Comcore Partners Nigerian Firm To Boost Energy Sector
The Federation Account Allocation Committee (FAAC), has shared the sum of N736.782 billion to the federal, states and local governments from the federally collected revenue in the month of October.
This represents a decline of N23.2 billion compared to the N760 billion shared for September.
A communique issued at the end of the FAAC meeting in Abuja, yesterday, indicated that the revenue was from various sources, including the Federation Account, proceeds of the Value Added Tax (VAT), Exchange Gain and augmentation from Non-Oil Revenue.
The breakdown of sources of funds indicated the Statutory Revenue stood at N417.724 billion, Value Added Tax (VAT) of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion Augmentation from non-oil Revenue, bringing the total distributable for the month to N736.782 billion.
The federal government received N293.955 billion, states N239.512 billion, local government councils N177.086 billion, while the oil producing states received an additional N26.228 billion as derivation, (13 per cent of Mineral Revenue).
The Gross Revenue available from the VAT for October 2022 was distributed as follows: federal government, N31.992 billion, states received N106.642 billion, while LGs got N74.649 billion.
The FG got N206, 576 billion from the Statutory Revenue of N417.724 billion, States N104.778 billion, LGCs got N80.779 billion, and Oil Derivation (13 per cent Mineral Revenue) got N25.591 billion.
In order to meet the N700 billion monthly distribution threshold, N70 billion was add as augmentation.
It was shared as follows: FG received N36.876 billion, states got N18.704 billion, while the local government councils were given N14.420 billion.
A Chinese technology and energy firm, Comcore is partnering with its Nigerian counterpart, Macosine Nigeria Limited to boost power generation in the country through investment in research and technology.
The chief executive officer of Macosine, Ayomide Ketiku, said this while fielding questions with reporters at the launch of Comcore products in Abuja yesterday. Some of the products include Residential Energy Saving System (ESS) Commercial and Industrial ESS, Home Solar System, Electricity Meter, Water meter and others. Ketiku said “Comcore as technology and Energy Company is partnering with Macosine Nigerian Limited, which is our company to set up a development and research center in Nigeria to analyse Nigeria’s energy problems and create solutions.
“This kind of development will be an asset to the Nigerian economy because a lot of scientific and technical jobs will come into the economy and we can analyse the specific problem Nigeria is facing and tailor it to Nigeria’s development needs. “So, research centers are going to be set up across Nigeria in the north, the south, west and east. We have been working with a lot of distribution companies, transmission and generation companies understudying the system. “In the last 20 years, Nigeria has not had any reliable power system. So, it is for us to understudy all these scenarios and work with engineers from across all sectors to see how we can develop new solutions for the power sector.