Connect with us

News

FAAC: FG, States, LGs Share N1.208trn Revenue For April

Published

on

The Federation Account Allocation Committee (FAAC), has shared the sum of N1.208 trlllion as revenue for April among the Federal Government, states and Local Government Councils (LGCs).
The revenue was shared yesterday at the May meeting of FAAC in Abuja.
A communiqué issued by the committee said that the N1.208 tillion total distributable revenue comprised statutory revenue of N284.716 billion, and Value Added Tax (VAT) revenue of N466.457 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.
The communique said the total revenue of N2.192 billion was available in the month of April.
“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.
The communique said the Gross statutory revenue of N1.233 billion was received for the month under review. This was higher than the sum of N1.017 billion received in the month of March by N216.282 billion,” it said.
It said that the gross revenue available from VAT in April was N500.920 billion, which is lower than the N549.698 billion available in March by N48.778 billion.
The communiqué said that from the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion.
“A total sum of N120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
It said that on the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion and the LGCs received N43.855 billion.
It said that the sum of N71.830 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.
“A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received N6.308 billion.
“The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the LGCs received N80.394 billion.
“The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.
It, however, said that Import Duty and VAT recorded considerable decreases.
“The balance in the ECA was 473.754 million dollars

Continue Reading

News

Mayor Of Housing Wins Man Of The Year Award 

Published

on

My-ACE China, known as the Mayor of Housing, has won the 2024 Man of the Year. The award was announced by board of trustees of the DMOMA Awards Academy in Port Harcourt at the week.

The organisers also declared his company, the Construction and Housing Mayor Limited as the brand promoter of the year, the third in a row.

The award ceremony which was held at the Arena Event centre in the GRA area of Port Harcourt was attended by several dignitaries in the society.

The organisers led by Dr. Ezebunwo Nyeche (chairman) and Stephen Chidiebere Okoye (Awards organizer) said in a statement that China was picked for his support and impact to small and medium enterprises in Rivers State, his media footsteps and his consistent propagation and promotion of Rivers State.

They noted that China won over 10 prestigious awards in 2024 alone on his track to promote Port Harcourt as a brand destination and Rivers as a peaceful state.

Handing the award to China, the organisers said the Mayor of Housing always comes to the rescue of events that aim to promote Rivers State, saying the DMOMA Awards would be held in two more cities in 2025.

Responding, Mr China said there is need for more sponsorship of talents in Port Harcourt and the Niger Delta, saying what they lacked was support.

“There is more talent in Port Harcourt but there is more support in Lagos to artistes than in Port Harcourt. So, the top talents in Port Harcourt work 10 times harder than those in Lagos to attract sponsorship.”

He also said Nigeria has a treasure base which is Port Harcourt but that the treasure is not oil and gas but talents. He said he was highly elated to win the of Man of the Year Award with his firm winning brand of the year.

In an interview, My-ACE China said he was particularly impressed with the diligence demonstrated by the organisers and the processes they used to pick winners every year.

He also said the victory showed attention paid by the organisers to unveil the personality behind the corporate masquerade, not just focusing on the company. “It actually reaffirms one of my quotes that a brand can only grow as big as the character of the visioner behind it.”

On his plans to help Port Harcourt compete with Lagos, China said 2025 will meet him doing things with the youths of Rivers State to push the Port Harcourt brand in the social media and rally the traditional press to create a positive narrative of Rivers State beyond violence and political negativity.

“The Garden City has not been enjoying the best of media perception for some years now but this is the first time we have a governor committed to non-political bias in doing his work. He does not consider whether you are a member of his party or not before doing what is right. For the first time, we have a true father of the state to all, and he has been diligently following the blueprint that stakeholders developed at the last Rivers Economic and Investment Summit, making sure he is doing it without political cronyism.”

He said his company would be building the biggest estate and the best, the ‘Alesa Sustainable Smart City, to move from brand perception to brand experience so as to move Rivers State to the next level.

He appealed to entrepreneurs not to be carried away by the old perception but to join the new way. “Position yourself because there is going to be a boom. People are rushing into Port Harcourt and new entrants may take the ground. Think expansion not contraction, think investment not divestment. Else, you miss it.”

 

To fellow estate investors, he admonished them to gear up for regulation. “It is no longer going to be business as usual especially for land peddling and land grabbing. Try to grow up because tangible development is going to take over.

“It is no longer going to be who sells the most land but who develops the most houses. The housing deficit in the land requires effective land development strategies. Any serious land seller should grow into a housing developer because developments are going to be coming into Rivers State and a lot of people are coming into the state.”

He said those that have grown to be developers will be many times richer than those that are just starting or are mere land sellers and peddlers. People should also position themselves because all the foreign investments and local ones will take advantage of this influx.

“The value of influx is coming, so prepare and take advantage.  Be one of those that are big enough to take advantage. Remaining small will not be good but grow big in your products, in your services, because the market is going to grow big.”

Continue Reading

News

FUBARA MOURNS FORMER RIVERS GOV

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has expressed shock and sadness over the death of a former military governor of the State, Major-General Godwin Osagie Abbe (rtd).

Late Abbe, who hails from Edo State, was military governor of Rivers State between August, 1990 and January, 1992.

Governor Fubara described late Gen Abbe as one leader who dedicated himself to the service and wellbeing of Rivers people and humanity during his administration in the State, saying that the death of the distinguished military officer, politician and administrator was a very huge loss to the State, the Niger Delta, and indeed, the entire country, having traversed the length and breath of the nation in the cause of his military and political careers.

“On behalf of my family, the Government and good people of Rivers State, I condole with the family of the Abbes, the Edo people, and the Nigerian military on the demise of this colossus, whose contributions to the unity, peace and development of the nation are legendary.

“While we mourn his painful exit at this difficult time, we pray for the eternal repose of his soul, and urge the family to take solace in the fact that late Gen Abbe lived a fulfilled life in the service of his fatherland.”

 

 

Continue Reading

News

CHRISTMAS: FUBARA, WIFE HOST RIVERS CHILDREN, TASK THEM ON EXEMPLARY CONDUCT 

Published

on

Wife of Rivers State Governor, Lady Valerie Siminalayi Fubara, has noted with delight that Rivers children are well behaved, and has admonished them to remain supportive of their parents while striving always to make a difference wherever they find themselves.

 

Lady Fubara gave the counsel at the 2024 Christmas Children Party, attended by children from the 23 Local Government Areas of the State, including non-indigenes, at Government House in Port Harcourt on Thursday.

 

The Christmas Children Party also witnessed the presence of Governor Siminalayi Fubara, who stopped over to share moments with them, walking from one canopy to another, waving at them, and at other times, shaking hands with them to leave lasting memories on them.

 

The Rivers First Lady pointed to the importance of the celebration of Christmas, which draws attention to the birth of Jesus Christ, demanding that people have a deep reflection of the love that is demonstrated and mission of the birth, which is to redeem mankind.

 

Lady Fubara recalled how she took out time to visit the University of Port Harcourt Teaching Hospital and the Rivers State University Teaching Hospital, where she appreciated God for safe delivery of children born on Christmas day while felicitating with the nursing mothers.

 

She also stated the valuable time spent with motherless babies when she visited the Port Harcourt Children’s Home in Borikiri, old Port Harcourt Township, and celebrated their meekness, innocence and the beauty they bring to the world.

 

She said, “Even today, as we continue the celebration, efforts were made to extend invitation to our children in all the 23 local government areas of our State. In doing this, children from all classes of society, including the physically challenged, have been offered the opportunity to sit together as brothers and sisters, play, eat and dance.

 

“Whilst contemplating the uniqueness of celebrating Christmas on a Boxing Day, steps were equally taken to provide gifts for the children who are there, and also to pray for them, a qualitative fun session that will last in their memories.”

 

Lady Fubara advised all children in the State to remember that Jesus came into the world to make a difference, advising that they must emulate him so that they can positively impact their families and society.

 

She urged them to pray fervently to God to bless and prosper their mothers, daddies, aunties and uncles to better cater to their needs.

 

She added, “Be humble, obedient and supportive at home. Do household chores, and don’t forget to make excellent grades in school next academic session. Children are the joy of every home, and we are glad to have beautiful, well-behaved children in Rivers State.

 

“Thank you all for witnessing this 2024 Children’s Party, and I pray God Almighty to protect, shield and keep you safe from all negative companies in the name of Jesus. I wish you a Merry Christmas and a Prosperous 2025. God bless you all,” she said.

 

Lady Fubara expressed appreciation to her husband and Governor of Rivers State, Sir Siminalayi Fubara, for his absolute commitment to the growth of children, and the immeasurable support that ensured that Christmas Children Party was a success.

 

There were performances by Virtue Dancers, Kalabari Iria dancers, Wonder Time Children of Opobo Kingdom, Children of Rivers State Council of Arts and Culture, Diseye the Poet and DJ Arnold.

Continue Reading

Trending