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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.

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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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Economy & Politics

WTO: US opposing consensus to declare Okonjo-Iweala as DG – Foreign Affairs Ministry

The Ministry announced Okonjo-Iweala has secured the support of the majority of the member nations but is being opposed by the US.

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Ngozi Okonjo Iweala, World Bank, Davos, World Economic Forum, WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt,WTO:  Happy to be in final rounds of DG Campaign- Okonjo Iweala

The Ministry of Foreign Affairs announced in a statement that Nigeria’s candidate for Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has secured the support of the majority of the member-nations – but is yet to be declared and returned as the winner, as the United States is opposing the consensus.

This was announced in a statement by the Ministry on Thursday evening to inform the nation that the third and final round of the selection process of the WTO DG position was formally announced on Wednesday 28th October 2020.

READ: This is what Ngozi Okonjo-Iweala is up against

What you should know

Nairametrics reported this week that Dr. Ngozi Okonjo-Iweala is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

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A group of ambassadors also known as “troika” had proposed Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

The U.S President, Donald Trump blocked the appointment of Ngozi Okonjo-Iweala as the WTO’s next DG on Wednesday, citing support for South Korea’s Yoo Myung-hee.

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Dr. Okonjo-Iweala stated that she is positive despite hiccups in her bid to emerge as the next DG of the organization. She said, “Happy for the success & continued progress of our WTO DG bid. Very humbled to be declared the candidate with the largest, broadest support among members and most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”

READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

The Ministry of Foreign Affairs said in its statement that, “Dr. Ngozi Okonjo-Iweala has secured the support of the majority of the member countries, but is yet to be declared and returned the winner. This is because apart from winning the election, all 164 Member States of WTO were expected to adopt the winner by consensus. In accordance with the rile of the procedure of the WTO.”

It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.

READ: Transport Ministry to share N10 billion palliative scheme

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The Ministry added that a meeting would be held by the General Council of the WTO on the 9th of November 2020 to declare a final decision on the election process.

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Economy & Politics

WTO: Okonjo-Iweala says she is positive despite hiccups

Okonjo-Iweala has announced her excitement about being declared candidate with the largest and broadest support among members.

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WTO, Okonjo-Iweala joins South Africa's presidential economic advisory council as nation struggles with recession, Dr. Okonjo-Iweala officially declared candidate with the largest and broadest support among members

In an optimistic outlook, Dr. Ngozi Okonjo-Iweala has declared that she is positive despite hiccups in her bid to emerge the next Director-General, World Trade Organisation (WTO).

As the candidate with the largest, and broadest support among members of WTO and most likely to attract consensus, she is optimistic that success is hers.

This was revealed by the former coordinating minister of the Economy herself, through her verified Twitter page.

READ: Trans-Nationwide Express Plc suffers N79 million loss in Q3 2020

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Backstory: Recall that Nairametrics had earlier reported that Okonjo Iweala is close to being appointed as the new Director-General of the World Trade Organization.

This is after a rigorous selection process that has seen the former minister of Finance scale through a lot of hurdles, making it to the top two.

READ: Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

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What you should know: According to a press release by the Ministry of Foreign Affairs, the third and final round of the selection process of the Director-General of the World Trade Organization (WTO) was concluded on Tuesday, 27 October 2020 and the result was announced on Wednesday, 28th October 2020.

Dr. Okonjo-Iweala secured the support of the majority of the member-countries but is yet to be declared and returned the winner.

This is because apart from winning the election, all 164 member-states of WTO were expected to adopt the winner by consensus, in accordance with the rule of procedure of the WTO.

It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.

(READ MORE: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt)

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A meeting of the General Council of the WTO has been scheduled for 9th November, 2020 for the final decision on the election process.

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What they are saying: Expressing her optimism in winning the race, Dr. Okono-Iweala said: “Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”

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Economy & Politics

Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO

Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.

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WTO, Nigeria’s former finance minister, Okonjo-Iweala, gets IMF appointment

Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

READ: Okonjo-Iweala gets Organised private sector’s endorsement for WTO job

According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: Buhari assures Okonjo-Iweala that the country will push until she emerges WTO DG

Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.

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The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.

However, there appears to be a new twist, in the expected announcement of her emergence as the new Director-General of the WTO.

The United States through its representative at the WTO has insisted that the South Korean candidate is still in contention and that Washington will not recognize Okonjo-Iweala as the consensus candidate for appointment as Director-General.

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As a result, the General Counsel of WTO, postponed the announcement of a new Director-General until November 9, after the US presidential election, after further consultations would have been made.

The announcement of Okonjo-Iweala, who is reported to have gotten the support of a vast majority of members states, including the EU, Japan and China, as the new boss of the World Trade Organization, would have been a huge boost for Africa

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