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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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Nigeria: Revenue Drops Again As Federal, States, Others Share N281.5 Billion for April

bycitibusinessnews
May 26, 2016
in Africa, West Africa
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Revenue allocation to federal, states and local governments dropped by 6.09 per cent as the three tiers of government shared a total of N281.5 billion for the April.

Minister of Finance, Kemi Adeosun, said at the end of the federation accounts allocation committee meeting on Wednesday in Abuja that net allocation for the month was lower than the N299.75 billion received in March by N18.25 billion.

The minister attributed the variance between the allocation and previous month’s to the decline in gross statutory revenue, particularly from oil proceeds during the period.

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“Monies that have just been shared were sales undertaken when the oil price declined to as low as $28 per barrel before recovering to the present level. This is the lowest oil price in recent history,” the minister said.

Details of the allocation for the month showed that gross statutory revenue was N213.82 billion, which was lower than N232.62 billion received in the previous month.

Although oil production increased slightly between December 2015 and January 2016, the recent attacks on oil facilities in the Niger Delta, especially explosions at Escravos Terminal has worsened the situation, resulting in a force majeure being declared at Brass Terminal

The development had resulted in the shut-in and shut down of pipelines at other terminals for repairs and maintenance.

She said there was revenue loss of about $45.9 million as a result of a drop in average price of crude oil from $39.04 in December, 2015 to $29.02 in January 2016, while value added tax (VAT) realized for the month was N65.26 billion.

The minister said a marginal drop in income was recorded from oil and gas royalty and import duty, while about N6.33 billion was received as refund by the NNPC to the federation account.

In addition, the minister said about N2.42 billion was proposed for distribution as exchange gain, while another N1.58 billion was realised as excess bank charges recovered, which was due to the federation account.

Details of the revenue distribution showed that the federal received N101.22 billion revenue, in addition to N9.4 billion as VAT, states were allocated N51.34 billion and N31.33 billion from VAT, while local governments got N39.58 billion allocation and N21.93 billion from VAT.

The 13 per cent oil derivation revenue to oil producing states was N15.75 billion, while the balance in the excess crude oil account for the month stood at $2.261 billion.

–

Credit: All Africa

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