Index to Nigerian Newspapers

Amid prevailing economic challenges and poverty in the country, the Federation Account Allocation Committee (FAAC) last night approved N1.14 trillion ( N1,149, 816) for January allocation to the three tires of government- federal, states and 774 local government councils. Approval for sharing was conveyed at February FAAC session chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, according to statement by Mallam Bawa Mokwa, Director of Information at the Office of the Accountant General of the Federation (OAGF). The three tires of government have been receiving trillion mark threshold revenue from the federation purse since the removal of fuel subsidy. The amount shared comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

Nigeria’s effort to expand her non-oil commodities export got a boost on Tuesday with the United Kingdom (UK), slashing export tariffs on 3,000 products exported from Nigeria under the Developing Countries Trading Scheme (DCTC).

British High Commissioner to Nigeria, Mr Richard Montgomery broke the news in Abuja at the sensitisation workshop on the UK Developing Countries Trading Scheme organised in partnership with the Federal Ministry of Industry Trade and Investment and the Nigerian Export Promotion Council (NEPC).

Represented by the Deputy British high commissioner to Nigeria, Ms Gill Atkinson, said the decision was taken to depend on the trade relationship between UK and Nigeria. 

“The Developing Countries Trading Scheme (DCTS) benefits 46 counties, 31 of which are African countries, one of the most important of course is Nigeria. This new trading scheme, which came into force on 19 June and offers fast-growing economies one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building a long-term, mutually beneficial relationship with Nigeria.

“Nigeria stands to benefit more than any country from the changes introduced by the DCTS it will see tariff reductions on over 3000 products meaning that 99% of existing Nigerian exports to the UK by value will be duty-free Tariffs which promote value addition in important non-al export sectors such as cocoa butter and paste, sesame oil among others.

“The DCTS benefits the UK as well – it reduces import costs by over £750 million per year, helping to reduce prices and increase choice for UK consumers and businesses as well,” she explained.