From Isaac Anumihe, Abuja

The Accountant General of the Federation (AGF), Alhaji Ahmed Idris, Tuesday, said the reason the Federal Government has not released recovered funds from former public officers was because of litigation issues around them, stressing that until the legal processes are concluded, government cannot release the funds.
“We must allow the legal processes to be concluded, otherwise we will be jumping the gun. Nigerians must be told to exercise some patience and let the legal processes be concluded,” he appealed.
Idris who spoke at the end of the Federation Accounts Allocation Committee (FAAC), said  that all allocations for February are cash-backed and expected to  hit the accounts of the states within 48 hours. This was against the apprehension that allocations are not usually cash-backed, which was the reason some civil servants collect their salaries late.
Giving the breakdown of the allocation for the month of February, 2016, the Permanent Secretary in the Ministry of Finance, Alhaji Isa Mahmud Dutse, said the total statutory allocation for the month of February was N270.499 billion while the total net distributable was N264.238 billion.
Whereas the Federal Government got N127.200 billion, the states got N64.518 billion and the local governments collected N49.740 billion. Similarly, the lithoral states received N22.780 billion being the 13 per cent derivation.
According to Dutse, the gross revenue of N270.4699 billion for the month of February was lower than the N290.961 billion received in the previous month by N20.462 billion owing to low revenue production.
“Oil production increased slightly between December 2015 and January 2016 despite explosions at Escravos Terminal, force majeure declared at Brass terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance. There was revenue loss of $45.90 million as a result of drop in average price of crude oil from $39.04 million in December, 2015 to $29.02 million in January. Also, a substantial drop in income was recorded from oil and gas royalty, companies income tax and import duty,” he said.
He also noted that the balance in the Excess Crude Account is $2.259 billion.


Trade Fair: Coalition of South-South Chamber targets 500 local, foreign exhibitors

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From Walter Ukaegbu, Abuja

The President Coalition of South-South Chamber of Industry, Mines and Agriculture [FOSSCCIMA], Prince Billy Gillis-Harry, has said that over 500 local and foreign exhibitors are expected at the maiden trade fair of the chamber holding April 2016.
Gillis-Harry was speaking against the backdrop of the first South-South International Trade Fair which is billed to come up from April  10-30, 2016 at the Isaac Boro park in Port Harcourt.
He said that the theme of the Trade Fair is “Growing the South-South Economy to Establish Enduring Peace and Security of the Region to Impact Nigeria.”
The president said that the fair which will attract different companies from across West Africa to showcase their products will provide temporary jobs for more than 250 youths.
He said that children are not left out of the fair as over 1000 schools are expected to participate to showcase their talents.
“It is a multi-sectoral trade fair which will provide an ideal and perfect business matchmaking platform for manufacturers, importers, service providers, traders, investors and visitors to meet and discuss business opportunities.
“It will showcase products from the manufacturing industries ranging from food and beverages, garments, textiles and fashion accessories, footwear, gifts and decorative items toys, health and beauty products.
“It will also showcase other products which include household and kitchenware, jewelry and stationery, industrial equipment, electronics, communication equipment and accessories to banking and financial products, insurance,” he said.
“We are expecting over 500 companies from across the country and the West African sub-region especially those with existing businesses and business interests in the region, while urging others wishing to tap and leverage her huge market opportunities and potentials
He said that with the theme of the trade fair in mind,  FOSSCCIMA is organising the ‘Nights of stars’ a talent hunt project to identify, showcase and most importantly, enable potential young change makers from the region to actualize their talent in the now money-spinning Nigerian entertainment industry.
“The region which has produced some of the best still has hundreds of hidden and unrecognized talents.
“There is over N2m cash prizes that is available across four categories of contestants namely Singing, dancing, comedy and DJS. Winners will be given recording, performance, management and marketing contracts by FOSSCCIMA.
“We have invited top producers, music marketing companies and artiste managers to attend and help us select, superintend and ultimate bring the dreams of these youths to fruition,” he said.