Author: The Nation

The money shared by the Federation Account Allocation Committee (FAAC) from April 2023 revenue shrunk to N655.932 billion.

This was contained in a statement by Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF) at the end of the monthly FAAC meeting yesterday in Abuja.

He said a total sum of N655.932 billion April 2023 Federation Account Revenue was shared to the federal, states and local government as May 2023 allocation.

About N714 billion and N722 billion were shares for March and February 2023 respectively.

According to Bawa, the reason for the fall in revenue was that “in the month of April 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax (VAT) all decreased considerably. Only Electronic Money Transfer Levy (EMTL) increased albeit marginally”.

Mokwa stated that “the N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue and N24.000 billion augmentation from the non-mineral revenue.

In April 2023, the total deductions for cost of collection was N28.108 billion and total deductions for transfers and refunds was N120.287 billion.

The balance in the Excess Crude Account (ECA) still stands at $473,754.57.

From the total distributable revenue of N655.932 billion; the federal government received N248.809 billion, the state governments received N218.307 billion and the local government councils received N160.600 billion.

A total sum of N28.216 billion was shared to the relevant States as 13 percent derivation revenue.

Gross statutory revenue of N497.463 billion was received for the month of April 2023. This was lower than the sum of N638.673 billion received in the previous month by N141.210 billion.

From the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the State Governments received N91.632 billion and the Local Government Councils received N70.647 billion. The sum of N21.716 billion was shared to the relevant States as 13percent derivation revenue.

For the month of April 2023, Bawa Mokwa noted that “the gross revenue available from the Value Added Tax (VAT) was N217.743 billion This was lower than the N218.786 billion available in the month of March 2023 by N1.043 billion. 

“The Federal Government received N30.414 billion, the State Governments received N101.381 billion and the Local Government Councils received N70.967 billion from the N202.762 billion distributable Value Added Tax (VAT) revenue.

The N14.516 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.177 billion, the State Governments received N7.258 billion and the Local Government Councils received N5.081 billion.

The total revenue of N50.000 billion from Forex Equalization was shared as: the Federal Government, N22.916 billion; the State Governments, N11.623 billion; Local Government Councils, N8.961 billion and the sum of N6.500 billion was shared to the relevant States as 13 percent mineral revenue.

From the N24 billion non-mineral revenue, the Federal Government received N12.643 billion, the State Governments received N6.413 billion and the Local Government Councils received N4.944 billion.

The Federal Government has launched an online platform that would connect foreign businesses that want to do business with Nigerian businesses.

Besides, the government also set up a help desk to attend to Nigerians in diaspora.

 The Nigeria Global Business Match, NGBM is a real-time online one stop-shop where foreign businesses seeking to do business in Nigeria can transparently conduct end to end transactions with Nigerian registered and verified businesses in a secured and trusted online platform.

NGNM provides a database of registered Nigerian businesses to its foreign counterparts.

The essence is to leverage on the ministry of Foreign Affairs global presence to boost Nigeria’s overall international business, trade and economic relations.

The ministry also launched two other legacy projects- the Nigeria Global Citizens Help Desk, NGCHD for Nigerians in Diaspora who are in need of help.

Also launched was the Unified Online Presence under Diplomatic Service Digitalization initiative.

This will see all the country’s missions and the ministry in one secure Web space.

Consequently, all the missions and Ministry will now have a uniform naming pattern.

Speaking during the event, Buhari said the projects were targeted towards achieving the mandates given to the Ministry of Foreign Affairs and would be extremely beneficial to Nigerians abroad.

Buhari who was represented by his Chief of Staff,  Professor Ibrahim Gambari, appreciated partner ministries, departments and agencies for their contributions and support, particularly those that provided data base access for verification purposes.

“I would like to urge the staff of the Ministry, especially those who will interface directly with this system to utilise them diligently and ensure effective delivery of qualitative service to Nigerian citizens,” Buhari said.

Buhari further reiterated upon the need to maintain the legacy projects, as well as improve upon them as innovation permits so that they can compete globally.

Speaking earlier, the Minister of Foreign Affairs, Geoffrey Onyeama, said the ministry felt the need to leverage on its physical presence in a hundred countries around the world to promote the portal and direct the attention of the businesses in those hundred countries unto the portal where Nigerian businesses would be able to upload all their information, as well as foreign businesses, in a secure environment as supported by the government, the Ministry of Industry, Trade and Investment, the Ministry of Foreign Affairs and others.

“Secure environment in which businesses can meet each other. And hopefully, we will be able to have a live match,” Onyeama said.

Onyeama further said the portal will be a unique matching tool for businesses as it will open up the world for Nigerian businesses seamlessly.

Onyeama stated that the second initiative was part of the Ministry’s citizens’ diplomacy, saying that there were huge numbers of Nigerians around the world.

“That is one of the reasons why I am also delighted that the Executive Governor of Edo State was able to come here because he has been a champion for the Nigerian trafficking victims around the world and he has been extremely engaged in protecting young, vulnerable Nigerians who had been trafficked or who could be trafficked if the necessary measures are not put in place,” Onyeama also said.

Governor Godwin Obaseki of Edo State, said the event was quite significant, adding that the platform provided for Nigerians in the Diaspora and other relevant sister agencies with a channel that provides services where Nigerians can reach out for help, advisory services and also to report in cases of emergencies.

Obaseki further said the recent Russian-Ukrainian conflict and the crisis in Sudan, clearly demonstrated the need for a trusted and dependable channel where citizens can report emergencies and seek help, especially from Abuja and Nigeria.

“This service would be of tremendous benefit to our citizens in the Diaspora who, as you are aware, are spread out all over the world,” Obaseki said.

Cocoa Farmers Association of Nigeria (CFAN) has expressed optimism that the incoming administration of Senator Bola Tinubu would be a turning point for the cocoa industry in the country.

It, however, rejected any attempt to bring total deregulation of the cocoa economy.

The CFAN said total deregulation of the cocoa industry led to cheating of farmers, low productivity and production of poor quality cocoa beans.

National President of CFAN, Comrade Adeola Adegoke, spoke in Akure shortly after he and 11 others were elected to lead the association for another four years.

Comrade Adegoke said cocoa farmers expected a lot from the administration of Tinubu but said they would work with the administration to bring about regulations.

Adegoke said they would push for the establishment of a Board that would not be involved in buying cocoa but would ensure farmers were provided with necessary input and develop cocoa industry.

His words,  “Our agenda is for us to be highest producing cocoa country in thr world and increase productivity per hectare.”

 We will work with Tinubu to ensure the National Cocoa Management Committee put in place by Buhari is solidified  and provided the enabling National Assembly Acts that will spur investment into the sector, strengthen the research system and making available subsidies inputs for our farmers.

“If you look at the investments in rice and other commodities, they are not commesuarable to cocoa. Forex from cocoa is still the highest in the country.”

“The present income of our farmers is unacceptable. We have seen that our farmers are getting poorer. We have seen the quality noted for the Nigeria cocoa industry is no longer there. We do not have better sustainable practice. The focus of commitment to grow cocoa economy in most of the cocoa producing states are no longer there.

“The present system where there is no system in unacceptable to us. There will be a social revolution to see that the only way to create wealth for our states is to go back to quality production of coca and mass empowerment of our farmers. We will work together with the incoming administration.”

The board of  African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap.

The financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria. It complements a 2019 investment into InfraCredit made by the AfDB and other partners to help unlock domestic institutional capital for infrastructure. InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors, including pension fund and insurance companies, to support infrastructure projects.

The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years, primarily by leveraging private sector financing.

Director-General of the bank’s Nigeria Country Department, Lamin Barrow, said: “The AfDB is pleased to continue to support an innovative financial institution – InfraCredit -which has objectives that align closely with our priorities to mobilize institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure.”

The company’s green finance track record and commitments under its Clean Energy Transition Strategy and Roadmap and Green Finance Framework fits with the African Development Bank’s commitments to promote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said.

Also speaking on the facility, InfraCredit CEO, Chinua Azubike,  said: “We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth. This second round (of) investment will strengthen our guarantee issuing capacity and bring AfDB’s total investments in InfraCredit to $25 million, which is a strong signal of commitment to the long-term growth of InfraCredit and the Nigerian economy.”

AfDB Acting Director for Financial Sector Development, Ahmed Attout, said:  “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The AfDB is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilization of long-term funding into Africa’s infrastructure.”

The partnership advances a number of strategic objectives under the Bank’s current Country Strategy Paper for Nigeria, which includes helping to stimulate local currency bond market financing across diverse infrastructure sectors, as well as enhancing economic diversification and competitiveness in the country. The strategy also prioritizes delivery of infrastructure for transport, energy, water and sanitation, agriculture, industry and social development.

The intervention is also aligned with the Nigeria’s National Development Plan which envisages strong private sector resource mobilization and participation in the delivery of the priorities of the plan including for investment in infrastructure, promotion of financial sector and capital market development in the country.

By de-risking local currency debt instruments (primarily bonds), InfraCredit channels financing to infrastructure projects, including green and climate-aligned projects in Nigeria. Infrastructure Credit Guarantee Company Limited was founded in 2016 by the Nigerian Sovereign Investment Authority (NSIA) in collaboration with GuarantCo (part of the Private Infrastructure Development Group).

The National Pension Commission (PenCom) has recovered about N24.53 billion as pension contributions owed workers by defaulting employers.

Director-General of PenCom, Mrs Aisha Dahir-Umar, said this yesterday in Lagos at the 2023 Labour Writers Association of Nigeria (LAWAN) Workshop.

She was represented by the Head of Corporate Communications of PenCom, Mr Abdulqadir Dahiru.

The News Agency of Nigeria (NAN) reports that the workshop had the theme: “Securing the Future: The Benefits of the Contributory Pension Scheme to Nigerian Workers”.

Dahir-Umar said that the amount was recovered from June 2012 to March 31, 2023.

According to her, of the recovered sum, N12.44 billion is actual pension contribution while N12.09 billion is penalty.

She said that during the first quarter of 2023, N384.28 million (comprising N193.06 million contributions and N191.22 million penalties) was recovered from 34 defaulting employers.

According to her, PenCom is committed to protecting workers’ interests and ensuring that employers pay pension contributions as and when due.

Dahiru-Umar added that PenCom was determined to ensure that Nigerian workers would receive their retirement benefits in time.

She said that the commission’s meticulous regulation and supervision of the pension industry had ensured that pension assets and the Contributory Pension Scheme (CPS) membership continued to grow.

According to her, the value of pension assets stood at N15.58 trillion as at March 31, while CPS membership was 9.95 million.

She noted that in 2022, PenCom launched a policy allowing Retirement Savings Account (RSA) holders to utilise a portion of their retirement savings as equity for mortgages.

She said that the policy marked a significant milestone in the commission’s ongoing efforts to provide greater flexibility and access to pension funds for the benefit of RSA holders.

“We recognise that many individuals face challenges in securing adequate housing upon retirement, and we aim to address this issue by unlocking the value of their pension savings to facilitate homeownership.

“Under this new policy, RSA holders who have contributed to their accounts for at least five years and met specific eligibility criteria can utilise up to 25 per cent of their pension savings as equity contribution towards acquiring residential properties.

“This policy aligns with our commitment to ensuring that pension funds catalyse economic development and social well-being,” she said.

Dahiru-Umar added that RSA holders could access 25 per cent of their RSA balance to cushion the effect of job loss if they could not secure another employment after four months of job loss.

She said that the partial withdrawal from RSA was to offer immediate support during a difficult period.

According to her, the remaining balance in the RSA will continue to grow and accumulate until the RSA holder attains retirement age.

The director-general urged LAWAN members to approach the workshop with an open mind and commitment to excellence in journalism.

She expressed optimism that enhancing journalists’ understanding of pensions would equip them better to educate members of the public, dispel misconceptions and foster financial planning culture and security among Nigerian workers.

“We firmly believe that a well-informed and engaged media plays a vital role in driving information flow and positive change in our society.

“As writers and journalists, you can shape public opinion and influence policy discussions.

“Therefore, we must work together to ensure accurate and comprehensive reporting on pension-related matters, which are of great significance to the well-being and future of Nigerian workers,” she said.

The Central Bank of Nigeria (CBN) is collaborating with Google to establish a virtual currency museum that will showcase the evolution of currency in Nigeria.

The CBN said it had become imperative to take the currency museum to the larger world after it realised that so far, more than 30,000 visitors from around the world have physically visited the museum.

The Currency Museum of the Central Bank of Nigeria was established on the 6th May 2009 with two galleries: the permanent and temporary sections.

Mr. Folashodun Adebisi Shonubi,  Deputy Governor, Operations Directorate of the CBN made this disclosure in Abuja yesterday on the occasion of the 2023 international museum day (IMD) celebration.

According to Shonubi, “the Central Bank of Nigeria Currency Museum is working in collaboration with Google and our in-house Information Technology Department (|TD) to establish a Virtual Reality Museum”.

This, he said, “is an approach to connect with the global world for the public to sit back and relax within their comfort zone and view the artifacts on display”.

In his address, the Director Currency Operations of the CBN, Ahmed Bello Umar said the apex bank is “in the process of making sure that our museums have gone digital by way of Virtual Reality Museum where you sit back in your comfort zone and take a view through our Currency Museum Gallery coming soon”.

He stated that “the International Museum Day 2023 bids all Museums, their professionals and communities to create, imagine and share new practices of (co-)creation of value, new business models for cultural institutions and innovative solutions for the social, economic and environmental challenges of the present”.

According to him, “you can’t continue doing the same thing and expect a different result”: until Museums embrace new approaches as regards to evolving technology and give up the old methods, we will never appeal to new audiences nor be intertwined with other Museums”.

“Digital innovations can make museums more accessible and engaging thereby helping audiences understand complex and nuanced concepts” he said.

In her presentation, Mrs Stella Gana an Assistant Director in the Currency Operations Department of the CBN said the CBN museum has welcomed over 30,000 visitors since 2009 when it was established.

The CBN currency museum she said has loaned out some artefacts to other countries but she appealed to the authorities to increase budgetary allocation to the museum, promote research and development, relax access restrictions to the museum to allow more visitors, address the issue of language diversity and encourage specialization in museum management.

The federal government has assured the advertising industry of government continuous support.

Minister of Information and Culture, Alhaji Lai Mohammed disclosed this yesterday while inaugurating the first ever Advertising Offences Tribunal in Abuja.

He said the event was a landmark as the tribunal is the first of its kind anywhere in the world.

Mohammed said Nigerian advertising industry holds enormous potentials to influence the nation’s economic growth.

He added that the government is interested in boosting the role and mandate of the Advertising Regulatory Council of Nigeria (ARCON) for effective regulation of advertising, advertisement and marketing communication in Nigeria.

“The federal government will continue to support the advancement of the advertising industry in Nigeria and will ensure that being a nation with remarkable characteristic as well as diverse ethnic, cultural and religious background, advertising, advertisement and marketing communications will be carried out with a level of decency as well as respect for cultural values and constitutional tenets,” Mohammed said.

” The Federal Government’s interest in boosting the role and mandate of the Advertising Regulatory Council of Nigeria (ARCON) for effective regulation of advertising, advertisement and marketing communication in Nigeria is built on the awareness that the Nigeria Advertising industry holds enormous potential to influence the nation’s economic growth.”

The Minister also expressed confidence in the Tribunal that it  “will entertain every matter before you for adjudication justly, fairly, and without bias.”

In her response, the Chairperson of the Tribunal, Justice Cecilia Olatoregun (rtd), thanked the government for considering the team worthy of the assignment and promised that they would be just  and fair in the discharge of their duties.

The other members of the Tribunal, Mr. Charles Odenigbo, Mr. Moroof Aileru, Mrs. Julia Oku Jack, Alhaji Bello Kankarofi and Mr. Idorenyen Enang.

 The Justice Olatoregun led Advertising Offences Tribunal was established by the ARCON ACT No 23, 2022.

The Tribunal is empowered to entertain all matters of violations of the provisions of the Act, the Code of Advertising Practice, Standard of Practice, and other subsidiary legislations made pursuant to the Act.

The Murtala Muhammed Airport (MMA), Command of the Nigeria Customs Service (NCS), said  it generated over  N21.4 billion as revenue  between January and March, 2023.

Customs Area Comptroller (CAC), of the Command, Comptroller . Mohammed Yusuf who disclosed this said  the inflow of revenue in the first quarter of 2023  depicts  progressive difference of 21. 97 percent compared to  N17.5 billion generated in 2022.

Speaking at a briefing at the Command’s Office at the Lagos Airport, Yusuf broke down  revenue activities to include : importation and exportation of legitimate goods, goods under the Economic Community of West African States ( ECOWAS)  Trade Liberalization Scheme (ETLS) and others.

He also informed that the Command has  intercepted 23 packages of tramadol worth N1.8billion imported into the country from India and Pakistan.

 Yusuf, said the Tramadol seized were above the threshold allowed by law to be imported into the country.

According to him, the Tramadol came into the country in 22 packets of 225mg tramadol and 12 packets in 120mg from the shed of the Nigeria Aviation Handling Company Limited (NAHCO) and Skyway Aviation Handling Company Limited (SAHCOL).

He said : “Through credible intelligence, the command recorded seizures of packages of pharmacuetical  products that included 22 packets of 225mg of Tramadol and 12 packets of 120mg of Tramadol they were concealed and imported into the country through India and Pakistan.

“The above seizures were recorded based on intelligence driven operations  within the airport. The total Duty Paid Value (DPV), of the seizure stood at N1.8billion.”

Compt. Yusuf, however, stated that the seized drugs will be handed over to the National Drug Law Enforcement Agency (NDLEA) for further action.

“The Tramadol tablets in our custody has been scheduled for handling over to the commander of Narcotics, MMA, command of NDLEA in the spirit of inter-agency collaboration. This will further strengthen our collaboration in safeguarding our youths from the use or harmful substances which could endanger their lives and the environment. We shall intensify effort in making our communities a safer place for all of us to live.”

President Muhammadu Buhari has said that the country has adequate raw materials for domestic rice production as paddy yield per hectare has significantly increased within the last eight years.

Buhari stated this on yesterday while commissioning a large scale integrated rice mill in Sheda, Kwali Area Council of the Federal Capital Territory (FCT).

The mill with the capacity to produce 90 tons per day, an equivalent of 10 trailers, is one of the 10 integrated rice mills in the six geopolitical zones that the president approved under the public private partnership (PPP) model based on the build, operate, and own model.

He noted that mill was a public private partnership between the government and the anchor investors to increase the country’s processing capacity for rice production and fill-up demand-supply gap make the country self-sufficient in the commodity value chain.

The president who was represented by the Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, said the country has witnessed the rapid increase in domestic rice production from the incentive given to farmers and processors over the past eight years.

This, he said, was achieved through the resolution of leveraging potentials in producing what the country consume.

He said: “In the agricultural sector, we indeed have capacity to be food secure if we rightly harness and deploy our human and material resources.

“Paddy yield per hectare has significantly increased to the extent of being adequate in the raw material production.

“It shows the result of determination for backward integration and economic diversification within the ambit of comparative advantage of natural resource utilisation.

“A responsibility is to always use PPP arrangement to establish more integrated medium and large scale processing mills to reduce post-harvest losses, widen the derivate products of agricultural commodities and reduce food importation”.

Speaking, Minister of State for Agriculture, Mustapha Baba Shehuri, noted that the project is part of the modest effort of the government to attain food security and eliminate the importation of rice that Nigeria has the capacity to produce locally and create employment in the agribusiness sector.

 By this, he said, the country will be conserving her scarce foreign exchange on rice imports.

He however noted that the the ministry  will continue to ensure that the project is well managed.

“It is part of Mr. President’s legacy and we will ensure that the products are of high quality, meet the consumers’ expectation, and are safe for consumption”.

On his part, the Permanent Secretary of the Ministry, Dr Ernest Umakhihe stated that the rice business is lucrative to farmers and the connected entrepreneurs.

He added that the cultivation of the crop requires a dedicated agronomy practice and climate condition, and the paddy materials needs immediate off-take to process it into the desired grain.

He further said the establishment of the highly prioritised large scale integrated rice mills has been a commitment since the year 2018, and together with the parties involved, the Ministry will ensure their full completion and operation for rice production in Nigeria.