Business

FAAC distributes N1.298trn to FG, States, LGs in September 2024 Allocation

The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.298 trillion to the federal, state, and local governments as revenue for September 2024.

A statement signed by the Director of Information and Public Relations, Federal Ministry Finance, Mohammed Manga, said the distribution, drawn from a gross total of N2.298 trillion.

According to him, the October 2024 meeting was chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

“The allocation breakdown includes N424.867 billion for the Federal Government, N453.724 billion for states, N329.864 billion for Local Government Councils (LGCs), and N90.415 billion as derivation revenue (13% of mineral revenue) to oil-producing states. N80.993 billion was allocated for collection costs, while N878.946 billion went toward transfers, interventions, and refunds,” Manga stated.

He added,”The Value Added Tax (VAT) revenue for September was N583.675 billion, an increase over August’s N573.341 billion. After deducting N23.347 billion for collection costs and N16.810 billion for transfers, the remaining N543.518 billion was shared among the three government tiers. The Federal Government received N81.258 billion, states received N271.759 billion, and local governments got N190.231 billion.

“Gross statutory revenue for the month totaled N1.043 trillion, marking a decrease of N177.426 billion from August’s N1.221 trillion. From this, N56.878 billion went to collection costs, and N862.136 billion was allocated for transfers, interventions, and refunds.

“The remaining N124.718 billion was distributed to the government levels, with the Federal Government receiving N43.037 billion, states getting N21.829 billion, local governments N16.829 billion, and oil-producing states N43.021 billion in derivation revenue.”

Manga further disclosed that the Electronic Money Transfer Levy (EMTL) contributed N19.213 billion, allocated as follows: N2.767 billion to the Federal Government, N9.222 billion to states, N6.456 billion to LGCs, and N0.768 billion for collection costs.

In addition, he stated that N462.191 billion from the Exchange Difference was shared, with the Federal Government receiving N218.515 billion, states N110.834 billion, LGCs N85.448 billion, and oil-producing states

Business

CBN launches new website

The Central Bank of Nigeria (CBN) has launched its newly redesigned website, www.cbn.gov.ng, scheduled to go live on Dec. 2.

Acting Director, Corporate Communications, CBN, Mrs Hakama Sidi Ali, made this known in a statement on Sunday in Lagos.

We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate.

“Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.

“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she said.

Sidi Ali said the CBN was committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates,” she said.

(NAN)

Business

No ban on sachet water – Lagos Govt

The Lagos State government has denied reports that it has placed a ban on sachet water.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, made this clarification on Sunday in a statement posted on his official X account.

The commissioner’s comments followed a viral video which showed enforcement officers destroying packs of sachet water in Lagos.

Reacting to this, Wahab clarified that the officers in the viral video were staff of the National Agency for Food and Drug Administration and Control (NAFDAC) who went about their lawful responsibility to rid the society of unregistered and unsafe products in the interest of public safety and health.

“My attention has been drawn to a viral video showing some individuals bursting sachet water packs at factories and on buses.

“I wish to categorically state that these individuals are not enforcement officers from any Lagos State Government agency or the Lagos State Ministry of the Environment and Water Resources.

“Upon investigation, it was confirmed that the individuals in question are enforcement officers from the National Agency for Food and Drug Administration and Control (NAFDAC).

“Their actions are part of an enforcement exercise targeting sachet water that does not comply with NAFDAC regulations and in the interest of public health and safety.

“It is important to emphasise that Lagos State has not banned sachet water and does not have plans to do so. Our focus remains on effective plastic waste management.

“As part of our commitment, we are implementing mandatory Extended Producer Responsibility (EPR) for producers of polythene terephthalate (PET), sachets, and carrier bags of no less than 40 40 microns,” he stated.

Business

NAFDAC notifies Nigerians on fake anti-malaria drug in circulation

The National Agency for Food and Drug Administration and Control (NAFDAC) has notified the general public of the sale of counterfeit combiart (Artemether Lumefantrine 20/120mg) Dispersible Tablet in Nigeria.

The notification is in a public alert marked: No. 043/2024, issued on NAFDAC website, disclosing the date of manufacturing of the drug to be Feb. 2023 and June 2023.

It equally gave the expiring date of the drug as May 2026 and June 2026, as well as Batch No: 7225119 with NAFDAC Reg No: A11-0299.

The agency equally gave the manufacturer name and address as Strides Arcolab Limited, 36/7, Suragajakkanahalli, Indlavadi Cross, Anekal Taluk, Bangalore- 562 106, India.

NAFDAC, in the alert, said that all its zonal directors and state coordinators had been directed to carry out surveillance and mop up the counterfeit products within the zones and states.

It advised importers, distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain and avoid importation, distribution, sale, and usage of the counterfeit product.

It said that all medical products must be obtained from authorised/licenced suppliers and that products’ authenticity and physical condition must be carefully checked.

The alert also advised healthcare professionals and consumers to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office.

It urged Nigerians to call NAFDAC on 0800-162-3322 or report any suspicion event via email: sf.alert@nafdac.gov.ng.

“Healthcare professionals and patients are similarly encouraged to report adverse or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng.,” it said

It advised Nigerians to reports any adverse effects via the Med-safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng.

NAFDAC promised that the notice would be uploaded to the WHO Global Surveillance and Monitoring System (GSMS).

NAN