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FAAC Allocates N679.69bn to FG, States, LGs

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  • FAAC Allocates N679.69bn to FG, States, LGs

The Federal Account Allocation Committee, on Thursday shared N679.69 billion among the Federal Government, States and Local Government Councils as federal allocation for the month of May.

A statement by the Director, Information, Ministry of Finance, Mr Hassan Dodo, said the allocation was shared at FAAC’s joint session at the African House, Kano State.

Dodo said that a communiqué issued by the Technical Sub-Committee gave the breakdown of the distribution to the three tiers of government.

According to him, it is inclusive of cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service.

He said the total revenue distributable for the month included Value Added Tax of N106.82 billion and Exchange Gain of N1.14 billion.

Dodo said that the Federal Government received N284.16 billion, representing 52.68 per cent, the states received N187.6 billion, representing 26.72 per cent and LGCs got N140.99 billion, representing 20.60 per cent.

He added that the oil producing states received N40.43 billion as 13 per cent derivation revenue.

Dodo, however, said the cost of collection/transfers/FIRS refund stood at N26.498 billion.

He also said that the communiqué indicated that the gross revenue available from VAT was N10.34 billion more than the N96.48 billion distributed in April.

It further disclosed that the distributed statutory gross revenue of N571.73 billion received for the month was higher than the N518.91 billion received in the previous month by N52.81 billion.

According to the communiqué, revenues from Oil Royalty and Companies Income Tax recorded significant increases, while the Petroleum Profit Tax (PPT) decreased significantly.

“Meanwhile, Import Duty and VAT also recorded marginal increases.’’

Dodo said that the committee disclosed that as at Thursday, the Excess Crude Account had a balance of 63 million dollars.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Mohammed Umar is the New Acting Chairman of EFCC

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EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

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CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

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DSS Arrests EFCC, Acting Chairman, Magu

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Dss Arrests Ibrahim Magu

DSS Arrested Magu, the Acting Chairman of EFCC

The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.

The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.

The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.

But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.

This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.

The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.

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