World Bank Investments in Nigeria hit $11bn
The World Bank has sunk a princely $11bn into Nigeria’s economy and development since its engagement with the country over the years.
Country Director, Rachid Benmessaoud, who disclosed this Thursday, in Abuja at the maiden edition of the Nigeria Portfolio Performance Award organised in partnership with the Ministry of Finance, said the bank’s investment was targeted at poverty alleviation projects and programmes that improved the living standards of the people.
The award was to recognise and honour outstanding performance from project implementation units of World Bank supported projects at states and federal levels.
Benmessaoud said 60 per cent of the bank’s programmes were implemented at the state level and another 40 per cent by the federal government adding the bank’s portfolio in Nigeria with over 30 operational projects was among the largest in the entire African region.
He said the projects were spread across health, education, agriculture, social protection, energy, infrastructure, and governance among others in the 36 states of Nigeria, including the FCT.
He also said the bank was working toward a new country partnership framework that would outline the new reform challenges that the government faces and how it could support it in implementing solutions to the challenges.
“The country partnership strategy is always anchored on the economic reform plan of the government and in this case, we have used the Economic Recovery and Growth Plan (ERGP).
“Which is the medium term programme of the government on which we are anchoring our country partnership framework.
“We have plans to scale up our commitment but you know the scale up is not only about funding.
“One can say it is really important to realise that even if we scale up, it will not be sufficient to address the large gap that is needed to be filled.
“We feel that the world bank can play a catalytic role in creating a conducive environment for private sector to finance infrastructure so that we can create the fiscal space for the government to put more money in human capital and in social spending.’’
Speaking about the awards, The country director explained that the awards were introduced to recognise the various entities that were involved in implementing the bank’s programmes in terms of their performance.
“We have a number of criteria with which we have evaluated these entities and we felt that bringing all of these entities together into an award ceremony would help us to recognise all of the good works that all of them are doing and recognise those that have done something special that others can replicate.
“There is a lot of learning that we are emphasising in our engagements, states have to learn from each other and that is what we would like to create, the space where the states can learn from each other’’, he said .
FAAC Shares N722.677bn February Revenue to FG, States, LGCs
By Tony Obiechina, Abuja
The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion February 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for on Wednesday and made available in a statement signed by Mr Bawa Mokwa, Director of Press & Public Relations, Office of Accountant General of the Federation (OAGF).
The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224. 232 billion, Electronic Money Transfer Levy (EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.
In February 2023,, the total deductions for cost of collection was N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué confirmed that from the total distributable revenue of N722.677 billion; the Federal Government received N269.063 billion, the State Governments received N236.464 billion and the Local Government Councils received N173.936 billion. A total sum of N43.214 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N487.106 billion was received for the month of February 2023. This was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.
From the N366.800 billion distributable statutory revenue, the Federal Government received N178.683 billion, the State Governments received N90.630 billion and the Local Government Councils received N69.872 billion. The sum of N27.614 billion was shared to the relevant States as 13% derivation revenue.
For the month of February 2023,, the gross revenue available from the Value Added Tax (VAT) was N240.799 billion This was lower than the N250.009 billion available in the month of January 2023 by N9.210 billion.
The Federal Government received N33.635 billion, the State Governments received N112.116 billion and the Local Government Councils received N78.481 billion from the N224.232 billion distributable Value Added Tax (VAT) revenue.
The N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, and the Local Government Councils received N4.076 billion.
From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion and a total sum of N15.600 billion was shared to the relevant Sates as 13% mineral revenue.
According to the communiqué, in the month of February 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly while Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased marginally.
Afreximbank Supports Fidelity Bank With $180m Credit To Finance Trade, Others
By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the enhancement of the financing facility provided to Fidelity Bank plc, Nigeria under the Afreximbank Trade Facilitation Programme (AFTRAF).
The decision to increase Afreximbank’s support is consistent with the economic and commercial success of the financing facility, the first $125 million of which has been fully utilised by Fidelity Bank.
The expansion to $180 million was also bolstered by the continued strong financial performance of Fidelity Bank, Nigeria’s largest Tier 2 bank.
The augmented financing facility will allow Fidelity Bank to scale up and accelerate its activities and programmes in trade and related activities.
Commenting on the development, Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented said Afreximbank is keen to support a leading African bank that supports African businesses and entrepreneurs.
He said, “Fidelity Bank has proven its ability to make smart use of this type of financing, with consequent benefits for the Nigerian economy. Afreximbank is keen to support a leading African bank that supports African businesses and entrepreneurs.”
Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
A staunch supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.
The bank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA.
Nigeria’s Currency in Circulation Drops to N982bn
By Tony Obiechina, Abuja
The currency in circulation in the country dropped by a 235.03 per cent to N982.09bn at the end of February from N3.29tn recorded at the end of October 2022.
According to figures obtained from the CBN, this followed the naira redesign policy of the Central Bank of Nigeria (CBN) which revealed that N2.3tn was mopped up from circulation during the period under review.
According to the CBN, the currency in circulation moved from N3.16tn to N3.29tn and N1.38tn in November 2022, December 2022 and January 2023 respectively.
The Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.
Emefiele also announced deadlines for Nigerians to swap their old notes with the new notes.
The governor decried the challenges associated with currency management, including the hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks.
Other challenges, according to him, included a shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability and increasing ease and risk of counterfeiting evidenced by several security reports.
At the expiration of the deadline for the old notes, due to the scarcity of the new naira notes, President, Muhammadu Buhari had approved the continued use of the old N200 as legal tender till April 10.
However, the Supreme Court on Friday, 3 March 2023, ruled that the old Naira notes should remain legal tender till 31 December 2023, thereby setting aside the deadline of the CBN.
However, in its new ruling, the Supreme Court said that all the old notes would remain legal tender until December 31, 2023, while nullifying the Naira redesign policy.
Read Our ePaper
Gunmen Kill two NSCDC Personnel, Two others in Imo
Share Post Views: 42 Unidentified Gunmen have killed two personnel of the Nigeria Security and Civil Defence Corps (NSCDC) in...
Police Arrest 781 Offenders over Electoral Infractions
Share Post Views: 53 By Gom Mirian, Abuja The Inspector General of Police(IGP),Usman Alkali Baba, has said a total of...
Benue PDP Chieftain Faults Ayu Suspension by Ward EXCO
Share Post Views: 61 From David Torough, Makurdi The Convener, Atiku Grassroots Movement, Terzungwe Atser, has said the officials of...
Plateau Guber: Tribunal Grant Nentawe, Mutfwang Permission to Inspect Election Materials
Share Post Views: 34 From Jude Dangwam, Jos The All Progressive Congress (APC) Governorship Candidate in Plateau State, Dr. Nentawe...
EU Allocates N75m to Prevent Diphtheria Spread in Nigeria
Share Post Views: 42 By Laide Akinboade, Abuja In order to help Nigeria to prevent the spread of diphtheria cases...
Citizens Hub Urges Plateau Gov-elect to Avoid Praise Singers
Share Post Views: 49 From Jude Dangwam, Jos The Citizens Observers Hub has called on the Plateau State Governor-elect Caleb...
We’re Trailing over 9,000 Tuberculosis Patients for Treatment, Says KNCV Official
Share Post Views: 61 By Laide Akinboade, Abuja The KNCV Tuberculosis foundation has said over 9,000 potential Tuberculosis patients in...
Zenith Bank Boss, Onyeagwu Bags UNN Doctorate Degree in Business Administration
Share Post Views: 52 The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, was on Saturday,...
Ramadan: Society Urges Muslims to Reflect on Islamic Lesson
Share Post Views: 49 By Salihu Ali, Abuja Muslims have been reminded to reflect on the teachings of the Ramadan...
Buhari, Tinubu, Abiodun, Others Pay Tribute as Diya Dies at 79
Share Post Views: 55 By Mathew Dadiya (Abuja) & Kunle Idowu, Abeokuta President Muhammadu Buhari, President-elect, Asiwaju Bola Tinubu and...