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July Revenue: FAAC disburses N966bn to FG, states, LGs

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The Federation Account Allocation Committee (FAAC) says it has shared a total sum of N966.110 billion July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils respectively.

Contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for August 2023, a statement by the Director of Press and Public Relations under the Office of the Accountant General of the Federation, Bawa Mokwa, said Tuesday.

The meeting, reportedly chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the N966.110 billion total distributable revenues comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion

In July 2023, the total deductions for the cost of collection were N62.419 billion and the total deductions for savings, transfers, refunds, and tax credit cancellation were N717.962 billion.

Also, the balance in the Excess Crude Account (ECA) for last month was put at $473,754.57.

 

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Delay in PMS Supply: Dangote Refinery Pushes Date to Mid-July

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Dangote Petroleum Refinery and Petrochemicals, located in Lagos State, has postponed the supply date for Premium Motor Spirit (PMS) from June to mid-July.

 

Aliko Dangote, the President and Chief Executive Officer of the refinery, cited a slight delay but assured the public that the commodity would be available in the market by the second to third week of July.

 

Dangote made these remarks during a visit by a Senate delegation led by Senate President Godswill Akpabio to the $20 billion facility in Lagos on Sunday.

 

Akpabio praised the refinery, calling it the “9th wonder of the world,” and commended Aliko Dangote for the project.

 

The refinery, owned by the billionaire businessman, began operations last December with a capacity of 350,000 barrels a day. It has already started supplying diesel and aviation fuel to marketers in the country.

 

Oil marketers are hopeful that the petrol prices from the Dangote Refinery will be significantly lower than the current retail prices of imported refined products, which range from N568 to N700 depending on the region.

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FG Declares June 12 as Democracy Day Public Holiday

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The Federal Government has announced Wednesday, June 12, 2024, as a public holiday to commemorate this year’s Democracy Day.

Minister of Interior, Olubunmi Tunji-Ojo, conveyed the declaration on Tuesday, extending congratulations to Nigerians on the occasion.

He emphasised the significance of reflecting on the contributions of the nation’s founding fathers, urging unity and commitment to Nigeria’s prosperity.

“As we mark another Democracy Day in the history of our dear country, let us all reflect on the efforts of our founding fathers and ensure that Nigeria remains a united, secured, peaceful, and indivisible entity,” Tunji-Ojo stated, underscoring the importance of democratic principles.

Also, Tunji-Ojo reaffirmed President Bola Tinubu’s dedication to implementing positive reforms aimed at revitalising the economy and bolstering security measures.

Encouraging citizens and friends of Nigeria to acknowledge the progress achieved, the minister expressed optimism for Nigeria’s democratic future, extending warm wishes for a joyful Democracy Day celebration.

Since the advent of the Fourth Republic 25 years ago, Nigeria has traditionally observed Democracy Day on May 29, commemorating its return to civilian rule from military dictatorship.

However, in 2018, President Muhammadu Buhari shifted the date to June 12 in honour of Chief M.K.O Abiola, a symbol of democracy.

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Oyo: I’ll fulfill all campaign promises – Oseni reassures

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Member representing Ibarapa East/Ido Federal Constituency of Oyo State in the House of Representatives, Engr. Aderemi Oseni has reiterated his commitment to fulfill all his campaign promises to his constituents.

The Chairman of the House of Representatives Committee on Federal Road Maintenance Agency (FERMA) made this assurance on Sunday while speaking at the PhD graduation thanksgiving service of Rev. Dr. Ebenezer Oluwaponmile Oderinde at Grace Baptists Church, Apete Ibadan.

According to a statement by his media aide, Idowu Ayodele, the lawmaker, who led the congregation in prayer and sermon, used the occasion to appreciate the constituents for reposing their confidence in him as expressed through their votes during the last election.

His words: “By the grace of God Almighty, I will ensure I fulfill my electoral campaign promises to all communities. I have already fulfilled some, and those who are yet to see theirs should not worry because it’s a promise, and I will fulfill it.”

He congratulated Rev Dr. Oderinde, the minister in charge of Grace Baptist Church, Awotan, on his attainment and prayed for Grace to use the new level to win more souls to God’s kingdom.

In his brief sermon, Oseni, who is also a Regional Overseer at Mountain of Fire and Miracles Ministries (MFM), counseled people to always reference God and be closer to Him to enjoy the full benefits of serving the Almighty.

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“I am who I am by His grace, and I will continue to reference God as long as I live because I am a product of grace, and I believe with Him, everything is possible,” remarked the APC chieftain.

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