Index to Nigerian Newspapers

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

Nigeria's transition process is underway with the inauguration of 45 ministers appointed by President Bola Tinubu to assist in policy formulation and campaign promises. The ministers will serve as an advisory body to the president and in policy formulation. Nigeria faces a precarious situation, with inflation at 24.08% and unemployment rising sharply. The new ministers will need to address issues such as trade policy alignment, Niger Delta's FCT Minister Nyesom Wike, South East's David Umahi, education, and health and social welfare. They will also address the country's poor health system, which contributes to high maternal mortality rates and the loss of medical practitioners to developed countries.Insecurity remains a significant challenge in Nigeria, with the Tinubu administration facing a surge in terrorist attacks. Over 100,000 insurgents have surrendered to the military, with protests over unpaid allowances. The new Ministers of Defence, State Defence, Police Affairs, and Police Affairs are expected to address security challenges, fund, equipment, and training issues.

The federal government has notified professional bodies and councils that it would cease to fund them beginning from the 2024 budget in line with the decisions of the Presidential Committee on Salaries (PCS). The move, THISDAY gathered yesterday, was in line with the recommendation in the Orosanye committee report and the recent Presidential Committee on Salaries. The Director General, Budget Office of the Federation (BoF), Mr. Ben Akabueze, conveyed the message via memos sent to the professional bodies. Professional bodies in Nigeria are largely responsible for research and technology development in their fields, relying on government funding to conduct ethical reviews and propose and promote new professional standards. There are over 100 professional bodies in the country. However, the development has generated mixed reactions from analysts who spoke to THISDAY. While some hailed the decision of the PSC, others warned the discontinuation may imperil the nation’s healthcare system.

The governor of Nasarawa State, Speaking on Channels Television, who was Managing Director of African Petroleum about two decades ago, Mr. Mohammed Shehu, expressed support for the removal of fuel subsidy, citing lack of transparency in the scheme. Nigeria’s ailing refineries were built in the 60s, but have since gulped billions of dollars in Turnaround Maintenance, with the expected outcomes mostly disappointing. He recalled that as Managing Director of AP, he stated that the consumption moved to 50 million litres per day, was known by the Nigerian National Petroleum Company Limited. Sule argued that Nigeria had been subsidising petrol for surrounding countries; He stated that subsidy should have been removed in 2015, Sule stated, money was most times released to fix one part, monies released were shared among all the facilities, leading to what he described as “zero work”. “We have not really managed these things well, ” he added. Sule lamented the unavailability of reliable data on Nigeria’s fuel consumption, which he said strengthened the argument for subsidy removal. He statedt “As I am talking to you now, That is what the government is paying. I asked the officials of the NNPC,‘how are you determining this consumption? we are determining the consumption by lifting’. “You are not determining the consumption by actual usage within Nigeria. They have no way of confirming this. He assured that the Dangote refinery would reduce fuel prices, since smugglers will stop buying from the country, yesterday backed the removal of fuel subsidy, citing lack of transparency in the scheme. He disclosed that from January 2022 to date, as subsidy claims was yet to be reconciled by the RMAFC, He identified such projects to include provision of an affordable transport system, and resuscitation of domestic refineries to eliminate dependence on imported fuel, Shehu expressed optimism that when the refinery became operational, which is characterised by opaqueness and other ambiguities..