FG releases details of 2024 budget amidst backlash, tension
The Senate has released the sectoral allocations of the N27.5 trillion budget for 2024 fiscal year.
This is coming amid the controversy over the sketchy details of the budget President Bola Ahmed Tinubu presented to the National Assembly on Wednesday.
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Our correspondent observed that lawmakers were only provided copies of the president’s speech during debate on the budget, a development some members of parliament described as strange.
Legislators had raised concerns over the non-availability of the budget details and called for the suspension of the consideration until the breakdown of the proposed expenditure is provided.
However, the proposal was passed for second reading in both chambers without lawmakers getting the breakdown of the estimates, including allocations to different sectors.
The Senate Appropriations Committee Friday night released some highlights of the budget, especially the sectoral allocations.
In the fiscal document, the ministries of Works, Finance and Defence got the highest share of the N8.7 trillion capital component of the 2024 budget.
The Ministry of Works gets N521.3 billion, followed by Ministry of Finance with N519.9billion while N308.2 billion was allocated to the Ministry of Defence.
Federal Ministry of Health and Social Welfare is earmarked N304.4 billion while N265.4 billion was proposed for capital projects in the Ministry of Education.
Others are: Ministry of Power N264.2 billion, Government owned Entetprises N820.9 billion, TETFund N665billion Housing and Urban Development N96.9billion, Water Resources N87.7 billion and Police Affairs N69 billion.
The National Assembly under statutory transfers gets N198 billion, Niger Delta Development Commission N324.8 billion, Universal Basic Education N251.4 billion, National Judicial Council N165 billion, North East Development Commission N126 billion and Basic Health Care Provision Fund N125.7 billion.
Under Capital Supplementation, Zonal Intervention otherwise called constituency projects for federal lawmakers gets N100 billion, Special Projects N108 billion, Contingency (capital) N200 billion, Aid and Grants funded projects N685.6billion, National Social Investment Programme Agency N100 billion.
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FAAC shares N906.955bn Oct 2023 revenue to FG, states, LGCs
November 23, 2023
Nigerian currency.
Nigerian currency.
FAAC shares N906.955bn Oct 2023 revenue to FG, states, LGCs
The Federation Account Allocation Committee (FAAC) has shared a total sum of N906.955 billion October 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communique issued by the FAAC at its November, 2023 meeting indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N 323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N 202.887 billion and Augmentation of N60.000 billion.
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According to the communique, total revenue of N1,346.519 billion was available in the month of October 2023. Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion.
Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.
The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.
The communique stated that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the State Governments received N307.717 billion and the Local Government Councils received N225.209 billion.
A total sum of N50.674 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the State Governments received N74.852 billion and the Local Government Councils received N57.707 billion. The sum of N24.937 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
The Federal Government received N48.517 billion, the State Governments received N161.723 billion and the Local Government Councils received N113.206 billion from the N323.446 billion distributable Value Added Tax (VAT) revenue.
The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments received N7.776 billion and the Local Government Councils received N5.443 billion.
The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.
The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments received N16.032 billion and the Local Government Councils received N 12.360 billion
In the month of October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
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Dangote group of coys reiterates commitment to eradicate youth unemployment
November 14, 2023
Dangote team.
Dangote team.
Dangote group of coys reiterates commitment to eradicate youth unemployment
Dangote Group’s Executive Director, Commercial Operations, Hajia Fatima Aliko-Dangote, has reiterated the company’s determination to eradicate the high rate of youth unemployment in the country. She said, it is only when youths are positively engaged, that the high insecurity problems in the country will fade away.
Fatima, who made this disclosure at the just concluded Lagos International Trade Fair during the “Dangote Day”, said since inception, the desire of the President of Dangote Group, Aliko Dangote, was to assist the three tiers of government in the country, in eradicating poverty, and the best way for Dangote Group to do this, will be to contribute to eradicating youth unemployment in the country.
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Noting that Dangote is the highest employer of labour in Nigeria, outside the Federal Government, she said, the priority of the Group is to create more employment opportunities for the teeming Nigerian youths and make them breadwinners of their respective families.
According to her: “The desire of our President, Aliko Dangote, is to ensure that Nigerian youths are ably employed, because it is only when this happens, that they can also contribute their own quota to the growth and development of the county. And once the youths are also positively engaged, the security challenges of the country will abate.”
Fatima, further said the Group is passionate about deepening the Nigerian economy through industrialisation, job creation, provision and rehabilitation of essential infrastructure, and the welfare of the citizens. According to her, “It is the desire to promote industrialisation that informs our decision to become strategic partners with all the major Chambers of Commerce across the nation.”
She also said: “Our investment decisions at Dangote Group, are focused on creating values for all stakeholders. We have invested in several projects which are meant to create jobs and enhance the rapid industrialisation of the Nigerian economy. Dangote Cement Plc remains the continent’s foremost cement producer, with operations in 10 African countries.
“The activities of the cement company through its multiplier effect, provide direct and indirect employment to millions of people across Africa. Through its corporate social responsibility (CSR) interventions, Dangote Cement has touched the lives of thousands of people in host communities across Africa. The company has built schools, hospitals & clinics, roads, markets, and vocational training centres in host communities.”, she stated.
Reacting to what Fatima Aliko Dangote said, Dr Micheal Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), said Dangote Group has created jobs more than any known private sector operators in the Country.
He said the foremost indigenous conglomerate has contributed significantly to providing solutions to the problems of unemployment and by extension, to reducing the poverty levels among Nigerians.
He said the decision of the company to venture into oil and gas would permanently put an end to the issue of petroleum scarcity in Nigeria and contribute substantially to the GDP and the overall economic growth and development of Nigeria.
According to him, Dangote Group has been at the forefront of job creation even as its products and services have touched the lives of millions of people across the African continent and beyond.
He then enjoined other corporate bodies to toe the line of Dangote in assisting the Government, through the provision of infrastructure, even if it must be through a tax credit scheme, introduced by the Federal Government.
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