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  • Buhari to present N10.2tr 2020 budget Tuesday

    Sanni Onogu, Tony Akowe and Victor Oluwasegun Abuja 

     

    The picture of 2020 Budget expected to be delivered by President Muhammadu Buhari next Tuesday became clearer on Thursday.

    The final budget draft is expected to be premised on the on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) passed by the National Assembly.

    The MTEF/FSP was submitted to the Senate and the House of Representatives by the President last week. Its passage followed the approval of the Senator Solomon Adeola-led Senate Committee on Finance by the Upper Chamber and the James Faleke-led Finance Committee in the House of Representatives.

    In the approved MTEF/FSP 2020-2022, the National Assembly increased the Federal Government’s proposed expenditure for next year from N10.002 trillion to 10,729 trillion, which amounted to N179.398 billion increase.

    Both chambers of the National Assembly also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase.

    The Senate increased next year’s revenue target by the Nigeria Customs Service (NCS)  from N942.6 billion to N1.5 trillion, representing N557.4 billion increase.

    It, however, retained the exchange rate at N305 to the dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the Executive.

    The Adeola-led committee recommended the adoption of N1.5 trillion for new borrowing  by the government, following the reduction of N200 billion, which was sourced from the increase of revenue target of the NCS.

    The committee called for the amendment to the Fiscal Responsibility Act (FRA Act) and laws governing the revenue generating agencies to align with current realities.

    These were the highlights of the recommendations of the National Assembly Joint Committee on Finance Report on 2020-2022 MTEF/FSP, which was considered on Thursday.

    The Committee’s recommendations which were approved by the Senate, are as follows:

    ”Following intensive engagement with NNPC and relevant information obtained during the session, the committee recommends the adoption of 2.18mbpd as daily production output in 2020. In view of concerted effort by NNPC and security agencies the menaces of oil theft and vandalization, the 2.18mbpd would be realizable.

    ”The committee recommends the adoption of $57/barrel as crude oil benchmark price for the fiscal year 2020.

    ”The revenue target of Nigeria Customs Service (NCS) of N942.6 billion for 2020 should be increased to N1.5 trillion, as a result of the performance of NSC in last 9 months with three months still outstanding.

    ”The NCS revenue as at September stood at N1 trillion against the budget figure of N969. 8 billion for the year 2019. The Joint Committee commends the NCS for exceeding the targeted revenue despite the global economic challenges and closure of the Nigerian boarders.

    ”The sum of N557.4 billion from the revenue increment of NCS be used to reduce borrowing by N200 billion and increase capital expenditure thereby reducing budget deficit from N1.7 trillion to N1.5 trillion and also raising total capital to MDA by N357 billion, from N1.01 trillion to N1.367 triilion.

    ”The exchange rate of N305/$ should be maintained for economic stability. While more work should done by the Honourable Minister of Finance and all economic advisers and her team on improving the economic growth by increasing the GDP and reducing the inflation rate to single digit.

    “The saving on income accruing from the increase of the benchmark amounting to N172 billion which represent the Federal Government potion of the $2 added to the benchmark be used to pay salaries and emolument of the proposed 30,000 new employees.

    “Proper investigation be carried out on the e-collection stamp duties domicile with Central Bank of Nigeria for the past years so as to show probity and accountability and of course increase the revenue base of the country.

    “Immediate amendment of the National Assembly Act on Production sharing Contracts (PSC) with lOCs. Proper investigation be carried out on NNPC so as to ascertain the actual cost associated with the Joint Venture agreements.

    ”More government-owned enterprises budget be added to the nation’s budget to ensure proper checks and balances among government agencies.

    ”Debt Management Office (DMO) should put more efforts and strategies in managing the foreign and local debts.

    “Total estimated expenditure of the Federal Government should be increased from N10.002 trillion to N10,729.4 trillion.

    “National Assembly should expedite action on the passage of the finance bill which will be brought along with the National Budget into Law for easy implementation of the 2020 budget, most especially in the area of VAT.

    “The committee calls for an urgent review/amendment to the FRA Act and the various Laws of the revenue generating agencies to align with current realities.

    ”The committee recommends earmarking 1% of the Consolidated Revenue Fund to finance the Basic Healthcare Provision Fund to be classified as Statutory Transfer.

    ”The committee recommends the adoption of N1.5 trillion as the amount for new borrowing as a result of reduction of N200 billion which was sourced from the increase of revenue target of the NCS.

    “However, borrowing must be project-tied. In borrowing more government must remain focused and ensure that it funds critical projects that will increase productivity and contribute to finance financing such debt.”

    The committee observed that crude oil receipt accounted for over 50 per cent of the Federal Governemnt revenue and about 90 per cent of Nigeria’s foreign exchange earings.

    According to the committee, crude oil production and export will continue to have important implication on federal fiscal operation.

    It added:  ”Over the last three years, crude production average 1.92mbpd. However, following  consultations with stakeholders, crude oil production is estimated at 2.18mbpd, 2.2mbpd and 2.3mbpd in 2020, 2021 and 2022.”

    The committee also noted that oil prices had generally been rising since April 2016 as Bonny Light crude oil price rose from an average of $43 per barrel in 2016 to $56.2 in 2017 and $72.1 in 2018, partly due to geographical tensions.

    It said that in 2019, bonny light crude oil price increased steadily from January average of $60/barrel (to) a six year high well above $70/barrel between April and May 2019.

    The committee added: “It is noteworthy, that volatllity of crude all markets and fluctuating price requlres constant revlew and forcast.

    ”The non-oil revenue for 2020, 2021 and 2022 is budgeted to be as follows: N1,836,693,720.000; N2,205,807,930,754 and N2,337,091,481,680 respectively,” the committee said.

    The committee said it observed that during the public hearing on the 2020-2022 MTEF & FSP, the salaries and remunerations for the proposed recruitment of 30,000 personnel in Police, Army, Immigration and civil defence was not captured.

    It also said that the total VAT proposed in the 2020-2022 MTEF/FSP, amounting to N23trillion, can be realised only after the amendment of the Finance bill is passed into law by the National Assembly.

    The committee, however, frowned at the attitude of Central Bank of Nigeria (CBN) for the under-disclosure of the e-collection of stamp duties.

    The committee observed that the activities of NNPC as it relates to cost of production is shrouded in secrecy, “the direct deduction of cost from revenue without recourse to relevant agencies of government is unacceptable.”

    It also noted that 10 Government Owned Enterprises (GOEs) budget would be presented along with the 2020 National Budget.

    Read Also: Farmers hail Buhari for free fertilisers

    It said: ”These GOES include FAAN, NCAA, NlMASA, NPA, NAMA, Shippers Council, NDIC, NCC e.t.c.”

    “The committee observed that the exchange rate of N305/$ is maintained over the past three years. Also noted that the GDP growth rate is currently standing at 2.93 per cent and an inflation rate at 10.81 per cent.

    “That most of the revenue generating agencies have failed to comply with relevant extant law of the Fiscal Responsibility Act which stipulates payment of 80 per cent of Operational surpluses to the Consolidated Revenue Fund.

    “The Committee observed that the Federal Government is stepping up investment in health and education to fill the skills gap in the economy, and meet the international target set under the UN’s Sustainable Development Goals (SDGs).

    “The Federal Government is earmarking one per cent of the Consolidated Revenue Funds to finance the Basic Healthcare Provision Fund to be classified as Statutory Transfer. The government beliefs that investing in people is a core objectives of ERGP.”

    The Senate on Thursday received a formal request from the President to present the Appropriation Bill to a joint session of the National Assembly.

    The request, was dated October 2, 2019 and addressed to the President of the Senate, Ahmad Ibrahim Lawan, according to a statement by his Special Assistant (Press), Ezrel Tabiowo.

    The letter reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 1400 hours on Tuesday, 8th October, 2019, to formally present the 2020 Appropriation Bill to the Joint session of the National Assembly.

    Confirming the Tuesday date, Adeyeye said: “On Tuesday, by 2pm, the President of the Federal Republic of Nigeria, President Muhammadu Buhari will address a joint sitting of the National Assembly on the 2020 National budget.

    “On Tuesday, we will still have our plenary but we will adjourn and move to the House of Representatives to receive the President and welcome his address.

    “I think this is in tandem with the 9th Senate’s Legislative Agenda and part of the Senate President’s manifestoes when he was running for this office to change the budget circle in Nigeria and now the President has taken a cue and we want to commend him.

    “He is going to present the budget by Tuesday next week which is unprecedented in the last few years.”

    Adeyeye described the proposed presentation as unprecedented in the history of the nation’s democracy.

    He said the National Assembly is determined to pass the budget before its Christmas break.

    He added: “In fact, since the beginning of this democracy, the budgets have been presented in December but this is the first time we are going to receive the budget by early October.

    ”I can assure you that with the determination and the zeal I see in the Senate and even the House of Reps, that budget would be passed before we go in Christmas recess so that implementation can take place between January to December.

    “Right now, I have seen some MDAs that we are interacting with who say they are even yet to receive the release of the budget which was just recently passed.

    “So they have only less than three months to implement. By December they will return the money back to the treasury and that has been the problem in Nigeria while we keep on rotating in one circle like a berber’s chair and never moving forward.”

     

  • Stalemate over new wage

    THE government moved on Thursday to prevent workers’ strike over the implementation of the new minimum wage.

    Vice President Yemi Osinbajo and Minister of Labour and Employment Chris Ngige, met with Trade Union Congress (TUC) President Quadri Olaleye, 24 hours after Labour issued a one-week ultimatum.

    At the end of the meeting, both sides held on to their grounds.

    While the government said paying the new minimum wage of N30,000 the way Labour is requesting is unrealistic, the TUC President said the government must make haste.

    The TUC President told reporters after the meeting: “You are aware that the first burning issue in the country is the issue of minimum wage; we told the Vice President the need  to take a quick action on the issue of minimum wage;

    “We have given an ultimatum already to the Federal Government and you know Labour will not joke with that.

    “So, we have encouraged him to also encourage the President to do something very urgent before the expiration of that ultimatum given to government.

    “We also mentioned the issue of job creation; that mostly it is not the responsibility of government to create jobs; that it is the private sector , individuals that can create jobs; so, we have encouraged the Vice President that they should look at the retirees as a means of creating jobs; we have suggested the way to do that and we will submit paper.

    “We also mentioned the issue of insecurity; we have mentioned the quantum of money spent so far on security in the country; we have advised that money should be used to revive the companies that have been closed down in this country especially the textiles and the money can also be used to create other companies that will create jobs instead of continuously spending this money on security when we are not achieving much.”

    Olaleye said he could not say if the Vice president’s response was positive or negative.

    “You know as the representative of the President, he will try to mediate with the unions to show understanding with the government.

    “I am telling you that we will go further with the government to discuss on better ways to achieve this.” he stated

    Ngige insisted that N580 billion is needed to meet the consequential adjustment to the minimum wage.

    He said: “We are not talking about the implementation of minimum wage per se; what we are talking about is the consequential movements as a result of the minimum wage for the least paid worker.

    “The minimum wage for the least paid worker today is N30,000; for the last man in the lowest rung of the ladder. So, if we do consequential adjustments and go up and do a 30 per cent raise across board on a sliding scale or do even the 25 per cent which labour is asking government to do, government will need to go and look for an extra N580 billion to effect that; and that government doesn’t have.

    “And one of the cardinal principles of consequential adjustment negotiations which we  call in labour parlance, Collective Bargaining Agreement, is ability to do; the wherewithal to pay; the capacity to pay.

    “The maxim of cut your coat according to your cloth comes in place there and government has done the consequential movement budget in 2019 budget which is what government can pay in order to maintain the balance in the recurrent expenditure, otherwise, we will overshoot.”

    He said meeting Labour’s demand would reduce capital expenditure in the budget to 15 per cent.

    “You know that this government said that we will do 70-30 mix; 70 for recurrent expenditure, 30 percent only for capital expenditure. Today, with what labour is asking us to pay, if we pay that, it will translate to 15 per cent capital expenditure and 85 per cent recurrent and that doesn’t augur well with the country.

    Read Also: Fed Govt to reconstitute minimum wage panel

    “It means we will abandon road construction; it means we will abandon refurbishment of airports, the rail that we are doing and even the schools that we are managing, the hospitals, everything will have to be abandoned and we will use everything to pay salaries and wages.

    “Labour cannot go on strike; they are Nigerians; we will open up negotiations next week and  we will lay our books open for them to see. It is government’s books; they will see it; it is part of negotiations,” he stated.

    Speaking ealier during a visit by the leadership of the United Labour Congress (ULC) led by its President Mr. Joe Ajaero, Ngige urged the workers’ union to show understanding in view of the current economic realities.

    He said the government was avoiding a situation where it would have to lay off workers, adding that this would add to the burden of the citizenry.

    Ngige appealed to Labour to accept the consequential adjustment from levels seven to 17, adding that the government had only three months left to implement the new minimum wage.

    He said the government would not tell the Labour leaders what it could not pay, adding that no worker deserved to be owed salary.

    The minister said: “There is no problem with disagreement in the labour system. We can sometimes disagree to later agree, on the national minimum wage.

    “The government cannot afford that kind of money now. Besides the administration of President Muhammadu Buhari is more interested in the lowest cadre of workers which are those on GL 1 step 1 and GL 6 step 1, these are the ones who the N30,000 will have greater impact on.

    “Government has done their own homework and brought out what they can use to defend this consequential adjustment. GL 1 to 6 does not have any problem, but GL 7 to 14 Band and GL 15 to 17 band, this is where we have the problem.

    “So, if you push government to go and accede to an increment which its resources cannot accommodate, you are indirectly asking them to retrench workers so that the few that are remaining will get this ‘big big’ money.

    “We don’t want that. From 2015 the President has made it clear that he is not out to inflict pains on Nigerians and that he does not want to create unemployment but even at that our increase in population is galloping and our resources are not consequentially increasing  to meet up. That is why we have a lot of unemployed youths on the street today.

    “We need to arrive at an agreement as soon as possible so that we can use the 2019 budget allocation to defray this consequential adjustment because it will be bad if we are unable to do it and we finish this financial year by December because the budget circle is going to return to January/December 2020 so we have three months only before this recurrent funds as well are swept back into government treasury, that is the law.”

    He regretted the inability of the joint negotiating team of both the government and Labour to agree on the consequential adjustments, insisting that the new wage may become bloated by workers on GL 7-14 and 15-17.

    Ajaero appealed to the minister for prompt payment of the new minimum wage, stressing that the private sector must also be compelled to pay the N30, 000 wage.

     

  • Davido backs Omoshola to win #BBNaija2019

    Music superstar David Adeleke popularly known as Davido has declared full support for Omoshola’s ambition to win the Big Brother Naija 2019 show.

    In a tweet on Friday morning, he revealed that he had three housemates who were his close friends in the 2019 Big brother House.

    The trio, according to him, are Kim Oprah, Tacha and Omashola.

    He explained since Kim Oprah and Tacha were out of the show, he had no other option than to support Omashola, who is his only friend left in the show.

    Read Also: I’m quitting smoking soon–Davido

    He asked his fans and followers to kindly vote for Omashola.

    Davido tweeted: “I had 3 friends in the big brother house and I said to myself It wouldn’t be fair if I chose one.. the 3 were Kim Oprah, Tacha and Omashola.. Since it’s just down to won!! It’s only right! So I say Omashola”

  • Plateau Govt promotes 9,000 teachers

    The Plateau Government on Friday said it has released the promotion of 9,000 teachers across the 17 Local Government Areas (LGAs) of the state.

    Prof. Matthew Suleiman, the chairman of the State Universal Basic Education Board (SUBEB), disclosed this while speaking with the News Agency of Nigeria (NAN) in Jos.

    Suleiman said the promotion was part of the board’s motivation strategy to ensure good performance and commitment to duty.

    “Today, we have approved the promotion of over 9,000 teachers, as a mark of honour to them in the celebration of the World Teachers’ Day.

    “The welfare of teachers is taken very seriously by the Gov. Simon Lalong-led administration, salaries of teachers are paid as at when due.

    “There was a time when more than 2000 teachers were put out of job, we have brought back,” he said.

    He said that the World Teachers’ Day was marked to enable them reflect on their role as custodian of values and role model for children.

    Suleiman said the 2019 theme ‘Young teachers, the Future of the Profession’ called for reflection on the training and capacity of teachers to do what is right for the purpose of fast tracking development especially in Nigeria.

    He urged the teachers to redouble and rededicate their efforts, in the service of the nation, saying that training organised by SUBEB has increased quality of teaching by teachers.

    Read Also: Gunmen kill two in Plateau

    “We are making efforts in schools monitoring, ensuring infrastructure is in place to support teachers.

    “We insisted on short and long term training, to ensure various skills are acquired for enhanced performance,” he said.

    The World Teachers’ Day is annual event to mark the role of teachers in building a responsible generation while addressing their challenges.

    NAN

  • Boxers avoid me, says Efe Apochi

    Oluwamayokun Orekoya

     

    EFE Apochi wants to fight the top boxers in the cruiserweight division but he says they avoid him because he is dangerous.

    The ‘Nigerian Pitbull’ will fight journeyman Larry Pryor in an eight-round cruiser-weight contest at the Arena Theatre, Houston, Texas, USA tonight.

    The 31-year-old former Nigeria Amateur Boxing Team captain is targeting at least 15 fights so he can call out the big fighters in the division.

    “They don’t want to fight me right now they know the ‘Nigerian Pitbull’ is dangerous. I took this fight because I have to stay busy. I only have eight fights under my belt,” Apochi told NationSport in a Facebook chat.

    “I am targeting at least 15 fights so I can call the big fighters out,” he added.

    An accomplished amateur boxer in Nigeria where he captained the boxing team to a bronze-winning performance at the 2014 Commonwealth Games, Apochi has knocked-out all his opponents in his eight fights since turning professional in 2017.

    Apochi knocked out Earl Newman in the 7th round in his last fight in Biloxi, Mississippi in May. He is trained by the legendary Ronnie Shields who also trains heavyweight prospect Efe Ajagba.

    Thirty seven year-old Pryor, a Frederick, Maryland native, is looking to rebound from a decision loss to Raphael Murphy in August.

     

     

     

  • ISAAC PROMISE: Tributes for fallen ex-Flying Eagles captain

    Morakinyo Abodunrin

     

    AMERICAN United Soccer League (USL) side Austin Bold yesterday lead  the way with tributes following   after the sudden death of former Nigeria youth international Isaac Promise late Wednesday night.

    The 31-year-old who captained the national U-17 (golden Eaglets), U-20 (Flying Eagles) and U-23 (Olympic Eagles), reportedly collapsed at his apartment gym in Austin-Texas in the USA.

    He Arabia before signing with Austin Bold, where he had three goals in 20 matches this season.

    Austin Bold’s Chairman Bobby Epstein led tribute to the late footballer, posting on Twitter: “The greatest loss a team can suffer is not on the scoreboard, it’s the death of a fellow teammate.

    “It’s with shock and grief that we acknowledge the sudden death of Promise Isaac.

    “On behalf of the BOLD organisation; we wish his wife, children and family strength and peace as they struggle to cope with his death.”

    Similarly, 3SC goalkeepers’ trainer, Kola Ige who was in the Promise-captained Flying Eagles squad that won silver at the FIFA U-20 World Cup in Holland in 2005 also paid a glowing tribute: “I’m still in shock because a radio station here in Ibadan just called me over the death of Isaac Promise.

    “It’s so unfortunate because he was such a loving and nice person. I remember our days in the Flying Eagles; he always had something to give everyone and he would personally knock on my door to deliver his gifts. He was such a nice person. He was a leader and role model.”

    Several former national teammates of Promise hoisted the fallen hero on their social media status with Shanghai Shenhua striker Odion Ighalo saying: ‘Painful exit; RIP, Isaac Promise.’

    Meanwhile, the Nigeria Football Federation has described as ‘shocking’, reports on demise of Promise.

    NFF General Secretary, Dr. Mohammed Sanusi, said the Federation and entire Nigerian Football was greatly saddened by the report, coming less than 48 hours after two women footballers of Nigeria Women Professional League side, Police Female Machine FC of Uyo were crushed to death by a hit-and-run driver after a training session in the Akwa Ibom State capital.

    Read Also: Promise, Eneramo score in Turkey

    Sanusi Said:  “This has been a tragic week for Nigerian Football. Isaac Promise was a very disciplined, energetic, committed and patriotic player who gave his all every time he put on the green-and-white shirt.

    “We do not know yet the cause of death, but we mourn his untimely passing at such a young age. Our prayer is that God will grant his soul eternal rest and also grant those he has left behind the fortitude to bear the big loss.”

    Promise was captain of the Nigeria U20 squad that won the 2005 African Youth Championship (later renamed U20 Cup of Nations) in Benin Republic with a flourish and finished as runner-up at the FIFA U20 World Cup in The Netherlands the same year, losing narrowly to Argentina (complete with Lionel Messi) in the final.

    He also captained the Nigeria U23 team that won silver medals at the men’s football tournament of the Beijing 2008 Olympics, again finishing second behind Lionel Messi-led Argentina.

    He also captained the U17 team in 2003 in Finland.

  • Ecobank deepens CSR

    ALL is set for staff of Ecobank Nigeria to “Walk Against Cancer” this Saturday October 5th, being part of activities to mark the Ecobank Day 2019. Ecobank Day is a special day set aside every year by Ecobank Group, for management and staff of the bank to embark on  Corporate Social Responsibility (CSR) activities that impacts its immediate environment and people.

    The initiative encapsulates Ecobank desire to give back to the local communities where it does business through volunteering, donating or fundraising. The theme for this year’s edition is “Preventing Non Communicable Diseases” with special focus on “Cancer Awareness”. Ecobank day holds simultaneously in 36 countries in Africa where the bank operates.

    In his message, the Chief Risk Officer, Ecobank Nigeria, Biyi Olagbami, who is also the CSR lead, said the choice of this year’s theme is to further raise awareness on non-communicable diseases, particularly the dreaded cancer which is currently ravaging millions of people globally as early detection would help save many lives. He noted that staff of the bank and other interested members of the public will this Saturday embark on five kilometers cancer awareness walk in three key cities – Lagos, Abuja and Port Harcourt.

     

     

     

     

  • CBN: Deposit, withdrawal charges on transactions above limit

    THE Central Bank of Nigeria (CBN) has explained that  charges on cash deposit and withdrawals apply only to transactions above stipulated limits.

    CBN Director, Payments Systems Management Department, who is also the Chairman of the Nigeria electronic Fraud Forum (NeFF) Sam Okojere disclosed this at NeFF meeting in Lagos.

    He said:  “An example would be if an individual withdraws or deposits a cumulative sum of N600,000 into his/her account or all accounts in a bank in one day, the processing fee to be charge would be three per cent of the N100,000 that was in excess of the prescribed threshold of N500,000, that is N3,000 (for withdrawals) and two per cent of the N100,000, that is N2,000 (for deposits).

    “Likewise, if a corporate should make a withdrawal or deposit a cumulative sum of N4,000,000 into its accounts in a bank in one day, the processing fee to be charge would be five per cent of the N1,000,000, that is in excess of the prescribed threshold of N3,000,000, which is N50,000 (for withdrawals) and three per cent of the  N1,000,000, that is N30,000 (for deposits).”

    Read Also: Ripples over CBN’s cashless policy

    He added: “In addition, there will be no processing fee either under the cashless policy or tax on cash-out done at agent locations in order to encourage financial inclusion in the country.”

    Speaking on efforts to secure the payment system in Nigeria, he said: “NeFF is the culmination of an enormous collective effort over the years, with many institutions and individuals contributing towards its development and progress to ensure a safe and more secure payment system in Nigeria.

    “As we build on the impressive successes recorded over the years, it is our aspiration to sustain the momentum and set new targets that will further secure the payments system.”

    Commenting further on the recent fraud report, he said: “As evidenced by the NIBSS second quarter fraud report of 2019, attempted fraud volume decreased by 47.28 per cent from the first quarter figures, while web, ATM and mobile remain the usual suspects to be used by fraudsters.”

     

  • Chevron sets new greenhouse gas reduction goals

    Emeka Ugwuanyi

     

    CHEVRON Corporation has set new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas.

    Chevron in a statement explained that emission intensity is the emission rate of greenhouse gas per unit of energy produced. The company intends to lower upstream oil net GHG emission intensity by 5-10 per cent and upstream natural gas net GHG emission intensity by 2-5 per cent from 2016 to 2023. The timing is aligned with stocktake milestones set in the Paris Agreement on climate change.

    The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not.

    “Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,” said Michael Wirth, Chevron’s chairman and Chief Executive Officer.

    The new reduction goals build on other actions Chevron is taking to address climate change by lowering the company’s carbon intensity, increasing its use of renewable energy and investing in breakthrough technologies. Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity.

     

     

  • States generate N1.6tr, says FIRS chief

    REVENUE collection and generation from states across the country rose from N800.02 billion in 2016 to N1.6 trillion last year, the Chairman, Federal Inland Revenue Service (FIRS) Mr Babatunde Fowler said on Thursday.

    Mr. Fowler, who is also the Chairman, Joint Tax Board (JTB) added that the cash represented 46.11 per cent increase.

    He spoke in Ilorin, the Kwara State capital during the Northcentral Zone regional launch of the New Tax Identification Number (TIN).

    He said the increase in revenue collection by states was underpinned by the economic policies of the Federal Government, adding that the policies have resulted in the expansion of the national tax base from 10million to 20million. He said this also expected to rise to 45million by the end of the year

    According to him,  there was growth in the collections by FIRS from N3.30 trillion in 2016 to N5.32 trillion in 2018, the highest ever and representing 53.81per cent while non-oil revenue climbed to N2. 85 trillion,  an equivalent of 54 per cent of total revenue generation.

    Fowler explained that the new TIN Registration System was underscored by a common desire by stakeholders to drive the financial regeneration of the country. This desire, he added, will be strengthened by the new system, which will lay the foundation for government at all levels to have access to the funding required to drive socio-economic growth and development exclusive of aids, grants and borrowing.

    Fowler said the choice of Kwara for the Northcentral regional launch of the new system was strategic.

    The state, he explained, has, over the last four years, been a leading light in ensuring sustainable internally generated revenue (IGR) profile for the itself and the region.

    “Having achieved a 221 per cent increase in its collection from N7.1 billion in 2015 at the time of attaining its autonomous status to N23 billion in 2018, Kwara State Internal Revenue Service (KWIRS)  has become a benchmark for revenue authorities not just within the Northcentral region,  but nationwide as well.

    “It is worthy of note that KWIRS is the only state revenue agency in the country to have been ISO certified,  with ISO 9001 for Quality Management System and ISO/IEC 22301 for Business Continuity Management System,” Fowler said.