Business
Industry Minister Leads Agencies at Abuja Investment Summit & Expo 2023, Upholds President Tinubu’s Renewed Hope of Nigeria’s Industrial Growth
Joel Ajayi
As the first Abuja Investment Summit and Expo 2023 gets underway, from Tuesday 14th to Wednesday 15th November 2023 at the Velodrome, Package ‘A’, M.K.O. Abiola National Stadium – Abuja, the Minister of Industry, Trade and Investment Dr. Doris Uzoka-Anite is leading Federal Ministries, Departments Agencies, and in particular, Agencies under her purview at the Summit to brainstorm on the critical industry, trade and investment matters for the economic growth and development of Abuja, the Federal Capital Territory, and Nigeria as a whole.
In a statement signed by the Director, Communications Ahmed Mohammed Sule, MNIPR, MITPN in Abuja on Tuesday
With the theme Unlocking Investment Opportunities in Abuja, the Federal Capital Territory, the Minister, as the focal point of President Bola Ahmed Tinubu’s Renewed Hope Agenda in the industrial, trade, and business growth of the national economy, will be the Guest Speaker on Key thematic topic, with panel members drawn from Agencies under her watch and experts from the private sector discuss on the various sub-themes of the Summit and Expo.
Critical thematic areas of focus at the Summit include; Opportunities for Business Growth and Sustainable Development in Nigeria; Light Manufacturing and Industrialization – Critical to Industrial Evolution in the Federal Capital Territory, Abuja; Public Private Partnership in Infrastructural Development and Economic Growth of the Federal Capital Territory, Abuja and Accessing Global Investment Opportunities among others.
The Abuja Investment Summit and Expo are public–private sector is driven, and it is a collaboration between the Abuja Chamber of Commerce and Industry, the Economic Planning Revenue Generation and Public Private Partnership Secretariat, and the Abuja Investment Company Limited, all of the Federal Capital Territory Administration, while TDF Consultants Ltd are coordinating Consortium for the Annual event.
Organizers cited Abuja as one of the fastest growing cities in Africa and is continuously recording massive inflow of people from all walks of life, but has not been able to explore its economic potential to overcome the developmental challenges in its efforts to meet the numerous needs of the inhabitants, noting that the Abuja Investment Summit and Expo therefore, is an avenue that offers both local and foreign investors the window to leverage on the vast business and investment potentials that abound within the territory for accelerated economic growth and development of the city.
Created to be the largest international gathering, bringing together over 1,500 business leaders, high-level investors, top notch-policy makers in Nigeria, Africa, and around the World, the Abuja Investment Summit and Expo is an all-inclusive interactive discourse event aimed at stimulating deals and transactions across the untapped investment opportunities in the Federal Capital Territory with the collaborative participation and involvements of relevant Ministries, Departments and Agencies on the one hand, and Trade Groups, Associations and the Chambers of Commerce on the other.
The Minister of Industry, Trade, and Investments who will be leading a number of parastatals in the Summit-Discourse centered on Business Growth and Sustainable Development having the Nigerian Investment Promotion Council as discussants; Light Manufacturing and Industrialization will see the Bank of Industry leading panel members shed more lights. Others are the topic of Free Trade Zones which will see the Nigeria Export Processing Zones Authority present the Lead Paper, and discuss the importance of Skills Development in industry service delivery, the Industrial Training Fund leading panelists on the discussion podium.
The Abuja Investment Summit and Expo 2023 is coming on the heels of and in line with the Renewed Hope Agenda of President Asiwaju Bola Ahmed Tinubu, which seeks to breath fresh hope and lasting life in all developmental sectors of the country that will place it on a high pedestal of socio-economic growth for a purposeful and positive dynamic impact on the lives of the people through the institutionalization of a resilient and sustainable economic base that will benefit the present and future generations of our dear country, Nigeria.
Business
FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September
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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