President Muhammadu Buhari, GCFR

Nigeria’s plan to reduce debts through Foreign Direct Investments, import substitution –NIPC Chief

*Saratu Umar, Executive Secretary of the Nigerian Investments Promotion Commission, informs State House Correspondents that the regulatory Commission is committed to advancing Foreign Direct Investments as well as facilitating import substitution in the country

Alexander Davis | ConsumerConnect

The Federal Government has said it is working hard to increase the number of foreign investors in the various sectors of the country’s economy with a view to reducing its reliance on debts.

Saratu Umar, Executive Secretary of the Nigerian Investments Promotion Commission (NIPC), who  spoke with the State House Correspondents after meeting with President Muhammadu Buhari privately in his office Friday, December 2, 2022, explained that government is looking to improve its Investment master plan to develop the economy.

Umar further underpinned that the Commission is committed to advancing Foreign Direct Investments (FDIs) as well as facilitating import substitution in the economy.

Analysis of refund of 13 percent derivation fund to states

Meanwhile, the Presidency has announced that nine oil-producing states have received 13 percent derivation totalling 625.43 billion naira, subsidy and SURE-P refunds from the Federation Account in the last two years.

Malam Garba Shehu, Senior Special Assistant (SSA) to the President on Media and Publicity, in a statement issued Friday, December 2, also said the states listed to have received the refunds dating from 1999 to 2021 include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.

Shehu noted that Abia State received 1.1billion naira, Akwa-Ibom, 15billion naira; Bayelsa, 11.6 billion; Cross River, 432 million; Delta State, 14.8 billion; Edo State, 2.2 billion naira; Imo State, 2.9billion; Ondo State, 3.7billion and Rivers State, 12.8 billion naira.

The presidential aide said the states were paid in eight instalments between October 2, 2021 and January 11, 2022, while the ninth to twelfth instalments are still outstanding.

The Presidency recalled data obtained from the Federation Account Department, Office of the Accountant General of the Federation, which it said showed that a total of 477.2 billion naira was released to the nine states as refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of 287.04 billion naira.

The statement adds that states also got 64.8 billion naira as refund of the 13 per cent derivation fund on deductions made by NNPC without payment of derivation to Oil Producing states from 1999 to December.

The Presidency again revealed that the benefitting states still have an outstanding balance of 860.59 billion naira from the refunds, which it said was approved by President Muhammadu Buhari.

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