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October 24, 2023 Akwa Ibom State Generated N34.8b Internally in 2022, Ranked 11th In Nigeria
IFMUYONEWS

Akwa Ibom State Generated N34.8b Internally in 2022, Ranked 11th In Nigeria

The National Bureau of Statistics (NBS) yesterday said in 2022,Akwa Ibom State recorded the 11th highest revenue as the 36 states and the Federal Capital Territory (FCT) raised N1,925,612,626,650.76 Internally Generated Revenue (IGR).
This was contained in the Bureau’s document entitled: ‘’Internally Generated Revenue at State Level in 2022.”

The document noted: “The NBS published the IGR Report for the 36 states and the FCT for 2022.

“This IGR report contains the following key findings. The 2022 IGR had two major revenue sources, namely, Taxes; Ministries, Departments and Agencies (MDAs) revenue.

“Taxes sub-category recorded in this period are PAYE, Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.

“The 36 states and the FCT generated a total N1,925,612,626,650.76 as IGR in 2022. This grew by 1.57per cent compared to N1,895,786,762,263.80 in 2021.”

The leading states in total IGR during the year were Lagos, Rivers, and the FCT with N651,145,633,085.30, N172,823,232,535.44, and N124,366,774,519.25 generated. Others were Ogun, Delta, Oyo, Kaduna, Edo, Kano, Kwara before Akwa Ibom.

N55,228,830.36 was recorded as Revenue Generated from LGA revenue in Akwa Ibom state in the year 2022.

The document added that while the least three performing states during the year were Kebbi, Taraba and Yobe with the value of N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18.

NBS also said PAYE was the most contributing revenue source during the year, recording 67.62 per cent share to the total tax generated revenues nationwide. While capital gains tax was the least in the year under review with 0.24 per cent share to total tax revenue.

According to the data, Oyo, Lagos and Jigawa states were the three leading states with highest LGA revenue reported during the year. The states, said the bureau, recorded N11,832,437,020.33, N11,505,586,283.35, and N8,700,993,591.78.

October 24, 2023 Presidency Applauds $11b P&ID UK Case Judgement
IFMUYONEWS

Presidency Applauds $11b P&ID UK Case Judgement

President Bola Tinubu and the Economic and Financial Crimes Commission (EFCC) alongside many other Nigerians yesterday applauded the judgment of a London court on the botched 2010 gas processing plant contract awarded to a firm, Process and Industrial Developments Limited (P&ID).

President Tinubu said the “victory is not for Nigeria alone,” the EFCC maintained that P&ID has not been able to show that it legitimately, and lawfully secured the deal.

P&ID was awarded the 20-year contract by the Ministry of Petroleum Resources in 2010 to construct and operate a gas processing plant in Calabar, Cross River State, as part of a wider plan to exploit the country’s abundant gas reserves.

After the deal collapsed, P&ID took Nigeria to arbitration in London and on January 31, 2017, was awarded $6.6 billion for lost profits – a sum which swelled with interest to about $11.5 billion before yesterday’s verdict by Judge Robin Knowles of Business and Property Court.

Following the 2017 judgment in favour of P&ID, Nigeria applied for an extension of time and relief from sanctions. The application was granted by Judge Ross Cranston of the same court in September 2020, thereby returning the case to arbitration.

Nigeria had alleged that the gas deal was a scam, telling the court that P&ID officials paid bribes to secure the contract, but P&ID accused Nigeria of “false allegations and wild conspiracy theories.”

President Tinubu described yesterday’s judgment by Knowles as landmark, hailing the UK Court for prioritising the merits of the case above all other considerations.

The President added in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, that the verdict conclusively showed that Nigeria would “no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.”

The immediate past administration of President Muhammadu Buhari had acted wisely by declining an initial out-of-tribunal agreement for the payment of $850 million to the British firm.

Vowing to continue with the trial of those suspected of involvement in the botched deal, the EFCC said it was pleased with the judgment by Knowles because Nigeria’s international assets and oil cargoes would have been taken over by P&ID if the country had lost the case.

The anti-graft agency added in a statement by its spokesman, Dele Oyewale, that the verdict was a welcome relief going by the fact that “Nigeria does not even have the capacity to pay the judgment debt.”

October 24, 2023 Marketers Finger “CABAL” Over Hike in Cooking Gas Prices
IFMUYONEWS

Marketers Finger “CABAL” Over Hike in Cooking Gas Prices

The Nigerian Association of Liquefied Petroleum Gas Marketers has accused terminal operators of incessantly increasing the price of gas, exploiting and limiting its availability to Nigerians.

The marketers, led by the association’s president, Oladapo Olatunbosun. on Monday, told the Senate that the Nigeria Natural Liquefied Gas has been consistent with its supply but the cabals have disrupted the availability of gas to Nigerians.

Olatunbosun labelled some of the marketers as the cabals who were buying the product cheaply from the source and selling it at a very high price to them.

Olatunbosun explained, “The cabals are making it difficult for the average Nigerian to have access to gas. As of today, gas is sold by these terminal owners for N16.8 million for 20 metric tonnes whereas NNLG sells to them for a little bit less than N9 million.

“Some of them are NAVGas, NIPCOPLC, Matrix Energy Ltd, Prudent Energy Ltd, Shafa Energy, Techno Gas, StockGap Ltd, Mobil, Pan Ocean Limited, NNPC, OLogbo, NSPC Apapa, SHELL, Dozzy LPG terminal.”

“When people go to fill their gas today, the least they get is N1,200 per kilogramme – imagine the pains of Nigerians. In the Nigeria of today, can a student or menial worker afford to cook a cup of beans with a N1,200 cost of gas?” he asked.

The marketer explained to the Senate that Nigerians have no reason to buy gas at such a price.

Olatunbosun noted, “Even countries like Cote d’Ivoire, Ghana and the rest are no match to Nigerians in terms of gas production but the prices of gas in Nigeria is cheaper in those countries that here where we are the second largest producer of the gas production in Africa after Algeria, yet our people cannot afford to cook with gas.

“We produce gas more than we import. In fact, the proportion imported is so insignificant, but these cabals have refused to allow Nigerians to enjoy the dividends of this production and the efforts put in by the government.”

The marketers alleged that the terminal operators usually state forex as one of the reasons for the increase in the prices of gas whereas the transactions were done purely in naira.

The President of the association explained, “These cabals have also made the practice of hiding behind forex but the question is does NNLG get paid in dollars? No. All the transactions are completed in naira. What is the role of forex in this situation? Where is the import evidence?

“You buy gas for N9 million from NNLG and pay in naira, then you sell the same gas for N16 million and blackmail the government.

“When people get to our plants and we tell them the price, they start weeping and cursing the government whereas, the government has done their best to make life bearable to the people.”

The marketers further warned that if measures were not taken to adequately address these issues, by December, 12,5kg gas would sell for N25,000.

Olatunbosun added, “If we don’t rise up and checkmate the whole thing, the gas would become a luxurious product available to only the rich.

“By December, these cabals might start to sell 20 metric tonnes for N200 million. This would mean that gas will sell for 2,000 per kg and N25,000 for 12.5kg.”

October 19, 2023 HURIWA Commends the Appointment of Musa Aliyu as ICPC Chairman
IFMUYONEWS

HURIWA Commends the Appointment of Musa Aliyu as ICPC Chairman

The Human Rights Writers Association of Nigeria (HURIWA) has commended President Bola Ahmed Tinubu, for his decision to appoint Dr. Musa Aliyu as the new chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other team members from different regions of the country.

The group described the appointment as a welcome development that reflects the federal character principle of the constitution and promotes national unity and cohesion.

The National Coordinator of HURIWA, Emmanuel Onwubiko, said the president heeded the advice of Nigerians, especially the renowned human rights lawyer, Femi Falana, who had criticized the previous appointment of two anti-graft agency heads from the South West as a violation of the federal character principle and a threat to constitutional democracy.

Onwubiko also applauded the President for approving a 90-day pre-end of tenure leave for the outgoing ICPC chairman, Prof. Bolaji Owasanoye, who is also from the South West, and replacing him with a competent and qualified person from the North.

HURIWA urged the President to continue to listen to the voice of reason and wisdom from Nigerians, who have the interest of the nation at heart.

“We also call on him to review his other appointments so far and ensure that they are balanced and inclusive of all regions and ethnic groups in the country.”

The civil rights group noted with concern that some regions, especially the South East and the North Central, have been marginalized and excluded from key positions in his administration.

“This is unfair and unacceptable in a multi-ethnic and multi-religious country like Nigeria. It can also breed resentment, agitation, and instability among the citizens who feel alienated and oppressed by the government.

“We remind the President that he is the leader of all Nigerians, not just his kinsmen or political allies. He has a duty to respect and protect the rights and interests of all Nigerians, regardless of their tribe, religion, or political affiliation.

“He should not repeat the mistake made by the past administration of lopsided appointments of their kinsmen into juicy offices, which eroded public trust and confidence in the government and undermined national security and development.

“We hope that the president will take this opportunity to demonstrate his commitment to good governance, accountability, and justice for all Nigerians. We assure him of our support and cooperation in his efforts to fight corruption and improve the welfare of Nigerians.

“We also commend Dr. Musa Aliyu and his team for their appointment and wish them success in their task of combating corruption in Nigeria”, he said.

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