of government from revenue generated in August.

The meeting is a monthly tradition of the committee to discuss revenue generated, the basis of distribution among other issues that border on its jurisdiction. The meeting which should have been chaired by the Minister of Finance, Zainab Ahmed, had the Permanent Secretary of the Ministry of Finance, Mahmoud Isa-Dutse in charge. It was reported that the Minister is away on other statutory assignment.

Isa-Dutse, while sharing with newsmen the statistics for the previous month at the end of the FAAC meeting, read that ₦741.843 billion was appended for disbursement.

Federal Account Allocation Committee (FAAC) disbursements for the first quarter ended March 2018 had jumped to 37% compared to the corresponding period.

Shedding more light on the figures, the Permanent Secretary noted that the amount received as gross statutory revenue was ₦627.139 billion, this is an up from ₦609.975 billion received in the previous month by ₦17.164 billion.

Total shareable revenue of ₦741.843 billion is an addendum of statutory revenue of ₦627.139 billion: gross Value Added Tax of ₦114.542 billion and an exchange gain of ₦162 million.

The allocation received is an increment compared to the preceding month. This was made possible by the significant appreciation in oil price and production in the international market.

The net statutory revenue was shared in the ratio of 52.68%:26.72%:20.60% between the Federal, State and Local Government respectively. The upper tier obviously received the lion share by value (₦274.889 billion), state (₦139.427 billion), local government (₦107.493 billion). Oil-producing states gulped up ₦53.034 billion.

Value Added Tax distribution is distributed thus: the Federal Government received ₦16.494 billion (15 per cent); states got ₦54.981 billion, amounting to 50% while the local governments got ₦38.486 billion 35%.

The revenue upsurge necessitated the need to save up ₦40 billion in the Excess Crude Allocation, bringing total in that account as at September 25, 2018, to $2.468 billion, while the balance in Excess Petroleum Profit Tax as at the same date is $0.133 billion.

Also at the event, the Accountant General of the Federation, Ahmed Idris spoke on civil servant’s salary which he said would be paid in timely fashion as it is the custom of the administration.

He said

“… as I am sitting here, I have just finalised the cash plan for salaries, it is a matter of IT (Information Technology) application.”

Meanwhile, the organised NLC has commenced a nationwide strike today, Thursday.

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Sports

Nigeria’s Israel Adesanya suffers first career defeat in UFC

Nigeria’s Israel Adesanya suffered his first loss in his mixed martial arts career.

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Nigerian born, Israel Adesanya suffered his first loss in his mixed martial arts career as he came up short against his opponent, Jan Blachowicz at the UFC 259.

The UFC 259 took place at the UFC Apex in Las Vegas on a Saturday night. Adesanya had a shot at history to become UFC’s fifth double-champion by joining the likes of Amanda Nunes, Conor McGregor, Daniel Cormier and Henry Cejudo as the only UFC’s simultaneous two-belt champions but failed.

This loss means his unbeatable record has been broken as Blachowicz who successfully defended his light heavyweight strap. It also means Adesanya’s nine-win streak in the UFC has come to an end.

The judges scored the fight 49-46, 49-45, 49-45 as the Polish champion, Blachowicz won with a unanimous decision over Adesanya as he handed him his first loss in his mixed martial arts career that began in 2012.

Speaking during his post-match conference, Adesanya said that even though the decision didn’t go his way, he would work hard to make a comeback at the title.

“It didn’t go the way I wanted it to go, but dare to be great. The critics are the ones on the sidelines, but I’m the one putting it on the line.

“This is not a one-off. I definitely will be back … I’m going back to 185, and I’m going to rule that b**** with my iron black fist,” he said.

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Coronavirus

COVID-19 Update in Nigeria

On the 6th of March 2021, 195 new confirmed cases and 10 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,237 confirmed cases.

On the 6th of March 2021, 195 new confirmed cases and 10 deaths were recorded in Nigeria.

To date, 158,237 cases have been confirmed, 137,645 cases have been discharged and 1,964 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 6th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 6th March 2021,

  • Total Number of Cases – 158,237
  • Total Number Discharged – 137,645
  • Total Deaths – 1,964
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 195 new cases are reported from 17 states- Lagos (70), Kaduna (22), Abia (20), Edo (18), Kano (10), Akwa Ibom (9) Rivers (7), FCT (7) Borno (6) Bauchi (5), Osun (5), Oyo (5), Plateau (3), Ekiti (3), Niger (2), Ogun (2) and Zamfara (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623),  Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).

Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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