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FAAC: FG, states, LGAs share N640bn for January

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The three tiers of government, the federal, state and local governments, have shared N640.31bn as revenue for January.

The amount, coming from the Federation Accounts Allocation Committee, is the highest revenue to be shared in the last three months. It is higher than the N619bn shared in December or the N601bn in November 2020.

A communique released by FAAC said the amount shared by the three tiers included cost of collection to different revenue agencies involved.

These are the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

In accordance with the sharing formula, the Federal Government received N226.998bn; the states, N177.171bn and the LGAs got N131.399bn.

Oil producing states received N26.777bn as derivation (13 per cent of mineral revenue) and cost of collection/transfer and refunds got N75.966bn.

The communique also stated that the Value Added Tax (VAT) for January was N157.351bn, which was lower than the N171.358bn in December 2020.

“The distribution is as follows: Federal Government got N21.950 billion, the states received N73.168 billion, LGAs got N51.218 billion, while Cost of Collection – FIRS and NCS got N11.015 billion.

“The distributed statutory revenue of N482.958 billion received for the month was higher than the N437.256 billion received for the previous month by N45.703 billion.

“From this, the Federal Government received N205.047 billon, states got N104.003 billion, LGAs got N80.162 billion, Derivation (13 per cent Mineral Revenue) got N28.777 billion and Cost of Collection/ Transfer and Refund got N64.951 billion.”

The communique added that Companies Income Tax (CIT) and Oil and Gas Royalty, VAT, and Excise Duty recorded marginal decreases.

Import Duty was an exception as it increased marginally; Petroleum Profit Tax (PPT) also recorded a considerable increase, it stated.

The balance in the Excess Crude Account as of February 18 was $72.412m.

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Just in: CBN bows to pressure, extends old naira notes deadline to Feb 10

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  • N1.7 trillion old notes collected so far

The Central Bank of Nigeria has bowed to pressure announcing the extension of the deadline for the exchange of old naira notes by 10 days.

In a press statement issued on Sunday, Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.

He also said N1.7 trillion worth of naira notes had been returned to banks so far — with N500 billion more to go.

Those who still have the old notes after February 10 will enjoy a seven-day “grace period” to deposit them directly with the CBN.

After February 17, the old notes will cease to be legal tender, the governor said.

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Lagos buys 100 new vehicles for state civil servants

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Lagos State Government has purchased 100 new cars for senior civil servants in the state on Grade 17 level.

The beneficiaries mainly directors in the teaching and health sectors were randomly selected through e-balot system, according to the state governor, Babajide Sanwo-Olu.

He added that the beneficiaries had taken possession of the 100 vehicles.

Posting pictures of the cars on his social media pages on Saturday night, the governor said the purchase was done to keep his promise that Lagos State would always prioritise the welfare of workers in its civil service.

Sanwo-Olu, the Lagos flag bearer of the All Progressives Congress in the forthcoming governorship election is seeking a second term as governor.

Sanwo-Olu wrote, “In keeping to our promise of prioritising the welfare of our staff in the Lagos State civil service, we gave out 100 vehicles to Directors on grade level 17 through an e-ballot system.

“While 40 of the vehicles were given to Grade Level 17 Directors in the teaching sector, 30 vehicles each were allocated to the health and mainstream sectors of the public service respectively.”

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Jan 31 remains deadline for old naira notes, says CBN

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The Central Bank of Nigeria (CBN) on Saturday said the deadline to phase out the old naira notes remained January 31.

The CBN said this in a post on its social media pages.

“Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023,” the post read.

This came as more prominent individuals including Alhaji Atiku Abubakar, presidential candidate of the Peoples Democratic Party, have called for the extension of the deadline.

The CBN post was accompanied by a video of Godwin Emefiele, governor of the CBN, in which he said there are no plans to shift the deadline.

The video was from a media briefing held on January 24, after the bank’s monetary policy committee (MPC) meeting in Abuja.

Emefiele had said, “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline.

My apologies. The reason is because just as the president has said on more than two occasions, and even to people privately, that for us, 90 days — in fact, we feel it’s 100 days — is enough for anybody who has the old currency to deposit the money in the banks.

“And we took every measure to ensure that all the banks were open or remain still open to receive all old currencies; 100 days, we believe is more than adequate.

“We called on the banks and said ‘not only are we requesting you to increase your banking hours so you can receive old currency, but we are also asking you to keep your doors open on Saturdays.

“The banks did not have any reason to even keep their banking halls open on Saturdays, neither did they see the kind of rush that they anticipated. There were normal people who came to deposit money into the banks.

“We do not see any reason to begin to talk about a shift because people could not deposit their old monies into their banks.”

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