President Bola Tinubu has departed Abuja for Paris, France, on a private visit.

Ajuri Ngelale, Special Adviser to the President on Media & Publicity, announced this in a statement on Wednesday.

Ngelale, who did not go into details said the president will return to the country in the first week of February, 2024.

 

Daily Trust

The Presidency, on Wednesday, said the Bola Tinubu administration was not planning to relocate the Federal Capital of Nigeria back to Lagos, its previous location.

It described the insinuations as a creation of those it called “mischief-makers” bent on “fueling needless ethnic mistrust” to “pit the North against the South.”

This followed the Federal Government’s recent decision to relocate the Department of Banking Supervision of the Central Bank of Nigeria to Lagos and the directive of the Ministry of Aviation and Aerospace Development to relocate the head office of the Federal Airport Authority of Nigeria to Lagos.

Northern senators and youths have expressed displeasure over the move, which they contended was a calculated move to short-change the North.

Applifying the dissenting voices from the North, the Senator representing Borno South Senatorial, Ali Ndume, said Tinubu was being misinformed by “political cartels” to make wrong decisions.

Ndume, who spoke during an interview with Channels Television on Tuesday, said the President was being ill-advised by “Lagos boys” in the corridors of power, stressing the planned relocation would have “political consequences.”

But responding to the northern voices on Wednesday, the Presidency in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, dismissed claims that the FCT would be relocated from Abuja.

“The status of Abuja as the Federal Capital has come to stay. It is backed by law,” Onanuga, said,

It argued that the “rumours” were a creation of the administration’s political opponents who failed to prevent Tinubu’s ascent to the Presidency.

Onanuga said, “We consider it necessary to inform Nigerians that there is no iota of truth in the interpretations given to the directives in some quarters and the unfounded claims and rumours that Tinubu is planning to relocate the Federal Capital back to Lagos.

“These rumours, which first surfaced during the electioneering last year, were sponsored by political opponents looking for all manners of weapons to prevent Tinubu from being elected as president by a section of the country.

“Those behind this renewed sordid narrative, using the recent decision of the CBN and FAAN as a pretext to start another round of toxic opposition, are dishonest ethnic and regional champions, trying to draw attention to themselves.”

Onanuga noted that FAAN, an agency of the Ministry of Aviation, was initially headquartered in Lagos before former Minister of Aviation, Hadi Sirika, moved its base to Abuja during the immediate-past administration.

He noted that this “does not amount to moving the Federal Capital to Lagos.”

“FAAN will still maintain some presence in Abuja. It is not a wholesale movement,” he noted, adding that the administrative move should have ordinarily attracted scant attention, as Lagos is the commercial capital and the hub of aviation business in Nigeria.

Similarly, the Presidency said the movement of the Department of Banking Supervision of the CBN to Lagos “should not trigger any discord within the polity,” as the department concerned deals with commercial banks, almost all of which are headquartered in Lagos.

Therefore, “All those pushing this campaign of falsehood and misinformation know they are merely playing politics, albeit a dangerous politics, to pit the North against the South,” it said.

Onanuga affirmed that the Tinubu-led administration was “working tirelessly to be just and equitable to every section of the country,” urging restraint on the part of those it called rumour mongers who “distract every government from the noble objective of meeting the yearnings and aspirations of Nigerians.”

 

Punch

United Nations Children’s Fund (UNICEF) says the recent violent attacks in some parts of Nigeria have disrupted the learning of more than 1.3 million schoolchildren.

In a statement to mark the International Day of Education, Cristian Munduate, UNICEF representative in Nigeria, said there is a need for collaborative efforts to improve school safety in Nigeria.

Munduate said only 6,000 schools met 43 percent minimum standard of safety in learning environment in Nigeria.

She said education is crucial to advancing social and economic growth, adding that many children in Nigeria do not have access to education.

“A recent evaluation indicates that, on average, only 43% of the minimum standards for safe schools are being met in about 6,000 assessed schools,” the statement reads.

“This finding particularly highlights challenges in ensuring the safety of school infrastructure and in mitigating risks such as violence, conflict, and natural hazards.

“While Nigeria has shown a commitment to creating safe school environments through endorsing the safe schools declaration and developing the minimum standards for safe schools, there is room for further progress.

“On this important day, we are reminded of the collective responsibility we share in safeguarding the educational environment for every child.

“The theme of the 2024 international day of Education, ‘learning for lasting peace,’ reminds us of all of the crucial role that education plays in promoting peace and stability.

“It serves as a reminder to all stakeholders – including federal and state governments, development partners, civil society, communities, and educators – of the importance of providing safe, secure learning environments.

“Education is a key driver of gender equality, economic growth, and social development, sadly it remains inaccessible to many Nigerian children.

“Their educational journey is often disrupted by attacks on communities and schools, including the abduction of students.

“These challenges are particularly acute for adolescent girls, potentially stalling the progress made in girls’ education in Nigeria.

“Recent attacks on schools, particularly in the north-east and north-west regions in 2021, have led to learning disruptions for over 1.3 million children, necessitating precautionary school closures. This highlights the urgency of addressing school safety comprehensively.

“UNICEF calls for a multi-sectoral approach to improve school safety, informed by the performance of states on the minimum standards for safe schools.”

She urged the government to adopt comprehensive planning and allocate adequate resources for school safety in states battling insecurity.

 

The Cable

Russia bolstered its influence in the troubled Sahel region of West Africa with about 100 military personnel from the country arriving in Burkina Faso on Wednesday, the first large deployment in that nation.

The troops, the initial contingent of a planned force three times that size, will provide security for Ibrahim Traoré, the president of the country’s military regime, and the Burkinabe people, the Russian Africa Corps said in a statement posted on its Telegram channel.

The “military specialists” carrying equipment and weapons will train Burkinabe troops and patrol dangerous areas, The Africa Initiative, a pro-Russia group, said in a statement on Telegram.

Russia, first through Kremlin-backed Wagner Group mercenaries and now through the creation of the Africa Corps, has been extending its influence in countries including Mali and the Central African Republic. Like Mali, which is also ruled by the military, Burkina Faso is fighting jihadists and has rejected help from former colonial power France, which had troops in both countries.

The Africa Corps is set to replace Wagner, whose leader Yevgeny Prigozhin was killed in a plane crash last year after leading, and then abandoning, a march on Moscow. Prigozhin had quarreled with Russian President Vladimir Putin’s generals over how that country’s war with Ukraine was being conducted.

The Africa Initiative posted images of the troops and military aircraft, arriving in Ouagadougou, Burkina Faso’s capital.

A spokesman for the country’s military government declined to comment when called.

 

Bloomberg

Israel denies attack on UN refuge in Gaza that drew rebuke from Washington

The United Nations said on Wednesday that Israeli tanks struck a huge U.N. compound in Gaza sheltering displaced Palestinians, causing "mass casualties", but Israel denied its forces were responsible and suggested Hamas may have launched the shelling.

The attack, which the U.N. said hit a vocational training centre housing 30,000 displaced people in Khan Younis, southern Gaza's main city, prompted rare outright condemnation from the United States.

"Mass casualties have taken place, some buildings are ablaze and there are reports of deaths. Many people are trying to flee the scene, but unable to do so," U.N. Humanitarian Coordinator for the Palestinian Territory James McGoldrick said.

Thomas White, director of Gaza affairs for the U.N. agency UNRWA, said two tank rounds hit one of the centre's buildings where some 800 displaced people were sheltering. At least nine people were killed and 75 wounded. The agency's head Philippe Lazzarini said the death toll was probably higher.

"The compound is a clearly marked U.N. facility and its coordinates were shared with Israeli Authorities as we do for all our facilities. Once again a blatant disregard of basic rules of war," Lazzarini said.

In Washington, U.S. State Department spokesperson Vedant Patel said: "We deplore today's attack on the U.N.'s Khan Younis training centre."

"Civilians must be protected, and the protected nature of U.N. facilities must be respected, and humanitarian workers must be protected so that they can continue providing civilians with the life-saving humanitarian assistance that they need," Patel said.

Israel's military initially released a statement describing the wider Khan Younis area as a base of Hamas fighters and acknowledged that fighting was taking place near large numbers of civilians.

In a second statement sent following Washington's criticism, the military said an examination of its operational systems ruled out that its forces had struck the centre. It added that a through review was still under way to examine the possibility that the strike was a result of Hamas fire.

Since Israel's ground offensive began in late October, Washington has raised concerns and asked Israel for information about incidents, but has rarely been openly critical of a specific Israeli action.

Hours after the attack as night fell, U.N. staff were still unable to reach the area and all communications were shut down.

Israeli forces have launched their biggest ground offensive in at least a month, encircling Khan Younis where hundreds of thousands of people who fled fighting elsewhere in Gaza are staying.

Residents said that Israeli announcements warning them to leave the area came only after the operation was under way and the main road out already shut.

The bulk of the 2.3 million-strong population of Gaza is now penned into Khan Younis and the towns just north and south of it. Palestinian officials say the Israelis have cut off and besieged the city's main hospitals, making it impossible for rescuers to reach many of the wounded and the dead.

Israel said that Hamas has "command and control centers, Hamas outposts and Hamas security headquarters" in the area.

"Dismantling Hamas' military framework in western Khan Younis is the heart of the logic behind the operation," the Israeli military said.

"It is a dense area and an area that consists of civilians, it is a place that requires very specific methods of action and precise operations. There is an area with shelters, there are several hospitals, several sensitive sites. We have seen terrorists use these sites."

'WHERE DO WE GO?'

Palestinian health officials said at least 25,700 people had been killed in Gaza in the war, including 210 in the previous 24 hours. Israel launched its assault to wipe out Hamas after fighters stormed Israeli towns on Oct. 7, killing 1,200 people and capturing more than 240 hostages.

In Rafah, a small town just south of Khan Younis on the Egyptian border, an air strike hit a mosque, and residents were gathering scattered pages of holy books from among the pulverised ruins.

Several men hoisted up a concrete block and pulled away rubble, revealing the legs of a dead man in jeans. When the body was finally pulled out, they carried it on a blanket under a stretcher, chanting religious slogans.

Several bodies were later laid in plastic body bags at a morgue, where relatives wailed in sorrow, clutching the corpses.

Um Khaled Baker, whose son was among the dead, told Reuters they had fled to Rafah because it was supposed to be safe.

"I don't even have a tent to stay in. They bombed us and my son is a young martyr. Where do we go? The old and helpless people? What can they do? Where do we go?"

The Palestinian Red Crescent Society, which runs the Al-Amal hospital in Khan Younis, said troops had blockaded its staff inside and imposed a curfew in the area, including its local headquarters, where three displaced individuals had been killed.

Israel says Hamas fighters operate in and around hospitals, which hospital staff and Hamas deny.

 

Reuters

WESTERN PERSPECTIVE

Russia accuses Ukraine of killing 65 of its own PoWs by shooting down plane

Russia accused Ukraine on Wednesday of deliberately shooting down a Russian military transport plane carrying 65 captured Ukrainian soldiers to a prisoner exchange in what it called a barbaric act of terrorism that had killed a total of 74 people.

Ukraine called for full clarification of the circumstances of the incident and did not directly confirm it had shot down the plane.

Ukrainian President Volodymyr Zelenskiy, in his evening address said: "It is clear that the Russians are playing with the lives of Ukrainian prisoners, the feelings of their loved ones and the emotions of our society."

The Russian defence ministry said six Russian crew members and three Russian soldiers had been on the Ilyushin Il-76 military transport plane shot down near the Russian city of Belgorod near the Ukrainian border.

After a long pause, the Ukrainian military said it would continue to destroy Russian military transport aircraft it believed were carrying missiles with which to strike Ukraine.

It said it had noticed more Russian military transport aircraft landing in Belgorod, something it linked to Russian missile strikes on Kharkiv and other Ukrainian cities.

Air Force Commander Mykola Oleshchuk accused Russia of trying to undermine international support for Ukraine.

"Ukraine has the right to defend itself and destroy the means of the aggressors' aerial attack," he said.

The Russian defence ministry said the exchange was to have taken place on Wednesday afternoon at the Kolotilovka border checkpoint and Ukraine knew a transport plane carrying captured Ukrainian soldiers was expected at the Belgorod airfield.

"By committing this terrorist act, the Ukrainian leadership has showed its true face. It disregarded the lives of its own citizens," the ministry said in a statement.

Russian Foreign Minister Sergei Lavrov called for a meeting of the U.N. Security Council and said Russia sought to establish "the reasons behind the Ukrainian criminal act".

A French spokesperson at the U.N. said the meeting would be held at 5 p.m. (2200 GMT) on Thursday.

Ukraine's GUR military intelligence agency said Ukraine had not been asked to ensure airspace security around Belgorod unlike previous swaps and had not been informed about what means of transport would be used and which routes.

"On this basis, we may be talking about planned and deliberate actions by Russia to destabilise the situation in Ukraine and weaken international support for our state," GUR said in a statement on Telegram.

Russia's defence ministry said radar operators had detected the launch of two Ukrainian missiles at the time of the crash.

If the details are confirmed, it would be the deadliest incident of its kind inside Russia's internationally recognised borders during the almost two-year-old war.

UKRAINE SAYS PRISONER SWAP WAS SCHEDULED

Ukraine's intelligence agency confirmed a prisoner swap had been planned for Wednesday and said the captured Russian servicemen had been delivered to the agreed exchange point on time and were safe.

"Landing a transport plane in a 30-km combat zone cannot be safe and in any case must be discussed by both sides, because otherwise it jeopardises the entire exchange process," it said.

It had no reliable information about who was on the downed plane, it added.

Video footage posted on Telegram by Baza, a channel linked to Russian security services, and verified by Reuters, showed a large aircraft falling to the ground near the village of Yablonovo in Belgorod region and exploding in a fireball.

Andrei Kartapolov, a member of Russia's parliament and a retired general, told the SHOT news outlet it was impossible for operators of Ukrainian surface-to-air missile systems to mistake transport planes for military planes or helicopters as targets.

"It was done deliberately to sabotage the prisoner exchange," said Kartapolov, saying a second Russian Il-76 transport plane carrying around 80 Ukrainian soldiers to the exchange had managed to turn around.

Kartapolov, who has close links to the Russian defence ministry, said the plane had been downed by three missiles of either U.S. or German manufacture.

Reuters could not immediately verify details of who was on board the downed plane, but Moscow and Kyiv have regularly swapped prisoners since Russia began what it calls its "special military operation" in Ukraine in February 2022.

The Belgorod region, which borders Ukraine, has come under frequent attack from Ukraine in recent months, including a December missile strike which killed 25 people.

 

RUSSIAN PERSPECTIVE

Belgorod plane attack: Kiev deliberately shot down plane carrying its POWs, Moscow says

Kiev's forces knowingly downed a Russian plane carrying

Ukrainian prisoners of war that crashed on Wednesday, killing all on board, in order to pin the attack on Moscow, the Defense Ministry has said, adding that Kiev had once again shown its “true colors”.

In a statement following the incident, the ministry revealed that a Russian IL-76 cargo plane had crashed in Belgorod Region, claiming the lives of 65 Ukrainian POWs, as well as six crew members and three Russian soldiers. 

The Defense Ministry claimed that the “Kiev regime committed a terrorist act” by targeting the plane, which was transporting POWs for a further prisoner exchange, from the Chkalovsky military airbase near Moscow to Belgorod.

Russian officials stated that the plane had been hit at 11:15am local time by Ukrainian air defense forces stationed in Kharkov Region, adding that the military had registered the launch of two missiles.

Confirming that everyone aboard was killed in the attack, the ministry said that the Ukrainian leadership was well aware of the flight and its mission. It noted that Moscow and Kiev had agreed to conduct a prisoner exchange later on Wednesday near the Russian border village of Kolotilovka in Belgorod Region. 

Nevertheless, the Nazi Kiev regime [carried out this attack] in a bid to accuse Russia of killing members of the Ukrainian military. By committing this terrorist act, the Ukrainian leadership showed its true face, disregarding the lives of its citizens.

Russian officials stated earlier that the attack used either US-made or German air defense systems, with State Duma Chairman Vyacheslav Volodin urging Kiev’s Western backers to finally realize that they are backing a “Nazi regime.”

Russian MP Andrey Kartapolov said a second plane had been carrying another 80 captured Ukrainian troops, which was swiftly diverted from the danger zone after the first aircraft was attacked.

The Ukrainian Defense Ministry has so far declined to comment on the incident, saying only that it was looking into the matter. However, Andrey Yusov, a spokesman for Kiev’s Main Directorate of Intelligence (GUR), confirmed that Russia and Ukraine were indeed scheduled to carry out a prisoner exchange on Wednesday, adding that it had since been canceled. 

Ukrainian newspaper Ukrainskaya Pravda initially reported, citing unnamed defense officials in Kiev, that the IL-76 was destroyed by the country’s military. Later, however, it removed the mention of Kiev’s role in the attack.

 

Reuters/RT

Your iPhone contains sensitive information, including saved passwords, Apple Wallet cards, and cherished photos. Losing your phone, even temporarily, can evoke concerns about the security of your data.

In its recent iOS update, version 17.3, Apple introduced a new feature called Stolen Device Protection to alleviate such worries.

Tech reporter Rich DeMuro from Nexstar’s KTLA explains that this setting enhances security against potential theft attempts, making it more challenging for thieves to access personal information, even if they possess your passcode.

DeMuro points out that typically, someone with your passcode could perform actions such as changing your Apple ID password, disabling Find My iPhone, accessing saved passwords, and erasing your data.

With Stolen Device Protection, specific actions now require a biometric sign-in (Face ID or Touch ID) or a time delay before execution.

The Stolen Device Protection feature becomes active when your iPhone is away from familiar locations like home or work.

In unfamiliar locations, accessing stored passwords and credit cards requires Face or Touch ID with no passcode alternative. Additionally, certain actions, such as turning off Lost Mode, erasing content and settings, applying for an Apple Card, and other activities with Apple Cash and Savings, are restricted.

Security actions like changing your Apple ID password involve a biometric login, followed by an hour-long wait and a second biometric login. The delay may end early if your iPhone detects a return to a familiar location.

While these precautions may seem inconvenient initially, they are actions that thieves commonly attempt once they have possession of an iPhone. It’s essential to enable the Stolen Device Protection feature before your phone is lost or stolen, and it is only available with the latest iOS update, version 17.3.

To activate Stolen Device Protection, ensure two-factor authentication is enabled for your Apple ID. Set a passcode, use Face ID or Touch ID, enable Find My, and turn on Significant Locations.

After adjusting these settings, go to Settings, tap on Face ID & Passcode, enter your passcode, and toggle Stolen Device Protection on. If you decide to deactivate this feature, follow the same steps but switch the toggle to off.

In case your iPhone is lost or stolen, Apple recommends logging into your iCloud account online to report the device as lost. You can lock it with a passcode, display a return message on the screen, and use the Find My app on another Apple device to locate your iPhone. Additional steps, such as changing your Apple ID password and filing a claim, can be found on Apple’s website.

It’s worth noting that not all iPhones can access iOS 17.3. If you have a newer iPhone with sufficient storage space, updating should be straightforward. However, iPhones older than the XS and XR models (iPhone 8 and older) are not compatible with the latest update, as clarified by Apple during the release of iOS 17.

 

The Artistree

As the superrich gathered in Davos last week, business leaders polled by ‘Fast Company’ say capitalism exacerbates the wealth gap at its own peril.

Capitalism is at an existential crossroads, and figuring out how to make it work better for people who are not top earners will require focused cooperation from world business leaders and policymakers, according to a new survey from Fast Company.

The global survey of professionals ranging from early-career managers to C-suite executives found that favorability toward capitalism in 2024 is decidedly mixed, with 36% saying they had a positive reaction to the word and 35% saying their reaction was negative. Another 29% said they felt neutral.

Attitudes were slightly more positive when it came to "stakeholder capitalism," defined in the survey as a system in which "companies seek to serve the interests of employees, customers, suppliers, and local communities," as opposed to just maximizing shareholder profits.

Forty-one percent viewed stakeholder capitalism favorably compared to 15% who viewed it negatively. Respondents were even more favorable when asked if they thought stakeholder capitalism has the potential to make capitalism better, with a full 72% saying they thought it could.

The finding is notable given recent critiques of stakeholder capitalism from investors who believe it unfairly penalizes certain industries, not to mention vocal critics such as Vivek Ramaswamy, who has made attacks on "woke capitalism" one of the cornerstones of his presidential campaign.

Stakeholder capitalism has conversely been championed by high-profile financial CEOs, such as Larry Fink of BlackRock and Brian Moynihan of Bank of America.

Fast Company's Future of Capitalism survey was conducted in December 2023 and January 2024 and included responses from more than 25 countries, with about 60% coming from the United States.

Some Davos-bound executives said they were not surprised by the lukewarm response that capitalism received in the survey.

“The growing skepticism toward traditional capitalism resonates deeply with me as a woman of color and tech founder with Danish-African roots living and working in Silicon Valley," Soulaima Gourani, cofounder and CEO of the software firm Happioh, told Fast Company. "There is a broader crisis within capitalism, particularly evident in the tech sector where ethical and morale considerations often clash with relentless innovation."

Nigel Vaz, CEO of digital consultancy Publicis Sapient, added that a more holistic view of capitalism can also be good for companies' bottom line. “Today, companies are becoming increasingly focused on how they create value for customers, and customers are also asking how companies are contributing to society," Vaz says. "For business leaders, making the connection between these two ideas is key to creating a shared ‘why’ for the organization, which can be one of the most powerful contributors to growth, profit, and impact.”

Respondents were also asked to rank stakeholders (customers, employees, shareholders, community, suppliers, and government) in order of importance. While 21% said community should be the top priority for business, only 9% said it was the top priority in their own business, a detail economist Byron Auguste, cofounder and CEO of Opportunity@Work, said was "striking." "Stakeholder capitalism that truly delivers requires business models that transform more of the community into valued employees and priority customers," he says.

Greed is not good

The survey also revealed a variety of opinions about the future viability of capitalism itself. Asked what they believed was capitalism's biggest threat, respondents provided write-in answers that were as disparate as they were visceral, with people citing a range of perceived threats like far-left politics, DEI, the media, artificial intelligence, government, and greed. Others said that capitalism itself was the problem.

However, one common theme among the assortment of answers was income inequality, with at least 13% of respondents mentioning it or related issues as a potential threat to capitalism.

Gourani said concerns about the wealth gap have been reflected in other polls, and justifiably so. She points to data from the 2022 World Inequality Report, which found that more than half of the world's income is captured by the top 10% of earners.

"There's a clear call for reshaping economic frameworks to foster fairness and opportunity across diverse backgrounds," Gourani says. "To quote Nobel laureate Joseph Stiglitz, 'We have to rewrite the rules of the economy to make it fairer.'"

 

CNBC

The Naira, on Tuesday, continued its downward spiral, dropping to N1,365 per dollar at the parallel section of the market.

The figure represents a N35 or 2.63 percent depreciation compared to the N1,330 it traded on January 16, 2024.

Currency traders, also known as Bureau De Change (BDC) operators, put the buying price of the dollar at N1,355 and the selling price at N1,365 — leaving a profit margin of N10.

A BDC operator in Lagos, who identified as Aliyu, said demand for the greenback has continued to increase.

“Demand is increasing for the dollar as we have been recording more purchases,” he said.

At the official section of the foreign exchange market (FX), the local currency gained by 5.05 percent to N878.61 on Tuesday — from N925.3 on Monday.

FMDQ Exchange, a platform that oversees official FX trading in Nigeria, said the naira recorded a high of N1,336.05 and a low of N701.

Meanwhile, the association of Bureau de Change Operators of Nigeria (ABCON), on Tuesday,  said the Economic and Financial Crimes Commission (EFCC) granted its members permission to post exchange rates online.

In a briefing on January 22, 2024, Aminu Gwadabe, ABCON’s president, said the association has been in discussions with relevant agencies to allow BDC operators to import dollars to bolster liquidity in the sector.

 

The Cable

Federation Account Allocation Committee says it shared a total sum of N1.13 trillion of earnings in December 2023 with the Federal Government, States, and Local Government Councils.

This is N50bn more than the N1.08trn shared to each state in November.

The FAAC in a communique after its January 2024 meeting, chaired by the Accountant General of the Federation, Oluwatoyin Madein, said the N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

Madein, who was quoted in a statement by the Director of Press and Public Relations, Bawa Mokwa on Tuesday, also said A total sum of N57.92 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

According to the communique, total revenue of N1,674.230 billion was available in December 2023.

Recall that the federation account began to enjoy more revenue following the removal of subsidies and unification of the country’s exchange rate by the current administration.

The statement read, “The N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

“Total deductions for cost of collection was N62.254 billion; total transfers, interventions, and refunds was N484.568 billion.

“Gross statutory revenue of N875.382 billion was received for December 2023. This was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.”

The statement added that the gross revenue available from the Value Added Tax in December 2023 was N492.506 billion which was N132.1bn higher than the N360.455 billion available in November 2023.

The communique stated that from the N1,127.408 billion total distributable revenue, the Federal Government received a total of N383.872 billion, the State Governments received N396.693 billion and the Local Government Councils received N288.928 billion.

It added, “N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

“From the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.118 billion and the Local Government Councils received N67.935 billion. N33.406 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

“The Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion distributable Value Added Tax revenue.

“The N17.855 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.

“The Federal Government received N138.672 billion from the N 287.743 billion Exchange Difference revenue. The State Governments received N70.336 billion, and the Local Government Councils received N54.226 billion. N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.”

However, FAAC stated, “In the month of December 2023, Companies Income Tax, Excise Duty, Petroleum Profit Tax, Value Added Tax, and Electronic Money Transfer Levy increased significantly, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies decreased marginally.

“The balance in the ECA was $473,754.57, the statement concluded.

 

Punch