Finance
FG inaugurates ASAP Implementation Committee to Boost Economic Growth
In its bid to tackle Nigeria’s economic challenges and promote sustainable development, the Federal Government has inaugurated the Accelerated Stabilization and Advancement Plan (ASAP) Implementation Committee.
Director Information and Public Relations, Mohammed Manga in a statement he issued in Abuja on Monday indicated that the launch was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the inaugural meeting held in Abuja on Monday.
Mr. Edun highlighted that the ASAP initiative is a core element of President Bola Ahmed Tinubu’s comprehensive reform agenda, which is focused on revitalizing key sectors of the economy.
He explained that the plan is targeted at eight priority areas, including Agriculture, Energy, and Health, aiming to drive substantial and sustainable development across the country.
In his opening remarks the Minister highlighted the collaborative approach that will underpin the ASAP initiative.
He told the committee members that they will work closely with technical experts from various government agencies to set clear goals and ensure the plan’s successful execution.
Edun particularly emphasized the government’s commitment to enhancing agricultural productivity, announcing a coordinated dry season farming initiative.
This initiative according to him, will see the Federal Ministry of Finance, the Central Bank of Nigeria, the Federal Ministry of Agriculture and Food Security, and the African Development Bank working hand in hand to provide timely delivery of fertilizers and other essential farming inputs.
The statement liated several key government figures at the meeting to include the Minister of Agriculture and Food Security, Senator Abubakar Kyari; the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate; the Minister of Power, Chief Adebayo Adelabu; and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo. The Director General of the Budget Office of the Federation, Tanimu Yakubu, was also present.
“As the ASAP Implementation Committee begins its work, it will focus on making significant progress in each of the identified priority sectors.
“The committee, under the leadership of Edun, is mandated to ensure that the plan is executed with precision and accountability, laying the groundwork for Nigeria’s economic transformation.
“With the ASAP Implementation Committee now active, Nigeria is poised to enter a new phase of economic growth and development, characterized by strategic collaboration among government agencies and a strong focus on sustainable progress.”
Finance
October 2024: FAAC disburses N1.411trn from N2.668trn Gross Total to FG, States, LGCs
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments for October 2024.
This was announced at FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein.
Director of Information and Public Relations, Mohammed Manga in a statement issued on Wednesday indicated that the disbursed amount was drawn from a gross total revenue of N2.668 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED, the Federal Government received N433.021b, the States received N490.696b, the Local Government Councils got N355.621b , while the Oil Producing States received N132.404b as Derivation, (13% of Mineral Revenue).
The sum of N97.517b was given for the cost of collection, while N1.159trn was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291b as against N583.676b distributed in the preceding month, resulting in an increase of N84.616b.
From that amount, the sum of N26.732b was allocated for the cost of collection and the sum of N19.247b given for Transfers, Intervention and Refunds. The remaining sum of N622.312b was distributed to the three tiers of government, of which the Federal Government got N93.347b, the States received N311.156b and Local Government Councils got N217.809b.
Accordingly, the Gross Statutory Revenue of N1.336trn received for the month was higher than the sum of N1.043trn received in the previous month by N293.009b. From the stated amount, the sum of N70.072b was allocated for the cost of collection and a total sum of N1.060trn for Transfers, Intervention and Refunds.
The remaining balance of N206.319b was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562b, States received N39.341b, the sum of N30.330b was allocated to LGCs and N59.086b was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N17.824b from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.567b , States got N8.555b, Local Government Councils received N5.989 Billion, while N0.713b was allocated for Cost of Collection.
The Communique also disclosed the sum of N646.000b from Exchange Difference, which was shared as follows: Federal Government received N259.545b, States got N131.644b, the sum of N101.493 Billion was allocated to Local Government Councils, N73.318b was given for Derivation (13% of Mineral Revenue), while the sum of N80.000b was allocated to Transfers, Interventions and Refunds.
Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.
According to the Communique, the total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 Billion, Value Added Tax (VAT) of N622.312b, N17.111b from Electronic Money Transfer Levy (EMTL), and N566.000b from Exchange Difference, bringing the total distributable amount for the month to N1.411trn
Finance
Nigeria’s Economic Revival Strengthened as FAAC Meets in Bauchi for NACOFED 2024
In a bid to steer Nigeria’s economic recovery, the Federation Account Allocation Committee (FAAC) gathered in Bauchi for the 2024 National Council on Finance and Economic Development (NACOFED) Conference.
With the theme “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development,” the event drew policymakers and stakeholders to discuss strategies for fiscal sustainability and development.
Director of Information and Public Relations, Mohammed Manga in a statement on Monday quoted the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to have emphasized the government’s dedication to refocusing resources on vital sectors like infrastructure, education, healthcare, and social services.
These he sais are aimed to reduce poverty and uplift Nigerians as part of President Bola Tinubu’s Renewed Hope Agenda.
He highlighted direct support programs, such as biometric-based payments for vulnerable households, to mitigate the effects of ongoing reforms.
Bauchi State Governor Senator Bala Mohammed praised the Federal Government’s vision, emphasizing the importance of unity in achieving sustainable development. Discussions centered on forging partnerships across government levels and with the private sector to spur job creation and economic resilience.
The conference concluded with FAAC delegates committed to implementing strategies for Nigeria’s economic revival, underscoring the power of collaboration for national progress.
Finance
Edun Defends Key Economic Reforms, claims Nigeria witnessing Progress
Minister of Finance and Coordinating Minister of the Economy, Wale Edu, defended Nigeria’s recent economic reforms, particularly the adoption of market-driven exchange rates and the sale of crude oil in Naira.
Speaking at an interactive session with the Senate Committee on Finance, Edu highlighted the positive outcomes, especially in terms of increased government revenue.
Edu acknowledged the challenges faced in implementing the reforms but emphasized that the country is already beginning to experience the benefits.
According to him, he said the sales of crude oil in Naira, initiated by President Bola Tinubu, has been particularly impactful, contributing to a stronger domestic financial environment.
Edu’s remarks reflect a broader effort by the government to enhance fiscal management and ensure the long-term sustainability of the nation’s economic policies.
Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the session was convened to assess the effects of these reforms on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper for 2024-2026.
He said It also aimed to address concerns about shortfalls in revenue remittances from the Nigerian National Petroleum Corporation Limited (NNPCL), particularly regarding the foreign and domestic excess crude accounts.
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