CIT, PPT,VAT, EMTL Pushed up December Federation Account Revenue to N1.674tn
FAAC disburses N1.127tn to FG, States, LGs
in Abuja
A significant increase in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL pushed total receipts into the Federation Account up in December 2023 to N1,674.230 trillion from N1,620.335 trillion in the preceding month of November, the Federation Account Allocation Committee (FAAC), has disclosed.
This translates to an increase of N538.95 billion.
However, while CIT, Excise Duty, PPT), VAT and EMTL posted significant rise, Oil and Gas Royalties decreased substantially, just as import duty and Common External Tariffs (CET) Levies dropped marginally.
FAAC made the disclosure in Abuja Tuesday as it disbursed a total sum of N1,127. 408 trillion to the federal government, states and local government councils as
“Second is the ongoing effort to combat corruption because companies that come in and invest want to make sure that they're going to be investing with a fair, level playing field and corruption, of course, is a big impediment.”
Blinken, who arrived Nigeria as part of his four-nation African tour, stressed his country's commitment cies, the Chairman of Kwali Area Council, Danladi Chiya, and other stakeholders.
The minister, who assured Kwali residents that the FCTA would procure vehicles for security agencies as well as give every area council motorcycles to use in support of local vigilance groups to help provide security agencies with the necessary information, however, accused the chairman of running away from problems.
To that extent, Wike has disclosed that Uber drivers would be certified and profiled by security agencies and government to know the drivers' identity before they would be allowed to operate in the nation's capital.
"The president has commanded me to let you know that he feels your pains and that is why he has said that I must see all the area councils and talk to them about our preparedness to face insecurity to a logical conclusion.
"You see us going with all the heads of security agencies. That is to tell you how serious we are. Indeed, it would not have been like this yesterday, but I can assure you that henceforth, you will be hearing a different story and that story will be a positive one.
"We are fully prepared to support our security agencies. Whatever will make them to succeed, whatever will make our people to sleep with their two eyes closed, we are going to give to them. Ours is to provide the necessary logistics
"For me, whatever will bring development, government has no hesitation. Whatever will improve security, we have no hesitation," Wike declared.
The minister informed the local youth that the administration had directed the area council chairmen to ensure that the vigilantes were well catered for, adding that they should provide information to the security agencies so that they could do diligent job.
Wike, who accused Chiya of blackmail and dereliction in response to some of the complaints echoed by the Kwali Area Council Chairman earlier in his remarks, called on him to be prepared to solve problems as a leader, saying leadership is not by mouth.
The minister said: "You are trying to blackmail me but unfortunately, nobody can blackmail me. If you like fall here and cry. When you
December 2023 revenue from the gross revenue of N1,674.230 trillion.
The shared amount is N546.822 billion higher the gross revenue of N1,674.230 trillion available in the reference month.
The disbursed amount was also higher than a total sum of N1,088.783 trillion shared by the three tiers of government as federation allocation for the preceding month of November, 2023 from a gross total of N1, 620.335 trillion.
Citing the communique issued at the end of the FAAC meeting which held in Abuja, the Director (Press and Public Relations), Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa said the N1,127.408 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference to strengthening genuine partnership with countries in Africa to solve shared challenges.
He stated that the bilateral meeting with Tinubu revolved around a range of common priorities, including America's focus on accelerating economic growth and opportunity in Nigeria.
Blinken said, “This is a place told them to vote you as Council Chairman, did you think leadership is by mouth.
“As a leader you must carry problems. You knew there were problems and you said you want to solve it. You should also know that pressure will not end, it will continue to come, don't run away from it. You weren't elected to be smiling everyday, you were elected to solve the problems of the people."
Chiya had tabled several encumbrances facing the council and asked for the establishment of a police division in Gwako as well as a military base in another part of the council.
He said the roads were not passable and the criminals, who were hibernating around the hills surrounding Kwali, were taking advantage to kidnap people.
"We will write to your office because there is another road that has been abandoned by the contractors. Wherever they discover that the roads are not good, they use such spots as hideouts.
"Our people are prepared to chase them, but for the bad roads. Then our stadium in Kwali, the bad boys have turned it into a hideout. There is little we could do on the stadium because it is an FCDA project.
"We also need motorcycles for the vigilance teams. I have given them some before but we need more and therefore I seek your intervention in this regard," Chiya said.
But Wike in response, said the council chairman had "requested for everything."
He asked him to, in conjunction with the traditional rulers, choose two road projects which the Kwali Area Council would finance while the FCTA would take over the FCDA road that was awarded but abandoned.
Meanwhile, during a chat with the media on the measures to improve security in the city, Wike has said t Uber drivers would be certified and profiled by security agencies and government before they would be allowed to operate in the nation's capital.
"This is is a city, if you don't have rules, there will be problems. They would have to be registered. It tells you who the drivers are. We need to certify them. We need to profile them using the security revenue of N287.743 billion.
According to the communique, the meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
Total deductions for cost of collection was N62.254 billion, while total
AT BILATERAL TALKS, BLINKEN SAYS TINUBU'S REFORMS ARE BOLD
of extraordinary innovation, extraordinary dynamism. I've had the opportunity to visit many times over the years. I've seen that each and every time and I expect to see more of that latest tomorrow.
“American entrepreneurs, American companies are eager to partner and invest in Nigeria's economy, particularly, in the tech agencies," Wike said, adding the FCTA was also planning to ban unpainted taxis and buses from plying FCT roads.
He said the measures were responses to curb the menace of ‘one chance' which criminals had perfected to rob unsuspecting passengers in the nation's capital.
“We are not going to allow vehicles that are not painted with FCT colour and registered by the FCTA to ply commercial in the territory. That way, you know the driver is certified by the FCT and the buses and the taxes were also approved by the FCT.
“When this is done, you as the passenger will not take the risk of going to enter any vehicle that you don't even know,” Wike said.
He also added that the administration had recently said it was moving some offices of the apex bank to Lagos due to congestion of some departments. Also, the government announced that it was relocating the headquarters of FAAN to ensure seamless operations and save costs.
But Ndume argued that if the offices were being moved due to congestion, the best place would be Nasarawa, Kaduna or Kogi and other states surrounding Abuja, for the sake of proximity, instead of faraway Lagos.
“Some of them think that they know better than everybody. But they don't know anything. When you don't know Nigeria, you only know Lagos, then you start doing things as if Nigeria is Lagos. Lagos is in Nigeria. That's a wrong decision.
“We will not accept it. Besides, you know, they are not doing any favour to Mr. President, because this will have political consequence. Yes. I'm telling you this.
“And these guys who are just sitting down there, trying to hang on to Mr. President will not be there to amend the political mistakes or even to correct it because they don't know anybody. They only know their offices. And they only know that they have brains,” he said.
He emphasised that it was not the votes from Lagos that brought Tinubu to office, advising him to jettison any plans to implement the relocation decision.
Ndume said there's a consensus transfers, interventions and refunds accounted for N484.568 billion.
Gross statutory revenue of N875.382 billion was received for the month of December 2023, an amount lower than the N882.560 billion received in the month of sector.
“We have tech giants that are teamed up with Nigerian partners to help the president's new one million digital jobs Initiative.
“Other companies are part of work laying undersea cables, using satellite technology to expand access to the internet. Our tech incubators are fostering Nigeria's next start-ups.
WIKE: WE’LL PROVIDE SECURITY AGENCIES WHATEVER WILL MAKE FCT SAFE, SECURE
in the 2024 fiscal year intended to build at least three terminals, where residents could go and board a bus to a specific destination.
“That way, you know the drivers and the vehicle that you are entering. But currently, everybody is just on the road. You are going to Nyanya, a car is on the road, you enter; you are going to Wuye, a car is on the road you enter.
“What we are trying to do in the 2024 fiscal year is to at least build three terminals for a start, so that we will know the buses and taxes that will carry people from such terminals.
“When this is done, nobody will take the risk of going on the road to wait for a taxi. That way, you will be able to reduce crime,” Wike said. in the North against the move by the president because there's only one federal capital, which is Abuja.
“All these Lagos boys that are thinking that Lagos is Nigeria are just misinforming or advising the president wrongly. The regulators or the financial institutions are supposed to be in Abuja. Now, you want them to move because you say Lagos is the commercial capital. This is one of the mistakes.
“And I'm sure the president will reverse it, because it doesn't work. You can't have two capitals or is the CBN governor going to be operating from Lagos and headquarters of the CBN is in Lagos?
“Do you say that because majority of our oil is extracted from South-south, you take the Nigerian National Petroleum Company Limited (NNPC) to the South-south or because Nigeria's agricultural produce are more in the north, you take the Ministry of Agriculture to anywhere in the north.
“It doesn't work that way. And that is one of the problems that is cropping up, but I'm very sure, I'm very confident that Mr. president will look at this because he's a nationalist, not just a Lagos man,” the federal lawmaker said.
He insisted that Lagos does not represent the whole of Nigeria, explaining that there will not only be increase in cost of operations but risk to the lives of workers who will constantly be flying by
November 2023 by N 7.178 billion.
The gross revenue available from the VAT in December 2023 was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion.
The communique stated that from the N1,127.408 trillion total distributable revenue, the federal government received a total of N383.872 billion, the states received N396.693 billion while the local Government councils received N288.928 billion.
The sum of N57.915 billion was shared to the benefiting states as 13 per cent derivation revenue.
The federal government also received N173.729 billion from the N363.188 billion distributable statutory revenue, states got N88.118 billion and the local government councils received N67.935 billion while the sum of N33.406 billion was shared to the benefiting states as 13 per cent derivation revenue.
The federal government received
“Our venture capital companies are working to finance, so we want to work in partnership to help drive Nigeria's technological revolution, which is creating jobs. It's growing businesses, and it's growing innovations in both of our countries.
“Because one of the things we've learned from these partnerships is that it benefits us as much as any place or any country that we're investing. We're learning a lot from where we're getting a lot.”
Blinken explained further, “One of the initiatives that President Biden laid out is the digital transformation with Africa Initiative. We see it as particularly energised and triggered focus for us.
“Now, Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it's no secret that there remains some long term challenges that need to be overcome, to really unlock the full potential.
“Tackling corruption, and making it easier for foreign companies to repatriate capital. These will all pull in a transformative direction and pull in transformative direct investment.”
Acknowledging existing the cooperation between the US and air or on the road, if it eventually happens.
“This is a decision that is not well thought out. And I think the president will reverse it. I'm confident that. And if that does not happen, of course, this is democracy and we know what to do,” he boasted.
He urged the president to rescind the decision, stressing that he (Ndume) is neither Hausa
N68.793 billion, states got N229.311 billion while the local government councils received N160.518 billion from the N458.622 billion distributable VAT revenue.
Similarly, the N17.855 billion Electronic Money Transfer Levy (EMTL) was shared with the federal government receiving N2 .678 billion, the state governments received N8.928 billion and the local government councils got N6.249 billion.
The federal government equally received N138.672 billion from the N 287.743 billion Exchange Difference revenue.
The state governments received N70.336 billion, and the local government councils received N54.226 billion.
The sum of N24.509 billion was shared to the benefiting states as 13 per cent derivation revenue.
According to the communique, the balance in the Excess Crude Account (ECA) was $473,754.57 as at January 23, 2024.
Nigeria, Blinken explained, “Nigeria, as Africa's largest country, largest economy, largest democracy, is essential to that effort. And we are doing a lot of work together already.
“To drive a positive direction, we're driving climate action.
“We're working in collaboration to support the development and use of artificial intelligence for goods with 30 other Atlantic countries. We're driving blue economy development, environmental protection, science and technology exchange, through a new partnership for learning cooperation.”
Nigeria Tuggar, in his remarks, said the bilateral talks dealt with issues, such as, food security, agriculture, pharmaceuticals, and security in the sub-region. He said the discussion was fruitful.
Blinken was received at the forecourt of Tinubu's office about 6.55pm yesterday.
Apart from the foreign affairs minister, other government officials on hand to receive Blinken were Chief of Staff to the President, Femi Gbajabiamila; Minister of Information and National Orientation, Mohammed Idris; and Minister of Solid Minerals Development, Dele Alake.
NDUME TO TINUBU: THERE WILL BE CONSEQUENCES FOR MOVING CBN DEPTS, FAAN TO LAGOS
nor Fulani, but a northerner and a Nigerian.
“CBN has offices that they can rent or build on their own to increase efficiency, but moving some departments to Lagos is not the best of ideas at all or moving any agency at all,” he added.
While expressing optimism that the decision will be reversed, Ndume advised the president to ignore the so-called cartel.