Mohammed Shosanya

 

 

The Federal Government,States and the Local Government Councils have shared the sum of N1.411 trillion,being October 2024 Federation Accounts Revenue.

 

 

 

Bawa Mokwa,the Director,Press and Public Relations, in the Office of the Accountant General of the Federation (OAGF),disclosed this in a statement in Wednesday.

 

 

 

The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein,the statement added.

 

 

 

The November 2024 Federation Accounts Allocation Committee (FAAC) meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State  Government.

 

 

 

The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and  Exchange Difference revenue of N566.000 billion.

 

 

 

 

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total gross revenue of N2.668 trillion was available in the month of October 2024.  Total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion.

 

 

 

According to the communiqué,gross statutory revenue of N1.336 trillion was received for the month of October 2024. This was higher than the sum of N1.043 trillion received in the month of September  2024 by N293.009 billion.

 

 

 

Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024.  This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.

 

 

 

The communiqué stated that from the N1.411 trillion total distributable revenue, the Federal Government received total sum of N433.021 billion and the State Governments received total sum of N490.696 billion.

 

 

 

The Local Government Councils received total sum of N355.621 billion and a  total sum of N132.404 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

 

 

 

On the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.

 

 

 

The Local Government Councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

 

 

 

From the N622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.

 

 

 

A total sum of N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL).  The State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.

 

 

 

From the N566.000 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.

 

 

 

The Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

 

 

In October 2024, Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) increased significantly while  Electronic Money Transfer Levy (EMTL) and CET levies decreased considerably.

 

 

 

 

Mohammed Shosanya

 

Ekiti State Governor, Mr Biodun Oyebanji on Tuesday approved a new minimum wage of N70,000 for workers in the state effective December 1.

 

 

 

 

The action follows the signing of a Memorandum of Understanding (MoU) by the state Government and leaders of Organised labour in the state.

 

 

 

According to the MoU, the new minimum wage will cover all strata of Ekiti workers, as well as pensioners.

 

 

 

 

The wage agreement was signed on behalf of the state government by the Head of Service, Dr Folakemi Olomojobi; while leaders of the labour centres in the state signed on behalf of workers.

 

 

 

Dr Olomojobi said Governor Oyebanji approved the template the way it was presented by the committee based on the Governor’s commitment to prioritising workers’ welfare and wellbeing.

 

 

 

Describing Oyebanji as a worker – friendly Governor, who desires the best for workers in the state, the head of service expressed her appreciation to the labour leaders for their understanding, patience and dexterity in achieving the best for the workers.

 

 

 

She also thanked Ekiti workers for waiting patiently for the outcome of the decision of the committee and for their unwavering trust in the state government that it will give them the best deal.

 

 

 

She implored the workers to reciprocate the government gesture by enhancing their service delivery through their commitment to the success of the administration.

 

 

 

“Today is another landmark in the history of Ekiti State as we come together to sign the new minimum wage for Ekiti State Public servants. I want to first appreciate our Governor, who on the 31st August, 2024 put together the committee to negotiate Ekiti state public service minimum wage. This committee has taken not less than eight weeks to meet to deliberate on the minimum wage for Ekiti state.

 

 

 

“I want to emphasize that this was a very painstaking process, it was a process that brought to bear the funds available to Ekiti. In the midst of this, Mr Governor bent forward and backward to accommodate our yearnings, and today we have agreed on the minimum wage to be paid in Ekiti State.

 

 

 

“In the past few weeks, we have also put together the consequential adjustment and I am happy to announce that the Governor of Ekiti State is bringing out the best for every public worker in the state.

 

 

“I have had the privilege of looking at what is done across the nation and I congratulate Ekiti state workers for having the best deal. Today we will be endorsing the consequential adjustment, across the state, local government areas, across every parastatals and MDAs in the state. The pensioners are not left out”, she stated

 

 

 

 

In their separate remarks, Chairmen of Nigeria Labour Congress (NLC) in the state, Comrade Kolapo Olatunde; Trade Union Congress (TUC), Comrade Sola Adigun and Joint Negotiating Council (JNC), Comrade Femi Ajoloko commended Governor Oyebanji for his efforts at giving the best to Ekiti workers.

 

 

 

 

The labour leaders also noted that the new minimum wage cut across all strata of Ekiti workforce including the pensioners, adding that when the table is compared with those of other states,Governor Oyebanji has given the best.

 

 

 

 

 

 

Mohammed Shosanya

 

 

President Bola Ahmed Tinubu has requested the National Assembly to approve an external loan of N1.767 trillion (approximately $2.209 billion) to address critical funding gaps in the 2023 budget.

 

 

 

In a letter addressed to the Speaker of the House of Representatives, Hon. Tajudeen Abbas,President Bola Tinubu explained that the new external borrowing would be used to finance the 2024 budget deficit.

 

 

 

 

He highlighted that the external borrowing forms part of the N7.828 trillion approved in the 2024 Appropriation Act for new borrowings.

 

 

 

President Bola Tinubu has outlined plans for a total of N7.828 trillion in new borrowings, comprising N6.061 trillion in domestic borrowing and N1.767 trillion in external borrowing. This request, in accordance with Section 21(1) and 27(1) of the Debt Management Office Act, was approved by the Federal Executive Council.

 

 

 

 

He explained that the borrowed funds will be directed towards stabilizing the economy, fostering sustainable growth, and financing critical projects in key sectors.

 

 

 

 

Besides,the funds will help bolster the country’s external reserves and support the stability of the Naira exchange rate.

 

 

 

He stated that the government plans to raise the funds through issuance of Eurobonds, Sovereign Sukuk, and Bridge Finance/Syndicated Loans.

 

 

 

 

He explained that all the options would be pursued simultaneously for the capital raising of USD2.21 billion considering the costs, relative benefits, and timing of each of them to the country.

 

 

 

The President,however, noted that emphasis would be on the Issuance of Eurobonds which he said is typically faster to conclude.

 

 

 

 

The letter read in part: “In accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, Etc.) Act, 2003, and the approval of the Federal Executive Council, I write to request for a Resolution of the National Assembly (NASS) to raise the sum of N1,767,610,321,779.00 (equivalent of USD2,209,512,902.22 at the Budget Exchange Rate of USD1.00/N800) provided as New External Borrowing in the 2024 Appropriation Act to part finance the budget deficit of N9.179 trillion.

 

 

 

“The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as New Borrowings to part-finance the 2024 budget deficit of N9.179 trillion. The total New Borrowings of N7.828 trillion was further subdivided into New Domestic Borrowing of N6.061 trillion and New External Borrowing of N1.767 trillion.

 

 

 

Explaining the funding plan,President Tinubu said: “Nigeria could raise all or part of the New External Borrowing of USD2.21 billion through the issuance of Eurobonds in the ICM. Nigeria has been a regular issuer in the ICM and had raised USD16.92 billion out of which USD15.12 billion is outstanding.

 

 

 

 

“The ICM is now open to countries similar to Nigeria, and so far, Cote d’Ivoire, Benin, Kenya, and Cameroon have issued Eurobonds in the ICM in 2024.

 

 

 

“A debut Sovereign Sukuk of up to USD500 million in the ICM with credit enhancement from the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), a member of the IsDB Group, subject to the terms and conditions.

 

 

 

 

“Option three. Bridge Finance/Syndicated Loans by the International Bookrunners/Joint Lead Managers (Citigroup Global Markets Ltd, Goldman Sachs, JP Morgan and Standard Chartered) that have been appointed through an Open Competitive Bid to advise on the Issuance of Eurobonds, where it becomes necessary.

 

 

 

“This option will only be used if for any reason the Issuance of Eurobonds is delayed due to market conditions and there is an urgent need for funds. Please note that the precedent for accessing Bridge Finance/Syndicated Loan is that the proceeds of the Eurobonds will be used to offset the loan.

 

 

 

“The Right Honourable Speaker may further wish to note all the options will be pursued simultaneously for the capital raising of USD2.21 billion considering the costs, relative benefits, and timing of each of them to the country.

 

 

 

“However, emphasis will be on the Issuance of Eurobonds (Option 1) which is typically faster to conclude. Additionally, a larger amount can be raised through Eurobonds at a relatively lower cost.

 

 

 

The President explained that because all the pptions are market related, the Final Terms and Conditions (Interest Rate and Tenors) can only be determined at the point of Issuance of the Eurobonds and Sukuk, and negotiation with lenders in the case of Bridge Finance/Syndicated Loan.

 

 

 

“They will all be subject to market conditions prevailing at that time. The Federal Ministry of Finance and the Debt Management Office, working with the Transaction Advisers appointed by the Federal Government through Open Competitive Bidding, will ensure that Nigeria secures the best Terms and Conditions within the context of the market. Meanwhile, the Indicative Terms and Conditions for Eurobonds, which can be used as a guide is attached as Appendix I for your information.

 

 

 

“The funds are needed to give more impetus to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilize the economy and put it on the path of sustainable growth and development.

 

 

“The key projects to which the proceeds will be deployed from the priority sectors of the economy, such as power, transport, agriculture, defence and security.

 

 

 

“It is essential to note that the proceeds from the new external borrowing will contribute to increasing the accretions to Nigeria’s external reserves. These funds will be deposited into the Central Bank of Nigeria’s account, which will, in turn, provide vital support to the stability of the Naira exchange rate.

 

 

 

“In light of this, and in accordance with the provisions outlined in Sections 21(1) and 27(1) of the Debt Management Office (DMO) Act, a specific resolution from the National Assembly (NASS) is required for the implementation of the new external borrowing as stipulated in Paragraphs 1 and 7 of the 2024 Appropriation Act”.

 

 

        Mohammed Shosanya

 

Edo State Governor,Senator Monday Okpebholo, has signed the revised Appropriation Bill of N485.63 billion into law.

 

 

The bill aims to ensure rapid implementation of developmental projects by the new administration.

 

 

 

The budget,as approved by the Edo State House of Assembly (EDHA), is divided into N202.65 billion for recurrent expenditures and N282.99 billion for capital projects.

 

 

 

In his remarks,Governor Okpebholo commended lawmakers for their swift action in passing the Bill, which he says will set the tone for transformative governance.

 

 

 

 

“I want to thank you for your cooperation and the speedy passage of this bill. With this momentum, Edo State is set to experience remarkable development. I see a team of dedicated individuals ready to work for the betterment of our state,” he stated.

 

 

 

 

Speaker of Edo State House of Assembly, Blessing Agbebaku, and other lawmakers, attended the signing ceremony held at the Executive Council Chamber.

 

 

 

Agbebaku also reiterated the legislature’s commitment to supporting the administration’s vision and ensuring continuity in government.

 

 

 

 

He noted that the State House of Assembly is committed to fostering development for the people of Edo State.

 

 

 

“The 8th Assembly expedited the passage of this appropriation law to allow the new administration to commence its projects without delay. Government is a continued,” he stated.

 

 

 

The bill, initially presented on November 13, 2024, underwent accelerated deliberations, underscoring the collaboration between the executive and legislative arms of government.

 

 

          Mohammed Shosanya

 

 

President Bola Tinubu has re-designated the positions of two recently appointed officials in the State House media and communications team in order to enhance efficiency within the government’s communication machinery.

 

 

 

Bayo Onanuga,Special Adviser to the President (Information and Strategy), in a statement said,Mr. Sunday Dare who was hitherto Special Adviser on Public Communication and National Orientation,is now Special Adviser, Media and Public Communications.

 

 

 

 

 

According to the statement,Mr. Daniel Bwala,who was announced last week as Special Adviser, Media and Public  Communication, is now special adviser Policy Communication.

 

 

 

These appointments,along with the existing role of Special Adviser, Information and Strategy , underscore that there is no single individual spokesperson for the Presidency,the statement said.

 

 

 

It added:”Instead, all the three Special Advisers will collectively serve as spokespersons for the government.This approach aims to ensure effective and consistent communication of government policies, decisions, and engagements”.

 

 

 

 

 

         Mohammed Shosanya

 

Edo State Governor, Senator Monday Okpebholo,has approved the immediate suspension of all consultancy services and related providers in the state’s public service

 

 

The action was conveyed in a communication notice issued by the Secretary to the State Government, Umar Musa Ikhilor.

 

 

The notice added:“All financial transactions and related services with affected consultants and service providers are to be put on hold immediately, pending when a Review Committee, established by the Governor, submits its report.

 

 

 

“All Accounting Officers,Heads of Ministries,and Agencies are expected to take note and comply strictly with this directive”.