News
FG, States, LGs receive N725.5bn revenue in March
The Federation Accounts Allocation Committee (FAAC) says it has shared a total of N725.5 billion as Federation Account revenue for March to the Federal Government, states, and local government areas.
FAAC, in a communique issued at the end of its virtual meeting for April held on Wednesday, explained that the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and the distributable Value Added Tax (VAT) revenue of N204.402 billion.
In March 2022, the total deductions for the cost of collection were N44.411 billion, and the total deductions for statutory transfers, refunds, and savings were N382. 826 billion. The balance in the Excess Crude Account (ECA) was $35.372 million.
The communique also confirmed that from the total distributable revenue of N725.571 billion, the Federal Government received N277.104 billion, the State Governments received N227.201 billion and the Local Government Councils received N167.910 billion.
A total of N53.356 billion was shared with the relevant States as 13 per cent derivation revenue.
Gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion.
The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds, and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.
From the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion.
The sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.
In the month of March 2022, the gross revenue available from the Value Added Tax (VAT) was N219.504 billion.
This was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.
The sum of N6.322 billion allocation to NEDC and N8.780 billion cost of the collection were deducted from the N219.504 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N204.402 billion.
From the N204.402 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N30.660 billion, the State Governments received N102.201 billion and the Local Government Councils received N71.541 billion.
According to the communique, in the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded tremendous increases.
News
Ford Trims Workforce: 4,000 Jobs to Go in Europe
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
News
Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
News
Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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