FG to Inject N381trn into Economy to Create Job, Tackle Poverty | Business Post Nigeria
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FG to Inject N381trn into Economy to Create Job, Tackle Poverty

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Nigeria Economy challenges

By Adedapo Adesanya

The federal government is partnering with the Industrial Training Fund (ITF) to inject N381 trillion into the economy to cushion the growing rate of poverty, job losses and economic degradation in Nigeria.

This was disclosed by the Director-General of the Fund, Mr Joseph Ari, during a media interaction with the Correspondent Chapel of the Nigeria Union of Journalists in Jos.

Mr Ari said the federal government came up with a 5-year National Development Plan tied around the sum of money to be able to achieve this aim.

He said the plan will replace the initial Economic Recovery and Growth Plan (EGRP).

According to him: “The plan, which projects the creation of 21 million jobs, with 35 million Nigerians lifted out of poverty, affordable housing for Nigerians and an export-led economy among others, is expected to cost N381 trillion to implement and have six focal areas of economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

“As the leading human capital development institution in Nigeria, we have commenced the process of repositioning our programmes and activities to effectively prepare the Nation’s workforce in line with our mandate of developing a pool of qualified Nigerians to man the public and private sectors of the national economy as we believe that for this plan to succeed, all Nigerians as individual citizens and as institutions must contribute their bit.

“You will recall that on the assumption of office in 2016, the economy was in recession leading to massive job losses and corresponding increases in poverty.

“Our initiatives then particularly the emphasis on skills intervention programmes was borne out of the need to drive the actualization of the Economic Recovery and Growth Plan (EGRP), which we achieved to an appreciable degree by training hundreds of thousands of Nigerians that are today gainfully employed or even employers of labour,” Mr Ari said.

He, however, lauded the media for a robust coverage of the Funds activities over the years, saying that the media has been critical in return of peace in the state.

“Beyond this, fora such as we are holding today have been critical to the return of peace in plateau state, thereby creating the necessary environment for our organisation to thrive especially within the last five years on account of your professionalism and determined efforts to rise above sensationalism, headline-grabbing and petty politics,” Mr Ari said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Customs Oil and Gas Free Trade Zone in Rivers Collects N53.98bn Revenue

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virtual free trade zones

By Adedapo Adesanya

The Nigeria Customs Service (NCS) Oil and Gas Free Trade Zone Command in Rivers State says it has achieved a record-breaking revenue collection of N53.98 billion between January and November 2024, exceeding its annual target by 2.3 per cent and nearly doubling the N26.80 billion generated in 2023.

This was disclosed by the Customs Area Controller, Oil and Gas Free Trade Zone, Onne, Comptroller Seriki Usman, during a press briefing at the command’s headquarters, where he attributed the success to strategic collaboration with stakeholders, operational efficiency, and a focus on regulatory compliance.

He said, “A notable achievement of the command was its record-breaking revenue collection of N53.98 billion. This figure represents a 2.3 per cent increase over our annual target for 2024 and a remarkable 98.6% rise compared to the N26.80 billion collected in 2023.

“Our record-breaking revenue underscores the importance of effective trade facilitation and regulatory compliance. This achievement reflects the commitment of our officers, the collaboration with stakeholders, and the critical role of the Oil and Gas Free Trade Zone in driving Nigeria’s economic growth,” he said.

He explained that the Command successfully facilitated the export of key products such as refined sugar, fertiliser, liquefied natural gas, LNG, and crude oil from major facilities, including Bundu Sugar Refinery, Notore Chemical PLC, and Bonny Island.

“The seamless management of imports and exports within the free trade zone has enhanced operations for licensed enterprises,” he noted.

Speaking on the significance of these achievements, Comptroller Usman emphasized the need to maintain the momentum.

“This accomplishment is not just about numbers but about fostering trade growth, innovation, and creating a conducive environment for businesses to thrive within the free trade zone.”

On regulatory compliance, Comptroller Usman reassured Nigerians of the Command’s commitment to ensuring adherence to international trade regulations while fostering economic progress.

“Our focus remains on enhancing service delivery, promoting ease of doing business, and driving revenue generation that supports the nation’s development goals,” he said.

The command emphasized that collaboration with stakeholders, particularly the Oil and Gas Free Trade Zone Authority, has been pivotal in achieving these milestones, and called for continued partnership to sustain trade growth and improve service delivery.

As the year comes to a close, the command has reiterated its resolve to solidify its role as a critical revenue driver and trade facilitator in Nigeria’s oil and gas sector.

Mr Usman said the performance reflects the command’s vital role in strengthening Nigeria’s non-oil revenue base and its determination to remain a key player in the country’s economic transformation efforts.

“We remain committed to sustaining our achievements, fostering trust among stakeholders, and contributing significantly to the nation’s economic growth,” Comptroller Usman concluded.

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Economy

FAAC Disburses 1.727trn to FG, States Local Councils in December 2024

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faac allocation

By Modupe Gbadeyanka

The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.

The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.

At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.

According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.

It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.

The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.

The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.

As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.

From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.

Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.

In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.

Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.

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Economy

Okitipupa Plc, Two Others Lift Unlisted Securities Market by 0.65%

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Okitipupa Plc

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.

On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.

Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.

Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.

At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.

In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.

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