Business

Group Extols Emefiele’s Outstanding Economy Policies

Published

3 years ago

September 21, 2021

Uche Ameachi

The Coalition of Civil Society Groups on Tuesday applauded the outstanding economic policies of the Central Bank of Nigeria CBN Governor Mr Godwin Emefiele and the entire Management of the apex bank that put has Nigeria’s economy on the path of success.

Speaking to the Journalists in a world press briefing held in Abuja, the President of the Group Etuk Bassey Williams (JP) revealed that, the effort put in place by the CBN Gove to revamp the economy in the midst of different challenges cannot be quantified.

He said that Emefiele, who is a nationalistic economist of a kind, indeed has shown commitment in the course of his tenure and has championed diversification of Nigeria’s economy, away from heavy dependence on crude oil as well as other imported items that can be produced in the country.

According to Mr Williams “We observe these efforts and consider it pertinent to appreciate their hard work, commitment, dedication and tact employed in the management of Naira, empowering the Farmers and Entrepreneurs towards job and wealth-creating.

“The aim of this activity today is to encourage the CBN Governor and his team not to relent but to do more and continue to justify the confidence reposed on them by Mr President: Muhammadu Buhari.

There is no doubt that his appointment in 2014, and re-appointment in 2020 was the right judgment. Without equivocation, Emefiele’s contribution to the development and growth of the Nigerian economy, as well as innovations in development financing, earned him President Muhammadu Buhari’s nomination for a second term in office as CBN Governor; this singular achievement is by the records the first time anyone had been so nominated since 1999.”

Speaking on the achievement of the hard-working CBN, under the leadership of Mr Emefiele, Mr Bassey Willian expressed; “In line with his promise at the unveiling of his Agenda in 2014, he commenced operation with the objective of enhancing access to credit to Micro, Small and Medium Enterprises (MSMEs), as that sector remains the catalysts of economic growth in Nigeria.

“His tactful supervision of periodic OMO interventions resulted in a mop-up of excess liquidity to curtail inflation and boost investors’ confidence in Nigeria’s fixed income securities such as Treasury Bills and Bonds.

“He has also ensured the protection of Bank Customers, effective supervision of Deposit Money Banks and Other Financial Institutions; and deepening of Financial Inclusion through an effective banking and payments system. In recent times,

“Governor Emefiele has also backed up his pledge to facilitate job creation with the creation of the Creative Industry Financing Initiative (CIFI), which is being implemented in collaboration with the Bankers’ Committee.

“To encourage diversification of the economy and stimulate growth in the agriculture sector in line with President Muhammadu Buhari’s plan, the CBN Governor established an innovative agriculture credit plan: Anchor Borrowers Programme and this has increased yield per hectare of agricultural produce like Rice, Groundnut and Cocoa.

“It doesn’t end there, the CBN Governor embarked on other policies such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), the National Collateral Registry (NCR) and lately the Creative Industry Financing Initiative (CIFI), which is a collaboration between the CBN and the Bankers’ Committee.

“CBN Gov. has continued to make effort to stabilized the Naira and put the economy on a right footing. Creating the Inter-bank/Wholesale and the Investors/Exporters’ windows. This has brought great relief, leading to remarkable acreage in foreign reserves and a rise in capital inflow.

“He also introduced an import exclusion policy that increased patronage for local goods and stimulated local production significantly, introduces a check on the activities of the Bureau De Change (BDC) and ended the continued depreciation of Naira over the years.

“In a sincere effort to salvage the naira, the CBN stopped the sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round-tripping. We applaud the genuine effort of the Governor in trying to stabilize the naira.”

“The group said the Governor has used his masterstrokes, God-given wisdom and deliberate, precise and impactful policies to halt the recession and tame covid-19 pandemic that recently threatened the country

“We are bold to say that Nigeria is in Safe hands” economically.”

The group, however, sought the supports of every Nigerian that will spur him to do more for the growth and development of the country’s economy.

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Business

FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September

Published

15 hours ago

October 17, 2024

The Gleamer

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.

The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

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