Revenue: FAAC’s incessant battle with NNPC

Twice this year, in November and December, the monthly Federation Account Allocation Committee (FAAC), a session for sharing revenue accruing to federation account, was postponed due to Nigerian National Petroleum Corporation (NNPC)’s inaccurate records, thereby creating problems for the committee.  ABDULWAHAB ISA reports Most states, with the exception of Lagos, Kano and Rivers, have their survival depend entirely on approved income from the Federation Account Allocation Committee (FAAC). To this large number of FAAC dependent states, any minor disruption in the federation account spells doom for the governors. Staff salaries…

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Nigeria losing 72% Internet revenue to U.S., says report

Stakeholders are on accord that hosting domain names locally will curb capital flight Majority of .ng and .com.ng websites in Nigeria are hosted in the United States, making Nigeria lose about 72 per cent of revenue it should be generating through local hosting of such websites, a new report obtained by New Telegraph has revealed. The report on the use of domain names in the national domain of Nigeria name, .ng was carried out this December by a web-hosting company, HUB8. According to the report, out of the 34,000 sites,…

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Nigeria’s revenue: Walking a tight rope

Banking on marginal growth in the oil sector, the Nigerian National Petroleum Corporation (NNPC) jacked up 2018 oil revenue projection to N38 billion. But there are hurdles to achieving this humongous target writes ADEOLA YUSUF Basking in the euphoria of the $3.7 billion Alternative Financing Agreement, which it secured for oil in the last three years, the last Wednesday, raised the 2018 oil revenue projection to N38 billion. Its Group Managing Director, Dr. Maikanti Baru, who said this at the 35th Annual Conference of the Nigerian Association of Petroleum Explorationists…

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How Nigeria can tap into $400bn digital maps revenue –Study

Effective use of digital map tools and applications such as Google Maps by can position Nigerian economy to tap into the digital mapping global market estimated at $400 billion yearly, a latest report from Google has shown. The report on ‘The Economic Impact of Geospatial Services’ shows how consumers, businesses and society benefit from location-based information was carried out by AlphaBeta in collaboration with Google. The study, obtained by New Telegraph, shows that digital geospatial tools like Maps are making positive economic contributions around the globe to employment, emergency response…

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