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.
Lamborghini pushes out final Aventador, Ultimae, ends V12 supercar
Supercar manufacturer, Lamborghini, has announced the production of the last Aventador. You can call it Avantador’s last dance. The final Lamborghini Aventador Ultimae was rolled off the production line in Sant’Agata, Italy, and kissing goodbye to V12-powered supercar that shaped an era. The Lamborghini V12 will be hybridised going forward.
This Ultimae Roadster marks the 11,465th Aventador to reach customers worldwide. First launched in 2011, the Aventador is not exactly modern, but when it debuted, it was described by CEO Stephan Winkelmann as “a jump of two generations in terms of design and technology,” with “performance that is simply overwhelming.”
A plug-in hybrid replacement is expected to be revealed later this year, having been spied testing.
Lamborghini made sure the final model was the most powerful, with the 6.5-litre unit producing 10bhp more than in the previous range-topping Aventador, the Lamborghini Aventador SVJ, sending 769bhp (780PS, hence the name) to both axles. The Aventador-based Essenza SCV12 produces 819bhp but is limited to track use.
The Ultimae’s 531lb ft torque peak matches the SVJ’s, with which it shares its power- to-weight ratio. But with a 0-62mph time of just 2.8sec and a top speed of 221mph, the Ultimae is the fastest road-going Aventador.
The 350 coupés and 250 roadsters – each sold with a numbered plaque – were offered in a range of unique colour schemes, including a new grey-on-grey option with contrasting red trim elements, while the roadster could be specified with an exposed carbonfibre roof panel. It was also subtly marked out from other Aventadors by way of a unique styling package that “took the best components” of the S and SVJ.
The Aventador’s plug-in hybrid replacement will serve as a bridge to pure-electric Lamborghini models in the future.
This electrified future will see the Hurácan and Lamborghini Urus also go down the same route, and an all-electric 2+2 introduced in the second half of the decade.
Importantly, however, while its replacement will use an electrified drivetrain, it will take the bulk of its power from a large-capacity V12, in line with company boss Stephan Winkelmann’s commitment to the emotional value of its supercars.
He told Autocar last year that there is “a lot of emotion attached” to the 12-cylinder engine, which he is particularly aware of, having been involved in the launch of the Aventador in his first stint as the boss of Lamborghini in 2011.
How to use your pensions for mortgage
The National Pension Commission recently approved the guidelines to access Retirement Savings Account balance for payment of equity contribution for residential mortgage by RSA holders.
The approval was in line with Section 89 (2) of the Pension Reform Act 2014, which allows RSA holders to use a portion of their RSA balance towards payment of equity for residential mortgage.
PenCom however specified conditions to access the funds. A major condition is that the applicant must be in active employment, either as a salaried employee or as a self-employed person.
It stated that application for equity contribution for residential mortgage must be in person and not by proxy.
NNPC denies operating secret account, says fuel subsidy gulps N2.6tn
The Nigerian National Petroleum Company Limited (NNPCL) has not remitted any amount to the federation account since the beginning of this year as the company’s deduction for petrol subsidy rose to N2.565 trillion at the end of August 2022.
A new report by the NNPC revealed this even as the company denied any involvement in the operation of any secret bank account, stating that the Office of the Accountant General of the Federation (OAGF) was aware of its financial transactions.
An analysis of NNPC’s monthly presentation to the Federation Account Allocation Committee (FAAC) at the weekend, further showed that the NNPCL has so far spent N2.565 trillion on the controversial subsidy this year.
Information from the FAAC meeting had earlier revealed that the money available for distribution among the three tiers of government for the month slumped by N280.948 billion to N673.137 billion when put aside the N954.085 shared in July.
Of the amount, the Federal Government received N259.641 billion; the states received N222.949 billion, while the local governments got N164.247 billion.
“The sum of N525,714,373,874.60 being federation account share was used to defray value shortfall/subsidy for the month,” the NNPCL stated in a document quoted by TheCable.
According to the national oil firm, in January, February, March, and April 2022, the petrol subsidy gulped N210.38 billion, N219.78 billion, N245.77 billion and N271.13 billion respectively.
Furthermore, in May, June, and July, the country spent N327.07 billion, N319.18 billion and N448.78 billion respectively before the hugest deduction of N525.71 billion in the latest instance.
The NNPCL also on Saturday said it was not involved in the operation of any secret bank account.
It said that the Office of the Accountant General of the Federation (OAGF) was aware of its financial transactions.
In a thread on its verified Twitter handle last night, signed by the spokesman for the national oil company, Mr Garba Muhammad, the company explained that it was unaware of the existence of any such account.
The House of Representatives a few days ago said it was probing the structure and accountability of the joint venture businesses and Production Sharing Contracts (PSCs) of the NNPCL in the last 32 years.
The lawmakers had alleged that they had uncovered a secret account owned by the NNPCL allegedly in breach of due process.
The report stated that an official of the OAGF, Mr Chize Peters, disclosed to the Abubakar Fulata-led Adhoc committee probing the matter.
The committee was said to have directed the Group Chief Executive Officer of the NNPCL, Mele Kyari, to appear before it to offer explanations on the issue.
But in a series of tweets, the spokesman of NNPCL said, “The NNPCL, directly or through its upstream arm, the National Petroleum Investment Management Services (NAPIMS), does not operate secret accounts at all.
“The joint venture cash call accounts denominated in US Dollars and Nigerian Naira are all domiciled with the Central Bank of Nigeria in line with the Treasury Single Account (TSA) policy.
“The Joint Venture Cash Call (JVCC) NGN and USD accounts were created to cater for the funding of cash calls for the various Joint Ventures managed by NNPCL on behalf of the Federal Government,” the company said.
The statement added that the ‘Joint Venture Proceeds Accounts’ were opened for the individual JVs to implement the self-funding strategy which aims at making them be self-reliant.
“The Office of the Accountant-Gen. of the Federation (OAGF) is fully aware of the JVCC accounts as the OAGF regularly sanctions & approves the updates/change of signatories to the accounts.
The NNPCL has documents where these correspondences with the OAGF were acknowledged.
“The NNPC/NAPIMS books of accounts in respect of the federations upstream petroleum activities are audited annually by independent external auditors,” the national oil company said.
According to the NNPCL, a critical part of the independent statutory audit is sending ‘circularisation’ to banks to confirm balances and bank accounts belonging to NNPC/NAPIMS.
It stressed that Audited Financial Statements (AFS) are submitted to all stakeholders including the National Assembly.
In addition, the company stated that the OAGF conducts periodic (yearly) checks on the activities of NNPC/NAPIMS, maintaining that the activities of the NNPCL and NAPIMS are audited yearly by the Nigerian Extractive Industry Transparency Initiative (NEITI).
“NNPCL has documented evidence of the correspondences between the company and the OAGF before the accounts were opened with the @cenbank, in line with the Treasury Single Account (TSA) policy.
“We also have evidence of reconciliations carried out with the @cenbank for the year ended 31-12-2021 in respect to the JV Cash Call Accounts.
“Thus, with such multiple layers of checks and balances, it is impossible for @nnpclimited to operate secret accounts until the ad hoc Committee, with due respect to its competencies, discovers it.
“If such ‘secret account’ does exist, then @nnpclimited certainly is not aware of, and has absolutely nothing to do with it,” the statement concluded.
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