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Economy & Politics

FG records revenue of N676.41 billion in July

The increase in revenue was attributed to higher crude oil sales and increasing tax receipts.

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FG records revenue of N676.41 billion in July, AGF launches Committee on Financial Transparency Guidelines and Open Treasury Portal, Office of Nigeria's Account General is reportedly engulfed in flames, Auditor-General, Accountant-General, grants, FAAC disburses N327.68 billion to States and LGAs in September, as allocation drops again,

The Federal Government of Nigeria recorded total revenue of N676.41 billion in July compared to N653.35 billion in June.

Accountant General of the Federation, Ahmed Idris, revealed that the rise in revenue was a result of higher crude oil sales and increasing tax receipts.

Nairametrics reported in July that the Federation Accounts Allocation Committee (FAAC) announced that the FG, States, and Local Governments shared N651.18 billion in Federation account revenues for the month of June, after recording a total revenue of N653.35 billion.

Mr. Idris said that sales tax from oil revenues increased for the month of July, coupled with increases from corporate and income duties. Meanwhile, oil surplus balance for the month of July was $72.41 million as at August 19.

Note that crude oil accounts for two-thirds of Nigeria’s revenue. However, the government has recently been making efforts to diversity its revenue streams, including by way of taxation. For instance, increased VAT also contributed to the increase in July’s revenue because the government recently increased VAT to 7.5% in February.

Crude Oil reached record lows in April due to falling demand caused by the pandemic and an oil trade war between the Saudis and Russia. OPEC+ agreed to daily cuts of 9.6 million barrels a day, which has seen oil rise to $44 per barrel. OPEC plans to continue the production cuts till September, especially for countries like Nigeria and Iraq who have not quite been compliant.

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    Business

    Buhari suspends NPA MD, Hadiza Usman, approves investigative probe panel

    President Buhari has approved the immediate suspension of the MD of the Nigerian Ports Authority, Hadiza Usman.

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    Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

    President Muhammadu Buhari has approved the immediate suspension of the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Usman.

    The suspension of Usman is to allow the panel of inquiry which is to be set up by the Federal Ministry of Transportation, to investigate the management of the agency to effectively carry out the task.

    This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through some tweet posts on his official Twitter handle on Thursday, May 6, 2021.

    READ: Terminal closure: BUA clears air on NPA’s claims 

    Shehu pointed out that the suspension follows the approval of the recommendation of the Federal Ministry of Transportation by President Muhammadu Buhari.

    The statement from Garba Shehu reads, “President Muhammadu Buhari had approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority (NPA).

    The President also approved that the Managing Director, Hadiza Bala Usman, step aside while the investigation is carried out. Mr Mohammed Koko will act in that position.

    READ: Lagos says transport operators, drivers, conductors, others must get accredited

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    The panel is to be headed by the Director, Maritime Services of the Ministry while the Deputy Director, Legal of the same ministry will serve as Secretary. Other members of the panel will be appointed by the Minister.”

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    Business News

    NIN registration: 54 million Nigerians have now enrolled – Buhari

    12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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    Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

    President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

    President Buhari disclosed this in a statement on Thursday evening.

    What the President said about NIN enrollment

    “I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

    The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

    The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

    In case you missed it

    The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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