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FG to Roll out Tax Incentives, Shares N420bn with States, LGs

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  • FG to Roll out Tax Incentives, Shares N420bn with States, LGs

The federal government has unfolded its plan to roll out tax incentives for the manufacturing sector in a bid to stimulate the economy.

The Minister of Finance, Mrs. Kemi Adeosun, said the proposed incentives were aimed at stimulating the economy and get it out of recession next year.

Briefing journalists at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, she regretted that the manufacturing sector was challenged because of foreign exchange issues triggered by inconsistencies in forex policies.

Describing forex as a major issue for manufacturing, she noted that “they will do better if there is consistency in forex policy.” She stated that manufacturing remains very critical to the growth of the economy and getting the country out of recession.

Adeosun acknowledged that settling domestic debt was critical to getting the economy of the woods.

Meanwhile, for two consecutive months, allocation to the federal, states and local governments remained stagnant as the three tiers shared N420 billion at the monthly Federation Account Allocation Committee (FAAC), for October.

The same amount was shared for the month of September after they distributed N510.2 billion in the previous month (August).

A breakdown of the October figures shows that from the statutory revenue, the federal government received N96.674 billion (52.68 per cent); states N49.035 billion (26.72 per cent); local governments N37.804 billion (20.60 per cent); while the oil producing states received N13.548 billion as 13 per cent derivation revenue.

According to the figures released by Office of the Accountant General of the Federation after the monthly FAAC meeting in Abuja yesterday, the gross statutory revenue of N238.716 billion received for the month was lower than the N279.746 billion received in the previous month by N 41.030 billion.

Crude oil export volume also decreased while the average price of crude oil dropped, resulting in revenue loss of about $51million in federation export sales.

Force majeure was also declared at Qua Iboe Terminal and the NGL lifting programmes with the force majeure at Forcados Terminal still in place.

Shut-in and shut-down of pipelines for repairs and maintenance due to attacks on delivery pipelines also contributed to the low revenue.

There were decreases in volume of import duty and Companies Income Tax (CIT) while Petroleum Profit Tax (PPT) and oil royalty recorded marginal increases.

The distributable Statutory Revenue for the month is N203.952 billion while the sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the federal government.

The sum of N109.108 billion was proposed for distribution from Excess PPT Account just as an exchange gain of N 37.319 billion was proposed for distribution, bringing the total revenue distributable for October (including VAT) to N420 billion.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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