TheNewsGuru

Tag: September

  • FAAC: September revenue shared to FG, States, councils shrinks

    FAAC: September revenue shared to FG, States, councils shrinks

    The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019.

    The N693.529 billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue in the month.

    A communiqué read by the Accountant General of the Federation (AGF) Mr Ahmed Idris, confirmed that the gross statutory revenue for the month of September was N599.701billion.

    The amount was less than the N631.796 billion received in the previous month by N32.095 billion.
    For the month, gross revenue of N92.874 billion was generated from VAT as against N88.082 billion distributed in the previous month, indicating an increase of N4.792 billion.

    According to the communique, N0.954 billion was also realised from Exchange Gain for the month.

    A breakdown of the allocation showed that from the total revenue of N693.529 billion shared, the Federal Government received N293.801 billion, the States received N186.816 billion, and the Local Government Council received N140.864 billion.

    The Oil Producing States shared N51.532 billion as 13 per cent derivation, while the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.

    The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.

    However, the AGF said that as at Oct. 17, the balance in the Excess Crude Account was $323.692million

  • September bond auction raises N146.6 bn for FG – DMO

    The Debt Management Office (DMO) says it raised N146.6 billion for the N150 billion offered for three instruments in the September bond auction.

    DMO in a statement said the auction took place on Wednesday in Abuja.

    The office said that it received N207.5 billion in subscriptions for the three instruments of five, 10 and 30-year tenors that were offered.

    It, however, said that the N146.6 billion raised at the auction was through both competitive and non-competitive bids.

    “The amount allotted to competitive bidders for the three instruments was N100 billion, while the sum of N46.6 billion was allotted to non-competitive bidders.”

    The DMO added that allotments were made to successful bidders at 14.39 per cent for the five-year, 14.43 per cent for the 10-year and 14.64 per cent for the 30-year bonds.

    News Agency of Nigeria (NAN) reports that Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

  • 2020 Budget: FG Vows to Meet September Submission Deadline

    2020 Budget: FG Vows to Meet September Submission Deadline

    Nigeria’s Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, has said that the federal government will meet the 2020 budget proposal deadline set by the ninth National Assembly at the end of September.

    The Minister disclosed this at a meeting on national donor coordination held in Abuja recently.

    “The 2020 budget preparation process is well underway, and we intend to finalise and submit the 2020 appropriation bill to the national assembly by the end of this month,” she said.

    In August, Senate President, Mr Ahmad Lawan, made it known the legislative arm of government was expecting the 2020 budget proposal to be submitted by September.

    He said its timely submission will ensure that the budget is passed before the end of December.

    “The process would return Nigeria to the annual budget of between January and December and guarantee fiscal discipline,” he said.

    Contributing, the Minister of Labour and Employment, Mr Chris Ngige, also urged ministers to work to ensure that the budget is ready for submission to the Senate in September.

    “We have been warned that we must bring back the January/December budget circle. Therefore, the president of the senate and officers of the national assembly have, in one voice, requested from us that the budget should come in September and once they get it in September, they will give it to us in December,” he said.

  • Court adjourns SPIP case against Pinnick, others till September

    A Federal High Court sitting in Abuja on Monday adjourned till 26th September 2019, a case brought against some top officials of the Nigeria Football Federation by the Special Presidential Investigation Panel.
    At the resumed hearing of the case on Monday, lawyer to the NFF officials, namely Mr. Amaju Melvin Pinnick (NFF President); Barrister Seyi Akinwunmi (1st Vice President); Mallam Shehu Dikko (2nd Vice President); Alh. Ahmed Yusuf Fresh (Chairman of Technical and Development Committee) and; Dr. Mohammed Sanusi (General Secretary), informed the court that his clients were on national assignment in the Arab Republic of Egypt, where Nigeria’s Super Eagles is one of the 24 nations participating in the ongoing 32nd Africa Cup of Nations finals.
    While exempting Mr. Pinnick (who is also CAF 1st Vice President and President of the AFCON organizing committee), Justice Ifeoma instructed the NFF counsel to produce evidence of the other persons, namely Barr. Akinwunmi, Mallam Dikko, Alh. Fresh and Dr. Sanusi being presently in Egypt.
    The NFF lawyers led by Barrister Sani Katu have already filed an affidavit at the court on Monday afternoon to show evidence that the officials are indeed in Egypt.
    The court however failed to hear the application of the NFF officials against the SPIP with regards to the panel’s jurisdiction and the court’s order for substituted service, despite the insistence of the NFF defence counsel.
    The NFF chieftains continue to insist that the charges brought by the SPIP are frivolous, spurious and baseless and has since petitioned the Office of the Attorney General of the Federation for an independent review, for which the Office of the AGF has since directed the SPIP to submit the files for review since 23rd May 2019.
    The NFF legal team will also review the entire ruling to determine if there is need to appeal on the face of the fact that the court has delved into substantive matter without resolving the NFF objection on SPIP jurisdiction pending since January 2019.

  • FAAC: FG, States, LGAs share N698.71b for September

    The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7billion for the month of September.
    The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.
    Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.
    A communiqué issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.
    It also showed that the gross revenue available from Value Added Tax (VAT), was N75.9 billion as against N109.9 billion distributed in the preceding month, resulting in a decrease of N33.9 billion.
    “We are also distributing N50 billion which has accrued from the forex equalisation account to the three tiers of government.
    “There is an exchange gain also of N0.275 billion that is included in the distribution.
    “So total distributable revenue to the three tiers of government for the month of October 2018 is N698.71 billion,” Ahmed said.
    In the summary of the distribution, the Federal Government got N265.6 billion from statutory revenue, N11.3 billion from VAT, N0.13 billion from the exchange gain and N22.9 billion from forex equalisation fund, culminating in N300.1 billion.
    The States got N134.75 billion from statutory revenue, N37.9 billion from VAT, N0.06 billion from the exchange gain and N11.6 billion from forex equalisation fund, culminating in N184.4 billion.
    The Local Governments got N103.8 billion from statutory revenue, N26.5 billion from VAT, N0.05 billion from the exchange gain and N8.96 billion from forex equalisation fund, culminating in N139.4billion.
    Derivation of 13 per cent of mineral revenue amounted to N59.09 billion and cost of collection/transfer and Federal Inland Revenue Service (FIRS) Refund was put at N15.57 billion.
    “Crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of 8.48 million dollars.
    “However the average unit price dropped from 77.10 dollars to 75.69 dollars.
    Ahmed said that the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to rework and represent it at the next meeting.

  • World food prices slip in September – FAO

    World food prices slipped in September from the month before, with only sugar posting a rise, the UN food agency said on Thursday.
    The Food and Agriculture Organisation’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 165.4 points last month.
    The figure is against a marginally revised 167.7 in August, which was previously given as 167.6.
    FAO said global cereals output in 2018 was seen at 2.591 billion tonnes, up three million tonnes on the previous forecast given in September.
    However, it is still down 63 million tonnes, or 2.4 per cent, from 2017’s record production level.
    FAO’s forecast for world wheat production in 2018 was almost unchanged on 722.4 million tonnes, the smallest since 2013.
     

  • CBN Manufacturing Index Growth Rate Slows in September

    CBN Manufacturing Index Growth Rate Slows in September

    The Central Bank of Nigeria (CBN) has released its Manufacturing Purchasing Manager’s Index (PMI) for the month of September.
    According to the data released by the apex bank, the manufacturing PMI stood at 56.2 index points, indicating expansion in the manufacturing sector for the 18th consecutive month, however, at a slower rate when compared to the index in the previous month.
    It was disclosed that of the 14 subsectors surveyed, 10 reported growth in the review month in the following order: Electrical equipment; Printing & related support activities; Transportation equipment; non-metallic mineral products; Chemical & pharmaceutical products; Fabricated metal products; Furniture & related products; Textile, apparel, leather & footwear; Food, beverage & tobacco products; and Plastics & rubber products.
    It was further stated that the Petroleum & coal products; Cement; Paper products; and Primary metal subsectors declined in the review month.
    On the flip side, the central bank stated that the composite PMI for the non-manufacturing sector stood at 56.5 points in September 2018, indicating expansion in the index for the 17th consecutive month, but at a slower rate when compared to that in August 2018.
    During the month, 15 of the 17 subsectors recorded growth in the following order: Educational services; Management of companies; Information & communication; Agriculture; Finance & insurance; Water supply, sewage & waste management; Wholesale/Retail trade; Real estate rental & leasing; Utilities; Accommodation & food services; Transportation & warehousing; Electricity, gas, steam & air conditioning supply; Professional, scientific, & technical services; Health care & social assistance; and Repair, Maintenance/Washing of Motor Vehicles.
    However, Arts, Entertainment & Recreation subsector remained unchanged, while construction sub-sector recorded contraction in the review period.
     

  • Why can’t pay new minimum wage by September – FG

    A new national minimum wage will not materialize by the end of September as envisaged, Minister of Labour and Employment, Chris Ngige, has said.

    The September date was just a date to conclude negotiation on minimum wage, Ngige said while speaking with journalists in Abuja yesterday.

    Outlining the work ahead Ngige said: “The committee on the new National Minimum wage is expected to conclude its work by the end of September and present its report to the government for deliberation and approval.” He also said it would be tabled the National Council of State before an executive bill is sent to the national Assembly on the issue.

    He pointed out that the capacity to pay by employers was also paramount in the deliberations on the minimum wage.

    He said it was for this reason that the committee embarked on zonal public hearing across the country in order to get the input of all those concerned including state governments and the organised private sector.

    It was in the course of the zonal public hearings that many state governments made different submissions ranging from N22, 000 to N58, 000 monthly from the current monthly wage of N18,000.

    The governors, he said, were also of the belief that for the new minimum wage to become effective, the current revenue allocation formula will have to be reviewed in favour of the states and local government.

    He said some other states are also of the view that the minimum wage should be maintained at the current N18, 000 in view of the inability of some states to pay the current wages.

    He said even though it was not an easy task, the committee was making progress in its assigned responsibility, pointing out that it was in order to carry everybody, including the states and private sector along, that six governors were elected to be members of the committee as well as representatives of the organised private sector.

    On the threat of non teaching staff of universities to resume their suspended strike as a result of government’s failure to honour the terms of their agreement, the Minister said government was sourcing the N6 billion needed to pay them their earned allowances as contained in the agreement.

    He said that about 95 percent of agreements currently being paraded by trade unions in the country were signed before the Buhari government came into office in 2015, adding that most of such agreements had no timeline for implementation.

    He also said many of the agreements signed by the last government were not implementable because of the amount involved.

    He said what is important in all collective bargaining agreement is the ability to pay what is being demanded and what is agreed upon.

    He appealed to striking health workers to return to work while negotiations continue on their demands. He added that the delay in the implementation of their signed agreement was as a result of failure of the National Salaries, Wages and Income Commission to defend the two different figures presented to a government high powered committee.

    He said the committee had directed the commission and the Federal Ministry of Health to recompile the figures for onward submission to the committee for deliberation.

  • Workers lament as FG recants on September deadline for new minimum wage

    The Federal Government on Tuesday said the September deadline earlier stated for the implementation of the new minimum wage was no longer feasible as the date was fixed for conclusion of negotiations and not actual implementation as widely speculated.

    Minister of Labour and Employment, Senator Chris Ngige told newsmen at his residence in Abuja that the committee on the new National Minimum wage is expecting to conclude its work by the end of September and present its report to the government for deliberation and approval before an executive bill is sent to the National Assembly on the issue.

    He said however that the issue of capacity to pay is also paramount in the deliberations on the minimum wage, pointing out that it was to get the input of all those concerned including state governments and the organised private sector that the committee embarked on zonal public hearing across the country.

    The Minister said further that in the course of the zonal public hearings, many state governments made different submissions ranging from N22,000 monthly to N58,000,adding that the governors were also of the believe that foe the new minimum wage to become effective, the current revenue allocation formula will have to be reviewed in favour of the states and local government.

    He said further that some other states are also of the view that the minimum wage should be maintained at the current N18,000 in view of the inability of some states to pay the current wages.

    Senator Ngige said when the minimum wage committee concludes its report, it will be submitted to the National Council of State and the Federal Executive Council for approval before a bill is sent to the National Assembly to legalize the work of the committee.

    He said even though it was not an easy task, the committee was making progress in its assigned responsibility, pointing out that it was in other to carry everybody, including the states and private sector along that six governors were elected to be members of the committee as well as representatives of the organized private sector.

    On the threat non-teaching staff of universities to resume their suspended strike as a result of government failure to honour the terms of their agreement, the Minister said government was sourcing the N6 billion needed to pay them their earned allowances as contained in the agreement.

    He said his experience as Minister of Labour said him that majority of about 95 percent of agreement currently being paraded by trade unions in the country were signed before the Buhari government came into office in 2015, adding that most of such agreements had no timeline for implementation.

    He also said many of the agreement signed by the last government were not implementable because of the amount involved, adding that the principles of the International, Labour Organisation allowed employers to renegotiate agreements which they feel they cannot implement.

    He said further that what is important in all collective bargaining agreement is the ability to pay what is being demanded and what is agreed upon.

    He appealed to striking health workers to return to work while negotiations continue on their demands, pointing out that the delay in the implementation of their signed agreement was as a result of failure of the National Salaries, Wages and Income Commission to defend the two different figure presented to a government high powered committee.

    He said the committee has directed the commission and the Federal Ministry of Health to go back and recompile the figures for onward submission to the committee for deliberation.

  • We generated N1.3bn in September – Bayelsa Govt

    The Bayelsa Government has recorded N1.3 billion as Internally Generated Revenue (IGR) in September, the Deputy Governor, retired Rear Adm. John Jonah, said on Friday.

    Breaking the financial statement for September in Yenagoa, Jonah said the state had realised about N1.3 as IGR in August.

    The News Agency of Nigeria (NAN) recalls that Bayelsa had collected N868.58 million in the previous month.

    The deputy governor attributed the increase to tax reforms which hiked tax drive on oil firms operating in the state.

    He noted that the state Board of Internal Revenue was compelled to approach the courts to seal some companies that defaulted in paying their taxes.

    Jonah said that the development had also increased the cost of collecting the huge revenue to N88 million.

    On the revenue accrued to state from Federation Account for September, the deputy governor said Bayelsa had received N12.1 billion as against N9.94 billion in August.

    Jonah said total deductions in September amounted to N1.8 billion as against the N1.7 billion deducted in August, leaving the state with a net inflow of N8.28 billion.

    He said that the wage bill of the state for August salary captured in September’s statement stood at N3.7 billion for civil servants while N298 million was spent on the emoluments of political appointees.

     

    NAN