FG, states, LGs share N954.085bn federal allocation for July – Newstrends
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FG, states, LGs share N954.085bn federal allocation for July

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The Federation Account Allocation Committee has shared N954.085 billion to the three tiers of government as federation allocation for July.

A statement issued in Abuja and signed by the Director (Information/Press), Federal Ministry of Finance, Budget and National Planning, Mr Phil Abiamuwe-Mowete, revealed the figure on Wednesday.

From the amount, the Federal Government received N406.610 billion; the states received N281.342 billion; the Local governments 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.

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We will sell fuel at N935/litre from today – IPMAN

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We will sell fuel at N935/litre from today – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday, following a new arrangement by Dangote Refinery.

Newstrends reports that Dangote Refinery recently slashed its fuel price by 7.27 per cent, reducing it from N970 per litre to N899.50k per litre for oil marketers.

IPMAN attributed the price reduction to a decrease in Dangote Refinery’s fuel ex-depot price and a uniform pricing structure, which will enable marketers nationwide to sell at the new rate.

Alhaji Maigandi Garima, IPMAN’s National President, disclosed the development during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He commended Dangote Refinery for the initiative, describing it as a timely intervention.

He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.

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“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

“We have been loading from the Dangote refinery and the refinery is saving us in this festive period.”

He added that the new arrangement reflects a significant drop from the previous ex-depot price of N970 per litre at Dangote Refinery.

Garima noted that deregulation of the downstream sector has fostered healthy competition, paving the way for a steady decline in fuel prices.

“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.

“Very soon, more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he added.

Reflecting on the 2023 yuletide period, Garima recalled that petrol was sold at N2,000 per litre in parts of the Northern and Eastern regions due to reliance on imported fuel.

He noted that prices in those areas are now capped at N1,100 per litre due to the functioning refineries in the country.

 

We will sell fuel at N935/litre from today – IPMAN

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Lagos Rail Mass Transit part of FG free train ride – NRC

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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NNPC denies claim of Port Harcourt refinery shutdown

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

NNPC denies claim of Port Harcourt refinery shutdown

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