The Federal Government says it is working hard to ramp up the number of foreign investors in the various sectors of the nation’s economy, and also reduce its reliance on debts.
Speaking to state house correspondents on Friday after meeting with President Muhammadu Buhari privately in his office, the Executive Secretary of the Nigerian investment promotion commission, Saratu Umar explained that the government is looking to improve its Investment master plan to develop the economy.
She further explained that the commission is committed to advancing foreign direct investment as well as facilitating import substitution.
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.
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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