The 36 states in Nigeria earned N5.30tn as internally generated revenue from 2016 to 2020. The states got N10.19tn from the Federation Accounts Allocation Committee within the time under review and borrowed N1.84tn from domestic sources. These figures were arrived through analyses of IGR and FAAC data from the National Bureau of Statistics and domestic loans data from the Debt Management Office. This means that much of the revenues accruing to the states within the time under review came from the FAAC allocations. The states got N1.33tn as FAAC allocation in 2016. In 2017, the figure increased to N1.74tn; in…
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FORMER Senate President, David Mark may emerge as the Chairman of the Board of Trustees of the Peoples Democratic Party (PDP). Although consultations are still ongoing, it was gathered that party leaders are zeroing down on him considering his track record of service and commitment to the party both in and out of office. A top-ranking member of the party leadership who craved anonymity because he was not authorised to speak to the media on the issue told our Correspondent, in Abuja, on Thursday that, “We are in the process of rebuilding our brand and sacrifices will have to be…
A woman, Jennifer Madueke, has been detained by the Lagos State Police Command over a missing service pistol belonging to the Denton Divisional Police Officer, CSP Adegoke Akinlade. The 29-year-old woman, after spending three days in a detention facility at the Denton Police Station, Ebute Meta, Lagos, where she was allegedly tortured to confess to the crime, was transferred to the State Criminal Investigation and Intelligence Department, Yaba. Our correspondent learnt that Madueke and Akinlade once dated and separated after the Police officer was transferred out of Lagos over seven years ago. A credible source said that after the officer…
Adamawa State has announced its preparedness to consider the stance of Rivers State Governor Nyesom Wike on the collection of Value Added Tax (VAT) in the state, making it the first northern state to show interest in the move. The Rivers Division of the Federal High Court in August held that the state government should take charge of VAT instead of the federal government, after Mr Wike’s administration filed a suit seeking the power to do so, over illegality claims.
An investor, Donald Anih, has called for the revival of Ajaokuta Steel Company and reduction of interest rates in the country to single digit. Anih made the call in Lagos at the unveiling of Edmark 20-storey residential-commercial building. He said: “What happened to Ajaokuta Steel Company and so many cement companies in Nigeria that have gone down? Can the government revive them and if the government cannot revive them, the government should consider zero tariffs to bring in some of the housing materials that are coming from outside the country at exorbitant prices. “Any country that wants to make houses…
The details of the meeting of the Governors elected on the platform of the Peoples Democratic Party (PDP) have emerged. Recall that the governors held a meeting at Akwa Ibom Governor’s Lodge, Abuja on Wednesday to find a solution to the leadership tussle in the party. Briefing journalists after the meeting which ended at 10:10pm, the Chairman of the forum and Governor of Sokoto State, Aminu Tambuwal, said the meeting was a success. He stated that the governors discussed the party’s forthcoming National Convention slated for October 30 in Abuja and the progress made so far in terms of preparation.…
The Aare Ona Kakanfo of Yorubaland, Gani Adams says terrorists masquerading as bandits are currently in the Southwest. According to him, the evil elements are making efforts to spread their act of terrorism to the region. Adams, however, vows that the terrorists are going to be resisted and stopped from turning Yorubaland into Afghanistan. The Aare Ona Kakanfo speaking in Agbara-Igbesa, Ogun State, at the open-air National Coordinating Council meeting (NCC) of the Oodua Peoples Congress (OPC), on Wednesday, regretted the inability of the Muhammadu Buhari-led administration to address the raging insecurity across the country. Adams said, “A number of…
A windstorm, which uprooted an ancient tree at Abari Cemetery, in the Lagos Island East Local Council Development Area of Lagos State, has disrupted the peace and quiet in the public burial ground. PUNCH Metro gathered that no fewer than 50 graves were damaged by the tree, which broke into some of the vaults. The tree was said to be over a century old. Our correspondent learnt that workers at the cemetery had closed for the day when the windstorm fell the tree around 9pm. Shortly after the tree fell, there was a downpour in the area. When our correspondent visited the…
Many states in Nigeria may not be able to meet their financial commitments as the federal government could lose revenue from taxes amidst dwindling revenue in recent times with a court ruling assigning the collection of Value Added Tax (VAT) and two other taxes to states. VAT contributes significantly to the total revenue generated by the government, accounting for over 16.2% of the Gross Domestic Product (GDP) in 2019. Most states depend on funding from the Federal Allocation Account Committee (FAAC) due to their poor Internally Generated Revenue (IGR). Lagos and Rivers states, which contribute over 70 per cent of…
Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. It would be recalled that while announcing the outstanding feat a little over a fortnight ago,President Muhammadu Buhari, who is also the Minister of Petroleum Resources,had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the…
