Connect with us

Featured

Why We Paid N123bn Interim Dividend To FAAC -NNPCL

Published

on

The Nigerian National Petroleum Company Limited (NNPCL) has given reasons behind the payment of an interim dividend of N123 billion to the Federation Account Allocation Committee (FAAC) for the month of June.
The Tide source reports that FAAC had on Thursday shared N907 billion among the three tiers of government.
From the money shared, NNPCL contributed N81 billion as a monthly interim dividend and N42 billion as 40 per cent oil Production Sharing Contract (PSC) profit totaling N123 billion.
The NNPCL Chief Financial Officer, Mr Umar Ajiya, said in a statement that the move was to consolidate its post Petroleum Industry Act (PIA) 2021 status as an income generating company.
“This payment is in addition to compliance on payment of royalties and taxes,” he said.
According to Ajiya, the latest development is a departure from previous years of sleaze and wastages.
“This will set the track for future profitability and global best practices designed to build NNPCL into a world class oil company in the ranks of Saudi Aramco, China Petroleum & Chemical Corp., Exxon Mobil Corp., and others.
“The goal of Malam Mele Kyari, the Group Chief Executive Officer (GECO), NNPCL, is to set the nation’s oil company on the path of profitability and sustainable growth.
“Since the transformation of the NNPC from a loss making organisation pre-PIA to a robust profit making company post-PIA, the company under Kyari has pursued global governance best practices aimed at repositioning the company for greater growth.
“The payment to FAAC clearly shows that the company under the leadership of Kyari is moving in a positive trajectory as enshrined in the PIA.”
Mr Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF) had stated that the N907.054 billion shared by FAAC comprised distributable statutory revenue of N301.501 billion and Value Added Tax (VAT) revenue of N273.225 billion.
Mokwa stated that the revenue shared also comprised Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.
He said that the total deductions in June for cost of collection was N73.235 billion and total deductions for savings, transfers and refunds was N979.078 billion noting that the balance in the Excess Crude Account (ECA) was 473,754.57 million dollars.
Also during the FAAC meeting chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, stated that from the total distributable revenue of N907.054billion; the Federal Government received N345.564 billion.
In the same vein, State Governments received N295.948 billion and the Local Government Councils got N218.064 billion.
A total N47.478 billion of the money was shared to the relevant states as 13 per cent derivation revenue.
A gross statutory revenue of N1,152.921 billion was received for the month of June 2023, which was higher than the sum of N701.787million received in the month of May by N451.134 million.
From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion; State Governments, N74.413 billion; and Local Government Councils received N57.370 billion.
A total of N23.008 billion was shared to relevant States as 13 per cent derivation revenue.
For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411 billion, this was higher than theN270.197 billion available in the month of May 2023 by N23.214 billion.
The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.
The N11.436 billion Electronic Money Transfer Levy(EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.
From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion while the State Governments received N79.204 billion.
The Local Government Councils received N61.063billion and the sum of N24.470 billion was shared to the relevant States as 13 per cent mineral revenue.
According to the communiqué, in the month of June2023, Companies Income Tax (CIT) recorded a tremendous increase.
Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.

Featured

LG Polls: Rogue Policemen Break RSIEC Gate, Strong Room To Steal Electoral Materials …Fubara Foils Attempt To Cart Away Materials

Published

on

Rivers State Governor, Sir Siminalayi Fubara has foiled an attempt by the Nigerian Police, led by the Deputy Commissioner of Police (Operations), to take over the Rivers State Independent Electoral Commission (RSIEC) at 1am on Friday, 4th October, 2024.
The rogue policemen were said to have attempted to scale through the gates and strong room of the Commission to cart away sensitive Electoral materials meant for the conduct of Saturday’s local government election in the State.
The deployment was said to have been ordered by the Inspector-General of Police.
However, the evil plots of the rogue policemen and DC Ops were botched when vigilant security officials alerted principal officers of the Commission and relevant government authorities, who immediately informed the Governor of the development.
The Governor immediately led a team of government officials, lawmakers from the National Assembly and State House of Assembly, top political stakeholders, and other leaders to storm the facility.
Addressing newsmen in front of RSIEC Office on Aba Road in Port Harcourt, after an encounter with the rogue policemen, the State Governor, Sir Siminalayi Fubara condemned the conduct of the policemen on illegal duty, saying that the IGP was taking his friendship with some Abuja-based politicians too far.
He restated the position that the attempt to surreptitiously withdraw policemen already deployed to protect the facility, and replace them with a detachment from a neighbouring State was unacceptable.
He reminded the IGP that local government election was the internal affairs of states, and advised him to allow the federation unit conduct its affairs without interference.
At present, the Chief of Staff, the Speaker of the Rivers State House of Assembly, and State and National Assembly members, alongside other stakeholders, are manning the RSIEC office to ensure that the rogur policemen in two trucks and two Hilux vehicles do not return and that elections will go ahead as scheduled on Saturday.

Continue Reading

Featured

Nigeria @64: We’ll Not Surrender To Barefaced Blackmail – Fubara …Lauds President Tinubu’s Robust Economic Reforms …•Promises To Always Put Rivers People First

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will not surrender to barefaced blackmail while committing to consolidating on the gains made in ensuring the peace, advancing good governance, delivering more critical projects, and sustaining the increase in the Internally Generation Revenue (IGR) of the State.
The Governor also commended President Bola Tinubu, for his bold, dynamic and pragmatic economic reforms targetted at correcting the structural deformities of the past, and ushering Nigeria into a new vista of sustainable economic growth and prosperity.
Governor Fubara spoke on Tuesday during the 64th Nigerian Independence Day Anniversary Parade that at the Government House Arcade in Port Harcourt.
The Governor said 1st October in 1960 was historic with the first Prime Minister of Nigeria, Sir Abubakar Tafawa Balewa raising Nigeria’s much cherished green-white-green flag to signify the independence and freedom gained from the British colonial rule.
Thereafter, Governor Fubara noted that there has been heroic sacrifices by founding fathers, other leaders, brave men and women, who had made numerous achievements in sustaining freedom and promoting the unity and progress of Nigeria.
He said, “The vision of our founding fathers at independence was to build a united and secure nation anchored on the values of brotherhood, democracy, justice, and the equality of all peoples, tribes and nations.
“Our leaders, past and present, have kept on doing their best to keep the country together and advance the progress and well-being of the citizens.”
Despite those sacrifices, Governor Fubara said that Nigeria still totters amid diverse challenges, including widespread human insecurity, after 64 years of self-rule.
Governor Fubara pointed to the prevailing economic hardship that has made life more difficult for most Nigerians, and stressed, “But, despite the economic hardship and social ills bedevilling our nation and stifling its progress, we still have good reasons to celebrate and be grateful to God as a nation and people.
“We are known all over the world as hardworking, confident and happy people. We are known for our enormous natural and human resources and economic potential.
“We are also known for our rich cultural diversity – a vibrant nation where different religions, languages and traditions co-exist peacefully.”
Governor Fubara urged Nigerians to be thankful that God has endowed them with everything required to build a great nation where no one should ever be oppressed, and where all should live in peace and plenty.
The Governor said, it is, therefore, important for Nigerians to keep faith with the vision of the founding leaders and do so by reaffirming their fidelity to one indivisible nation under God, and pledge themselves to each other in freedom, peace, and justice.
“Let us also commit ourselves to work hand in hand with the Federal Government to tackle the economic, social, and political challenges, including judicial terrorism, nepotism, corruption, and abuse of power, that have diminished our democracy, stifled our economic growth, and caused untold hardship to our people.
“With an unyielding commitment to democracy, the rule of law, and good governance, and working together for the common interest, we can overcome all our challenges, and prevail over the enemies of progress.”
Governor Fubara believed that it is only through the collective efforts of Nigerians that Nigeria can become the greatest black nation and reckoned as the global leader in human civilization so desired.
The Rivers State Governor commended President Bola Tinubu for being bold and determined to drive his economic reforms, which are targetted at correcting the structural deformities of the past.
He explained, “I urge fellow Governors to redouble their efforts to fight the scourge of insecurity and banditry in the North, and pipeline vandalism and oil theft in the Niger Delta region of the country, for the ongoing economic reforms to bear the needed positive results.
“On our part, we assure the Federal Government and Mr President of unalloyed loyalty and support from the Government and good people of Rivers State, and reaffirm our commitment to the unity and progress of Nigeria as one indivisible nation.
“We will continue to support and work with the Federal Government and the security agencies to advance the security and well-being of all citizens, protect national economic assets and guarantee the security and smooth operations of local, national, and multinational companies and investments in our State.”
Governor Fubara assured that his administration will work assiduously to ensure the safety and security of lives and property while guaranteeing equal social and economic opportunities for all residents of Rivers State.
He expressed strong faith and strength in God, who only, is able to strengthen his administration to sustain efforts at promoting, protecting, and defending the political, social and economic interests of Rivers State, at all cost.
He added, “I further assure you that we will never compromise on our commitments to delivering the dividends of democracy and good governance to the citizens of Rivers State.
“We will complete the Port Harcourt Ring Road, the Ikwerre-Emohua-Ogba/Egbema/Ndoni link dual carriageway, and all other ongoing road projects on schedule. We will also deliver the N225billion Trans-Kalabari Road before the end of our first term.
“We are giving considerable attention to education with the rehabilitation of schools, provision of educational materials, implementation of 65-year teachers’ retirement age, and approval for the recruitment of more teachers in line with the recommendations of the Needs Assessment Committee Report.”
Governor Fubara said remodelling, expansion and construction work has progressed to level of completion on the Zonal Hospitals at Ahoada, Bori, Degema, Omoku, and the General Hospital at Bonny.
He also explained that work has started on the new General Hospital in Rumuigbo community with work on the new ultra-modern Psychiatric Hospital, also at Rumuigbo, in Obio/Akpor Local Government Area, intensifying.
Governor Fubara said: “Our efforts in healthcare manpower development have resulted in the full accreditation of the Rivers State University Teaching Hospital for six special programmes, including surgery, plastic reconstruction surgery, urology, radiodiagnosis, and orthopaedics from the West African College of Surgeons.
“We have made considerable improvements in internal revenue generation and set up the Rivers State Investment Promotion Agency to drive the industrialisation of the State to create jobs and generate more economic opportunities and revenues for citizens and the State.
“Agriculture for food security, job creation, and empowerment and other areas of interest, including transportation, youth skills tooling, the blue economy, and micro, small, and medium enterprises development, will receive serious and dedicated attention going forward.”
Governor Fubara extended appreciation to men and officers of the Armed Forces for their services of bravery and worthy sacrifice in defending the collective freedom, unity and security of the nation.
He particularly appreciated the Police, the Department of State Services, and other security agencies for their sacrifices and contributions to internal peace, security, and stability of Rivers State.
He stressed, “I also thank and appreciate the good people of Rivers State and Nigerians across the country for your support and standing with us on the side of courage, truth and justice from the inception of our government to date.
“I assure you that we will never surrender to barefaced lies and blackmail from anyone, no matter how powerful he may be, but remain focused and re-dedicated to the interest of the nation, our dear Rivers State and the cause of our people,” he added.

Continue Reading

Featured

New Structure Owned By Rivers People’ll Emerge Oct 5 Fubara  …Assures Level Playing Field For All Parties …Urges Full Participation Of Electorate

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has said that the 5th October, 2024 Local Government election will be another opportunity for Rivers people to witness the rebirth of a new (political) structure that they can own.

 

The Governor made the assertion when he received on solidarity visit leaders and members of The Simplicity Movement, led by High Chief Sobomabo Jackrich at the gates of Government House in Port Harcourt, yesterday.

 

High Chief Jackrich, popularly known as Egberipapa, was also the governorship candidate of the National Rescue Movement (NRM) in the 2023 election in Rivers State.

 

Governor Fubara, in putting the records straight, said he hardly comes out to receive people on solidarity visit to him but had to personally receive this group in order to show respect to the leadership of The Simplicity Movement.

 

He explained that the group and its leadership are people who have on their volition decided to gather together, and publicly declare their support to his administration.

 

He said, “You know at this time, people are paying people money but we don’t do it. People come out on their own to show support to us. Knowing the calibre of the founder of this group, knowing the role he has played with other people, and him choosing to be part of the success of our administration, I said I was going to honour him by coming to address you.”

 

Governor Fubara commended the group for their decision to identify with his administration, and enjoined them to remain firm in their commitment as they synergise efforts at defending and protecting the interest of Rivers State at all times.

 

Specifically, Governor Fubara said: “We must defend the dignity of our State. We must ensure that the commonwealth of this State belongs to everyone. That is why our slogan is ‘Rivers First’. Because we believe that if we take Rivers first, there won’t be crime. If we take Rivers first, there won’t be hunger. If we take Rivers first, there will be employment.”

 

Governor Fubara told them that the journey of liberating the State had begun, adding that the forthcoming Local Government Election will be another opportunity for Rivers people to witness the rebirth of truly new (political) structure.

 

He urged them to freely participate in the election since it will be a very important ingredient that will help his administration to chart the second phase of the struggle.

 

He added, “Our journey is just starting. We are preparing for election on the 5th of October. I want you to participate actively in that election.

 

“That election is going to be the turnaround. That election is the rebirth of a new and strong structure that doesn’t belong to anybody; and you can see that that is why they are running everywhere to stop it.

 

“What is structure? Structure is ownership: the one who controls the LGA; the one who controls the resources; the one who gives employment to our local people; the one who shares the State and the local government resources among its people. And that is what I want this government to stand for (and defend in the interest of the people).”

 

Governor Fubara pointed to the need for them to continue to maintain the peace that he had always preached all the time.

 

He told the group that the State is dear to him, stressing that anyone who loves the State will understand the importance of maintaining peace.

 

He explained, “Anybody who is taking the side of violence doesn’t love the State. That is the truth! If you love the State, you will take to the path of peace. So, please, while you go about supporting me, maintain law and order. Be peaceful.

 

“So, continue to be strong for Rivers State, not for Fubara. I can also say this here: If Fubara is not here, God would have also provided another person that would have also taken this course, because it is a divine course. That is the truth!

 

“But, however, we are the ones here. We will stand with you, and with your support, we will walk the talk to the end.”

 

In his speech, leader and founder of the Simplicity Movement, High Chief Sobomabo Jackrich said, having inaugurated the Movement, they decided to undertake the solidarity visit to publicly declare their support to Governor Fubara, who has demonstrated determination to restore the dignity of the State.

 

He said that their support for the Governor was premised on his belief in the peace and progress of the State, stressing that the administration’s focus on Rivers First was an inspiration to the group, which efforts to promote good governance was unshakeable.

Continue Reading

Trending