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Why We Paid N123bn Interim Dividend To FAAC -NNPCL
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.
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We’re Working To Improve Quality Of Life Of Rivers People -Fubara …As Taraba Gov Inaugurates 6.55km Okania-Ogbogoro-Mgbaraja Roads Project
Rivers State Governor, Sir Siminalayi Fubara, has reiterated the commitment of his administration to render quality service that will improve the quality of life of residents, and strengthen the platform to promote unity.
Governor Fubara gave the assurance at the Okania-Ogbogoro Road junction, venue of the inauguration of the 6.55km Okania-Ogbogoro-Mgbaraja (and Mgbuoba) Roads project in Obio/Akpor Local Government Area, yesterday.
The road cuts across Okania community through Ogbogoro, and connects Port Harcourt Ring Road project under construction, and was inaugurated by the Taraba State Governor, Dr Agbu Kefas.
Governor Fubara said that during the campaigns, he saw the roads in terrible condition, made a promise to fix them, and noted that that promise has been kept.
He emphasised that his administration will never be reckoned with abandoning of projects that it started, which is why he is particularly excited that the road has been fixed to ease the inconveniences suffered by the people.
The Governor said, “What we are doing here today is very simple: Promise made, promise fulfilled. I told you that whatever we are going to start, we are not going to leave it halfway. So, we have come here this afternoon to fulfill that promise.
“I am so excited, and I am so happy. I am leaving here with so much joy that we have done something that has so much impact, and importance in the lives of our people. So, I feel very fulfilled. Government is about the people. Government is knowing, understanding and seeing what you can do to make life easy for your people.
“We understand the situation of this road. Fortunately, I have a few friends who also live around here. So, there is nothing you will say that I don’t know. As a government, we will continue to do those things we know will make life easy for you.”
The Governor thanked members of the communities in the area for their support to his administration, and also for cooperating with the contractor to ensure completion of the project.
He assured the people that their request for the rehabilitation of the Community Secondary School and Health Centre, will be looked at and addressed immediately, saying, “Our government is a government that takes the interest of our people very seriously.
“There is no government without the people. It is only the people that keep the government going. So, what we will continue to do is to make sure that the problems and interest of our people are top on our list,” he assured.
Performing the inauguration, Taraba State Governor, Dr Agbu Kefas, said roads are not just physical infrastructure but represent a commitment to facilitate ease of transportation, boost local commercial activities and improve quality of lives for the people of Rivers State.
Dr Kefas noted that Governor Fubara has provided the people good roads, and like other good roads, it will serve as an artery of development, further connecting communities, enhancing access to essential services while unlocking economic potentials.
He said, “By completing this project, Your Excellency has, once again, demonstrated the transformative impact of visionary leadership. When I was coming in with the Governor on a ride, I saw the joy, the happiness of the voiceless people who were abandoned and neglected in this area, coming out to wave and welcome us.
“It wasn’t a hired crowd. Everybody, those who couldn’t make it to this place, in front of their homes, they were waving at us, and I was telling the Governor: this is all about good governance. He listened to the people, and solved their problems. So, it shows that he is doing the right thing, and I want to thank you, my brother, for what you are doing for the good people, especially the poor people even in difficult times.”
Governor Kefas further said: “As we celebrate this milestone, I am reminded of the importance of collaboration and shared vision among us as Governors. Together, we can inspire our people, improve their lives, and create lasting legacies in our respective states.”
Providing the project description, the State Commissioner for Works, Barrister Elloka Tasie-Amadi, recalled that when it was flagged-off in May, 2024, the project was for a 5km stretch but was extended in October, to include Mgbaraja axis, increasing the length to 6.55km, explaining that the 10.3 meter wide, and 5km of drains road, has now linked Apara Kingdom to Nkpor Kingdom.
In his address, Chairman of Obio/Akpor Local Government Area, Amb Chijioke Ihunwo, described the road as a very significant route that was abandoned for years until Governor Fubara intervened and fixed it, promising that Obio/Akpor people will not take the gestures of the State Government under Governor Fubara for granted.
Speaking on behalf of China Civil Engineering Construction Corporation (CCECC), the firm that handled the project, Eric Shen, said they are happy to be part of the infrastructure development strides of Governor Fubara, stating that though the rains posed significant challenge, they have delivered quality road network to serve the connectivity needs of the people.
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We’ll Implement Judicial Commission’s Report On Arson, Killings -Fubara …Says Such Violence Must Stop In Rivers
Rivers State Governor, Sir Siminalayi Fubara, has assured of implementing the recommendations of the report submitted to him by the Judicial Commission of Inquiry into the Arson, Killings, and Wanton Destruction of Property at some local government council headquarters on or around Monday, October 7, 2024.
Governor Fubara gave the assurance when the seven-member commission, led by the Chairman, Justice Ibiwengi Roseline Minakiri, submitted four volumes of reports of their investigation and recommendations to him at Government House in Port Harcourt, yesterday.
The Governor declared that his administration will neither tolerate nor allow such level of violence in the State anymore because it is not profitable or productive.
He said, “We are not going to be part of any system that would encourage any destruction in this State. And for that reason, we had to inaugurate this commission, so that this commission should look into the remote and immediate causes of this problem.
“And I believe that the recommendations of this commission, with the help of God and the support of everyone, we will make sure that we implement the recommendations.”
Governor Fubara said: “We are going to take it to the next stage. The report will be presented to the Executive Council, and there, we will surely come out with the White Paper and with the White Paper. I can assure you, we are going to follow it to the end.
“Nobody is above the law, including me. So, provided what we are doing is within the confines of the law, we will do it with the help of every one.”
Governor Fubara recalled how, before 2014, a group of persons had ran wide recklessly in the State, burning down court buildings.
He noted that it is such persons, who had recently surfaced with their destructive tendencies, and have extended the violence to local government councils, killing people and destroying government property.
Governor Fubara wondered why somebody will spend so much money to build a structure intended to last as legacy of the administration but would eventually be part of its destruction in the name of politics.
Governor Fubara clarified that he has never been part of such destructive politics that continue to set the State backwards and frustrate progressive development strides.
Governor Fubara said: “I make bold to say it, I have never been and will never be a party to anything that will bring shame, disgrace, destruction to our dear State.
“It is our State. If it is well with us, it will be well with everybody. As a matter of fact, why should I encourage destruction, when I know that when you finish spoiling things, you still need money to rebuild them.
“I am an accountant, I know the importance of how we can manage money. Rather than spoil, you should use that money to do a new thing for the State.”
Governor Fubara vowed: “So, I am going to ensure that we put a stop to that level of violence or such unreasonable violence. I call it unreasonable violence because it doesn’t mean anything in politics.
“Politics is a business of interest. There is no permanent friend, no permanent enemy. Some persons who were not even in our support, today, they are here following us because their interest is the most important thing.
“Likewise tomorrow, if the interest changes, they will also go their different ways. So, why burn down the house?”
Governor Fubara thanked members of the commission for being bold, focused, and accomplishing their task with determination in the face of physical and legal threats.
In her presentation, Chairman of the seven-member Judicial Commission of Inquiry, Justice Ibiwengi Roseline Minakiri, said they had put their findings into four volumes, including the recommendations.
Justice Minakiri explained: “We have here four volumes of the report. We have the memoranda, which is the memoranda we got after we made our publications.
“We also have the exhibits that came with the memoranda. We have the proceedings and the records. At the end of the day, we came up with the main report.”
Justice Minakiri advised that the recommendations of the report should be studied and implemented so that people can be deterred from such callous acts and the sought-after peace secured for the State.
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We Are Eager To Showcase The Best Of Rivers State -Fubara …Declares Federation Of Public Service Games Open
The Rivers State Government says it is committed to providing a memorable experience for all delegates participating in the Federation of Public Service Games(FEPSGA) hosted by the State Government.
Governor Siminalayi Fubara stated this during the opening Ceremony of the 43rd Edition, Public Service Games, titled ”Simplified Rivers 2024″, at Sharks Stadium, Port Harcourt, last Sunday.
Speaking through his Deputy, Prof. Ngozi Nma Odu, Governor Fubara said “Our hospitality is renowned and we are eager to showcase the best of Rivers State. From top-notch facilities to a secure environment, we have everything in place to ensure a seamless and enjoyable experience for all participants.”
Governor Fubara said to ensure the success of the games his Administration has put in place comprehensive plans and preparations with four venues approved for the events which include the Sharks Stadium, Alfred Diette -Spiff Civic Centre, Port Harcourt Club and the University of Port Harcourt.
The State Chief Executive urged participants to remember that the true spirit of FEPSGA goes beyond winning medals, stressing that it is about building bridges of friendship, fostering a sense of community and celebrating our diversity.
According to him, we envision a public service that is more productive, more efficient and more effective, a future where public servants are empowered to deliver exceptional results driven by a culture of excellence, innovation and teamwork.
The Governor reiterated that while a healthy mind and body are essential for high productivity, regular physical activity boosts our mood, increases energy levels and enhances our cognitive function. We are eager to showcase the best of Rivers State. From top-notch facilities to a secure environment.
In her address Head of the Civil Service of the Federation Mrs Didi Esther Walson-Jack, who spoke through Dr.(Mrs) Magdalene Ajani, Permanent Secretary in the Federal Ministry of Interior Commended Governor Fubara for hosting this year’s event, and for his dedication to promoting sports and fostering unity in the country.
She noted that the event which serves as a platform for furthering unity, camaraderie and sportsmanship amongst public servants, was a celebration of their shared commitment to excellence, resilience and service to the nation.
Also speaking the National President of the Federation of Public Service Games (FEPSGA), Comrade Amaebi Aloku, said Rivers State got the nod to host the annual event because the Federation was pleased with the vision of Governor Fubara in identifying with the needs of the Civil Servants in the State, in terms of their welfare and being one of the first State to implement the new minimum wage and even taking it above what was approved by the national.
Earlier the Head of Service Rivers State, Dr George Nwaeke had welcomed all participants to the State and expressed gratitude to the Governor for approving and making available the resources to host the games, noting that it was an opportunity to interact with all Civil Servants across the nation.
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