Thursday, 18 October 2012

Ex-Governors for Retrial at Tribunal as FG, States Shared N691bn in September 2012

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential,  http://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Ex-Governors may face re-trial as Code Tribunal
…Assumes jurisdiction to try LG Chair for cultism
Indications have emerged that former state governors who were let off the hook on account of jurisdiction and Section 3 of the Conduct Bureau (CCT)/Code of Conduct Tribunal (CCB) Act 1989 may be re-tried as the Code of Conduct Tribunal declared the section as being in contravention of the 1999 Constitution.Read... http://economicconfidential.net/new/news/national-news/1139-ex-governors-may-face-re-trial-as-code-tribunal-knocks-off-section-3-of-ccbcct-act

Federation Account: How They Share N691bn in September 2012
Before the recent October meeting of the Federation Account Allocation Committee, the Economic Confidential had obtained the detailed breakdown of how Federal Government, States and Local government Councils shared a total of N691bn at a previous meeting in September 2012. The tables of the distributions include N632bn for the statutory allocation, N35bn from the Excess Oil Revenue Account, N26bn from the Domestic Excess Crude Account and N7.6bn from NNPC Refund... For all the tables click: http://economicconfidential.net/new/financial/facts-a-figures

The Incorruptible Civil Servant and National Honours
In a country where everybody is perceived as corrupt, especially in the public service, Mr. Muhammad TahirZakari has distinguished himself as an incorruptible civil servant. He was among the 148 individuals who were conferred with Nigeria's National Honours Awards by President Goodluck Jonathan on September 17, 2012. Read.. http://economicconfidential.net/new/component/content/article/1105-the-incorruptible-civil-servant-and-national-honours

Before Sanusi, CBN governor becomes the Emir
A few months after he became Governor of the Central Bank of Nigeria, he was asked to comment on conversations in cyberspace linking him with presidential ambition, MallamLamidoSanusiLamido said it was not true. "Do you have any presidential ambitions?" "No, I don't. I have ambitions to be the emir of Kano", he quipped.Read: http://economicconfidential.net/new/financial/monetary/1104-before-sanusi-cbn-governor-becomes-the-emir

Still on Controversial N5000 Note
In defence of this obnoxious monetary policy as seen by the majority of Nigerians, many of whom are seasoned economists and financial gurus, not in exclusion of some ex-Heads of the Nigerian State and Government, the leadership of the apex Band is still recalcitrant and neck deep to go ahead and introduce same in spite all oppositions. Read: http://economicconfidential.net/new/features/1110-still-on-controversial-n5000-note

Sustainable development diplomacy: The way forward for PDP
Recently I was in Driebergen, Netherlands as a Nigerian participant at the 19th International Programme on Managing Sustainability (IPMS 2012) where participants from different countries had the opportunity of sitting together to cross-fertilise ideas, improve and build capacity on managing sustainability. Read... http://economicconfidential.net/new/features/1111-sustainable-development-diplomacy-the-way-forward-for-pdp

Between Nigerians and Inclement Weather
The year 2012 has brought with it the worst weather calender in the history of Nigeria's existence as a geographical and/or geopolitical territory since the amalgation of the Southern and Northern Protectorates by the then British colonial masters in 1914 led by the late Lord Lugard. Read... http://economicconfidential.net/new/features/1109-between-nigerians-and-inclement-weather

The United States and the Cost of Blasphemy
Admittedly, in the US anything goes and everyone has their fair share to express his view, but that freedom of expression is of course not limitless. Thus,  it  is  something to be restricted within the bound of reason and  mutual respect. There is no gain saying the fact that Islam as a religion, profoundly teaches, promotes and enjoins tolerance. Read... http://economicconfidential.net/new/features/1107-the-united-states-and-the-cost-of-blasphemy

Why the North must devise a survival strategy
Except for the North, nearly everyone is either clamouring for secession or regional autonomy. And because the North appears reluctant on this matter it has been repeatedly dubbed a parasite and drawback on the entire nation. But the North cannot afford to continue to be silent and take in every insult. It must take a stand; one that would determine its own survival. Read... http://economicconfidential.net/new/features/1108-why-the-north-must-devise-a-survival-strategy

Sani-Sidi and Volunteerism in Disaster Management
In the last two years, many stakeholders both within and outside Nigeria would have noticed the miraculous changes in the sphere of disaster management in the country which could be attributed to the tireless and dedicated efforts of the Director General National Emergency Management Agency (NEMA), Alhaji Muhammad SaniSidi who was appointed in September 2010. Read... http://economicconfidential.net/new/features/1106-sani-sidi-and-volunteerism-in-disaster-management

VTNetwork Receives License to Rollout Vcash Mobile Payment in Nigerians
The Central Bank of Nigeria (CBN) has provided its final regulatory approval to VTNETWORK Limited (VTNETWORK) to rollout mobile payment services across Nigeria. Holding CBN's final approval letter in his hand, Peter Ojo, VTNETWORK CEO announced, "it has been a very long journey, not just for us, but for our agents, super agents and subscribers. We can take the reins off our VCASH service; it is fully live." Read... http://economicconfidential.net/new/financial/monetary/1115-vtnetwork-receives-license-to-rollout-vcash-mobile-payment-in-nigerians


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Tuesday, 16 October 2012

Nigeria's SMEs Gets N23bn - NEXIM Boss, Still on So-Called National Honours

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential,  http://www.facebook.com/economicmagazine and Linkedin: http://www.linkedin.com/in/economicconfidential  also Twitter : http://twitter.com/economicng

Nigeria's SMEs Receives N23bn as the investment climate is fully liberalised- NEXIM boss
Robert Orya the Managing Director/Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM Bank) speaks to the Economic Confidential on how entrepreneurs, manufacturers, importers and exporters and including movie producers could benefit from the bank's facilities. He also discloses that SMEs has so far received N23 billion from the bank. Read the full interview…

Still on Controversial 2012 Nigeria's National Honours for Office Holders
The Economic Confidential can report that about 75 percent of the 148 award recipients actually occupy top public offices either as appointed or elected figures in the executive, judiciary and legislative arms of government. They include Ministers, governors, legislators, judges and politicians. Some of the awards are actually reserved for some offices too. The credentials for the awards are on the official positions of the recipients rather than other deserving merits. See the table and read the full: http://economicconfidential.net/new/financial/facts-a-figures/1134-2012-nigerias-national-honours-awards-to-office-holders

Africa's economies assumes middle income status-World Bank
Safe for widespread mismanagement of their resources, most African countries should now in a position to feed their citizens and grow out of poverty, a new World Bank report has indicated. Read: http://economicconfidential.net/new/features/1125-africas-economies-assumes-middle-income-status-world-bank

NIMC to Pay N30b for 4000 sacked workers
The Federal Government has approved N30 billion for the sacked 4,029 workers of the National Identity Management Commission, NIMC.  Director General and chief executive of NIMC, Barr. Chris Onyemenam disclosed this recently. Read: http://economicconfidential.net/new/news/national-news/1123-nimc-to-pay-n30b-for-4000-sacked-workers
 
RMAFC Committed to Economic Diversification
The Revenue Mobilization Allocation and Fiscal Commission has reiterated its commitment to strengthening economic diversification in the country for increased revenue generation to complement oil revenue earnings and provide governments at all levels adequate funding for the execution of vital projects and infrastructure. 
 
FERMA to Support Oil and Gas Trade And Investment Forum 2012
The Chairman, Federal Roads Maintenance Agency (FERMA) Engr. Ezekiel OlajideAdeniji has assured members of the organizing Committee of the Oil & Gas Trade and Investment Forum 2012 of its organization's support through the rehabilitation of the bad potions of the road along Eleme to Onne junction in Port Harcourt. Read: http://economicconfidential.net/new/news/national-news/1113-ferma-to-support-oil-and-gas-trade-and-investment-forum-2012
 
Agric Devt: FCTA Provides N250m Revolving Loan for Farmers
…Farmers Want Timeline for Empowerment Scheme Extended to 3yrs
The Federal Capital Territory Administration (FCTA) has provided about N250 million community empowerment agriculture revolving loan for 385 poor communities across the six Area Councils of the FCT. Read: http://economicconfidential.net/new/news/state-news/1114-agric-devt-fcta-provides-n250m-revolving-loan-for-farmers
 
Despite challenges, Union Bank remains on top- Oscar Onyema
Despite its recent challenges, Union Bank of Nigeria has retained its leadership role among banks lending to the agricultural sector of the economy. Read: http://economicconfidential.net/new/business/1130-despite-challenges-union-bank-remains-on-top-oscar-onyema
 
More as Alison-Madueke, Adoke, Otunla Stall House $1.1b OPL 245 Scandal Probe
ON August 16, 2011, which was the eve of Dr. Ngozi Okonjo-Iweala's resumption as Minister of Finance, the Finance Minister of State, Dr. Yerima Ngama and the Minister of Justice, Mr. Muhammed Adoke authorised the transfer of about $1.1 billion from an offshore account of the Government into the account of Malabu Oil, owned by former Minister of Petroleum, Mr. Dan Etete. Several months after however, news of the transfer filtered to the media and tongues began wagging as to the propriety of the action. Read: http://economicconfidential.net/new/business/1132-alison-madueke-adoke-otunlastall-house-11b-opl-245-scandal-probe
 
Again, NCC warns against pre-registration of SIM cards
…Seals off four companies
Miffed about the refusal of telecommunications companies to abide by its warnings on illegal and fraudulent registration and sale of activated SIM cards, the Nigerian Communications Commission has again warned of dire consequences awaiting offenders. Read: http://economicconfidential.net/new/business/1126-again-ncc-warns-against-pre-registration-of-sim-cards
 
FIRS Issues 1.5 million Tax Numbers
THE Federal Inland Revenue Service (FIRS) has so far issued 1.5 million Tax Identification Numbers (TIN) to eligible tax payers.  TIN is used by the FIRS in the administration of tax laws. It is also known as taxpayers' identification number. Read:  http://economicconfidential.net/new/financial/tax-matters/1124-firs-issues-15-million-tax-numbers


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Factual, Authoritative and Accessible
Nigeria's Economic Magazine



Nigeria's SMEs Gets N23bn as Investment Climate Liberalised- NEXIM Boss

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential,  http://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

Nigeria's SMEs Receives N23bn as the investment climate is fully liberalised- NEXIM boss
Robert Orya the Managing Director/Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM Bank) speaks to the Economic Confidential on how entrepreneurs, manufacturers, importers and exporters and including movie producers could benefit from the bank's facilities. He also discloses that SMEs has so far received N23 billion from the bank. Read the full interview…
 
NIMC to Pay N30b for 4000 sacked workers
The Federal Government has approved N30 billion for the sacked 4,029 workers of the National Identity Management Commission, NIMC.  Director General and chief executive of NIMC, Barr. Chris Onyemenam disclosed this recently. Read: http://economicconfidential.net/new/news/national-news/1123-nimc-to-pay-n30b-for-4000-sacked-workers
 
RMAFC Committed to Economic Diversification
The Revenue Mobilization Allocation and Fiscal Commission has reiterated its commitment to strengthening economic diversification in the country for increased revenue generation to complement oil revenue earnings and provide governments at all levels adequate funding for the execution of vital projects and infrastructure. 
 
FERMA to Support Oil and Gas Trade And Investment Forum 2012
The Chairman, Federal Roads Maintenance Agency (FERMA) Engr. Ezekiel OlajideAdeniji has assured members of the organizing Committee of the Oil & Gas Trade and Investment Forum 2012 of its organization's support through the rehabilitation of the bad potions of the road along Eleme to Onne junction in Port Harcourt. Read: http://economicconfidential.net/new/news/national-news/1113-ferma-to-support-oil-and-gas-trade-and-investment-forum-2012
 
Agric Devt: FCTA Provides N250m Revolving Loan for Farmers
…Farmers Want Timeline for Empowerment Scheme Extended to 3yrs
The Federal Capital Territory Administration (FCTA) has provided about N250 million community empowerment agriculture revolving loan for 385 poor communities across the six Area Councils of the FCT. Read: http://economicconfidential.net/new/news/state-news/1114-agric-devt-fcta-provides-n250m-revolving-loan-for-farmers
 
Despite challenges, Union Bank remains on top- Oscar Onyema
Despite its recent challenges, Union Bank of Nigeria has retained its leadership role among banks lending to the agricultural sector of the economy. Read: http://economicconfidential.net/new/business/1130-despite-challenges-union-bank-remains-on-top-oscar-onyema
 
More as Alison-Madueke, Adoke, Otunla Stall House $1.1b OPL 245 Scandal Probe
ON August 16, 2011, which was the eve of Dr. Ngozi Okonjo-Iweala's resumption as Minister of Finance, the Finance Minister of State, Dr. Yerima Ngama and the Minister of Justice, Mr. Muhammed Adoke authorised the transfer of about $1.1 billion from an offshore account of the Government into the account of Malabu Oil, owned by former Minister of Petroleum, Mr. Dan Etete. Several months after however, news of the transfer filtered to the media and tongues began wagging as to the propriety of the action. Read: http://economicconfidential.net/new/business/1132-alison-madueke-adoke-otunlastall-house-11b-opl-245-scandal-probe
 
Again, NCC warns against pre-registration of SIM cards
…Seals off four companies
Miffed about the refusal of telecommunications companies to abide by its warnings on illegal and fraudulent registration and sale of activated SIM cards, the Nigerian Communications Commission has again warned of dire consequences awaiting offenders. Read: http://economicconfidential.net/new/business/1126-again-ncc-warns-against-pre-registration-of-sim-cards
 
FIRS Issues 1.5 million Tax Numbers
THE Federal Inland Revenue Service (FIRS) has so far issued 1.5 million Tax Identification Numbers (TIN) to eligible tax payers.  TIN is used by the FIRS in the administration of tax laws. It is also known as taxpayers' identification number. Read:  http://economicconfidential.net/new/financial/tax-matters/1124-firs-issues-15-million-tax-numbers


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Factual, Authoritative and Accessible
Nigeria's Economic Magazine


Sunday, 9 September 2012

As FAAC Shares N913bn/$1bn, DG, provost, lawyer, others Face Trial at Code Tribunal

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential,  http://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

Federation Account: How They Share N913bn and $1bn in August 2012
Again Economic Confidential provides facts and figures tables of the distribution of revenue to all tiers of government from the Federation Account at the meeting of the Federation Account Allocation Committee in August 2012. While a single state received a whopping N19 billion and and $52bn, another state merely received about N3.7bn and $8bn respectively. The allocations were made from $1 billion from Foreign Excess Crude Account, N27bn from Forex Differential and N886bn as Statutory and VAT All all in August 2012. For full details of the disbursement check Facts and Figures pages of the Economic Confidential or click:  http://economicconfidential.net/new/financial/facts-a-figures

DG, Provost, Lawyer, Others in Soup as Code of Conduct Tribunal begins trial

A Director General will this week face trial at the Code of Conduct Tribunal for allegedly recruiting over 60 percent of his staff from a particular section of the country while other public officers would be arraigned for manipulating the award of contract procedures, membership of secret cults, double remunerations and non-declaration of assets while in public office. For more click: http://economicconfidential.net/new/news/national-news/1103-dg-provost-lawyer-others-in-soup-as-code-of-conduct-tribunal-begins-trial

CBN converts more dollar reserves into Chinese yuan

Following continued relevance of China as a global financial player and western financial crises, the Central Bank of Nigeria has decised to convert more foreign reserves from the dollar into the Chinese renminbi or yuan.Read: http://economicconfidential.net/new/financial/monetary/1090-cbn-converts-more-dollar-reserves-into-chinese-yuan

FIRS Generates N524 Billion in July
The Federal Inland Revenue Service (FIRS) has realised a total sum of N524 billion through oil and non-oil tax revenue as at July 2012. In an information obtained by the Economic Confidential, the agency has surpassed its target in the month compared with its monthly target of N302 billion. Read: http://economicconfidential.net/new/financial/tax-matters/1086-firs-generates-n524-billion-in-july

FCT Area Councils Share N1.78b Revenue, SURE-P Allocations
The Federal Capital Territory Administration (FCTA) has disbursed N1.786 billion to its six area councils being funds received from the Federation Account Allocation Committee and the Subsidy Reinvestment and Empowerment Programme (SURE-P) for the month ofJuly, 2012. The six area councils are also expected to share $1,597,048.73 from the Excess Crude Proceed Account. Read: http://economicconfidential.net/new/news/national-news/1098-fct-area-councils-share-n178b-revenue-sure-p-allocations

Interfaith Relations: An Encounter with Sheik Khalid Yasin
Sheik Yasin is not just a religious scholar; he is a motivational speaker who is very mindful of his topic and his target audience. He is articulate and sincere but careful never to hurt the feelings of his audience, whether Muslims or non-Muslims. From our close interactions and discussions, one could see an advocate who strongly believes that Muslims and Christians should embrace tolerance and brotherliness saying both faiths are connected. Read: http://economicconfidential.net/new/features/1084-interfaith-relations-an-encounter-with-sheik-khalid-yasin

Using Tourism to Drive Nigeria's Economic Potential
Tourism the world over is seen as an instrument of economic regeneration and stability. Tourism, when properly accessed, can be used to create wealth, empower the people and generate employment. It is an integral part of the economy with direct positive impact on the people. Also, it is an everlasting product that serves as alternative source of revenue and discourages over-dependence on perishable and exhaustible products like oil. It is, also, an alternative source of income as it creates additional jobs and creates foreign currency. Read: http://economicconfidential.net/new/features/1075-using-tourism-to-drive-nigerias-economic-potential

State Police or State Social Security?

State police may give us a psychic victory but it is another band aid that will haunt us in the immediate future. If current socio-economic trends continue and we hit population of 230 million in the next two decades, the clamour will shift to village police. Let's invest in social security such as basic health, education, housing and income, to combat insecurity because the next insurgency may not be based on a wacko ideology of Boko Haram but how to get rid of the 1 percent that monopolizes 80 percent of our wealth. Read: http://economicconfidential.net/new/features/1088-state-police-or-state-social-security

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Wednesday, 5 September 2012

Jaiz Bank Hits N10bn and Goes National, as CBN Faces Stiff Oppositions on N5000 Note

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook http://www.facebook.com/economicconfidential,  http://www.facebook.com/economicmagazine and   also Twitter : http://twitter.com/economicng

We Are Going National as Our Capital Base Hits N10bn – MD Jaiz Bank
The Economic Confidential recently met with the Managing Director of Jaiz Bank Plc, Alhaji Mohammed Mustapha Bintube for an exclusive interview where he discloses the strenght of the bank, the antics of detractors with de-marketting campaigns. He also discloses the intention of the bank to open new branches in all major cities among other topical issues. Read: http://economicconfidential.net/new/interviews/1073-we-are-going-national-as-our-capital-base-hits-n10bn-md-jaiz-bank

Unrelenting opposition as CBN plans N5,000 note
In the past, central banks issued much higher currency denominations but with increasing incidences of counterfeiting, money laundering and drug business, there has been a deliberate policy to issue lower denominations and encourage electronic transactions.And so when CBN Governor SanusiLamidoSanusi told financial journalists of plans to introduce the N5,000 denomination and coin N5, N10 and N20, little did he know that he was stirring the hornest's nest for the umpteenth time within the few years that he has occupied the office. The policy is like reversing gains and standing logic on its head. Read: http://economicconfidential.net/new/financial/monetary/1085-unrelenting-opposition-as-cbn-plans-n5000-note

Yusuf Alli: The Investigative Editor
Mallam Yusuf Alli is an editor by designation but a celebrated investigative reporter in Nigeria by design. He is widely traveled with a high network of connection among the elites, security agencies, civil society groups, traditional institutions and minority groups. He also exposes corrupt practices from his exclusive stories. Read: http://economicconfidential.net/new/financial/monetary/1085-unrelenting-opposition-as-cbn-plans-n5000-note

Nigeria Partners Iran on Security and Infrastructure
Vice President Mohammed NamadiSambo has expressed Federal Government's desire for added support that will improve Nigeria's security situation. He made this known when he hosted the Iranian Ambassador to Nigeria, Saeed, Koorechi in his office at the State House, Abuja. Read: http://economicconfidential.net/new/news/national-news/1099-nigeria-partners-iran-on-security-and-infrastructure

Six Governors in Berlin to Understudy Fiscal Federalism
Rivers State Governor Rotimi Amaechi is leading the governors of Enugu, Plateau, Borno, Katsina and Niger states on a trip to understudy the workings of the federal system of the German government with a view to replicating best practices in their respective states. Read: http://economicconfidential.net/new/news/state-news/1094-six-governors-in-berlin-to-understudy-fiscal-federalism

Oyo Governor canvasses removal of LGs from constitution
Governor Abiola Ajimobi of Oyo State has called for the removal of local governments from the constitution to make it a residual responsibility of the state.He also advocated for the review of the revenue allocation formula to emphasise the derivation principle and allocation of larger percentage of resources to states. Read: http://economicconfidential.net/new/news/state-news/1081-oyo-governor-canvasses-removal-of-lgs-from-constitution-

Anambra joins league of Oil Producing States
President Goodluck Jonathan has commissioned the commencement of oil drilling activities at Orient Oil Resource Centre, near Aguleri in Anambra state where high quality, sodium-free oil has been extracted from the wells. Read: http://economicconfidential.net/new/news/state-news/1080-anambrajoins-league-of-oil-producing-states-

Terrorism, Society and the Rest of Us
As a politician and a three-term member of the National Assembly, I cannot but be disturbed by the floundering state of security in Nigeria in recent times. I know a lot of our compatriots also feel the same angst, consternation and 'confoundment'. It is indeed disheartening that innocent Nigerians are being murdered in a manner that is too serial and sectarian for comfort.
Read: http://economicconfidential.net/new/features/1076-terrorism-society-and-the-rest-of-us

Nigeria : Opportunistic People; Opportunistic Nation
NGOZI Okonjo-Iweala, the internationally acclaimed Economist from Nigeria who nearly won the coveted seat of the President of the World Bank but for the manipulation of international politics of the United States Government, is the current coordinating Minister of the Economy and the Nigeria's Minister of Finance and is a distinguished woman whom I have described as 'one tree that can truly make the forest.' Read: http://economicconfidential.net/new/features/1077-nigeria--opportunistic-people-opportunistic-nation

Understanding Sanusi Lamido on New Naira Notes
Recently, the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi announced the introduction of a new currency series under which the existing denominations of N50, N100, N200, N500 and the N1, 000 notes will be redesigned with added security features while the lowest denominations of N5, N10 and N20 are to be coined. Meanwhile a new denomination of N5000 would also be introduced. Read: http://economicconfidential.net/new/features/1087-understanding-sanusi-lamido-on-new-naira-notes


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Nigeria's Economic Magazine

Sunday, 12 August 2012

Federation Account: How They Share N872.6bn in July 2012 from Different Accounts


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Federation Account: How They Share: N830bn in July 2012
A total sum of N830 billion being the statutory and VAT allocations was shared to all tiers of government at the meeting of the monthly Federation Account Allocation Committee (FAAC) in July, 2012. From the total disbursement of nets after deductions, the highest recipients are from the oil producing states with Akwa-Ibom receiving N17.5bn, Rivers N10.4bn Delta N13.1bn and Bayelsa N8.5bn. The highest recipients from non-oil –producing states are Lagos N13.9bn and Kano N10.9bn. The lowest recipients as revealed in the table below are Gombe N4.1bn, Nasarawa N4.1bn, Ebonyi N3.8bn and Ekiti N4.2bn. Read: http://economicconfidential.net/new/faacjuly2012.htm

Excess Crude: How They Share N35bn in July 2012
The Economic Confidential provides here the detailed table of the distribution of N35, 549, 235, 691 being a total sum shared to tiers of government at the monthly meeting of the Federation Account Allocation Committee (FAAC) in July 2012 from the Foreign Excess Crude Account being SURE-P for the month. It also features the application of derivation principle on oil and gas.See the table of the distribution: http://economicconfidential.net/new/financial/facts-a-figures/1072-excess-crude-how-they-share-n35bn-in-july-2012

NNPC Refund: How They Share N7.6bn in July 2012
The Economic Confidential provides here the detailed table of the distribution of N7, 617,431,250 being a total sum shared to States and Local Government Councils at the monthly meeting of the Federation Account Allocation Committee (FAAC) in July 2012 being the 11th Refund from the Nigerian National Petroleum Corporation.Click to view the table of the distribution: http://economicconfidential.net/new/financial/facts-a-figures/1071-nnpc-refund-how-they-share-n76bn-in-july-2012

FCT Generates N1.4b, Shares N1.72b Among Six Area Councils
The Federal Capital Territory Administration recorded internally generated revenue (IGR) of N1.472 billion for July 2012, the Minister of State for FCT, Oloye Olajumoke Akinjide, disclosed.Read: http://economicconfidential.net/new/news/national-news/1056-fct-generates-n14b-shares-n172b-among-six-area-councils

NEXIM Disburses N550 Million to Nollywood
Nigerian Import Export Bank (NEXIM) has financed the burgeoning Nigerian entertainment industry since 2010 with over N550 million, its Managing Director/CEO Mr. Roberts Orya has said.The support to the industry is partly being financed from NEXIM Bank's coffers and partly from the Federal Government's $200 million grants to the Nigerian entrainment industry.
http://economicconfidential.net/new/news/national-news/1057-nexim-disburses-n550-million-to-nollywood

Namadi Sambo: The Force Behind Disaster Management in Nigeria
In the last two years many achievement have been noticed in the area of disaster management in the country. While it is obvious that the credit over some of the accomplishments in tackling emergency and disaster situation should go to the management and staff of the agency, only few realize that successes of some of those bodies come through the unseen hands of their boards or governing councils as the case may be.Read: http://economicconfidential.net/new/features/1068-namadi-sambo-the-force-behind-disaster-management-in-nigeria

The Challenge of Growing Poverty In Nigeria
Terrible governments and (yes) citizens-supported corruption and other social problems have continued to plagued Nigeria. Many people suffer and die in the midst of abundance. Several have been forced into exile within and outside Nigeria. Insecurity and disease and crime alarmingly abound while few drain the collective coffers with impunity. Read: http://economicconfidential.net/new/features/1059-the-challenge-of-growing-poverty-in-nigeria

Still on the J.P. Morgan account
Nigerians still rue the unprecedented corrupt tendencies by those charged with the responsibility of managing public finance. At the centre of J.P. Morgan issue are the Nigerian National Petroleum Corporation and the Central Bank of Nigeria.According to the Executive Secretary of the Nigerian Extractive Industry Transparency Initiative, Hajia Zainab Ahmad, who blew the lid off on the issue on November 1, 2011, a substantial amount of money has been stashed in J.P. Morgan by the two government parastatals. Read: http://economicconfidential.net/new/features/1065-still-on-the-jp-morgan-account

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Nigeria's Economic Magazine

Tuesday, 7 August 2012

FERMA to Recruit 10,000 Nigerians as FIRS Revenue Hits N2.4Tr, More on Oteh's Wahala

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FERMA to Engage 10,000 Nigerians for Road Maintenance- Engr. Adeniji
Engr. Ezekiel Olajide Adeniji is currently the Chairman of the Federal Road Maintenance Agency (FERMA). In an interview with the Economic Confidential discloses that his agency would recruit 10,000 Nigerians within the year for road maintenance while toll gates would also be reintroduced. Read: http://economicconfidential.net/new/interviews/1051-ferma-to-engage-10000-nigerians-for-road-maintenance-engr-adeniji

FIRS revenue hits N2.43t
The total revenue of Federal Inland Revenue Service (FIRS), which is generated through taxation in the first half of the year 2012, has increased to about N2.43 trillion. According the Director of Communications and Liaison Department, Mr. Emmanuel Obeta, the revenue generated was N499.2 billion more than the total collection of N1.94 trillion for the corresponding period last year.Read: http://economicconfidential.net/new/financial/tax-matters/1058-firs-revenue-hits-n243t

Aruma Oteh's recall: An avoidable liability for GEJ
It is clear that in taking this decision, the President did not think of the industry-wide implications; it is even doubtful if he factored into his thinking how such would affect his overall lingering image as a feeble leader in the battle against corruption. If he really thinks that Ms. Oteh is such an indispensable item in his calculus of political success, he is free to appoint her as a minister or, more fashionably, as a Permanent Secretary, following in the lofty footsteps of his wife's appointment as a Permanent Secretary in absentia by the Dickson administration in his homeland Bayelsa State. Read: http://economicconfidential.net/new/features/1066-aruma-otehs-recall-an-avoidable-liability-for-gej

Ejike Okpa: Nigerian Real Estate Practitioner in the Diaspora
Mr. Ejike Okpa, a public commentator and blogger. He would make an honorable entry in the archives of Texas as he would be commissioned by Texas Governor Perry as an Admiral in Texas Navy based on recognition of his Texas/Dallas community service. He is the first Black to be so recognized. By Fall 2012, a scholarship in his name would also be endowed by a group of Dallas business men at the University of North Texas, Denton, in recognition of his service. Read: http://economicconfidential.net/new/component/content/article/1050-ejike-okpa-nigerian-real-estate-practitioner-in-the-diaspora

Namadi Sambo: Between Loyalty and Humility
Going by his personality traits, he doesn't display aura of arrogance and desperation for public office as the Vice President. His public outings and statements are devoid of ulterior motives. His position on various issues, whether as representations of his Boss, the President, or personal remarks, are done maturely, responsibly and sometimes eloquently delivered in tune with the public sensitivity and reality on the ground. Read: http://economicconfidential.net/new/features/1069-namadi-sambo-between-loyalty-and-humility

CBN and the Ostrich
CBN also belatedly recognized that the excessive liquidity of the banks had provided opportunity for speculative activities in the forex market. Sanusi finally concluded that the product of banks' anti-economy activities is the reality of aggregate domestic credit declining by over 5% between June 2011 and June 2012. Read: http://economicconfidential.net/new/features/1052-cbn-and-the-ostrich

A clue for the clueless Country
Since we have 36 billion dollars as reserves – and we have 36 states – the government can use the money for the projects in each state before the money fizzles away. At least Nigeria will have something different from that of the previous century. But before you accost me, let me give reasons for suggesting this pedestrian theory. When Olusegun Obasanjo left power in 2007, Nigeria's foreign reserves were about 80 billion dollars. Obasanjo himself recently blamed his successors for squandering about 35 billion dollars from the reserves he left. Read: http://economicconfidential.net/new/features/1064-a-clue-for-the-clueless-country

AFRICOM for Peace or Destabilization
The Leading nations of Africa such as Nigeria and Egypt are going through one of the most trying political and social challenges bordering on security and sustainability. While many reasons have been discussed since, AFRICOM has recently attracted the attention of peace movements and other non-governmental advocates, for its increased military activities on the continent of Africa. Read: http://economicconfidential.net/new/features/1067-africom-for-peace-or-destabilization

Plateau, the media and 10 years of harvest of blood
Earlier, Ruben Abati, spokesman of President Jonathanissued a press release chorusing the claim that Senator Datong was shot and killed during the attack on the mourners. However, since the true version of the story and the correct identity of those behind the killings surfaced not much has happened to the previous accounts of the attack. For instance, no one has apologised for wrongly blaming Fulani herdsmen and the reckless reports that probably provoked reprisal attacks. Read: http://economicconfidential.net/new/features/1060-plateau-the-media-and-10-years-of-harvest-of-blood

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