News
FG, States, LGs Shared N7.75trn in 2014
Federation Accounts Allocation Committee shared a total sum of N7.75trn among the three tiers of government within the 2014 fiscal period.
An analysis of the monthly distribution showed that the N7.75trn distributed in 2014 represents a decline of N150bn or 1.89 per cent over the N7.9trn which the committee allocated in the 2013 fiscal period
The committee, headed by Amb Bashir Yuguda, minister of State for Finance, is made up of commissioners of finance from the 36 states of the federation; the Accountant General of the Federation, Mr. Jonah Otunla and representatives from the Nigerian National Petroleum Corporation.
Others are representatives from the Federal Inland Revenue Service; the Nigerian Custom Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria
The federation account is currently being managed on a legal framework that allows funds to be shared under three major components-statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.
Under statutory allocation, the Federal Government gets 52.68 per cent of the revenue shared; states, 26.72 per cent; and local governments 20.60 per cent.
The framework also provides that Value Added Tax revenue be shared thus: FG, 15 per cent; states, 50 per cent; and LGs, 35 per cent
Similarly, extra allocation is given to the nine oil producing states based on the 13 per cent derivation principle.
A breakdown of the N7.75trn figure for 2014 shows that the month of June had the highest allocation of N755.95bn while September with N693.53bn and May with N683.89bn followed respectively.
The sum of N621.12bn was allocated in January, February had N641.29bn, while N641.38bn, N634.72bn and N654.58bn was distributed in March, April, and July respectively.
For the months of August, October, November and December, the committee distributed N611.76bn, N593.34bn, N628.77bn and N580.37bn in that order respectively.
On the revenue side, investigations revealed that the country generated a total sum of N7.29trn in 2014 from oil and non- oil revenue sources.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
SEC Revokes Registration of Kensington Agro Trading Limited
NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria
Lagos Deploys Drones, AI to Boost Traffic Response
Purple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026
NRS Targets N40trillion in Tax, Royalty Revenue in 2026
Accidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake
Kaspersky Brings more Transparency to Threat Detection with New Hunt Hub
Dr. Cairo Ojougboh Foundation Bolsters Nigeria’s Education Drive with ₦2.7m Student Support
NDPC Commits to Balancing Data Privacy, Protection Information
OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit
E-Financial3 days agoIran-Israel-US Conflict and CBN’s FX Gains: A Stress Test for Nigeria’s Monetary Stability
E-Financial3 days agoMutual Benefits Assurance Reaffirms Full Regulatory Compliance, Enhanced Governance
General News3 days agoJAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents
General News3 days agoSERAP Asks FCCPC to Investigate Google, Meta, Others over Alleged Rights Abuses
Telecom2 days agoSunil Bharti Mittal Conferred GSMA Lifetime Achievement Award for Transforming Global Telecommunications
News3 days agoTeamApt, Awabah Partner to Boost Pension Drive for Nigerians
News3 days agoFlashChange CEO, Bidemi Oke, Urges Startups to Build Strong Governance Structures Early
Telecom2 days agoWhy Digital Trust Matters: Secure, Responsible AI for African SMEs?