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FAAC: FG, States, LG Share ₦635.8bn [See Breakdown]

December 19, 2019 5:40 am

Alhaji Isa Dutse, Permanent Secretary, Ministry of Finance, Budget and National Planning, said on Wednesday in Abuja that the Federal, States and Local Governments had shared the sum of ₦635.8 billion for the month of November.

Dutse disclosed this while addressing newsmen after the Federation Account Allocation Committee (FAAC), meeting.

He explained that the amount shared included Value Added Tax (VAT), exchange gain and Forex Equalisation.

According to him, the gross statutory revenue generated for the month was N491.8 billion, which was lower than N596.04 billion received in the previous month, with a difference of N104.1 billion, NAN reports.…

Profit Taking: NSE All-Share Index Drops 0.13%

December 14, 2019 8:35 am

The All-Share Index of the Nigerian Stock Exchange (NSE) on Friday bowed to profit taking after two-day upward trend.

The News Agency of Nigeria (NAN) reports that the index lost 33.59 per cent to close at 26,536.21 compared with 26,569.80 achieved on Thursday.

Also, the market capitalisation which opened at N12.823 trillion shed N18 billion to close at N12.807 trillion.

MTN dominated the laggards’ table with a loss of N2. 70 to close at N115.30 per share.

GlaxoSmithKline trailed with a loss of 55k to close at N5.25, while United Bank for Africa dipped 25k to close at N6.60 per …

Boudjellal Sells Majority Share In Toulon

December 2, 2019 3:46 pm

Toulon’s Mourad Boudjellal has sold his controlling share in the French Top 14 club but, under the terms of the deal revealed on Monday, remains the club president.

The 80-year-old pharmaceuticals magnate Bernard Lemaitre, who already held a 44 percent stake in Toulon, is now the majority shareholder.

“The Top 14 requires significant financial capital, especially to provide our club with high-level sports infrastructure,” explained Boudjellal.

Lemaitre had already financed the construction of Toulon’s new training centre which will open next June.

“I am pleased that Bernard Lemaitre’s collaboration …

Nigeria Targets Oil Companies For Greater Share Of Profits

November 12, 2019 2:35 pm

In a move Nigeria’s president hailed as a “landmark moment”, Africa’s largest oil producer approved legislation this week to bolster its share of revenues from international majors.

The authorities say the amendment — heralded as the biggest change in decades to its production sharing deals — will bring billions of dollars into state coffers as the country belatedly claims an “equitable share” of its vast natural resources.

But oil industry insiders have slammed the change as an ill-planned attempt to grab the money and warn that it could prompt an exodus of investments as foreign firms turn their backs on …

Peter Obi Has A Share In Obiano’s Failure – G.U. Okeke

October 24, 2019 5:15 am

Popular transporter, Chief Godwin Okeke (GUO) has said former governor, Peter Obi, has a share in the failure of Governor Willie Obiano in Anambra State.

Chief Okeke spoke, yesterday, during the installation of Pharm Chris Ukachukwu as the new President of Onitsha Chambers of Commerce, Industry, Mines and Agriculture (OCC IMA) at the Patterson Hall of All Saints Cathedral Onitsha.

READ ALSO: How Nigeria Corrupts Nigerians

He said the in eight years Obi was governor, the people of the state offered him all possible support and because he did well, he was granted the liberty to choose his successor. He …

Q3 2018 capital budget records dismal implementation

₦649bn Paris Club refund available for states to share

May 16, 2019 9:17 pm

States are to share N649 billion – the final tranche of the Paris Club Refund.

But debtor-states will have to settle their debts soon, Finance Minister Mrs. Zainab Ahmed said yesterday, adding that the Federal Government plans to begin the final phase of the debt refund.

The minister told reporters at a news conference in Abuja yesterday that “the total sum of N649.434 billion was verified by the ministry as the outstanding balance to be refunded to the state governments.”

She also revealed that the payments made by the Central Bank of Nigeria (CNB) as at March stood at N691.560 …

FAAC: FG, States, LGs share ₦619.85bn as revenues

March 27, 2019 9:19 pm

The Accountant-General of the Federation (AGF), Mr Ahmed Idris, on Wednesday said the Federal Government shared N619.85 billion, as revenue generated in February to the three tiers of government.

The amount showed an increase of about N9.49 billion from what was shared in January.

Idris, represented by the Director of Funds, Office of the AGF, Mr Mohammed Usman, said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

Giving a breakdown of the revenue accrued in February, Idris said that the mineral revenue increased by N23.57 billion, moving from N326.52 …