Sunday, March 25, 2012

If Umar Garba at age of 60 can b elected PDP National Youth Leader, soon a man or confessed gay can be a Woman Leader in Nigeria's polical insincerity

posted by Economic Confidential at 7:10 AM 0 comments

Friday, March 23, 2012

Why should Obama of USA nominate Dartmouth President Jim Yong Kim to head the World Bank when Nigeria's Okonjo Wahala is available? Racism?

posted by Economic Confidential at 6:45 AM 0 comments

Tuesday, March 20, 2012

If Israel bombs Iran: Forecasting the next 24 hours
http://ping.fm/NG8py

posted by Economic Confidential at 1:27 PM 0 comments

Wednesday, March 14, 2012

NEMA has confirmed a police helicopter crashed in Jos, Plateau State.

posted by Economic Confidential at 5:29 AM 0 comments

[News Update] How Northern Elites Manipulate Oil Blocks while NIMASA Awards Maritime Contract to Ex-Warlord

 


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   and also Twitter : http://twitter.com/economicng

Still on NIMASA's Maritime Contract with Ex-Warlord
While the Nigerian Maritime Administration and Safety Agency (NIMASA) is trying to justify its alleged concession of the nation's maritime security to a private firm owned by a former leader of Niger Delta militants, there have been several attacks on ships and security personnel in the region including the killing of a Commander of Military Joint Task Force and some soldiers in the area. Read more: http://economicconfidential.net/new/news/national-news/923-still-on-nimasa-maritime-contract-with-ex-warlord

The Politics of Oil Blocks and the Northern Elites
After listing the names of owners of some of the oil, we will table other North Eastern billionaires who make more money than their states of origin from Niger Delta oil blocks. With all these oil blocks owned by 'North- Easterners' in the Niger Delta, it should be clear to Elrufai and Sanusi who really benefits from the Niger Delta Amnesty Programme. Read more: http://economicconfidential.net/new/features/930-the-politics-of-oil-blocks-and-the-northern-elites

Dangote: The Richest Man in Africa Donates Billions for Education and CSR
Before the Forbes magazine declared Alhaji Aliko Dangote, once again as the richest man in Africa, his Dangote conglomerate had injected over N1billion into the nation's educational sector, as part of its commitment to educational development in Nigeria. Read more... http://economicconfidential.net/new/business/922-dangote-the-richest-man-in-africa-donates-billions-for-education-and-csr

States Can Survive on IGR- FIRS
After the recent announcement by Federal Inland Revenue Service (FIRS) that the president, vice president, governors and their deputies would have to pay tax on their income based on the Amended Personal Income Tax Act, the agency has stated that all states of the federation have potentials to survive on Internally Generated Revenue and taxation if the right parameters are set out for them. Read more: http://economicconfidential.net/new/financial/tax-matters/916-states-can-survive-on-igr-firs

PENCOM to Prosecute Employers on Pension Fraud
Concerned about the recent N700billion fraud rocking the Pension unit of the Office of Head of Service of Federation and related negative reports in the management of pension funds in some organisations, the National Pension Commission (PENCOM) is working towards amending the Pension Reform Act to prosecute abuses by employers. Read more: http://economicconfidential.net/new/news/national-news/917-pencom-to-prosecute-employers-on-pension-fraud

Nigeria's Seven Secrets And Sovereign Confab
Nigeria is a secret; and she has seven secrets. For this country to become profitable to the majority of Nigerians the secrets must be exposed in the most lucid manner that not a few Nigerians shall know about these and hopefully catch the necessary anger required for either liberating mass action or induced constitutional re-structuring. Then, our eyes shall be open and we shall drive away our common enemies. Read more: http://economicconfidential.net/new/features/925-nigerias-seven-secrets-and-sovereign-confab-

Dividends of a deregulated foreign exchange market
It is clear from the parameters of the market that the claim in the Monetary Policy Thrust of Vision 202020 that such a payment system would lead to capital flight is certainly untenable, unfounded and grossly untrue! Read:  http://economicconfidential.net/new/features/924-dividends-of-a-deregulated-foreign-exchange-market

Ensuring New Fiscal Equity in Tax Administration
Under Nigeria's new income tax rate, a first earning of N300, 000 will attract 7% tax, while subsequent income of the same amount will be taxed at 11%. Those who earn N500, 000 would be made to pay 15% of the income as tax in the first instance, while 19% would be charged on subsequent earnings of the same amount; earnings of N1.6m will attract 21% tax, while income above N3.2m will attract a tax of 24%. Read more... http://economicconfidential.net/new/features/931-ensuring-news-fiscal-equity-in-tax-administration

Kwara Declares Free Education
kwaraThe Kwara state government has declared free education in public schools. The Commissioner for Education, Science and Human Capital Development in the state, Alhaji Muhammed Raji disclosed that the state governor, Alahaji Abdulfatai Ahmed had approved provision of funds to aid free education in both primary and secondary schools in the state for the year 2012. Read: http://economicconfidential.net/new/news/state-news/927-kwara-declares-free-education
 
Economic Confidential
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posted by Economic Confidential at 5:05 AM 0 comments

Tuesday, March 13, 2012

After NEMA moved mattresses 4 emergency landing, d man attempting to commit suicide from telecom mast came down alive into d hands of police

posted by Economic Confidential at 8:08 AM 0 comments

A man wants to commit suicide from telecommunication tower in Abuja now. NEMA Rescue officers are at the scene to prevent him. True story

posted by Economic Confidential at 7:26 AM 0 comments

Monday, March 12, 2012

[News Update] STAR INFO: How the States & Federal Government Shared N921 billion in February 2012 (Combined Table, Compiled from Economic Confidential)

 



http://economicconfidential.net/new/financial/facts-a-figures/934-how-they-share-n76bn-from-nnpc-refund-in-february-2012

How They Share N7.6bn from NNPC Refund in February 2012

MARCH 2012 ECONOMIC CONFIDENTIAL

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The Nigerian National Petroleum Corporation (NNPC) has continued to refund some funds it withheld from the Federation Account. From a table provided by the Economic Confidential a total sum of N7,617,431,250 was shared to states and local government councils being 6th refund made by the NNPC at the meeting of the Federation Account Allocation Committee (FAAC) in February 2012. In some instance a total allocation to local governments in a particular state could be higher than the allocation made to the state. The refund also featured the application of derivation principle on Oil and Gas.



http://economicconfidential.net/new/financial/facts-a-figures/933-how-they-share-n187bn-from-excess-crude-account-in-february-2012

How They Share N187bn From Excess Crude Account in February 2012

MARCH 2012 ECONOMIC CONFIDENTIAL

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The Economic Confidential provides here the distribution of N187,089,655,125.41 from Foreign Excess Saving Account being difference between budget & actual at the meeting of the Federation Account Allocation Committee in February, 2012. While some oil producing states receive over N8 billion Naira each, some non-oil producing received less than N2 billion each due to the derivation from oil and gas.


http://economicconfidential.net/new/financial/facts-a-figures/932-federation-account-how-they-share-n727bn-in-february-2012-

Federation Account: How They Share N727bn in February, 2012

MARCH 2012 ECONOMIC CONFIDENTIAL

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The Economic Confidential magazine provides here the distribution of a total sum of N727billion being the statutory and VAT allocations shared to all tiers of government at the February 2012 meeting of the monthly Federation Account Allocation Committee (FAAC). Other allocations are in Fact and Figures pages. From the total disbursement of nets after deductions, the highest recipients are from the oil producing states with Rivers receiving N15.4, Akwa Ibom N14.5bn, Delta N12.8bn and Bayelsa N8.6bn. The highest recipients from non-oil –producing states are Lagos N12.7bn and Kano N9bn.

The lowest recipients as revealed in the table below are Gombe N2.9bn, Nasarawa N3.4bn, Ebonyi N3.1bn and Ekiti N3.4bn. The Economic Confidential can also confirm other disbursements in February 2012: Federal Government N173.4n, FCT Councils N3.5 billion, Nigerian Customs Service (NCS) N2.1bn, and Federal Inland Revenue Service (FIRS) N3.7bn. Please check Facts and Figures of this magazine to see the second allocation from Excess Crude Account. 


SUMMARY TABLE
FES - Federal Excess Savings   NNPC - NNPC Refund

53

GRAND TOTAL (3)

 STAT + VAT

727,182,512,673.57

FES ACCT

129,237,791,967.53

24,321,655,166.30

33,530,207,991.58

187,089,655,125,41

 

 

NNPC

3,742,443,973.13

990,266,062.50

2,884,721,214.38

7,617,431,250.00

54

GRAND TOTAL (4)

STAT + VAT

727,182,512,673.57

FES+NNPC

132,980,235,940.66

25,311,921,228.8

36,414,929,205.96

194,707,086,416

 

 

 

STATUTORY

+

VAT ALLOCATION TO STATE

 

FED. & STATE ALLOCATION

TOTAL STATE DERIVATION OIL & GAS

LG NET ALLOCATION

TOTAL NET (STATE + LG)







TABLE 1:  How the States & Federal Government Shared N921 billion in February 2012 (Combined Table, Compiled from Economic Confidential)

FES - Federal Excess Savings   NNPC - NNPC Refund

1

s/no

2

state

NO. OF LGs

STATUTORY

+

VAT ALLOCATION TO STATE

 

FED. & STATE ALLOCATION

TOTAL STATE DERIVATION OIL & GAS

LG NET ALLOCATION

TOTAL NET (STATE + LG)

1

Abia

17

4,408,232,565.75

FES ACCT

1,048,266,730.12

41,273,848.82

699,200,117.69

1,788,740,696.63

 

 

NNPC

91,928,612.27

12,972,485.42

59,314,383.09

164,215,480.78

2

Adamawa

21

4,615,234,851.91

FES ACCT

1,170,253,586.86

-

899,802,482.08

2,070,056,068.94

 

 

NNPC

102,547,335.89

-

79,291,647.74

181,838,983.63

3

Akwa Ibom

31

14,501,984,752.14

FES ACCT

1,183,896,103.36

6,019,463,723.73

1,186,658,466.75

8,390,018,293.85

 

 

NNPC

101,283,927.66

167,658,976.24

96,795,109.64

365,738,013.55

4

Anambra

21

5,198,261,741.16

FES ACCT

1,182,046,487.80

-

891,975,869.16

2,074,022,356.96

 

 

NNPC

102,679,511.16

-

83,510,552,51

186,190,063.67

5

Bauchi

20

5,373,694,204.19

FES ACCT

1,370,963,511.60

-

1,031,627,527.45

2,402,591,039.04

 

 

NNPC

115,704,842.54

-

81,859,411.88

197,564,254.43

6

Bayelsa

8

8,666,077,450.88

FES ACCT

938,837,039.23

4,820,260,194.10

379,551,159.12

6,138,648,392.45

 

 

NNPC

79,672,734.07

231,996,562.32

32,071,451.63

343,740,748.02

7

Benue

23

5,370,631,333.75

FES ACCT

1,263,701,758.20

-

1,048,955,777.60

2,312,657,535.81

 

 

NNPC

110,647,767.73

-

92,292,073.24

202,939,840.97

8

Borno

27

6,014,675,765.38

FES ACCT

1,394,321,170.07

-

1,205,538,192.68

2,599,859,362.65

 

 

NNPC

117,456,432.49

-

100,889,689.64

218,346,122.13

9

Cross River

18

4,678,662,052.62

FES ACCT

1,098,572,052.21

181,269,295.95

749,158,304.18

2,028,999,652.35

 

 

NNPC

 96,045,615.34

15,201,574.33

67,116,903.24

178,364,092.90

10

Delta

25

12,873,939,530.73

FES ACCT

1,183,194,116.06

5,494,942,908.41

990,191,351.78

7,668,328,376.25

 

 

NNPC

102,583,708.70

199,277,181.35

88,852,761.02

390,713,651.08

11

Ebonyi

13

3,168,530,502.31

FES ACCT

970,185,605.88

-

533,724,387.36

1,503,909,993.23

 

 

NNPC

86,764,433.43

-

45,894,666.71

132,659,100.14

12

Edo

18

4,769,061,196.41

FES ACCT

1,104,307,129.83

475,609,966.78

749,824,770.74

2,329,741,867.34

 

 

NNPC

102,062,420.44

8,293,478.27

71,646,492.49

182,002,391.20

13

Ekiti

16

3,481,465,944.23

FES ACCT

978,634,062.27

-

609,946,627.37

1,588,580,689.64

 

 

NNPC

86,282,742.06

-

53,363,277.02

139,646,019.08

14

Enugu

17

4,475,994,970.97

FES ACCT

1,104,134,180.68

-

722,670,822.89

1,826,805,003.57

 

 

NNPC

95,469,060.52

-

60,974,540.15

156,443,600.67

15

Gombe

11

2,902,879,864.38

FES ACCT

1,037,929,534.63

-

527,332,387.65

1,565,261,922.28

 

 

NNPC

87,831,585.10

-

43,684,252.43

131,515,837.54

16

Imo

27

5,504,163,640.48

FES ACCT

1,178,788,769.22

260,752,465.04

1,046,374,388.45

2,485,915,622.70

 

 

NNPC

101,194,140.29

14,357,867.64

86,575,991.45

202,127,999.38

17

Jigawa

27

5,674,027,731.63

FES ACCT

1,294,793,488.90

-

1,097,807,063.02

2,392,600,551.92

 

 

NNPC

112,360,247.42

-

92,892,665.49

205,252,912.91

18

Kaduna

23

6,321,555,963.51

FES ACCT

1,475,690,794.35

-

1,177,470,603.96

2,653,161,398.31

 

 

NNPC

125,705,227.98

-

101,996,275.41

227,701,503.39

19

Kano

44

9,062,753,946.73

FES ACCT

1,849,499,044.40

-

1,932,393,701.15

3,781,892,745.55

 

 

NNPC

152,911,132.99

-

161,144,203.38

314,055,336.37

20

Katsina

34

6,986,742,406.02

FES ACCT

1,406,538,491.30

-

1,412,786,347.44

2,819,324,838.75

 

 

NNPC

119,897,920.90

-

121,069,528.80

240,967,449.71

21

Kebbi

21

4,594,016,576.85

FES ACCT

1,176,487,173.95

-

877,586,020.07

2,054,073,194.02

 

 

NNPC

99,707,752.30

-

74,960,238.83

174,667,991.14

22

Kogi

21

4,864,221,997.69

FES ACCT

1,173,550,762.79

-

909,589,153.05

2,083,139,915.84

 

 

NNPC

100,006,468.32

-

74,196,941.60

174,203,409.92

23

Kwara

16

4,160,424,901.59

FES ACCT

1,069,419,915.69

-

698,541,387.45

1,767,961,303.14

 

 

NNPC

91,047,964.78

-

61,563,097.07

152,611,061.85

24

Lagos

20

12,722,644,397.44

FES ACCT

1,670,693,134.05

-

1,173,793,981.77

2,844,487,115.83

 

 

NNPC

144,499,323.83

-

107,996,716.92

252,496,040.75

25

Nassarawa

13

3,499,461,977.72

FES ACCT

1,001,992,675.15

-

558,982,946.65

1,560,975,621.80

 

 

NNPC

86,141,551.89

-

47,651,750.40

133,793,302.30

26

Niger

25

5,513,468,599.81

FES ACCT

1,368,508,863.90

-

1,132,756,079.53

2,501,264,943.43

 

 

NNPC

115,840,352.22

-

96,871,709.05

212,712,061.28

27

Ogun

20

4,965,868,976.55

FES ACCT

1,143,747,051.36

-

838,217,165.14

1,981,964,216.50

 

 

NNPC

97,575,055.07

-

73,832,963.58

171,408,018.65

28

Ondo

18

5,161,769,267.04

FES ACCT

1,096,867,587.59

917,923,587.63

773,718,241.83

2,788,509,417.05

 

 

NNPC

95,898,653.54

39,344,260.93

66,613,230.91

201,856,145.38

29

Osun

30

5,340,765,474.69

FES ACCT

1,084,783,893.82

-

1,054,438,848.77

2,139,222,742.59

 

 

NNPC

93,777,457.38

-

97,415,398.50

191,192,855.88

30

Oyo

33

6,688,835,474.81

FES ACCT

1,366,696,702.82

-

1,348,349,621.26

2,716,046,324.08

 

 

NNPC

117,037,985.24

-

116,184,038.75

233,222,023.99

31

Plateau

17

4,737,563,528.32

FES ACCT

1,147,751,766.57

-

771,813,097.70

1,919,564,864.27

 

 

NNPC

99,808,920.19

-

65,726,829.88

165,535,750.07

32

Rivers

23

15,482,451,431.81

FES ACCT

1,283,155,851.14

6,110,159,175.84

1,010,652,898.02

8,403,967,926.00

 

 

NNPC

110,405,103.63

289,981,591.61

85,640,771.54

486,027,466.78

33

Sokoto

23

5,196,906,502.32

FES ACCT

1,220,152,995.65

-

968,812,148.87

2,188,965,144.53

 

 

NNPC

105,618,353.72

-

83,821,377.87

189,439,731.59

34

Taraba

16

4,671,663,685.26

FES ACCT

1,155,723,390.63

-

771,191,825.98

1,926,915,216.61

 

 

NNPC

98,710,829.80

-

65,521,223.05

164,232,052.86

35

Yobe

17

4,503,089,253.58

FES ACCT

1,147,018,426.92

-

747,868,069.67

1,894,886,496.59

 

 

NNPC

95,923,526.71

-

65,334,796.27

161,258,322.98

36

Zamfara

14

3,625,332,194.27

FES ACCT

1,150,505,740.06

-

702,114,861.55

1,852,620,601.61

 

 

NNPC

99,415,275.50

-

57,052,694.57

156,467,970.07

37

FCT-Abuja

6

1,331,819,874.67

FES ACCT

-

0.00

298,791,295.85

298,791,295.86

 

 

NNPC

-

-

23,101,558.60

23,101,558.60

38

SUB TOTAL

774

221,108,874,529.60

FES ACCT

43,491,609,589.07

24,321,655,166.30

33,530,207,991.58

101,343,472,746.95

 

 

NNPC

3,742,443,973.1

979,083,978.11

2,884,721,264.84

7,606,249,165.64

39

FGN

-

173,486,116,867.01

FES ACCT

-

-

-

-

 

 

NNPC

40

FCT

-

3,583,612,233.15

FES ACCT

-

-

-

-

 

 

NNPC

41

FGN and FCT

-

177,069,729,100.16

FES ACCT

85,746,182,378.46

0.00

0.00

85,746,182,378.46

 

 

NNPC

 

 

 

42

GRAND TOTAL (1)

 

398,178,603,629.76

FES ACCT

129,237,791,967.53

24,321,655,166.30

33,530,207,991.58

187,089,655,125,41

 

 

NNPC

3,742,443,973.1

979,083,978.11

2,884,721,264.84

7,606,249,165.64
43

Sokoto Derivation

 

-

FES ACCT

0.00

0.00

0.00

0.00

 

-

NNPC

 0.00

9,083,710.59

0.00

9,083,710.59
44

ONA/ASABORO DERIVATION

 

-

FES ACCT

0.00

0.00

0.00

0.00

 

-

NNPC

0.00

2,098,373.79

0.00

2,098,373.79
45

GRAND TOTAL (2)

 

398,178,603,629.76

FES ACCT

129,237,791,967.53

24,321,655,166.30

33,530,207,991.58

187,089,655,125,41

 

 

NNPC

3,742,443,973.13

990,266,062.50

2,884,721,214.38

7,617,431,250.00

46

Less:Cost of Collection-NCS

 

2,162,338,981.65

 

-

-

-

-

47

Transfer to Excess Crude Acct

 

224,313,101,757.06

 

-

-

-

-

48

Less: 4%Cost of Collection – FIRS VAT

 

3,792,809,359.17

 

-

-

-

-

49

5th Inst. Pyt of o/standing crude debt

 

7,617,431,250.00

 

-

-

-

-

50

TOTAL DEDUCTION

 

21,118,227,695.93

 

-

-

-

-

51

Local Government

 

 

 

-

-

-

-

52

Transfer from Excess Domestic to Sub

 

70,000,000,000.00

 

-

-

-

-

 53

GRAND TOTAL (3)

 STAT + VAT

727,182,512,673.57

FES ACCT

129,237,791,967.53

24,321,655,166.30

33,530,207,991.58

187,089,655,125,41

 

 

NNPC

3,742,443,973.13

990,266,062.50

2,884,721,214.38

7,617,431,250.00
54

GRAND TOTAL (4)

STAT + VAT

727,182,512,673.57

FES+NNPC

132,980,235,940.66

25,311,921,228.8

36,414,929,205.96

194,707,086,416

 

 

 

STATUTORY

+

VAT ALLOCATION TO STATE

 

FED. & STATE ALLOCATION

TOTAL STATE DERIVATION OIL & GAS

LG NET ALLOCATION

TOTAL NET (STATE + LG)



__._,_.___
Recent Activity:
Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.
.

__,_._,___

posted by Economic Confidential at 11:06 PM 0 comments