BusinessDay 28 Nov 2018

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NEWS YOU CAN TRUST I **WEDNESDAY 28 NOVEMBER 2018 I VOL. 15, NO 191 I N300

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States’ IGR up 27.7% to N579.4bn in first half of 2018 ... as Lagos, Cross River generate 62%, 84% revenue from PAYE ENDURANCE OKAFOR

I

nternally generated revenue in the 36 states and the Federal Capital Territory rose to N579.49billion in the first half of the year, from N453.83bn recorded in the corresponding half of 2017, the National Bureau of Statistics (NBS) said in a statement released yesterday. Cyril Ede, the President and Chairman of Council of the Chartered Institute of Taxation of Nigeria (CITN) said there is an improvement in Nigeria’s tax payment system, as more Nigerians are beginning to pay their taxes. “There is improvement in tax compliance, because more people are getting to pay their tax and this is increasing the states’ IGR,” he said. Meanwhile, a breakdown of the NBS report shows that the net Federal Account Allocation (FAAC) in the first half of the year stood at N1.23 trillion while the total revenue available to the states was put at N1.74 trillion. Analysis of the half year IGR Continues on page 39

Inside Oyetola sworn in as Osun governor P. 38

L-R: Abolaji Oyebo, head, technology, The Nigerian Stock Exchange (NSE); Tinuade Awe, executive director, regulation, NSE; Bola Adeeko, head, shared services division, NSE; Oscar Onyema, CEO, NSE; Michele Carlsson, managing director, Middle East and Africa, Nasdaq; Meyer Sandy Frucher, vice chairman, Nasdaq, and James Martin, general manager, Europe, Middle East and Africa, market technology, Nasdaq, during the signing of Memorandum of Understanding between the NSE and Nasdaq on technology at ASEA Conference in Lagos, yesterday.

NNPC’s leaking pipelines cost Nigeria $467m in July N

DIPO OLADEHINDE

igeria’s lost a total $467 million in July due to shut-in of production from leaking pipelines carrying crude oil from wells to flow stations in the Niger Delta, where more than 90 percent of the country’s crude are explored.

The loss comes from 6.29 million barrels of crude oil that the Nigerian National Petroleum Corporation (NNPC) said in its August monthly report that it could not take to the market due to shut-in of pipelines in July. Further analysis into previous monthly reports of NNPC showed inconsistency in the records of pipeline vandalism as

there was no detailed records of pipeline vandalism in the month of January, February and March and while the records given in the month of April, February and July given were not well explained. Petroleum and associated products are transported through extensive network of pipelines in Niger Delta. They

are usually susceptible to sabotage from militants who usually break the pipelines to illegally tap crude oil. But sources in the oil and gas industry also admit that most of the pipelines are old and hence easily susceptible to damage and leakages. The August monthly report

Continues on page 39


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BusinessDay 28 Nov 2018 by BusinessDay - Issuu