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Economy

We generate only N10.8bn IGR in 2017- PSIRS Chairman

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Stop politicising insecurity, Plateau youths tell politicians

…As NNPC remits N135.14bn to Federation Account from oil receipts***

The Plateau State Internal Revenue Service (PSIRS) on Wednesday confessed that the State only managed to generate N10.8 billion as Internal Generated Revenue (IGR) from January to December 2017.

The chairman of the service, Mr Dashe Arlat who indicated this in Jos, while briefing journalists on the activities of the agency in 2017, also noted that the figure fell short of the IGR target of N23 billion for the year.

He said the service had a target of N12 billion but only realized N8.8 billion, while the MDA’s were given a target of N11 billion but only generated two billion naira, bringing the total to N10.8 billion.

The PSIRS chairman said that the agency had been proactive in the discharge of its duties to ensure that it surpassed its target for 2018.

Arlat said that its personnel had started the implementation of certain policies that would help enhance the IGR of the state.

He said that the personnel of the PSIRS had been deployed to the nooks and crannies of the state to carry out proper assessment and collection of all taxes and levies due to government.

The chairman said that the agency had also intensified its campaign to educate and mobilize the people on tax matters.

He further said that the PSIRS was monitoring and ensuring strict compliance with the process by MDAs with payments through government approved automation channels to avoid revenue leakages.

Arlat lauded the state governor for signing into law the Plateau State Internal Revenue Harmonized Law, which would enable an effective, efficient and performance driven tax administration system in the state.

In the meantime, the latest edition of the monthly operations and financial report of the Nigerian National Petroleum Corporation has revealed that the oil firm remitted N135.14bn to the Federation Account in November 2017.

The report, which was made public on Wednesday, also stated that the oil firm posted a total crude oil and gas export sale of $239.1m in the month under review.

Details of transactions contained in the November 2017 report further indicated that crude oil and gas export sales were 25.68 per cent lower than the previous month’s performance.

It stated that crude oil export sales contributed $113.97m or 47.7 per cent of the dollar transactions, compared with $227.83m in the previous month, adding that export gas sales amounted to $125.13m during the period.

Transactions from November 2016 to November 2017, however, indicated that crude oil and gas worth $3.73bn was exported during the one-year period.

On naira payments to the Federation Account, the report stated that domestic crude oil and gas receipt during the month amounted to N135.14bn, consisting of N127.93bn from crude oil and N7.21bn from gas.

On the receipt from net domestic crude oil and gas, the NNPC transferred the sum of N54.16bn to the Federation Account and N80.98bn for Joint Venture cash call for the month under review.

The report stated that from November 2016 to November 2017, the federation, JV, and Federal Government received the sum N865.59bn, N726.11bn and N31.65bn, respectively for debt repayment.

Under dollar payments to the Joint Venture Cost Recovery and Federation Account, it stated that a total export receipt of $201.11m was recorded in November 2017, as against $277.5m in the preceding month.

Contribution from crude oil amounted to $147.39m, while gas and miscellaneous receipts stood at $50.17m and $3.55m, respectively.

Of the export receipts, $121.75m was remitted to Federation Account, while $56.56m was remitted to fund the JV cost recovery for the month of November 2017.

Total export crude and gas receipt for the period of November 2016 to November 2017 stood at $3.73bn, out of which the sum of $2.6bn was transferred to the JV Cash Call as first line charge, and the balance of $0.85bn was paid into the Federation Account.

Providing further explanation about crude oil and gas revenue remittances, the NNPC stated that the federation crude oil and gas liftings were broadly classified into equity export and domestic.

It said both categories were lifted and marketed by the corporation and the proceeds remitted to the Federation Account.

It stated that equity export receipts, after adjusting for JV Cash Calls, were paid directly into the Federation Account domiciled in the Central Bank of Nigeria, while domestic crude oil of 445,000 barrels per day was allocated for refining to meet domestic products’ supply.

The corporation said payments were made into the Federation Account by the NNPC after adjusting crude and product losses, pipeline repairs and management costs incurred during the period.

It added that the third party finance lifting was crude oil and gas lifting from fields that were financed using alternative finance/loan facility that required the servicing of debt obligations before remitting the balance to the Federation Account as price balance.

Additional report from Punch

 

Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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