FG, States, Local Govts share N466.93bn in March

The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93bn to the three tiers of government in March 2017 from the revenue generated in February 2017, the National Bureau of Statistics (NBS) said on Tuesday.

According to the NBS report released in Abuja, the amount disbursed comprised of N290.16bn from the Statutory Account; N40.33bn from exchange gain; N60.89bn from Excess Petroleum Product Tax (PPT).
Account; N69.21bn from Valued Added Tax (VAT) while the sum of N6.33bn was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).

The report further shows that a total of N180.51bn from the N426.88bn was allocated to the Federal Government, while a total of N116.51bn to states and local governments received N87.47bn. The sum of N3.80bn was shared among the oil producing states as 13% derivation fund and N31.47bn transferred to the Excess Petroleum Product Tax (PPT) Account.

The Federal Inland Revenue Service (FIRS), Revenue generating agencies, Nigeria Customs Service (NCS), and Department of Petroleum Resources (DPR) were allocated N2.94bn, N4.15bn and, N1.74bn respectively, as the cost of revenue collection.

However, a further breakdown of revenue allocated to the Federal Government of Nigeria (FGN) revealed that the sum of N150.76bn was disbursed to the FGN consolidated revenue account with N3.24bn shared
as share of derivation and ecology, N1.62bn as stabilisation fund, N5.44bn for the development of natural resources and N3.86bn to the Federal Capital Territory (FCT) Abuja.

Dangote’s new pasta products hit the market
…to compete with rice consumption

In a major strategic move to grow its market equity in Africa, Dangote Flour has unveiled new improved pasta products called ‘Ecccellente’.
The re-vamped Pasta, is expected to reduce the dependency on rice consumption by Nigerians.
Speaking at the grand customer launch event in Kano on Tuesday, executive director, sales and marketing, Halima Dangote, said the improved products would delight consumers and distributors as it comes with a new taste and new pack.
She said the re-brand followed research by the company which indicated that the customers and consumers would prefer an improved non-sticky pasta.
Halima said: “… it’s a new improved pasta with durum wheat. We did a lot of tests and research and it took us six to eight months to get the right combination, in order to give consumers quality pasta with the best taste.”
She asserted that: “Despite being an indigenous product, it can compete favourably with imported pasta”.
Halima Dangote expressed delight that the products have started to gain acceptability, given the large turn-out of people at the re-launch.
She said it was an honour to be at the unveiling of the new products and marketing campaign.
“I cannot emphasise enough that our goal is to ensure that we produce the best product that will delight you, our distributors, wholesalers and retailers”
She said some countries have already signaled interest to import the innovative products from Dangote pasta.
Group Chief Executive Officer, Thabo Mabe, said: “Now we have the most attractive packaging – please stock up, these will be flying off the shelf when consumers see it. Our new pricing list will also leave you smiling.”
He said the new improved spaghetti and macaroni have in them, durum wheat which reduces stickiness and improves the taste.
According to him: “The purpose of this gathering is to ensure that you, the most important part of our business, are aware of the positive changes that have happened at Dangote Pasta.”
Speaking at the event, the Deputy Managing Director/Executive Director, Supply Chain , Ahmed Yakassai said the improved product is a major development for consumers.
“Please go and tell others about all the positive changes that we have made in at Dangote Pasta. Please tell them that we now use durum wheat, which is the highest quality wheat in the world. So that means that our pasta is nutritious, non-sticky, and great tasting,” he said.

 

Cynthia Egboboh