Skip to main content

Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...

FG, States, Local Governments Share N655.9b



By Favour & Akinola Ajibade


The trio of Federal, States and Local Governments have shared N655.932 billion in April this year with a view to enable them manage the day-to-day administration of country.  

The shared funds came from the Federation Account Allocation Committee (FAAC). 

This was disclosed in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi.

The amount includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.

Finance Minister, Mrs Zanaib Ahmed

“The Federal Government received N248.809 billion, the states received N218.307 billion, the local government councils got N160.600 billion, while the oil producing states received N28.216 billion as derivation, (13% of mineral revenue).”

The gross revenue available from VAT for April 2023, was N217.743 billion, which was a decrease from the amount distributed in the preceding month.

“From that amount, the sum of N8.710 billion was allocated for costs of collection, and the sum of N6.271 was given for transfers and refunds. The remaining sum of N202.762 billion was distributed to the three tiers of government of which the Federal Government got N30.414 billion, the states received N101.381 billion, and local government councils got N70.967 billion.

“Accordingly, the gross statutory revenue of N497.463 billion received for the month was lower than the sum of N638.673 billion received in the previous month of March 2023. From that amount, the sum of N18.793 billion was given for the costs of collection and a total sum of N114.016 billion for transfers and refunds. The remaining balance of  N364.654 billion was distributed as follows: Federal Government was allocated the sum of N180.659 billion, states got N91.632 billion, LGCs got N70.647 billion, and oil derivation (13% mineral revenue) got N21.716 billion.

“Also, the sum of N15.121 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.177 billion, states got N7.258 billion, local government councils received N5.081 billion and the sum of N0.605 billion was allocated to costs of collection.”

Comments

Popular posts from this blog

Manufacturers Are Key To Nigeria's Economic Growth

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian Economic Summit Group (NESG) says revitalisation of the manufacturing sector is key to the growth of the econnmy.  The group expressed this at a pre-summit webinar ahead of the 30th Nigerian Economic Summit, focusing on the theme:“Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.” The event brought key stakeholders together to discuss on how to prevent decline in the manufacturing industry, by examining how current economic reforms impact the sector’s operations. Speaking,Dr. Muda Yusuf, Thematic Lead of the Manufacturing Group, Mr Musa Yusuf, who  represented Engr. Mansur Ahmed, Private Sector Co-Chair of the Manufacturing and Mining Policy Commission (MMPC) Steering Committee, highlighted the significant role of the manufacturing sector in Nigeria’s development. According to him,despite its potential, the manufacturing sector faces numerous challenges such as inadequate in...

NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further s...

Transcorp Appoints Christopher EzeafulukweAs Non-Executive Director

Favour Ifeoluwa & Akinola Ajibade  Transcorp Power Plc has strengthed its board with the appointment of Christopher Ezeafulukwe as a Non-Executive Director. This marked a significant change to its Board of Directors. The appointment, approved by the Nigerian Electricity Regulatory Commission, brings a wealth of experience and leadership to the company. Ezeafulukwe, a highly accomplished professional, has over 20 years of executive management experience across multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. His current role as Managing Director/CEO of Transcorp Energy Limited demonstrates his expertise in the energy sector. Prior to his current position, Ezeafulukwe held leadership roles at Abuja Electricity Distribution Plc and Transcorp Power Limited (now Transcorp Power Plc). He also served as Executive Director, Legal and Business Development, at Transnational Corporation Plc, showcasing his versatilit...