COVER
Federation Account Receives N5trillion in Six Months, Says RMAFC
By Tony Obiechina Abuja
The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244,037,636,561.60 (Five trillion, two hundred and forty four billion, thirty seven million, six hundred and thirty six thousand, five hundred and sixty one Naira, sixty Kobo) has accrued into the Federation Account for the January – June period.
This was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN), under the caption “CBN Federation Account Component Statement”.
In a statement signed by the RMAFC Chairman, Mr.
Mohammed Bello Shehu and distributed to newsmen in Abuja, the Commission reported on the total revenue that accrued into the Federation Account from January –June, 2023.According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N627,301,922,426.35 (Six hundred and twenty seven billion, three hundred and one million, nine hundred and twenty two thousand, four hundred and twenty six Naira, thirty five Kobo) was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations.
From the reports according to the Statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 (Eight hundred and twenty three billion, five hundred and twelve million, sixty five thousand, eight hundred and ninety three Naira, fifteen Kobo) while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 (Three trillion, six hundred and fifty five billion, eight hundred and ninety four million, nine hundred and eighty nine thousand, one hundred and twenty nine naira, twenty eight kobo) but remitted N3,028,593,066,702.93 (Three trillion, twenty eight billion, five hundred and ninety three million, sixty six thousand, seven hundred and two naira, ninety three kobo) retaining the difference as cost of collection.
The statement further disclosed that the Nigeria Customs Service (NCS) on its part remitted the sum N764,630,581,539.17 (Seven hundred and sixty four billion, six hundred and thirty million, five hundred and eighty one thousand, five hundred and thirty nine Naira, seventeen Kobo).
It, however, added that the Nigerian National Petroleum Company Limited (NNPCL) did not remit any amount into the Federation Account during the period either as profit revenue or other revenues as contained in the Petroleum Industry Act (PIA), 2021 as its revenue performance could not be assessed because neither its revenue target was disclosed nor its revenue remittance to the Federation Account was provided.
Furthermore, the statement added that the sum of N1,490,946,180,918.52 (One trillion, four hundred and ninety billion, nine hundred and forty six million, one hundred and eighty thousand, nine hundred and eighteen Naira, fifty two Kobo was realized as Value Added Tax (VAT), while the sum of N83,024,395,855.89 (Eighty three billion, twenty four million, three hundred and ninety five thousand, eight hundred and fifty five Naira, eighty nine Kobo) was realized from the Electronic Money Transfer Levy (EMTL) from which the sum of N3,320,975,834.23 (Three billion, three hundred and twenty million, nine hundred and seventy five thousand, eight hundred and thirty four Naira, twenty three Kobo) was paid to FIRS as cost of collection.
Additionally, the FIRS received the sum of N82,031,796,937.01 (Eighty two billion, thirty one million, seven hundred and ninety six thousand, nine hundred and thirty seven Naira, One Kobo) and N3,320,975,834.23 (Three billion, three hundred and twenty million, nine hundred and seventy five thousand, eight hundred and thirty four Naira, twenty three Kobo) as cost of collection on PPT/CIT and EMTL collections respectively in the period.
The report revealed that on VAT, the FIRS/NCS together received the sum of N59, 593,164,213.83 (Fifty nine billion, five hundred and ninety three million, one hundred and sixty four thousand, two hundred and thirteen Naira, eighty three Kobo) as cost of collection within the period under review.
Similarly, the report indicated that the sum of N16, 680,990,990.93 (Sixteen billion, six hundred and eighty million, nine hundred and ninety thousand, nine hundred and ninety Naira, Ninety three Kobo) was realized from the solid minerals sector.
The RMAFC Chair further revealed that total collections from VAT netted the sum
of N1,387,328,862,898.16 (One trillion, three hundred and eighty seven billion,
three hundred and twentyeight million, eight hundred and sixty two thousand, eight hundred and ninety eight Naira, sixteen Kobo which was shared to the 3-tiers of government in accordance with the approved VAT sharing formula.
“Furthermore, the sum of N1,117,075,572.57 (One billion, one hundred and seventeen million, seventy five thousand, five hundred and seventy Naira, fifty seven Kobo) was paid in the month of March, 2023 as Consultancy Fee on VAT”, it added.
On the statutory allocations to the three tiers of government, Mr. Bello disclosed that the net sum of N3,069,594,889,669.74 (Three trillion, sixty nine billion, five hundred and ninety four million, eight hundred and eighty nine thousand, six hundred and sixty nine Naira, seventy four Kobo was shared to the 3-tiers of government in the period January to June, 2023.
In the area of payment of cost of collection to Revenue Generating Agencies (RGAs) from the Federation Account component, the statement revealed that the NCS received the sum of N53,524,140,707.73 (Fifty three billion, five hundred and twenty four million, one hundred and forty thousand, seven hundred and seven Naira, seventy three Kobo) while the NUPRC received the sum of N33,961,852,403.53 (Thirty three billion, nine hundred and sixty one million, eight hundred and fifty two thousand, four hundred and three Naira, fifty three Kobo) within the period under review.
In the same vein, the statement added that the sum of N48,105,698,218.35 (Forty eight billion, one hundred and five million, six hundred and ninety eight thousand, two hundred and eighteen Naira, thirty five Kobo) was paid to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). “This money was collected by NUPRC as penalty on gas flared. Revenues on gas flared penalty used to be Federation Account revenues before the PIA, 2021 which provided that such revenues should be paid 100% to the NMDPRA”.
In a similar development, the RMAFC Chair described the statutory deductions which constituted 32.27% of the total gross inflow into the Federation Account in the six month period as superfluous and constitute a drain on the Federation Account.
Shehu also disclosed that the sum of N1,692,591,243,111.06 (One trillion six hundred and ninety two billion five hundred and ninety one million two hundred and forty three thousand one hundred and eleven Naira six Kobo was deducted at source by the OAGF as approved statutory deductions; with a further deduction of the sum of N70,000,000,000 (Seventy billion Naira) by the FIRS under the name of FIRS Priority Projects in the second quarter.
The Chairman observed that the Nigerian economy at the moment required some pragmatic measures to enhance distributable revenues for the three tiers of government for the overall development and growth of the country.
According to the statement, the Commission made far reaching recommendations on the operations and management of the Federation Account with particular reference to: Payment of cost of collection to RGAs which should be tied to revenue performance where each RGA should receive cost of collection commensurate to the revenue generated against its revenue target in the Appropriation Act; the need for the government to review the payment of 100% (less cost of collection) revenue realized from gas flared penalty to the NMDPRA as Gas flared penalty was hitherto a Federation Account revenue component taken over by the PIA, 2021.
Other recommendations include the need to review, holistically, all legislations with
respect to statutory deductions to allow for increase in the amount to be shared
among the 3-tiers of government; Greater emphasis on the Solid Minerals sector to
improve revenue generation therefrom and further achieve economic diversification.
No further deduction should be made by FIRS in the name of ‘priority projects’ to
avoid a repeat of the situation under NNPC where large chunk of funds were
deducted as first line charge under similar name, i.e. ‘NNPC priority projects’; and
All accruals due on 13% Derivation should be deducted as at when due to avoid
refunds in future.
“This is to guarantee accountability, probity and transparency in the management of
the Federation Accounts and disbursements to the 3-tiers of government”.
To this end, the Commission also recommend that all NNPCL JV PPT should be paid to the Federation Account through FIRS, i.e. such taxes should not be retained by the company in the name of financing FGN priority projects; and NNPCL should be made to remit promptly all revenues due to the Federation Account as at when due in compliance with the provisions of the PIA, 2021.
The Chairman reiterated the commitment of the Revenue Mobilization Allocation
and Fiscal Commission in ensuring the elimination of opacity in the management of the country’s Commonwealth and promoting prudence, transparency and accountability in line with the new administration’s Renewed Hope Agenda, which promises a new era for economic growth and development.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils. The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
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