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Business News
FAAC disburses N190 billion to 36 States in August as allocation drops [Full list]
The Federation Account Allocation Committee (FAAC) disbursed the sum of N190.38 billion to the 36 States government in the month of August 2019.
The Federation Account Allocation Committee (FAAC) disbursed the sum of N190.38 billion to the 36 States government in the month of August 2019. This is disclosed in the latest monthly allocation report released by the National Bureau of Statistics (NBS).
According to the monthly report, federal allocation to states in Nigeria dropped to N190.3 billion in August 2019, from the N201.2 billion disbursed in the previous month (July). This means allocation dropped by 5%.
The breakdown showed that in the month of August, a total of N769.5 billion was disbursed among the three tiers of government and some Federal agencies. The federal government got the biggest share of N299.7 billion, states received N190.4 billion and the local government Councils shared N143.5 billion.
- Also, as part of the 13% derivation fund, the sum of N51.6 billion was disbursed to the oil producing states, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.70 billion, N11.14 billion and N5.02 billion respectively as cost of revenue collections.
- Also, N58.29 billion as transfer to excess crude account (ECA).
- The amount disbursed comprised of N607.37 billion from the Statutory Account, N94.16 billion from Valued Added Tax (VAT) and N999.99 million exchange gain differences.
[READ MORE: FAAC disburses N617 billion as South-South scoops highest allocation]
States Allocation: In the month of August, as in previous months, Delta state received the biggest share of gross allocation estimated at N21.1 billion. Also, Akwa Ibom received a total sum of N15.9 billion. Other states within the top 5 biggest recipient of federal allocation in August include Rivers (N15.1 billion), Bayelsa (N14.5 billion) and Lagos (N13.6 billion).
On the other hand, five states with the lowest share of federal allocation in August 2019 include Gombe, Ekiti, Ogun, Cross River and Osun. The five states received an average of N4 billion each.
Meanwhile, despite the drop in allocation to the states, several deductions were made by the federal government. On a month to month basis, FG deducts external debt, contractual obligation and other deductions from allocations entitled to states.
- For the period under review, a total sum of N27.4 billion was deducted from the states’ allocation.
- External debt deduction was put at N3.14 billion while contractual Obligation (ISPO) was estimated at N6.43 billion. The biggest of the deduction is other deduction.
- According to the NBS, other deductions cover; National Water Rehabilitation Projects, National Agricultural Technology Support Programme and Salary Bailout.
- Essentially, other deduction was put at N17.8 billion in August.
Drop in revenue: It is important to stress that government revenue has dropped in recent times due to the development in the global oil market. Nigeria’s biggest export commodity and earner is oil, hence, drop in the prices of oil puts revenue under serious strain. While the oil market still appear uncertain, allocation to states may further be on the decline
[READ MORE: Delta State takes biggest share of states FAAC allocation]
Recall that the FG recently announced it would begin major deduction of bailout funds earlier given to states. The states governors have, however, been able to persuade the FG to honour initial agreements surrounding the refund, as the sudden deductions may put states in critical situations.
Coronavirus
COVID-19: FG to disburse N10 billion for local vaccine production
The Minister of Health has disclosed that Nigeria is exploring options for the licensed production of COVID-19 vaccine.
Coronavirus
COVID-19 Update in Nigeria
On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria
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 112,004 confirmed cases.
On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria.
To date, 112,004 cases have been confirmed, 89,939 cases have been discharged and 1,449 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.17 million tests have been carried out as of January 17th, 2021 compared to 1.15 million tests a day earlier.
COVID-19 Case Updates- 18th January 2021,
- Total Number of Cases – 112,004
- Total Number Discharged – 89,939
- Total Deaths – 1,449
- Total Tests Carried out – 1,172,234
According to the NCDC, the 1,617 new cases were reported from 18 states- Lagos (776), Kaduna (147) Kwara (131), FCT (102), Plateau (78), Edo (59), Ogun (53), Osun (45), Rivers (37), Taraba (36), Nasarawa (34), Adamawa (33), Kano (26), Delta (20), Ebonyi (16), Bayelsa (11), Gombe(11) and Borno (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 41,400, followed by Abuja (14,700), Plateau (6,831), Kaduna (6,325), Oyo (4,695), Rivers (4,429), Edo (3,320), Ogun (2,912), Kano (2,617), Delta (2,122), Ondo (2,070), Katsina (1,723), Kwara (1,697), Enugu (1,583), Gombe (1,500), Nasarawa (1,335), Ebonyi (1,275), Osun (1,260), Abia (1,134), and Bauchi (1,107).
Borno State has recorded 867 cases, Imo (857), Sokoto (677), Akwa Ibom (667), Benue (657), Bayelsa (619), Adamawa (573), Niger (547), Anambra (515), Ekiti (473), Jigawa (425), Taraba (294), Kebbi (251), Yobe (211), Cross River (169), Zamfara (162), 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.
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.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Around the World
US Capitol complex temporarily shut down
The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.
The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.
The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.
READ: President Trump says he won’t attend Joe Biden’s inauguration
Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.
While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.
The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.
READ: US Supreme court dismisses Texas bid to overturn presidential election results
The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’
The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.
The fire department said, “There were no injuries. This accounts for smoke that many have seen.”
READ: Huawei accuses the United States of hacking
What you should know
- President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
- Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.
