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FG, States, LGAs Share N647.3bn for January

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By Tony Obiechina, Abuja  


The Federation Accounts Allocation Committee (FAAC) has shared a total of N647.353 billion for January 2020 Federation Account Revenue accrued to the Federal, States and Local Governments in the country. 


This was announced on Wednesday at the meeting of the Federation Account Allocation Committee (FAAC) held in Lagos.

 


A statement from the Office of the Accountant General of the Federation in Abuja said that the meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Mahmoud Isa-Dutse, as part of activities  of the 2020 FAAC Retreat.

 


According to the statement signed by Mr Henshaw Ogubike, Head of Press and Public Relations, the N647.353 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, Non-Oil Revenue and Excess Bank Charges recovered.  It was announced that as at  February 19, 2020, the balance in the Excess Crude Account (ECA) was $ 71.814 million.   


The gross statutory revenue for the month of January 2020 was N525.253 billion. This was lower than the N600.314 billion received in the previous month by N75.061 billion.  

or the month under review, the gross revenue available from the Value Added Tax (VAT) was N104.758 billion as against N114.805 billion in the previous month, resulting in a decrease of N10.047 billion. 
Exchange Gain yielded a total revenue of N1.044 billion, while the Non-Oil revenue was N16.298 billion.


A communique issued by FAAC indicated that from the total revenue of N647.353 billion, the Federal Government received N267.389 billion, the State Governments received N176.923 billion, and the Local Government Councils received N132.944 billion. The Oil Producing States received N46.197 billion as 13% derivation revenue and the Revenue Generating Agencies received N23.900 billion as cost of revenue collection.


A breakdown of the distribution showed that from the gross statutory revenue of N525.253 billion, the Federal Government received N243.704 billion, the State Governments received N123.610 billion and the Local Government Councils received N95.298 billion. 
Also, the Oil Producing States received N46.074 billion as 13% derivation revenue and the Revenue Collecting Agencies received N16.567 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N104.758, the Federal Government received N14.614 billion, the State Governments received N48.713 billion, the Local Government Councils received N34.099 billion and the Revenue Generating Agencies received N7.333 billion as cost of revenue collection. 
From the Exchange Gain revenue of N1.044 billion, the Federal Government received N0.485 billion, the State Governments received N0.246 billion, the Local Government Councils got N 0.190 billion and the oil producing States got N0.123 billion as 13% derivation revenue. 


From the Non-Oil revenue of N16.298 billion, the Federal Government got N8.586 billion, the State Governments got N4.355 billion, the Local Government Councils got N3.357 billion.


The communique confirmed that for the month of January 2020, there was a significant increase in Import Duty revenue while Companies Income Tax(CIT), Value Added Tax (VAT),  Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded decreases. 

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Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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