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  •   FG recovered N2 6trn revenue from oil coys NEITI FG recovered N2 6trn revenue from oil coys NEITI Recovery By Emmanuella Anokam Abuja Sept 14 2023 The Federal Government has recovered a total of N2 6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative NEITI National Assembly intervention NEITI said a total of 2 6 billion dollars remained outstanding in the hands of companies as at March 2022 Dr Orji Ogbonnaya Orji Executive Secretary of NEITI said this on Tuesday in Abuja at its Civil Society Organisations CSO and media engagement on Extractive Industries Transparency Initiative EITI validation The EITI validation which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries including Nigeria Orji said NEITI s financial report led to the recovery of the debt By the time we release 2021 report any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime he said He said the recovery was as a result of NEITI s appearance at the National Assembly to defend its position based on data it provided Recently NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6 8 billion dollars The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that According to Orji as soon as it released the 2020 report to prove that the companies that wanted their names protected were rushing to the relevant agencies to pay up He revealed that from 77 companies they number decreased to 51 companies and the amount came down to 3 6 billion dollars Which shows that from the point we released that information a lot of money came in None of them disputed our report rather they were giving excuses why they did not pay The money include all taxes and VAT being collected by the Federal Inland Revenue Service FIRS and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission NUPRC NEITI collects nothing all we are asking is for us to be recognised and offered thank you he said He said that through NEITI there had been increased demand easy access and availability of verified information and data in the public domain He said President Muhammadu Buhari s administration should take credit on doing well on extractives sector reforms The content of our up to date reports is very incisive and is shaping public debates the executive secretary said NewsSourceCredit NAN
    FG recovered N2.6trn revenue from oil coys – NEITI
      FG recovered N2 6trn revenue from oil coys NEITI FG recovered N2 6trn revenue from oil coys NEITI Recovery By Emmanuella Anokam Abuja Sept 14 2023 The Federal Government has recovered a total of N2 6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative NEITI National Assembly intervention NEITI said a total of 2 6 billion dollars remained outstanding in the hands of companies as at March 2022 Dr Orji Ogbonnaya Orji Executive Secretary of NEITI said this on Tuesday in Abuja at its Civil Society Organisations CSO and media engagement on Extractive Industries Transparency Initiative EITI validation The EITI validation which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries including Nigeria Orji said NEITI s financial report led to the recovery of the debt By the time we release 2021 report any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime he said He said the recovery was as a result of NEITI s appearance at the National Assembly to defend its position based on data it provided Recently NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6 8 billion dollars The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that According to Orji as soon as it released the 2020 report to prove that the companies that wanted their names protected were rushing to the relevant agencies to pay up He revealed that from 77 companies they number decreased to 51 companies and the amount came down to 3 6 billion dollars Which shows that from the point we released that information a lot of money came in None of them disputed our report rather they were giving excuses why they did not pay The money include all taxes and VAT being collected by the Federal Inland Revenue Service FIRS and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission NUPRC NEITI collects nothing all we are asking is for us to be recognised and offered thank you he said He said that through NEITI there had been increased demand easy access and availability of verified information and data in the public domain He said President Muhammadu Buhari s administration should take credit on doing well on extractives sector reforms The content of our up to date reports is very incisive and is shaping public debates the executive secretary said NewsSourceCredit NAN
    FG recovered N2.6trn revenue from oil coys – NEITI
    General news2 months ago

    FG recovered N2.6trn revenue from oil coys – NEITI

    FG recovered N2.6trn revenue from oil coys – NEITI FG recovered N2.6trn revenue from oil coys – NEITI Recovery By Emmanuella Anokam Abuja, Sept. 14, 2023 The Federal Government has recovered a total of N2.6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative (NEITI) National Assembly intervention.

    NEITI said a total of 2.6 billion dollars remained outstanding in the hands of companies as at March 2022. Dr Orji Ogbonnaya Orji, Executive Secretary of NEITI, said this on Tuesday in Abuja at its Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.

    The EITI validation, which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries, including Nigeria.

    Orji said NEITI’s financial report led to the recovery of the debt.

    “By the time we release 2021 report,  any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime,” he said.

    He said the recovery was as a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.

    Recently, NEITI released 2019 reports which included list of 77 oil and gas companies that owed the government up to 6.8 billion dollars.

    The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that.

    According to Orji, as soon as it released the 2020 report to prove that, the companies that wanted their names protected were rushing to the relevant agencies to pay up.

    He revealed that from 77 companies, they number decreased to 51 companies and the amount came down to 3.6 billion dollars.

    “Which shows that from the point we released that information a lot of money came in.

    None of them disputed our report rather they were giving excuses why they did not pay.

    “The money include all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

    “NEITI collects nothing, all we are asking is for us to be recognised and offered thank you,” he said.

    He said that through NEITI, there had been increased demand, easy access and availability of verified information and data in the public domain.

    He said President Muhammadu Buhari’s administration should take credit on doing well on extractives sector reforms.

    “The content of our up to date reports is very incisive and is shaping public debates,” the executive secretary said.


    NewsSourceCredit: NAN

  •   The Senate and quest for good governance accountability The Senate and quest for good governance accountability By Kingsley Okoye News Agency of Nigeria Since the return to civil rule in 1999 Nigeria s journey to good governance has continued to evolve with positive and sometimes not very palatable legislative narratives The legislature which is one of the pillars of democracy not only makes laws but also ensures accountability in public spending Although the parliament has received commendation for its strides in the delivery of dividends of democracy observers say that the two chambers of the National Assembly the Senate and House of Representatives can do better given some incidents that have taken place over the years With particular reference to the Senate some political analysts say they are uncomfortable with some of the unpleasant narratives that have emanated from the red chamber over the years Since the latest democratic experience the Senate has produced numerous legislations that testify to its contributions as a bastion of democracy in the nation Some observers of developments in the nation s political scene disagree and point out that for instance several probes of government Ministries Agencies and Departments MDAs through the Senate Public Accounts Committee have not produced expected results Some of the recent high profile probes are that of the N1 05 billion Maritime Academy of Nigeria Oron Akwa Ibom and the N61 1 billion Nigeria Social Insurance Trust Fund NSITF For instance Mr Imohimi Onogie an Abuja based criminal expert and law lecturer said the Senate probes have not been effective because they often give culprits opportunity for unnecessary defence Imagine the Senate committee on the Oron probe asking the rector to go and bring details The fact that the rector and others parties appeared before the probe panel with little details make them culpable he said Similarly a recent media report quoted Mr Seun Lawal a political analyst as saying that the Senate should demonstrate that it is capable of ensuring that those entrusted with public resources are held accountable Having virtually eliminated Legislature Executive friction which has hampered governance in the past the Senate insists that it has the created the environment to effectively discharge its duties Senate President Ahmad Lawan said that the 9th Senate has fared well in promoting accountability and transparency in public spending adding that probes remain only one of the numerous functions of the Senate At its second anniversary session in June 2021 Lawan in a speech entitled Beholding the Silver Lining in Nigeria said the Senate has shown exceptional patriotism in seeking solutions to challenges facing Nigeria The 9th Senate has also aligned with the executive in the fight against corruption because the malaise has been a bane in our development efforts The achievements we made in transparency and accountability are reflected in our dutiful oversight functions the exposure of inordinate practices during public hearings and budget defenses and in seeking clarifications for hazy expenditures and procurements are feats that we have to sustain to harness the longer term benefits Lawan said The cumulative effect of these interventions according to Lawan is that Nigeria moved out of recession in the last quarter of 2020 with a Gross Domestic Product GDP growth rate of 0 51 per cent in real terms in the first quarter of 2021 and improved job opportunities for youths The Senate President said through national assembly legislative duties jobs have been created citing the N Power approval which produced over 500 000 employment opportunities for Nigerians in the last two years alone According to him 742 bills were introduced into the 9th Senate in the last two years out of which 58 have been passed while 355 bills have sailed through first reading He said 175 bills have also gone through second reading and are before relevant committees for further legislative actions Notable among the bills are deep offshore and inland basin production sharing contracts act 2004 amendment bill 2009 the finance bill 2019 Nigeria Tax and Fiscal Law SB 140 The latter saw the amendment of seven existing tax laws and the Companies and Allied Matters Act Cap C20 LFN 2004 Repeal and Reenactment Bill 2019 SB 270 have also been passed He said the deep offshore and inland basin production sharing contract act amendment bill 2019 passed by the Senate and had since received presidential assent would increase revenue accruing from International Oil Companies IOCs operating in the country from 150 million dollars to 1 5 billion dollars annually Other bills recently passed by the Senate to drive and accelerate national development are the Petroleum Industry Act PIA the Electoral Act Electricity Bill 2022 National Health Insurance Authority Bill 2022 to ensure universal health coverage for 83 million Nigerians among other bills Lawan s position is supported by the Chairman Senate Committee on Media and Public Affairs Sen Ajibola Basiru in a recent statement said the 9th Senate has been proactive in discharging its duties Basiru said the Red Chamber had helped to provide a window for the Federal Government to realise at least N320 billion by amending a relevant oil sector Bills He said the Senate took deliberate steps towards improving revenues from other sources notably Value Added Tax VAT Accordingly it passed an Executive Bill which proposed an increase in VAT from 5 per cent to 7 5 per cent in record time by invoking its powers under Order 79 1 of the Senate Standing Rules Another laudable and progressive intervention was the extensive work done on the Deep Offshore and Inland Basin Production Sharing Contract Amendment Act 2019 to repeal and replace Section 16 of the Act he said According to him the agenda entitled A National Assembly that Works for Nigeria significantly serves as the guide for both Chambers of the National Assembly He said the passing of the Petroleum Industry Bill PIB now Petroleum Industry Act PIA has given a definitive legal framework for the oil and gas sector According to the Convener Nigerian Civil Society Situation Room and Country Director Acton Aid Nigeria Mrs Ene Obi said the Senate has done well in the discharge of its responsibilities especially in promoting electoral reforms through the Electoral Act Amendment Bill She said that Civil Society Organisations were committed to working with the National Assembly in promoting good governance and accountability Dr Romanus Okoro a Financial Analyst and an anti corruption crusader urged the Senate through its Public Account Committee to re introduce and pass the Federal Audit Bill Okoro said the passage of the bill would further engender national development as recurring issues of financial impropriety in expenditure of MDAs and other forms of corruption would be checked According to him the bill will empower the office of Auditor General for the Federation to independently check financial corruption in MDAs deepen transparency and block financial leakages Okoro believes the law would help address cases of recurring inability of MDAs to provide factual responses to queries on their expenditures raised by the audit reports at public hearings of the Public Account Committee of the Senate Ahead of their Sept 22 resumption date and less than one year to the inauguration of a new Senate observers say the 9th Senate has performed well though there is still enough time to contribute more to the development of the nation If used please credit the author and News Agency of Nigeria NewsSourceCredit NAN
    The Senate and quest for good governance, accountability
      The Senate and quest for good governance accountability The Senate and quest for good governance accountability By Kingsley Okoye News Agency of Nigeria Since the return to civil rule in 1999 Nigeria s journey to good governance has continued to evolve with positive and sometimes not very palatable legislative narratives The legislature which is one of the pillars of democracy not only makes laws but also ensures accountability in public spending Although the parliament has received commendation for its strides in the delivery of dividends of democracy observers say that the two chambers of the National Assembly the Senate and House of Representatives can do better given some incidents that have taken place over the years With particular reference to the Senate some political analysts say they are uncomfortable with some of the unpleasant narratives that have emanated from the red chamber over the years Since the latest democratic experience the Senate has produced numerous legislations that testify to its contributions as a bastion of democracy in the nation Some observers of developments in the nation s political scene disagree and point out that for instance several probes of government Ministries Agencies and Departments MDAs through the Senate Public Accounts Committee have not produced expected results Some of the recent high profile probes are that of the N1 05 billion Maritime Academy of Nigeria Oron Akwa Ibom and the N61 1 billion Nigeria Social Insurance Trust Fund NSITF For instance Mr Imohimi Onogie an Abuja based criminal expert and law lecturer said the Senate probes have not been effective because they often give culprits opportunity for unnecessary defence Imagine the Senate committee on the Oron probe asking the rector to go and bring details The fact that the rector and others parties appeared before the probe panel with little details make them culpable he said Similarly a recent media report quoted Mr Seun Lawal a political analyst as saying that the Senate should demonstrate that it is capable of ensuring that those entrusted with public resources are held accountable Having virtually eliminated Legislature Executive friction which has hampered governance in the past the Senate insists that it has the created the environment to effectively discharge its duties Senate President Ahmad Lawan said that the 9th Senate has fared well in promoting accountability and transparency in public spending adding that probes remain only one of the numerous functions of the Senate At its second anniversary session in June 2021 Lawan in a speech entitled Beholding the Silver Lining in Nigeria said the Senate has shown exceptional patriotism in seeking solutions to challenges facing Nigeria The 9th Senate has also aligned with the executive in the fight against corruption because the malaise has been a bane in our development efforts The achievements we made in transparency and accountability are reflected in our dutiful oversight functions the exposure of inordinate practices during public hearings and budget defenses and in seeking clarifications for hazy expenditures and procurements are feats that we have to sustain to harness the longer term benefits Lawan said The cumulative effect of these interventions according to Lawan is that Nigeria moved out of recession in the last quarter of 2020 with a Gross Domestic Product GDP growth rate of 0 51 per cent in real terms in the first quarter of 2021 and improved job opportunities for youths The Senate President said through national assembly legislative duties jobs have been created citing the N Power approval which produced over 500 000 employment opportunities for Nigerians in the last two years alone According to him 742 bills were introduced into the 9th Senate in the last two years out of which 58 have been passed while 355 bills have sailed through first reading He said 175 bills have also gone through second reading and are before relevant committees for further legislative actions Notable among the bills are deep offshore and inland basin production sharing contracts act 2004 amendment bill 2009 the finance bill 2019 Nigeria Tax and Fiscal Law SB 140 The latter saw the amendment of seven existing tax laws and the Companies and Allied Matters Act Cap C20 LFN 2004 Repeal and Reenactment Bill 2019 SB 270 have also been passed He said the deep offshore and inland basin production sharing contract act amendment bill 2019 passed by the Senate and had since received presidential assent would increase revenue accruing from International Oil Companies IOCs operating in the country from 150 million dollars to 1 5 billion dollars annually Other bills recently passed by the Senate to drive and accelerate national development are the Petroleum Industry Act PIA the Electoral Act Electricity Bill 2022 National Health Insurance Authority Bill 2022 to ensure universal health coverage for 83 million Nigerians among other bills Lawan s position is supported by the Chairman Senate Committee on Media and Public Affairs Sen Ajibola Basiru in a recent statement said the 9th Senate has been proactive in discharging its duties Basiru said the Red Chamber had helped to provide a window for the Federal Government to realise at least N320 billion by amending a relevant oil sector Bills He said the Senate took deliberate steps towards improving revenues from other sources notably Value Added Tax VAT Accordingly it passed an Executive Bill which proposed an increase in VAT from 5 per cent to 7 5 per cent in record time by invoking its powers under Order 79 1 of the Senate Standing Rules Another laudable and progressive intervention was the extensive work done on the Deep Offshore and Inland Basin Production Sharing Contract Amendment Act 2019 to repeal and replace Section 16 of the Act he said According to him the agenda entitled A National Assembly that Works for Nigeria significantly serves as the guide for both Chambers of the National Assembly He said the passing of the Petroleum Industry Bill PIB now Petroleum Industry Act PIA has given a definitive legal framework for the oil and gas sector According to the Convener Nigerian Civil Society Situation Room and Country Director Acton Aid Nigeria Mrs Ene Obi said the Senate has done well in the discharge of its responsibilities especially in promoting electoral reforms through the Electoral Act Amendment Bill She said that Civil Society Organisations were committed to working with the National Assembly in promoting good governance and accountability Dr Romanus Okoro a Financial Analyst and an anti corruption crusader urged the Senate through its Public Account Committee to re introduce and pass the Federal Audit Bill Okoro said the passage of the bill would further engender national development as recurring issues of financial impropriety in expenditure of MDAs and other forms of corruption would be checked According to him the bill will empower the office of Auditor General for the Federation to independently check financial corruption in MDAs deepen transparency and block financial leakages Okoro believes the law would help address cases of recurring inability of MDAs to provide factual responses to queries on their expenditures raised by the audit reports at public hearings of the Public Account Committee of the Senate Ahead of their Sept 22 resumption date and less than one year to the inauguration of a new Senate observers say the 9th Senate has performed well though there is still enough time to contribute more to the development of the nation If used please credit the author and News Agency of Nigeria NewsSourceCredit NAN
    The Senate and quest for good governance, accountability
    General news3 months ago

    The Senate and quest for good governance, accountability

    The Senate and quest for good governance, accountabilityThe Senate and quest for good governance, accountability By Kingsley Okoye, News Agency of Nigeria Since the return to civil rule in 1999, Nigeria’s journey to good governance has continued to evolve with positive and sometimes, not very palatable legislative narratives.

    The legislature which is one of the pillars of democracy not only makes laws but also ensures accountability in public spending.

    Although the parliament has received commendation for its strides in the delivery of dividends of democracy, observers say that the two chambers of the National Assembly, the Senate and House of Representatives, can do better given some incidents that have taken place over the years.

    With particular reference to the Senate, some political analysts say they are uncomfortable with some of the unpleasant narratives that have emanated from the red chamber over the years.

    Since the latest democratic experience, the Senate has produced numerous legislations that testify to its contributions as a bastion of democracy in the nation.

    Some observers of developments in the nation’s political scene disagree and point out that, for instance, several probes of government Ministries, Agencies and Departments (MDAs) through the Senate Public Accounts Committee have not produced expected results.

    Some of the recent high profile probes are that of the N1.05 billion Maritime Academy of Nigeria, Oron, Akwa Ibom and the N61.1 billion Nigeria Social Insurance Trust Fund (NSITF).

    For instance, Mr Imohimi Onogie, an Abuja-based criminal expert and law lecturer, said the Senate probes have not been effective because they often give culprits opportunity for unnecessary defence.

    “Imagine, the Senate committee on the Oron probe asking the rector to go and bring details.

    The fact that the rector and others parties appeared before the probe panel with little details make them culpable,” he said.

    Similarly, a recent media report quoted Mr Seun Lawal, a political analyst, as saying that the Senate should demonstrate that it is capable of ensuring that those entrusted with public resources are held accountable.

    Having virtually eliminated Legislature-Executive friction which has hampered governance in the past, the Senate insists that it has the created the environment to effectively discharge its duties.

    Senate President, Ahmad Lawan, said that the 9th Senate has fared well in promoting accountability and transparency in public spending, adding that probes remain only one of the numerous functions of the Senate.

    At its second anniversary session in June 2021, Lawan in a speech entitled “Beholding the Silver Lining in Nigeria”, said the Senate has shown exceptional patriotism in seeking solutions to challenges facing Nigeria.

    “The 9th Senate has also aligned with the executive in the fight against corruption, because the malaise has been a bane in our development efforts.

    “The achievements we made in transparency and accountability are reflected in our dutiful oversight functions, the exposure of inordinate practices during public hearings, and budget defenses and in seeking clarifications for hazy expenditures and procurements, are feats that we have to sustain, to harness the longer-term benefits,” Lawan said.

    The cumulative effect of these interventions, according to Lawan, is that Nigeria moved out of recession in the last quarter of 2020 with a Gross Domestic Product (GDP) growth rate of 0.51 per cent in real terms in the first quarter of 2021; and improved job opportunities for youths.

    The Senate President said through national assembly legislative duties, jobs have been created, citing the N-Power approval which produced over 500,000 employment opportunities for Nigerians in the last two years alone.

    According to him, 742 bills were introduced into the 9th Senate in the last two years, out of which 58 have been passed, while 355 bills have sailed through first reading.

    He said 175 bills have also gone through second reading and are before relevant committees for further legislative actions.

    Notable among the bills are deep offshore and inland basin production sharing contracts act 2004 (amendment bill, 2009); the finance bill 2019 (Nigeria Tax and Fiscal Law) (SB.

    140).

    The latter saw the amendment of seven existing tax laws and the Companies and Allied Matters Act, Cap C20 LFN 2004 (Repeal and Reenactment) Bill 2019 (SB.

    270), have also been passed.

    He said the deep offshore and inland basin production sharing contract act amendment bill, 2019, passed by the Senate and had since received presidential assent would increase revenue accruing from International Oil Companies (IOCs) operating in the country from 150 million dollars to 1.5 billion dollars annually.

    Other bills recently passed by the Senate to drive and accelerate national development are the Petroleum Industry Act (PIA), the Electoral Act, Electricity Bill 2022, National Health Insurance Authority Bill 2022 to ensure universal health coverage for 83 million Nigerians among other bills.

    Lawan’s position is supported by the Chairman, Senate Committee on Media and Public Affairs; Sen. Ajibola Basiru in a recent statement said the 9th Senate has been proactive in discharging its duties.

    Basiru said the Red Chamber had helped to provide a window for the Federal Government to realise at least N320 billion by amending a relevant oil sector Bills.

    He said the Senate took deliberate steps towards improving revenues from other sources notably Value Added Tax (VAT).

    “Accordingly, it passed an Executive Bill which proposed an increase in VAT from 5 per cent to 7.5 per cent in record time by invoking its powers under Order 79(1) of the Senate Standing Rules.

    “Another laudable and progressive intervention was the extensive work done on the Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Act 2019, to repeal and replace Section 16 of the Act,” he said.

    According to him, the agenda entitled: “A National Assembly that Works for Nigeria” significantly serves as the guide for both Chambers of the National Assembly.

    He said the passing of the Petroleum Industry Bill (PIB), now Petroleum Industry Act (PIA) has given a definitive legal framework for the oil and gas sector.

    According to the Convener, Nigerian Civil Society Situation Room and Country Director, Acton Aid Nigeria, Mrs Ene Obi, said the Senate has done well in the discharge of its responsibilities, especially in promoting electoral reforms through the Electoral Act Amendment Bill. She said that Civil Society Organisations were committed to working with the National Assembly in promoting good governance and accountability.

    Dr Romanus Okoro, a Financial Analyst and an anti-corruption crusader urged the Senate, through its Public Account Committee, to re-introduce and pass the Federal Audit Bill. Okoro said the passage of the bill would further engender national development as recurring issues of financial impropriety in expenditure of MDAs and other forms of corruption would be checked.

    According to him the bill will empower the office of Auditor General for the Federation to independently check financial corruption in MDAs, deepen  transparency and block financial leakages.

    Okoro believes the law would help address cases of recurring inability of MDAs to provide factual responses to queries on their expenditures  raised  by  the audit reports at public hearings of the Public Account Committee of the Senate.

    Ahead of their Sept. 22 resumption date and less than one year to the inauguration of a new Senate, observers say the 9th Senate has performed well though there is still enough time to contribute more to the development of the nation.

    ****If used please credit the author and News Agency of Nigeria
    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS says the aggregate Value Added Tax VAT was reported at N600 15 billion for Q2 2022 This is according to the VAT Q2 2022 Report released in Abuja on Saturday According to the report this shows a growth rate of 1 96 per cent on a quarter on quarter basis from N588 59 billion in Q1 2022 The report said the local payments recorded were N359 12 billion while foreign VAT payments contributed N111 13 billion in Q2 2022 It said on a quarter on quarter basis electricity gas steam and air conditioning supply recorded the highest growth rate with 116 47 per cent followed by accommodation and food service activities with 42 44 per cent On the other hand activities of extraterritorial organisations and bodies had the lowest growth rate with 42 39 per cent This was followed by activities of households as employers undifferentiated goods and services producing activities of households for own use with 36 57 per cent In terms of sectoral contributions the report showed the top three largest shares in Q2 2022 were Manufacturing with 33 08 per cent information and communication with 18 98 per cent and mining and quarrying with 10 60 per cent On the other hand activities of households as employers undifferentiated goods and services producing activities of households for own use recorded the least share with 0 03 per cent This was followed by activities of extraterritorial organisations and bodies with 0 05 per cent and water supply sewerage waste management and remediation activities with 0 13 per cent The report however said on a year on year basis VAT collections in Q2 2022 increased by 17 16 per cent from Q2 2021 NewsSourceCredit NAN
    VAT for Q2 stood at N600.15bn — NBS
     The National Bureau of Statistics NBS says the aggregate Value Added Tax VAT was reported at N600 15 billion for Q2 2022 This is according to the VAT Q2 2022 Report released in Abuja on Saturday According to the report this shows a growth rate of 1 96 per cent on a quarter on quarter basis from N588 59 billion in Q1 2022 The report said the local payments recorded were N359 12 billion while foreign VAT payments contributed N111 13 billion in Q2 2022 It said on a quarter on quarter basis electricity gas steam and air conditioning supply recorded the highest growth rate with 116 47 per cent followed by accommodation and food service activities with 42 44 per cent On the other hand activities of extraterritorial organisations and bodies had the lowest growth rate with 42 39 per cent This was followed by activities of households as employers undifferentiated goods and services producing activities of households for own use with 36 57 per cent In terms of sectoral contributions the report showed the top three largest shares in Q2 2022 were Manufacturing with 33 08 per cent information and communication with 18 98 per cent and mining and quarrying with 10 60 per cent On the other hand activities of households as employers undifferentiated goods and services producing activities of households for own use recorded the least share with 0 03 per cent This was followed by activities of extraterritorial organisations and bodies with 0 05 per cent and water supply sewerage waste management and remediation activities with 0 13 per cent The report however said on a year on year basis VAT collections in Q2 2022 increased by 17 16 per cent from Q2 2021 NewsSourceCredit NAN
    VAT for Q2 stood at N600.15bn — NBS
    Economy3 months ago

    VAT for Q2 stood at N600.15bn — NBS

    The National Bureau of Statistics (NBS), says the aggregate Value Added Tax (VAT) was reported at N600.15 billion for Q2 2022. This is according to the VAT Q2 2022 Report released in Abuja on Saturday.

    According to the report, this shows a growth rate of 1.96 per cent on a quarter-on-quarter basis from N588.59 billion in Q1 2022. The report said the local payments recorded were N359.12 billion, while foreign VAT payments contributed N111.13 billion in Q2 2022. It said on a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 per cent, followed by accommodation and food service activities with 42.44 per cent “On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with 42.39 per cent.

    “This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 per cent.

    ” In terms of sectoral contributions, the report showed the top three largest shares in Q2 2022 were Manufacturing with 33.08 per cent, information and communication with 18.98 per cent, and mining and quarrying with 10.60 per cent.

    “On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 per cent.

    “This was followed by activities of extraterritorial organisations and bodies with 0.05 per cent; and water supply, sewerage, waste management and remediation activities with 0.13 per cent.

    ” The report, however, said, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 per cent from Q2 2021.
    NewsSourceCredit: NAN

  •   Marking an auspicious halfway point for the 2022 MSGBC Oil Gas Power Conference Expo https bit ly 3a4fuRb and triumphantly closing the event s first day of programming gala dinner and awards ceremony saw West Africa s leading energy figures come together for a night of celebration and recognition During the two hour reception event organizer Energy Capital Power ECP https EnergyCapitalPower com presented four awards to MSGBC pioneers and trailblazers who have made substantial contributions to innovation sustainability and transformation throughout the basin With the energy transition at the forefront of regional debates and the need for a just and equitable transition affirmed by ten West African energy ministers https bit ly 3wQfv41 earlier in the day the Prize for Renewable energy to HE Macky Sall President of Senegal and President of the African Union after his opening speech Under the leadership of President Sall Senegal has surpassed its goal of deriving a third of its national grid supply from renewable energy as well as eliminating VAT on solar panels and associated technologies Meanwhile the Innovation Award was presented to HE Dr Omar Farouk Ibrahim Secretary General of the African Organization of Petroleum Producers who was among the main keynote speakers of the morning and will return on the second day for the closing ministerial conference Africa s Energy Future panel The Oil Project Award given to Australian operator Woodside as the company behind Senegal s 4 8 billion Sangomar project which is the first world class oil development in the region and is scheduled to start production in mid 2023 Next the Gas Project Award went to supermajor bp as operator of the 4 6 billion Greater Tortue Ahmeyim GTA development the first phase of which will deliver first gas by the end of 2023 with initial production of 2 5 million tons of LNG annually The project is now fast approaching a final investment decision for its second phase of development which is expected to double production capacity to five million tons of LNG per year Completing the evening s accolades was the Young Professionals Award given to the most dedicated and promising student from Senegal s Institut National du P trole et du Gaz INPG Fatimata Agne Fall With local journalist and TV presenter Oumy Ndour as MC the evening s festivities concluded with the formal thanks and recognition of the attending ministers with their own trophies including the respective dignitaries from Senegal Mauritania Gambia Guinea Bissau Equatorial Guinea Republic of Congo Democratic Republic of Congo and Sierra Leone As the gala dinner and awards ceremony drew to a close it is this narrative of celebration mutual collaboration and shared ambition that continues on day two of the MSGBC Oil Gas Power Conference Exhibition as international oil executives and NOC heads investors and analysts ministers and more join in and engage in another day of discussions negotiation knowledge sharing and partnership
    Senegalese President HE Macky Sall and more honored at the MSGBC 2022 Gala Dinner and Awards Ceremony
      Marking an auspicious halfway point for the 2022 MSGBC Oil Gas Power Conference Expo https bit ly 3a4fuRb and triumphantly closing the event s first day of programming gala dinner and awards ceremony saw West Africa s leading energy figures come together for a night of celebration and recognition During the two hour reception event organizer Energy Capital Power ECP https EnergyCapitalPower com presented four awards to MSGBC pioneers and trailblazers who have made substantial contributions to innovation sustainability and transformation throughout the basin With the energy transition at the forefront of regional debates and the need for a just and equitable transition affirmed by ten West African energy ministers https bit ly 3wQfv41 earlier in the day the Prize for Renewable energy to HE Macky Sall President of Senegal and President of the African Union after his opening speech Under the leadership of President Sall Senegal has surpassed its goal of deriving a third of its national grid supply from renewable energy as well as eliminating VAT on solar panels and associated technologies Meanwhile the Innovation Award was presented to HE Dr Omar Farouk Ibrahim Secretary General of the African Organization of Petroleum Producers who was among the main keynote speakers of the morning and will return on the second day for the closing ministerial conference Africa s Energy Future panel The Oil Project Award given to Australian operator Woodside as the company behind Senegal s 4 8 billion Sangomar project which is the first world class oil development in the region and is scheduled to start production in mid 2023 Next the Gas Project Award went to supermajor bp as operator of the 4 6 billion Greater Tortue Ahmeyim GTA development the first phase of which will deliver first gas by the end of 2023 with initial production of 2 5 million tons of LNG annually The project is now fast approaching a final investment decision for its second phase of development which is expected to double production capacity to five million tons of LNG per year Completing the evening s accolades was the Young Professionals Award given to the most dedicated and promising student from Senegal s Institut National du P trole et du Gaz INPG Fatimata Agne Fall With local journalist and TV presenter Oumy Ndour as MC the evening s festivities concluded with the formal thanks and recognition of the attending ministers with their own trophies including the respective dignitaries from Senegal Mauritania Gambia Guinea Bissau Equatorial Guinea Republic of Congo Democratic Republic of Congo and Sierra Leone As the gala dinner and awards ceremony drew to a close it is this narrative of celebration mutual collaboration and shared ambition that continues on day two of the MSGBC Oil Gas Power Conference Exhibition as international oil executives and NOC heads investors and analysts ministers and more join in and engage in another day of discussions negotiation knowledge sharing and partnership
    Senegalese President HE Macky Sall and more honored at the MSGBC 2022 Gala Dinner and Awards Ceremony
    Africa3 months ago

    Senegalese President HE Macky Sall and more honored at the MSGBC 2022 Gala Dinner and Awards Ceremony

    Marking an auspicious halfway point for the 2022 MSGBC Oil, Gas & Power Conference & Expo (https://bit.ly/3a4fuRb) and triumphantly closing the event's first day of programming, gala dinner and awards ceremony saw West Africa's leading energy figures come together for a night of celebration and recognition.

    During the two-hour reception, event organizer Energy Capital & Power (ECP)(https://EnergyCapitalPower.com) presented four awards to MSGBC pioneers and trailblazers, who have made substantial contributions to innovation, sustainability and transformation throughout the basin.

    .

    With the energy transition at the forefront of regional debates, and the need for a just and equitable transition affirmed by ten West African energy ministers (https://bit.ly/3wQfv41) earlier in the day, the Prize for Renewable energy.

    to HE Macky Sall, President of Senegal and President of the African Union, after his opening speech.

    Under the leadership of President Sall, Senegal has surpassed its goal of deriving a third of its national grid supply from renewable energy, as well as eliminating VAT on solar panels and associated technologies.

    Meanwhile, the Innovation Award was presented to HE Dr. Omar Farouk Ibrahim, Secretary General of the African Organization of Petroleum Producers, who was among the main keynote speakers of the morning and will return on the second day for the closing ministerial conference.

    "Africa's Energy Future".

    panel.

    The Oil Project Award, given to Australian operator Woodside as the company behind Senegal's $4.8 billion Sangomar project, which is the first world-class oil development in the region and is scheduled to start production in mid-2023.

    Next, the Gas Project Award went to supermajor bp as operator of the $4.6 billion Greater Tortue Ahmeyim (GTA) development, the first phase of which will deliver first gas by the end of 2023, with initial production of 2.5 million tons of LNG.

    .

    annually.

    The project is now fast approaching a final investment decision for its second phase of development, which is expected to double production capacity to five million tons of LNG per year.

    Completing the evening's accolades was the Young Professionals Award, given to the most dedicated and promising student from Senegal's Institut National du Pétrole et du Gaz (INPG): Fatimata Agne Fall. With local journalist and TV presenter Oumy Ndour as MC, the evening's festivities concluded with the formal thanks and recognition of the attending ministers with their own trophies, including the respective dignitaries from Senegal, Mauritania, Gambia, Guinea-Bissau, Equatorial Guinea, Republic of Congo, Democratic Republic of Congo and Sierra Leone.

    As the gala dinner and awards ceremony drew to a close, it is this narrative of celebration, mutual collaboration and shared ambition that continues on day two of the MSGBC Oil, Gas & Power Conference & Exhibition, as international oil executives and NOC heads, investors and analysts, ministers and more join in and engage in another day of discussions, negotiation, knowledge sharing and partnership.

  •  Belgian Prime Minister Alexander De Croo on Thursday urged the European Union EU to take responsibility to manage the skyrocketing energy prices that had reached an unsustainable level in recent weeks It is only at the European level that we will succeed in reducing prices Only Europe can achieve this he said The federal government and the representatives of Belgium s federated entities met in Brussels in a Consultation Committee CODECO They managed to come up with additional measures to deal with soaring energy prices at national level and at the same time calling on the EU to assume its responsibilities De Croo has therefore started talks with Ursula von der Leyen president of the European Commission to study possibilities of reducing energy prices Since March our country has been pleading for measures to be taken on gas prices and in particular to achieve a freeze on gas prices De Croo said He added that von der Leyen announced at the beginning of the week that an emergency mechanism would be put in place to lower energy prices In view of the rising energy prices CODECO has decided to extend all the support measures already in force until March 31 2023 These include a six per cent VAT reduction on gas and electricity reduction of excise duties on fuel and extension of social tariffs and fuel vouchers to target groups Among other measures announced the public authorities will lower heating reduce the use of air conditioning and turn off the lights in every building The Belgian prime minister also called for the responsibility of every citizen to reduce their energy consumption In addition negotiations which aims to obtain from banks deferral of the mortgage payment are also underway with the financial sector to help some people with higher energy bills Negotiations with the financial sector in financing energy saving measures are also underway NewsSourceCredit NAN
    Belgium urges EU to manage soaring energy prices
     Belgian Prime Minister Alexander De Croo on Thursday urged the European Union EU to take responsibility to manage the skyrocketing energy prices that had reached an unsustainable level in recent weeks It is only at the European level that we will succeed in reducing prices Only Europe can achieve this he said The federal government and the representatives of Belgium s federated entities met in Brussels in a Consultation Committee CODECO They managed to come up with additional measures to deal with soaring energy prices at national level and at the same time calling on the EU to assume its responsibilities De Croo has therefore started talks with Ursula von der Leyen president of the European Commission to study possibilities of reducing energy prices Since March our country has been pleading for measures to be taken on gas prices and in particular to achieve a freeze on gas prices De Croo said He added that von der Leyen announced at the beginning of the week that an emergency mechanism would be put in place to lower energy prices In view of the rising energy prices CODECO has decided to extend all the support measures already in force until March 31 2023 These include a six per cent VAT reduction on gas and electricity reduction of excise duties on fuel and extension of social tariffs and fuel vouchers to target groups Among other measures announced the public authorities will lower heating reduce the use of air conditioning and turn off the lights in every building The Belgian prime minister also called for the responsibility of every citizen to reduce their energy consumption In addition negotiations which aims to obtain from banks deferral of the mortgage payment are also underway with the financial sector to help some people with higher energy bills Negotiations with the financial sector in financing energy saving measures are also underway NewsSourceCredit NAN
    Belgium urges EU to manage soaring energy prices
    Foreign3 months ago

    Belgium urges EU to manage soaring energy prices

    Belgian Prime Minister, Alexander De Croo, on Thursday urged the European Union (EU) to take responsibility to manage the skyrocketing energy prices that had reached an unsustainable level in recent weeks.

    “It is only at (the) European level that we will succeed in reducing prices.

    Only Europe can achieve this,” he said.

    The federal government and the representatives of Belgium’s federated entities met in Brussels in a Consultation Committee (CODECO).

    They managed to come up with additional measures to deal with soaring energy prices at national level and at the same time calling on the EU to assume its responsibilities.

    De Croo has, therefore, started talks with Ursula von der Leyen, president of the European Commission, to study possibilities of reducing energy prices.

    “Since March, our country has been pleading for measures to be taken on gas prices, and in particular to achieve a freeze on gas prices,” De Croo said.

    He added that von der Leyen announced at the beginning of the week that an emergency mechanism would be put in place to lower energy prices.

    In view of the rising energy prices, CODECO has decided to extend all the support measures already in force until March 31, 2023. These include a six per cent VAT reduction on gas and electricity, reduction of excise duties on fuel, and extension of social tariffs and fuel vouchers to target groups.

    Among other measures announced, the public authorities will lower heating, reduce the use of air conditioning and turn off the lights in every building.

    The Belgian prime minister also called for the responsibility of every citizen to reduce their energy consumption.

    In addition, negotiations, which aims to obtain from banks deferral of the mortgage payment, are also underway with the financial sector to help some people with higher energy bills.

    Negotiations with the financial sector in financing energy-saving measures are also underway.


    NewsSourceCredit: NAN

  •  President Muhammadu Buhari on Friday inaugurated the Gombe Kaltungo road project and handed it over to Gombe State Government Speaking at the inauguration in Kumo headquarters of Akko Local Government Area of the state Buhari recalled that the contract was awarded in 2014 Represented by the Minister of Communications and Digital Economy Prof Isa Pantami the president said the length of the road was 66 10 km and the carriage way is 7 35 mtr while the shoulder was 2 73 mtr He said the project contract which was conceptualised around 2014 but the work did not commence until 2015 This was because after the commencement two major issues were discovered that caused the project to be delayed until they were sorted out Yhe first issue was so many components were left and the second was VAT hence the project reviewed He said the project was supposed to be completed in 2019 but insufficient budgetary provision and release of fund as well as COVID 19 pandemic made it difficult for the present admintration to complete it at the stipulated time The president advised the citizens of Gombe to take ownership of the project Sometimes we have misconception that any infrastructure project is for government We need to remind ourselves that you and I are the government peoples remain while government come and go he said The Minister of Works and Housing Mr Babatunde Fashola said this was the sixth of the second phase of road project completion and handover the country was witnessing Represented by Mr Celestine Shausu Director Highways North East Federal Ministry of Works said the project represent major investment in road transport infrastructure which was a commitment of Buhari s administration as a driver of economic growth and prosperity They are visible and incontrovertible asset in proof of what Nigeria s resources were invested in from our earned and borrowings he said Gov Inuwa Yahaya of Gombe State said the road was inaugursted as a commitment and fulfillment of the president s conditions and terms on which he engaged the people of Nigeria to provide the basic amenities they required The people of Gombe are very happy because they can now ply this road from Gombe up to Yolde which is our boundary with Adamawa State without any problem We will like to urge and plead with Mr President for the timely completion of Numan to Jalingo road in Adamawa and Taraba States which have been a nightmare to travelers the governor appealed NewsSourceCredit NAN
    Buhari inaugurates Gombe-Kaltungo road
     President Muhammadu Buhari on Friday inaugurated the Gombe Kaltungo road project and handed it over to Gombe State Government Speaking at the inauguration in Kumo headquarters of Akko Local Government Area of the state Buhari recalled that the contract was awarded in 2014 Represented by the Minister of Communications and Digital Economy Prof Isa Pantami the president said the length of the road was 66 10 km and the carriage way is 7 35 mtr while the shoulder was 2 73 mtr He said the project contract which was conceptualised around 2014 but the work did not commence until 2015 This was because after the commencement two major issues were discovered that caused the project to be delayed until they were sorted out Yhe first issue was so many components were left and the second was VAT hence the project reviewed He said the project was supposed to be completed in 2019 but insufficient budgetary provision and release of fund as well as COVID 19 pandemic made it difficult for the present admintration to complete it at the stipulated time The president advised the citizens of Gombe to take ownership of the project Sometimes we have misconception that any infrastructure project is for government We need to remind ourselves that you and I are the government peoples remain while government come and go he said The Minister of Works and Housing Mr Babatunde Fashola said this was the sixth of the second phase of road project completion and handover the country was witnessing Represented by Mr Celestine Shausu Director Highways North East Federal Ministry of Works said the project represent major investment in road transport infrastructure which was a commitment of Buhari s administration as a driver of economic growth and prosperity They are visible and incontrovertible asset in proof of what Nigeria s resources were invested in from our earned and borrowings he said Gov Inuwa Yahaya of Gombe State said the road was inaugursted as a commitment and fulfillment of the president s conditions and terms on which he engaged the people of Nigeria to provide the basic amenities they required The people of Gombe are very happy because they can now ply this road from Gombe up to Yolde which is our boundary with Adamawa State without any problem We will like to urge and plead with Mr President for the timely completion of Numan to Jalingo road in Adamawa and Taraba States which have been a nightmare to travelers the governor appealed NewsSourceCredit NAN
    Buhari inaugurates Gombe-Kaltungo road
    General news3 months ago

    Buhari inaugurates Gombe-Kaltungo road

    President Muhammadu Buhari on Friday inaugurated the Gombe-Kaltungo road project and handed it over to Gombe State Government.

    Speaking at the inauguration in Kumo, headquarters of Akko Local Government Area of the state, Buhari recalled that the contract was awarded in 2014. Represented by the Minister of Communications and Digital Economy,  Prof. Isa Pantami, the president said the length of the road was 66.10 km and the carriage way is 7.35 mtr while the shoulder was 2.73 mtr.

    He said the project contract which was conceptualised around 2014, but the work did not commence until 2015. ‘’This was because after the commencement two major issues were discovered that caused the project to be delayed until they were sorted out.

    ‘’Yhe first issue was, so many components were left and the second was VAT, hence the project reviewed’’.

    He said the project was supposed to be completed in 2019 but insufficient budgetary provision and release of fund as well as COVID-19  pandemic made it difficult for the present admintration to complete it at the stipulated time.

    The president advised the citizens of Gombe to take ownership of the project.

    ’’Sometimes we have misconception that any infrastructure project is for government.

    ‘’We need to remind ourselves that you and I are the government, peoples remain while government come and go,’’ he said.

    The Minister of Works and Housing, Mr Babatunde Fashola, said this was the sixth of the second phase of road project completion and handover the country was witnessing.

    Represented by Mr Celestine Shausu, Director Highways, North East, Federal Ministry of Works, said the project represent major investment in road transport infrastructure which was a commitment of Buhari’s administration as a driver of economic growth and prosperity.

    ‘’They are visible and incontrovertible asset in proof of what Nigeria’s resources were invested in, from our earned and borrowings,’’ he said.

    Gov. Inuwa Yahaya of Gombe State said the road was inaugursted as a commitment and fulfillment of the president’s conditions and terms on which he engaged the people of Nigeria to provide the basic amenities they required.

    “The people of Gombe are very happy because they can now ply this road from Gombe up to Yolde which is our boundary with Adamawa State without any problem.

    ‘’We will like to urge and plead with Mr President for the timely completion of Numan to Jalingo road in Adamawa and Taraba States,  which have been a nightmare to travelers,” the governor appealed.


    NewsSourceCredit: NAN

  •  The Federation Account Allocation Committee FAAC has shared N954 085 billion to the three tiers of government as federation allocation for July This is according to a statement signed by Mr Phil Abiamuwe Mowete the Director on Wednesday in Abuja From the amount the Federal Government received N406 610 billion the states received N281 342 billion the Local Government Councils got N210 617 billion This was inclusive of Gross Statutory Revenue and Value Added Tax VAT It said that the oil producing states received N55 515 billion as derivation 13 per cent of Mineral Revenue The statement indicated that the Gross Revenue available from the VAT for July was N177 167 billion which was a decrease distributed in the preceding month The distribution is as follows Federal Government got N26 575 billion the States received N88 584 billion Local Government Councils got N62 008 billion Accordingly the Gross Statutory Revenue of N776 918 billion distributed was higher than the sum received in the previous month From which the Federal Government was allocated the sum of N380 035 billion States got N192 759 billion LGCs got N148 609 billion and Oil Derivation 13 per cent Mineral Revenue got N55 515 billion The statement also said that Companies Income Tax CIT and Petroleum Profit Tax PPT Excise Duties and Oil and Gas Royalties recorded significant increases According to the statement Import Duty and VAT however decreased considerably It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776 918 billion The VAT was also N177 167 billion bringing the total distributable amount for the month to N954 085 billion However the balance in the Excess Crude Account ECA as at Aug 24 stands at 470 599 54 million dollars naannews NewsSourceCredit NAN
    FG, States, LGCs share N954.085bn for July
     The Federation Account Allocation Committee FAAC has shared N954 085 billion to the three tiers of government as federation allocation for July This is according to a statement signed by Mr Phil Abiamuwe Mowete the Director on Wednesday in Abuja From the amount the Federal Government received N406 610 billion the states received N281 342 billion the Local Government Councils got N210 617 billion This was inclusive of Gross Statutory Revenue and Value Added Tax VAT It said that the oil producing states received N55 515 billion as derivation 13 per cent of Mineral Revenue The statement indicated that the Gross Revenue available from the VAT for July was N177 167 billion which was a decrease distributed in the preceding month The distribution is as follows Federal Government got N26 575 billion the States received N88 584 billion Local Government Councils got N62 008 billion Accordingly the Gross Statutory Revenue of N776 918 billion distributed was higher than the sum received in the previous month From which the Federal Government was allocated the sum of N380 035 billion States got N192 759 billion LGCs got N148 609 billion and Oil Derivation 13 per cent Mineral Revenue got N55 515 billion The statement also said that Companies Income Tax CIT and Petroleum Profit Tax PPT Excise Duties and Oil and Gas Royalties recorded significant increases According to the statement Import Duty and VAT however decreased considerably It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776 918 billion The VAT was also N177 167 billion bringing the total distributable amount for the month to N954 085 billion However the balance in the Excess Crude Account ECA as at Aug 24 stands at 470 599 54 million dollars naannews NewsSourceCredit NAN
    FG, States, LGCs share N954.085bn for July
    Economy3 months ago

    FG, States, LGCs share N954.085bn for July

    The Federation Account Allocation Committee (FAAC), has shared N954.085 billion to the three tiers of government, as federation allocation for July. This is according to a statement signed by Mr Phil Abiamuwe-Mowete, the Director on Wednesday in Abuja.

    From the amount, the Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion.

    This was inclusive of Gross Statutory Revenue and Value Added Tax (VAT), It said that the oil producing states received N55.515 billion as derivation (13 per cent of Mineral Revenue).

    The statement indicated that the Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month.

    “The distribution is as follows; Federal Government got N26.575 billion, the States received N88.584 billion, Local Government Councils got N62.008 billion.  

    “Accordingly,  the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.

    “From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13 per cent  Mineral Revenue) got N55.515 billion.

    ” The statement also said that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.

    According to the statement, Import Duty and VAT, however, decreased considerably.

    It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion.

    The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.

    However, the balance in the Excess Crude Account (ECA), as at Aug. 24 stands at 470,599.54 million dollars.

    naannews.


    NewsSourceCredit: NAN

  •  The Federal Executive Council FEC has approved N718 million for security services and surveillance of the Abuja light rail transportation system Minister of the Federal Capital Territory FCT Muhammed Bello disclosed this while briefing State House correspondents on the outcome of the Council meeting presided over by President Muhammadu Buhari on Wednesday in Abuja He said I presented a memo at the Federal Executive Council meeting of today and it approved a contract for the provision of security services for the Abuja Light Rail Mass Transit System These companies are Messers Al Ahali Security Guards Limited and Messers Seaguard Security and Protective Company Limited They are going to provide security to the entire 45 kilometers of track including 12 stations And these security services are meant to protect the key infrastructure on the rail tracks the signaling and communication equipment as well as the electrical system Al Ahali security guard Limited is going to secure 27 4 kilometres of the track covering eight stations at the cost of N407 214 000 over a two year period Seaguard Securities and Protective Company Limited is going to secure 18 kilometres of the rail tracks including four railway stations and that is at a cost of N310 979 250 The Minister of Transportation Umar Sambo also revealed that the council approved N1 4 billion for the purchase of spare parts and repairs of a crane of the Nigeria Railway Corporation He said the crane which plays a vital role in carrying out activities of the corporation was now broken down and needs to be fixed Today I had the privilege of presenting before the council a memorandum from the Ministry of Transportation on behalf of one of its agencies the Nigeria Railway Corporation for the purchase of spare parts and to undertake the repairs and overhaul of one of its critical cranes Council considered the memorandum because this crane is required by the Corporation for emergency repairs of its rolling stock it has broken down and therefore needs to be fixed Approval was given in the total sum of N1 491 065 722 72 inclusive of 7 5 percent VAT with a completion period of 12 months he said The minister who also fielded questions on the suspension of the Abuja Kaduna railway service following the March 2022 attack on the train said two issues were delaying the resumption of the train services He said these issues included families traumatized over their family members still in captivity of terrorists and the need to have surveillance facilities to monitor the tracks According to him government was looking at the best options in terms of the surveillance including to concession it in a Public Private Partnership PPP arrangement On the exact timeline to execute the initiative the minister said If I give a timeline I ll be lying to you It will be insensitive to restart the service if some families weep day and night over their family members still in the bush The minister said the government was mindful of the cost involved but should be able to report definite progress in about a month NewsSourceCredit NAN
    FG approves N718m to safeguard Abuja Light Rail against criminals
     The Federal Executive Council FEC has approved N718 million for security services and surveillance of the Abuja light rail transportation system Minister of the Federal Capital Territory FCT Muhammed Bello disclosed this while briefing State House correspondents on the outcome of the Council meeting presided over by President Muhammadu Buhari on Wednesday in Abuja He said I presented a memo at the Federal Executive Council meeting of today and it approved a contract for the provision of security services for the Abuja Light Rail Mass Transit System These companies are Messers Al Ahali Security Guards Limited and Messers Seaguard Security and Protective Company Limited They are going to provide security to the entire 45 kilometers of track including 12 stations And these security services are meant to protect the key infrastructure on the rail tracks the signaling and communication equipment as well as the electrical system Al Ahali security guard Limited is going to secure 27 4 kilometres of the track covering eight stations at the cost of N407 214 000 over a two year period Seaguard Securities and Protective Company Limited is going to secure 18 kilometres of the rail tracks including four railway stations and that is at a cost of N310 979 250 The Minister of Transportation Umar Sambo also revealed that the council approved N1 4 billion for the purchase of spare parts and repairs of a crane of the Nigeria Railway Corporation He said the crane which plays a vital role in carrying out activities of the corporation was now broken down and needs to be fixed Today I had the privilege of presenting before the council a memorandum from the Ministry of Transportation on behalf of one of its agencies the Nigeria Railway Corporation for the purchase of spare parts and to undertake the repairs and overhaul of one of its critical cranes Council considered the memorandum because this crane is required by the Corporation for emergency repairs of its rolling stock it has broken down and therefore needs to be fixed Approval was given in the total sum of N1 491 065 722 72 inclusive of 7 5 percent VAT with a completion period of 12 months he said The minister who also fielded questions on the suspension of the Abuja Kaduna railway service following the March 2022 attack on the train said two issues were delaying the resumption of the train services He said these issues included families traumatized over their family members still in captivity of terrorists and the need to have surveillance facilities to monitor the tracks According to him government was looking at the best options in terms of the surveillance including to concession it in a Public Private Partnership PPP arrangement On the exact timeline to execute the initiative the minister said If I give a timeline I ll be lying to you It will be insensitive to restart the service if some families weep day and night over their family members still in the bush The minister said the government was mindful of the cost involved but should be able to report definite progress in about a month NewsSourceCredit NAN
    FG approves N718m to safeguard Abuja Light Rail against criminals
    General news3 months ago

    FG approves N718m to safeguard Abuja Light Rail against criminals

    The Federal Executive Council (FEC) has approved N718 million for security services and surveillance of the Abuja light rail transportation system.

    Minister of the Federal Capital Territory (FCT), Muhammed Bello, disclosed this while briefing State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari, on Wednesday in Abuja.

    He said: “I presented a memo at the Federal Executive Council meeting of today and it approved a contract for the provision of security services for the Abuja Light Rail Mass Transit System.

    “These companies are Messers Al-Ahali Security Guards Limited and Messers Seaguard Security and Protective Company Limited.

    “They are going to provide security to the entire 45 kilometers of track including 12 stations.

    “And these security services are meant to protect the key infrastructure on the rail tracks, the signaling and communication equipment as well as the electrical system.

    “Al-Ahali security guard Limited is going to secure 27.4 kilometres of the track, covering eight stations at the cost of N407, 214,000 over a two year period.

    “Seaguard Securities and Protective Company Limited is going to secure 18 kilometres of the rail tracks including four railway stations and that is at a cost of N310, 979,250.” The Minister of Transportation, Umar Sambo, also revealed that the council approved N1.4 billion for the purchase of spare parts and  repairs of a crane of the Nigeria Railway Corporation.

    He said the crane, which plays a vital role in carrying out activities of the corporation, was now broken down and needs to be fixed.

    “Today, I had the privilege of presenting before the council, a memorandum from the Ministry of Transportation on behalf of one of its agencies, the Nigeria Railway Corporation, for the purchase of spare parts and to undertake the repairs and overhaul of one of its critical cranes.

    “Council considered the memorandum, because this crane is required by the Corporation for emergency repairs of its rolling stock; it has broken down and therefore needs to be fixed.

    “Approval was given in the total sum of N1, 491, 065, 722.72 inclusive of 7.5 percent VAT, with a completion period of 12 months,” he said.

    The minister, who also fielded questions on the suspension of the Abuja-Kaduna railway service following the March 2022 attack on the train, said two issues were delaying the resumption of the train services.

    He said these issues included families traumatized over their family members still in captivity of terrorists and the need to have surveillance facilities to monitor the tracks.

    According to him, government was looking at the best options in terms of the surveillance including to concession it in a Public Private Partnership (PPP) arrangement.

    On the exact timeline to execute the initiative, the minister said: “If I give a timeline, I’ll be lying to you.

    It will be insensitive to restart the service if some families weep day and night over their family members still in the bush.

    ” The minister said the government was mindful of the cost involved, but should be able to report definite progress in about a month.


    NewsSourceCredit: NAN

  •   EU Commissioner rules out VAT exemption on German winter gas levy NewsSourceCredit NAN
    EU Commissioner rules out VAT exemption on German winter gas levy
      EU Commissioner rules out VAT exemption on German winter gas levy NewsSourceCredit NAN
    EU Commissioner rules out VAT exemption on German winter gas levy
    Foreign3 months ago

    EU Commissioner rules out VAT exemption on German winter gas levy

    EU Commissioner rules out VAT exemption on German winter gas levy
    NewsSourceCredit: NAN

  •  Nigerians are soon to start paying 12 5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria The Minister of Finance Budget and National Planning Mrs Zainab Ahmed said this at a stakeholders forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja The event was organised by the Nigerian Communications Commission NCC The News Agency of Nigeria reports that the five per cent will be added to the already existing 7 5 per cent Value Added Tax VAT on telecommunications services Zainab who was represented by the Assistant Chief Officer of the Ministry Mr Frank Oshanipin said the five per cent excise duty had been in the finance Act 2020 but was not implemented She said the delay on its implementation was as a result of government engagement with stakeholders Payments are to be made on monthly basis on or before 21st of every month The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM It is public knowledge that our revenue cannot run our financial obligations so we are to shift our attention to non oil revenue The responsibility of generating revenue to run government lies with us all she said Mr Gbenga Adebayo Chairman Association of Licensed Telecom Owners of Nigeria ALTON said the burden would be on telecommunications consumers It means that subscribers will now pay 12 5 per cent tax on telecom services we will not be able to subsidise the five per cent excise duty on telecom services This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel he said Meanwhile the President of the Association of Telecommunications Companies of Nigeria ATCON Dr Ikechukwu Nnamani said the five per cent excise duty on telecom services did not conform with present realities Nnamani was represented by the Executive Secretary Mr Ajibola Alude He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses t is not well intended because the industry is not doing well currently he said The Controller General of the Nigerian Customs NCS retired Col Hameed Ali who was represented by the Assistant Controller Mrs Lami Wushishi said all active telecom service providers would pay the five per cent excise duty Executive Secretary ALTON Mr Gbolahan Awonuga said the five per cent excise duty was not healthy for the industry Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC We pay two per cent excise duty to NCC from our revenue 7 5 per cent VAT and other 39 taxes We are going to pass it to the subscribers because we cannot subsidise it he said The Executive Vice Chairman of the NCC Prof Umar Danbatta in his remarks said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures Danbatta said the industry had considered the earlier scheduled commencement date of June 1 inadequate and duly took this up with the Federal Government He said the NCC had engaged with the federal ministry of finance the Nigerian customs service and consultants from the World Bank to get needed clarifications These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern As the regulator of the telecoms industry we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations so that they can maintain full compliance with government policy he said He added that the excise duty covered both pre paid and post paid telecommunications services NewsSourceCredit NAN
    FG sets to implement 5% excise duty on telecom services
     Nigerians are soon to start paying 12 5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria The Minister of Finance Budget and National Planning Mrs Zainab Ahmed said this at a stakeholders forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja The event was organised by the Nigerian Communications Commission NCC The News Agency of Nigeria reports that the five per cent will be added to the already existing 7 5 per cent Value Added Tax VAT on telecommunications services Zainab who was represented by the Assistant Chief Officer of the Ministry Mr Frank Oshanipin said the five per cent excise duty had been in the finance Act 2020 but was not implemented She said the delay on its implementation was as a result of government engagement with stakeholders Payments are to be made on monthly basis on or before 21st of every month The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM It is public knowledge that our revenue cannot run our financial obligations so we are to shift our attention to non oil revenue The responsibility of generating revenue to run government lies with us all she said Mr Gbenga Adebayo Chairman Association of Licensed Telecom Owners of Nigeria ALTON said the burden would be on telecommunications consumers It means that subscribers will now pay 12 5 per cent tax on telecom services we will not be able to subsidise the five per cent excise duty on telecom services This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel he said Meanwhile the President of the Association of Telecommunications Companies of Nigeria ATCON Dr Ikechukwu Nnamani said the five per cent excise duty on telecom services did not conform with present realities Nnamani was represented by the Executive Secretary Mr Ajibola Alude He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses t is not well intended because the industry is not doing well currently he said The Controller General of the Nigerian Customs NCS retired Col Hameed Ali who was represented by the Assistant Controller Mrs Lami Wushishi said all active telecom service providers would pay the five per cent excise duty Executive Secretary ALTON Mr Gbolahan Awonuga said the five per cent excise duty was not healthy for the industry Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC We pay two per cent excise duty to NCC from our revenue 7 5 per cent VAT and other 39 taxes We are going to pass it to the subscribers because we cannot subsidise it he said The Executive Vice Chairman of the NCC Prof Umar Danbatta in his remarks said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures Danbatta said the industry had considered the earlier scheduled commencement date of June 1 inadequate and duly took this up with the Federal Government He said the NCC had engaged with the federal ministry of finance the Nigerian customs service and consultants from the World Bank to get needed clarifications These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern As the regulator of the telecoms industry we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations so that they can maintain full compliance with government policy he said He added that the excise duty covered both pre paid and post paid telecommunications services NewsSourceCredit NAN
    FG sets to implement 5% excise duty on telecom services
    General news4 months ago

    FG sets to implement 5% excise duty on telecom services

    Nigerians are soon to start paying 12.

    5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria.

    The Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, said this at a stakeholders’ forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja.

    The event was organised by the Nigerian Communications Commission (NCC) The News Agency of Nigeria reports that the five per cent will be added to the already existing 7.

    5 per cent Value Added Tax (VAT) on telecommunications services.

    Zainab, who was represented by the Assistant Chief Officer of the Ministry, Mr Frank Oshanipin, said the five per cent excise duty had been in the finance Act: 2020 but was not implemented.

    She said the delay on its implementation was as a result of government engagement with stakeholders.

    “Payments are to be made on monthly basis, on or before 21st of every month.

    “The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM.

    “It is public knowledge that our revenue cannot run our financial obligations, so we are to shift our attention to non oil revenue.

    “The responsibility of generating revenue to run government lies with us all,” she said.

    Mr Gbenga Adebayo, Chairman, Association of Licensed Telecom Owners of Nigeria (ALTON) said the burden would be on telecommunications consumers.

    “It means that subscribers will now pay 12.

    5 per cent tax on telecom services, we will not be able to subsidise the five per cent excise duty on telecom services.

    “This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel,” he said.

    Meanwhile, the President of the Association of Telecommunications Companies of Nigeria, (ATCON), Dr Ikechukwu Nnamani, said the five per cent excise duty on telecom services did not conform with present realities.

    Nnamani was represented by the Executive Secretary, Mr Ajibola Alude.

    He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses.

    “t is not well intended, because the industry is not doing well currently,” he said.

    The Controller General of the Nigerian Customs (NCS), retired Col. Hameed Ali, who was represented by the Assistant Controller, Mrs Lami Wushishi, said all active telecom service providers would pay the five per cent excise duty.

    Executive Secretary ALTON, Mr Gbolahan Awonuga, said the five per cent excise duty was not healthy for the industry.

    Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC.

    “We pay two per cent excise duty to NCC from our revenue, 7.

    5 per cent VAT and other 39 taxes.

    “We are going to pass it to the subscribers because we cannot subsidise it,” he said.

    The Executive Vice Chairman of the NCC, Prof. Umar Danbatta, in his remarks, said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures.

    Danbatta said the industry had considered the earlier scheduled commencement date of June 1, inadequate and duly took this up with the Federal Government.

    He said the NCC had engaged with the federal ministry of finance, the Nigerian customs service and consultants from the World Bank to get needed clarifications.

    “These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty.

    “We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern.

    “As the regulator of the telecoms industry, we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations, so that they can maintain full compliance with government policy’,” he said.

    He added that the excise duty covered both pre-paid and post-paid telecommunications services.


    NewsSourceCredit: NAN

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