Revenue
Bayelsa governor: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta
Gov. Douye Diri of Bayelsa on Tuesday proposed that 10 per cent of derived oil revenue be provided in the Petroleum Industry Bill (PIB) for the host communities. Mr Diri, in a statement by his Chief Press Secretary, Daniel Alabrah, said this on Tuesday during a townhall meeting on the bill with members of the National Assembly in Yenagoa. The governor said the 2.5 per cent revenue proposed for the host communities in the PIB was grossly inadequate and unacceptable to the people of the Niger Delta. He argued that if the National Assembly members saw firsthand the level of environmental degradation and its attendant effects on the people, they would not hesitate to increase it from 10 per cent. Mr Diri stressed that the PIB was critical in addressing issues such as unemployment, lack of tran...
Ondo governor suspends NURTW, RTEAN, orders unions to vacate motor parks
Ondo State Government has suspended both the National Union of Road transport workers, NURTW, and the Road Transport Employers’ Association of Nigeria, RTEAN in the state. The Senior Special Assistant to the governor on special duties and strategy, Dr Doyin Odebowale, said that the suspension was with immediate effect. Odebowale attributed the suspension to recent leadership crisis within the two unions He directed the leadership of both unions to vacate motor parks across the eighteen local government areas of the state and to stop collecting dues from taxi drivers and other motorists across the state. Odebowale also directed taxi drivers to revert to the old price of N50 per drop across the state. He explained that new tickets would be purchased directly from the state government and no ...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
NESG: Nigerian economy to beat IMF growth forecast in 2021
The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund. The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021. This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday. According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty. The report said the government’s most important agenda in 2021 must be to address these problems as a foundation for...
NHIS: Sokoto received N518 million Health Intervention Fund
Nasir Sambo, the Executive Secretary, National Health Insurance Scheme (NHIS) said the Buhari administration has disbursed N518 million to Sokoto State Government in 2020 as National Healthcare Intervention Fund aimed at enhancing the lives of vulnerable persons in the society. Speaking to newsmen on the sidelines of the official commencement of the Basic Healthcare Provision Fund (BHCPF), Mr. Sambo said the federal government remained committed to attainment of mandatory Universal Health Coverage (UHC) toward ensuring improved healthcare to citizens. He stressed that the federal authorities was committed to achieving the global Sustainable Development Goals (SDGs). The executive secretary noted that the National Health Act enshrined one percent from accrued consolidated national revenue f...
#EndSARS: It’ll take long to rebuild destroyed property – Governor Sanwo-Olu
Governor Babajide Sanwo-Olu of Lagos State, said, yesterday, that it would take the state time to rebuild the properties destroyed during the EndSARS protests. This came on a day the Lagos State government disclosed that the 2021 budget of N1.164 trillion would be funded from a revenue estimate of N971.028 billion in the fiscal year, with a target on the expansion of tax nets. Governor Sanwo-Olu stated this while briefing State House correspondents, after meeting behind closed doors with President Muhammadu Buhari, at the Presidential Villa, Abuja. He said the meeting dwelt more on the second wave of the Coronavirus pandemic, security situation and the impact of the #EndSARS protests in the state. On rebuilding Lagos after the EndSARS protests, he said: “It is also some of the things I dis...
Kano government reaffirms commitment to minimum wage, says deductions temporary
Kano state government has reaffirmed its commitment to the continuous implementation of the N30,600.00 minimum wage for civil servants. It however said, that deduction in November/December workers’ salary was a temporary measure informed by the drop in federal allocation and dwindling internally generated revenue occasioned by the COVID-19 pandemic. The state commissioner for Information, Malam Muhammad Garba who stated this in a statement, Thursday, indicated that the deduction was necessary to keep the government going in the face of the prevailing economic recession facing the country. “The state government took the measure instead of contemplating on paying half salary or in batches as obtained in other states or layoffs. “Similar temporary measure was taken, including cut in the allow...
TUC: Electricity tariff hike another betrayal of trust
File Photo The Trade Union Congress of Nigeria, TUC, has expressed disappointment over the latest hike in electricity tariff, describing is as a betrayal of trust. TUC, in a statement by its President and Secretary-General, Quadri Olaleye, and Musa-Lawal Ozigi, respectively, said: “We are disappointed by the recent hike in electricity tariff, while negotiations were ongoing with the Organised Labour on the last hike because of the untold hardship it has brought on the workers and Nigerians as a whole. “Sometimes we wonder why this government espouses unfriendly policies that are capable of crippling the economy. “There are many companies that have either closed shops or relocated to neighbouring countries because they cannot afford to pay the last tariff hike, yet this government has done ...
Kogi Assembly passes 2021 budget estimate of N130.54 billion into law
The Kogi House of Assembly on Tuesday passed the N130.54 billion Appropriation Bill tagged “Budget of Accelerated Recovery” into law. Newsmen report that the House considered the bill Clause-by-Clause at the “Committee of the Whole” of the House at plenary in Lokoja. Aderonke Aro (APC-Yagba West) and Chairman, House Committee on Finance, Budget Monitoring and Economic Planning, presented the committee’s report for consideration. Aro declared that Ministries, Departments and Agencies (MDAs) with genuine reasons for adjustments in their allocations were taken care of during the defence of their respective budgets. In the budget presented to the House on Dec. 1, Gov. Yahaya Bello of Kogi had said that the budget was indicative of the assessment of the amount the state could generate on its ow...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
