The Federal government has received the sum of N236.177 billion as allocation for the month of February from the Federation Accounts Allocation Committee (FAAC).
Investors King gathered that the FAAC shared the total sum of N590.546 billion as February allocations among the Federal Government, states and local councils.
In a communiqué issued at the end of a virtual meeting of the committee for March in Abuja, the committee noted that the total sum is inclusive of distributable statutory revenue of N337.432 billion, distributable Value Added Tax (VAT) revenue of N165.635 billion, excess bank charges of N7.479 billion and non-mineral revenue of N80 billion.
“In February this year, the total deductions for cost of collection were N 23.989 billion and the total deductions for statutory transfers and refunds were N80.498 billion. The balance in the Excess Crude Account (ECA) was $35.371million”, the document revealed.
While the state governments got N190.007 billion, local councils got N140.612 billion. From the N80 billion non-mineral revenue, the Federal Government received N42.144 billion, the states got N21.376 billion and the local councils were credited with N16.480 billion.
The Federal Government got N3.940 billion from the total excess bank charges of N7.479 billion. The states received N1.998 billion, and the councils got N1.541.
According to the communiqué, in February, Petroleum Profit Tax (PPT) increased significantly, while oil and gas royalties increased marginally. Also, import and excise duties, Companies Income Tax (CIT) and VAT decreased considerably.
Investors King recalls that the FAAC shared a total of N574.668 billion in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.
The total sum comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.
In January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
The communiqué released in January recorded that Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Value Added Tax (VAT), Import and Excise Duties decreased marginally.
AfDB Ranked Best Financial Institution in the World – Adeshina
The President of the African Development Bank (AfDB), Akin Adeshina has revealed that the bank emerged as the best financial institution in the world.
In a series of tweets, the business mogul explained that the African Development Fund (ADF), which is the African Development Bank (AfDB) Group’s concessional window, was ranked by CGD as second best in the world, ahead of all 28 concessional financing institutions in developed countries.
“We are a AAA-rated financial institution, the only one in Africa. We have consistently maintained our stellar AAA credit ratings by all major global credit rating agencies, who consistently praise our excellent risk management at the Bank.
“We have an excellent and robust management and governance system. We deliver great value for our clients in Africa. Over the past six years, through our High 5 programs, our work has impacted on 335 million people. We deliver great value,” he wrote.
Adeshina stated that the Board approved a $10 billion crisis response facility based on comprehensive risk evaluations when the COVID-19 Pandemic started. He explained that the bank issued a $3 billion fight Covid-19 social bond on global capital markets, the highest-value social bond ever issued in US dollars.
“Our rapid COVID-19 response facility helped towards stabilizing African economies. It trained 130,000 health workers. It provided social protection for about 30 million vulnerable households. It provided advisory support for 300,000 small and medium sized businesses.
“To tackle the food crisis from the Russian-Ukraine crisis, our Board of Directors approved last week a $1.5 billion African Emergency Food Production Facility, to support 20 million farmers to produce 38 million metric tons of food. The Bank partnered globally. We delivered!” he highlighted.
Speaking on women empowerment, Adeshina mentioned that he alongside the French President, Emmanuel Macron, and the G-7, aims to raise $5 billion and promises to lend $500M to women in 2022.
“With support of President @EmmanuelMacron and G-7, our Affirmative Action for Women in Africa (AFAWA) is raising $5 billion for women businesses. In 2021, we paid out $483 million to financial institutions to lend to women businesses. We will lend $500 million for women in 2022.”
Investors King recently gathered that AfDB’s portfolio sprung into a $5billion increase in Nigeria, stating “with an expansion of 63 operations in Nigeria, the African Development Bank (AfDB) recorded an increase in the value of its portfolio which amounted to $5 billion.”
FirstBank Rewards Customers in Its Firstmobile Cash-out Promo
In collaboration with Interswitch, FirstBank has launched a promo to reward users of the FirstMobile app, its industry-leading mobile banking application. The promo tagged FirstMobile Cash-out Promo will run for 3 months. The promo, which started on Monday, 21st March 2022 will end on Tuesday, 21st June 2022.
Various prizes including, N1,000,000, N40,000, N10,000.00 cash prizes, N40,000 Airtime, LED Televisions, refrigerators, washing machines, air conditioning systems will be won in the course of the three months campaign. A minimum of two bills payment worth N1000 and five airtimes of at least a total of N2000 in a week qualify a customer for any of the prizes. The promo is open to new customers and existing users of the FirstMobile app.
FirstMobile customers who do a minimum of 6 transactions weekly on the FirstMobile app, will be eligible for the respective rewards: N10,000 cash for 200 winners; Gift items (TVs, Refrigerators and AC) for 10 winners; N10,000 airtime for 340 winners.
On the other hand, 500 customers that carry out a minimum of 10 transactions monthly will win N30,000 cash. The Grand Prize of N1,000,000 will be won by 2 lucky customers who carry out a minimum of 20 transactions or a minimum of two bills payment of N1000 plus five airtime transactions of at least a total of N5000 in a week.
Speaking on the campaign, Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products said, “as the leading financial inclusion services provider in Nigeria, we are delighted to partner with Interswitch, an Africa-oriented technology-driven company, to reward our customers for their continuous patronage. Together with Interswitch, we remain committed to ensuring the continued safety of customers’ funds across multiple electronic payment channels irrespective of where our customers may be across the world. FirstMobile remains another obvious step towards leveraging evolving technologies to bring fast and convenient digital banking solutions to our customers”.
FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of payment systems, whilst putting customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. The app provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices. It is sleek and convenient to use – evident in its easy enrolment process as all FirstBank customers with Verve and Naira Mastercards can begin using the app without having cause to visit a FirstBank branch. It is also poised to offer a more reliable and more convenient overall digital banking experience.
To set up the FirstMobile app, customers with android phones should visit the Google Play store to download and install the FirstMobile app. Customers with Apple devices can download it from the Apple Store. Once installed, customers are required to open the app, tap the register button, and use their FirstBank issued Naira MasterCard or Verve card to activate the app. After details have been inputted, an OTP code will be sent via an SMS to your phone number that is linked to your bank account and you are then required to Input a 5 digits code that will be your login password, select two security questions and answer them, create a personalised 4 digits transaction pin that will help your confirm transactions. Upon the conclusion of these steps above, click Done and start enjoying the app.
Farmers Are Refusing To Pay Back Loans – CBN Cries Out
The Central Bank of Nigeria (CBN) has cried out over the refusal of the majority of farmers who benefited from the Anchor Borrowers’ Programme (ABP) to repay their loans.
CBN Development Finance Officer, Mr Sadeeq Ajayi revealed this at the Agribusiness Innovation Clinic.
He claimed that the majority of the beneficiaries regard the loan as their part of the national cake in his speech entitled Fostering Innovation and Collaboration Across the Agricultural Value Chain, which was organized by the Global Alliance for Improved Nutrition (GAIN).
He urged farmers who had delayed their agricultural loans to repay them, claiming that the CBN’s failure to retrieve the loans from defaulting farmers had jeopardized the plan and prohibited other farmers from using it.
“While the Anchor Borrowers’ Programme had recorded some level of success, the failure of farmers to repay the loans has, however, been a major setback.
“Many of the farmers refused to pay back their loans due to the misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens.
“This attitude has made it difficult for other farmers, who also want to access the loan, to benefit from the scheme,” he said.
In 2021, about 2.85 million farmers benefitted from the Anchor Borrowers Programme. Investors King gathered that N554.63bn was disbursed, of which N61.02bn was allocated to 359,370 dry season farmers.
In its October monthly report, the CBN also revealed that the Anchor Borrowers Program disbursed N1.9 billion to 2,521 farmers to cultivate 8,963 hectares of land through three participating financial institutions.
Cassava, cotton, fish, groundnut, maize, poultry, rice, soya beans, wheat, cattle, sorghum, ginger, castor seed, sesame, tomato, cocoa, yellow pepper, oil palm, cowpea, and onion were among the crops cultivated on 3,097,834 hectares, according to the report.
ABP is an agricultural loan scheme launched by the federal government in 2015 through the Central Bank of Nigeria (CBN) to provide loans (in kind and cash) to smallholder farmers in order to increase agricultural production, create jobs, and reduce food import bills in order to conserve foreign reserves.
Government4 weeks ago
Strengthening Women’s Role in Politics is Key to Solving Today’s Crises
Finance3 weeks ago
Dollar to Naira Today Thursday, 5 May 2022
Finance3 weeks ago
Kigali to Host the Commonwealth’s Landmark African Anti-corruption Conference
Naira4 weeks ago
Naira Improves Against Pounds Sterling and Euro on Monday
Banking Sector3 weeks ago
FirstBank Wins Best Bank in Nigeria and Best Bank in Digital Transformation Nigeria 2022
Finance4 weeks ago
Unilever Nigeria Shakes Off Covid-19 Effect, Records N1.796 Billion Profit in Q1 2022
Banking Sector2 weeks ago
FY 2021: Unity Bank Grosses N50.28bn in Earnings and N3.33bn in Profit
Banking Sector3 weeks ago
Fidelity Bank Announces 29% Increase in Gross Earnings in Q1 2022