The revenue accruing to the Federation Account from oil and non-oil sources recorded a decline of ₦183.26 billion from ₦570.58 billion received in the month of June to ₦387.31 billion in July. The figures were revealed in a communiqué issued on Tuesday by FAAC at the end of its meeting. The Permanent Secretary at the finance ministry, Mahmoud Dutse said the decline in revenue was caused by a drastic fall in receipts from Companies Income Tax due to the
Oyo governor, Abiola Ajumobi, has announced the introduction of the Electronic Certificate of Occupancy, in a bid to ditch the use of the paper-based Certificate of Occupancy. During the official launch of the new enumeration and assessment of properties policy in the state, the governor also announced the Homeowners Charter Policy, which would enable homeowners in the state to regularise their land documents. According to him, the e-C of O would have security
The FG has started an independent audit to ascertain the rate of compliance by Deposit Money Banks in the remittance of government funds into the Treasury Single Account. The TSA, which took off fully in September 2015, had been complied with by over 900 agencies of government with 20,000 bank accounts closed while over ₦5 trillion had been moved from banks to the CBN. There have been controversies over whether all the banks actually complied fully with the
The FG allotted ₦738.14 million in its August 2019 and 2020 savings bond sales. The Debt Management Office on its website on Wednesday said that ₦215.64 million was allotted at 13.53 percent with 328 successful subscriptions to mature in August 2019. It stated that ₦522.50 million was allotted at 14.53 percent with 433 successful subscriptions to mature in August 2020. The savings bond issuance is expected to help finance the nation’s budget deficit.
Protesters on Tuesday dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs and infrastructure development last week. Echoing a common complaint in the region that produces most of Nigeria’s oil, the protesters said they were not benefiting from the region’s oil wealth and wanted an end to the oil pollution that has ruined much of the land. Protesters still numbered
Nigerian telcos lost at least 10 million active subscribers over the last six months, the Guardian reports. According to NCC data, the country entered 2017 with 155.1 million subscribers, but at the end of June, it stood at 143.1 million. Teledensity, which was 110.8 percent at the beginning of the year, fell to 102.2 percent within the period. However, the number of connected lines grew from 238 million in January to 241 million by the end of the half year.
Hundreds of people stormed a crude oil facility and gas plant owned by Shell in the Niger Delta on Friday demanding jobs and infrastructure development, Reuters quotes a witness as saying. Echoing a common complaint in the region that produces most of Nigeria’s oil, the protesters said they were not benefiting from the region’s oil wealth and wanted an end to the oil pollution that has ruined much of the land. Soldiers and security guards did not
The increase in the production of light sweet crude from Nigeria, the United States and Libya may contribute to a narrower price spread between light and medium crudes. The U.S. Energy Information Administration, in its Short-Term Energy Outlook, said that Nigerian production increased by six percent to 1.66 million barrels per day in July, from 1.56 million bpd a month earlier, while Libyan crude output jumped by 19 per cent to 1.01 million bpd in July, from
The FG approved its medium-term expenditure framework for 2018-2020 on Wednesday and revised its growth forecast for next year downwards. Udoma Udo Udoma, minister for budget and national planning said after a cabinet meeting that the government had approved “a slightly different” growth trajectory of 3.5 percent for next year, down from the 4.8 percent it announced in its strategy paper. “In terms of crude oil projection for next year, it is 2.3
The FG plans to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead. The banks concerned have said either that they do not owe the government money or have paid what is due. Commercial banks in Nigeria collect grants, taxes, fees and tariffs on behalf of the government which they send to a single treasury account with the CBN in line with a policy introduced