- As FG launches annual petroleum summit, exhibition
National Bureau of Statistics, NBS, yesterday, reported that the Federation Account Allocation Committee, FAAC, shared N467.85 billion among the three tiers of government in August 2017.
This is N184.38 billion less than the N652.23 billion disbursed to the three tiers of government in July 2017, representing a drop of 28.3 percent,the report stated: “The Federation Account Allocation Committee, FAAC, disbursed N467.85 billion to the three tiers of government in August 2017 from the revenue generated in July 2017.
“The amount disbursed comprised N387.32 billion from the Statutory Account and N80.53 billion from Valued Added Tax, VAT. No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation, NNPC, and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.
“Federal Government received N193.05 billion from the N467.85 billion shared. States received N130.69 billion and local governments received N98.01 billion. N31.59 billion was shared among the oil producing states as 13 percent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service, NCS, Federal Inland Revenue Service, FIRS, and Department of Petroleum Resources, DPR, received N3.63 billion, N6.76 billion and N2.12 billion respectively as cost of revenue collections.”
Meanwhile, Nigeria’s strong capabilities in the oil and gas sector and the investment opportunities available will be highlighted at the Nigeria International Petroleum Summit (NIPS) in Abuja from 19th to 23rd February 2018.
This First Federal Government of Nigeria’s official oil and gas industry trade show event will undoubtedly be the Africa’s largest and most important industry platform and linkage to the world where engineering and technological breakthroughs, bid rounds, bid sign-off, major contract signing and sites conferences would meet other developmental and economic diversification initiatives of the country.
The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, unveiled the official launch of Nigeria International Petroleum Summit 2018 in the presence of 19 African Ministers of Petroleum and delegates who attended the African Petroleum Producers Organisation (APPO) meeting in Abuja, Nigeria recently. Dr. Ibe Kachikwu the Nigeria Minister of State for Petroleum Resources said, the Nigeria International Petroleum Summit (NIPS) will be held annually as a platform to highlight Nigeria’s long history of oil and gas production, substantial reserves and status as a leading global player in the sector.
This will be reinforced through the attendance of key Nigerian political decision makers, government officials and industry’s specialists from the National Oil Company(NOC) and other relevant government bodies on the one part and Chief Executive Officers (CEOs) of National and international oil companies, multinationals and multilateral organizations, the academia and other relevant stakeholders et cetera.
Nigeria’s petroleum industry is the largest in Africa with proven Oil and Gas reserves of 37 billion barrels (bbl) and 192 trillion cubic feet respectively.
The sector contributes about 10% to the country’s Gross Domestic Product and accounts for 95% of all exports.
Vanguard