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FAAC Shares N907b To FG, States, LGs

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The Federation Account Allocation Committee (FAAC), last night, shared the sum of N907.054 billion to the federal, state and local governments.

Mr Bawa Mokwa, Director (Press and Public Relations) of the Office of the Accountant General of the Federation (OAGF) in a statement said that the sum was from revenues that accrued to the Federation Account and proceeds of Value Added Tax in the month of June.

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Last night’s meeting was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

A communique issued at the end of the meeting showed that the expected massive distributable funds following the petrol subsidy removal did not materialise.

READ ALSO: FEC Okays N129.8bn For Further Remediation Work On Ogoni Cleanup, Water Scheme

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The average FAAC monthly distribution has been in the region of N700 billion and many Nigerians expected a huge increase in the monthly distribution after the petrol subsidy removal.

The N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.

In June 2023, the total deductions for the cost of the collection were N73.235 billion and the total deductions for savings, transfers and refunds were N979.078 billion.

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The balance in the Excess Crude Account (ECA) was $473,754.57.

READ ALSO: FEC Approves N392.786bn For Ministry Of Works, Customs Others

Out of the N907.054 billion; the Federal Government received N345.564 billion, the State Government received N295.948 billion and the Local Government Councils received N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13% derivation revenue.

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Gross statutory revenue of N1,152.921 billion was received for the month of June 2023. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.

From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion.

The sum of N23.008 billion was shared to the relevant States as 13% derivation revenue.

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READ ALSO: Naira Scarcity May Affect Private Business In Q1 – Report

For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411 billion. This was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.

The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.

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The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.

From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.

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Wildfire Engulfs Mountain Near Western Canada City

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Nearly 20,000 residents of a community in western Canada were on standby on Wednesday as a wildfire engulfed a mountain overlooking the city of Port Alberni, the latest area threatened in the country’s second-worst fire season on record.

“I’ve lived in Port Alberni since 1956, and this is one of the biggest fires we’ve ever seen,” Russ Wetas, 69, told AFP as smoke from Mount Underwood filled the sky behind him.

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The wildfire service in the west coast province of British Columbia has listed the Mount Underwood fire as “out of control,” meaning it is expected to spread further.

But it remained unclear if Port Alberni, roughly 10 kilometres (6.2 miles) north, will be evacuated.

On the opposite end of the vast country, in the easternmost province of Newfoundland and Labrador, parts of the capital, St. John’s, received evacuation orders on Tuesday, following several days of intensifying fire.

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READ ALSO:Britain, Canada, France Warn Israel Over ‘Egregious Actions’ In Gaza

A wildfire was also burning on Wednesday on the outskirts of Halifax, a major city in the eastern province of Nova Scotia, with a population of nearly half a million.

This is already Canada’s second-worst wildfire season in terms of landmass burned, based on figures dating back to 1983.

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So far, 7.4 million hectares (18.3 million acres) have been scorched, an area nearly as large as Panama, putting 2025 past the 7.1 million hectare mark from 1995.

But this year is not expected to pass 2023, when 17.3 million hectares burned, an extraordinary toll that focused global attention on the growing threat of wildfires boosted by human-induced climate change.

READ ALSO:How False Claims Led To $500m mRNA Vaccine Contracts Cancellation

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Smoke from this year’s wildfires has put tens of millions of people under air quality alerts in both Canada and the United States. The haze has even crossed the Atlantic, affecting people in western Europe.

More than 700 wildfires were burning across Canada on Wednesday, including 161 considered out of control, with nearly every province and territory impacted.

Mount Underwood is on Vancouver Island, making the blaze there part of a worrying trend of increased wildfire activity near the coast.

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Experts have said that historically, coastal areas did not burn, but more serious wildfires near the ocean are being recorded, even if they remain less intense than blazes further inland.

READ ALSO:Trump’s Tariff War: Airline Travel Between Canada, US ‘Collapsing’

This is a fire that hasn’t been seen on Vancouver Island,” John Jack, a First Nations chief and regional official, told the public broadcaster CBC.

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Ted Hagard, who works at Port Alberni’s paper mill, told AFP he had been watching the fire’s progression on social media but needed to see it for himself.

It’s “insane how huge it is,” the 46-year-old said, standing on the shores of a lake adjacent to Mount Underwood.

Canada is experiencing a rise in conditions that are conducive to fires, experts say, linking the trend to climate change, which has caused elevated temperatures, reduced snow, shorter and milder winters, and earlier summer weather.

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Zelensky Rules Out Swapping Territory, Calls For ‘Fair Peace’

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President Volodymyr Zelensky said Wednesday that Ukraine and its allies must work together to pressure Russia into ending its invasion, ahead of talks in Berlin with European leaders and US President Donald Trump.

“Pressure must be exerted on Russia for the sake of a fair peace. We must learn from the experience of Ukraine and our partners to prevent deception on the part of Russia,” Zelensky wrote on social media.

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“There are currently no signs that the Russians are preparing to end the war,” he added.

Zelensky is due in Berlin on Wednesday for talks with European leaders and Trump ahead of the US president’s summit with Russian counterpart Vladimir Putin.

READ ALSO:Trump Bans Citizens Of Chad, Congo, 10 Others From Entering US

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The Ukrainian leader said he and his team had held more than 30 conversations with world leaders and high-ranking officials ahead of the talks.

The flurry of diplomatic engagements have been overshadowed by rapid, but so far limited Russian push in the eastern Donetsk region, which the Kremlin claims is part of Russia.

A member of the Ukrainian delegation travelling with Zelensky to Berlin told AFP that the Russian gains around the mining hub of Dobropillia “did not influence” preparation for Wednesday’s talks.

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Zelensky conceded one day earlier that Russian forces had advanced by up to 10 kilometres (six miles), but ruled out swapping territory with Moscow as part of any deal with Russia.

AFP

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S’Africa Offers US New Trade Deal To Avoid 30% Tariff

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South Africa will offer a “generous” new trade deal to the United States to avoid 30 percent tariffs, ministers said Tuesday.

Washington on Friday slapped the huge tariff on some South African exports, the highest in sub-Saharan Africa, despite efforts by Pretoria to negotiate a better arrangement to avoid massive job losses.

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The ministers did not release details of the new offer but said previously discussed measures to increase imports of US poultry, blueberries, and pork had been finalised.

“When the document is eventually made public, I think you would see it as a very broad, generous and ambitious offer to the United States on trade,” Agriculture Minister John Steenhuisen said at a press briefing.

READ ALSO:Ogun Govt Seals Gbenga Daniel’s House, Hotel

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Officials have said the 30 per cent tariff could cost the economy around 30,000 jobs.

Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is, in fact, complementary,” Trade Minister Parks Tau said.

The United States is South Africa’s third-largest trading partner after the European Union and China.

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However, South African exports account for only 0.25 per cent of total US imports and are “therefore not a threat to US production”, Tau said.

READ ALSO:NDLEA Arrests 46 Suspects, Seizes 40,000 KG Of Drugs

Steenhuisen said US diplomats raised issues related to South African domestic policies, which was a “surprise given the fact we thought we were in a trade negotiation”.

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The two nations are at odds over a range of policies.

US President Donald Trump has criticised land and employment laws meant to redress racial inequalities that linger 30 years after the end of apartheid.

Things like expropriation without compensation, things like some of the race laws in the country, are issues that they regard as barriers now to doing trade with South Africa,” he told AFP on the sidelines of the briefing.

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“I think we’re seeing some form of a new era now where trade and tariffs are being used to deal with other issues, outside of what would generally be trade concerns,” Steenhuisen said.

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