Nov 21, 2019

Finance Archives - Daily Mail Online


October 17, 20191280


October 16, 2019490

The Economic and Financial Crimes Commission (EFCC) plans to, in 2020, spend about N4 billion on procurement of land for offices and fencing of hectares of land acquired in different parts of the country.

The 2020 Appropriation Bill, which President Muhammadu Buhari presented to the National Assembly last week, shows that a large chunk of the EFCC’s capital allocation would be expended on the procurement and fencing of large hectares of land in different parts of the country.
If approved, the EFCC would use N63,612,773 to fence its 1.8 hectares of land at Pwoyi village in the Federal Capital Territory;  N141, 127,926 to fence 50 hectares of land for its proposed Academy at Orozo , a Nasarawa State community and another N3,371,940 for the fencing of land for its proposed office in Benin, Edo State.

The EFCC has also proposed to procure an expanse of land for its exhibit park at Maiduguri, Borno State, for N7,225,585 and an unspecified size of land for “future development” at its Gombe office for N12,042,6421. It also intends to purchase office buildings at its Port Harcourt Zonal office for N115, 609,385. The EFCC also plans to spend  N22, 265,818 on procurement of land for what it termed “permanent development in Uyo, the Akwa Ibom State capital while also proposing the sum of N20,472,492 to compensate locals at Piwoyi village in the FCT to “cover cost of economic trees, farmlands, etc.”

The anti-graft agency further proposes to spend N24, 085,284 to compensate locals at Orozo village in the FCT to cover cost of economic trees, farmlands, and the same amount (N24,085,284) for the same purpose at Kwandere, a community near Lafia, the Nasarawa State capital.

With agency report


October 15, 2019400

Again with no visible capital project to point to, Nigeria has been accused of borrowing a whopping N3.3 trillion in  12 months to eat.

This was revealed by the Debt Management Office, which on Tuesday said that Nigeria’s total public debt rose by N3.32 trillion in 12 months to N25.7 trillion as at the end of June 2019.

According to the agency, the Nigerian Government owed N20.42 trillion as of June 30, 2019 while the 36 states and the Federal Capital Territory had a total debt profile of N5.28 trillion.

It said the debt stock is made up of N8.32 trillion ($27.16bn) external debt and N17.38trn borrowed domestically.

The nation’s public debt, which stood at N22.38 trillion as of June 2018, increased to N24.39 trillion in December 2018 and N24.95 trillion in March 2019, the DMO added.


September 21, 201990

FG, States and LGCs shares N740.880 billion for the month of August, 2019
The Federal Account Allocation Committee (FAAC). today in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of  N740.880 billion as federal allocation for the month of August 2019.

From this amount, the Federal Government received N301.804 billion, representing 52.68 per cent, the States received N188.925 billion representing 26.72 per cent and Local government councils got N142.654 billion, representing 20.60 per cent, while the oil producing states received N43.513 billion as 13 per cent derivation revenue.

However, cost of collection/Transfers/ FIRS, refund was N43.984 billion.

A communiqué issued by the FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for August 2019 was N88.082 billion as against the N94.159 billion distributed in the previous month of July, 2019, resulting in a decrease of N6.077 billion.

The distributed Statutory Revenue of N631.796 billion received for the month of August was lower than the N674.365 billion received in the previous month by N42.569 billion.

The communiqué further disclosed that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Value Added Tax (VAT), Royalties, Import and Excise duties recorded decreases.

However, additional N20 billion from the Forex Equalization Account shall be shared accordingly among the three tiers of government, which brings the total distributable revenue to N740.880 billion.

Furthermore, the committee stated that as at August 19th, 2019, the Excess Crude Account (ECA) is $328.122m.

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