Economy
COVID19: Open All Your Branches, FG Directs Banks
“We have said banks can fully resume. They no longer have to select the branches to open”
The federal government has asked banks to open all their branches in order to decongest banking halls and stimulate economic recovery.
National Coordinator of the Presidential Task Force (PTF) on COVID-19, Dr. Sani Aliyu, gave the directive during Thursday’s media briefing.
Dr Sani Aliyu
Responding to a question on the refusal of banks to reopen their branches shut down in the wake of the nationwide lockdown occasioned by the coronavirus pandemic, the Coordinator said the banks had no reason not to reopen for full business.
“We have said banks can fully resume. They no longer have to select the branches to open,” Aliyu said.
During the briefing, it was also announced that President Muhammadu Buhari has approved the extension of the eased lockdown by another four weeks.
He also rejected a suggestion for testing students before they resume schools, insisting that all that was required was for schools to comply with the protocols established by the federal ministry of education. .
Schools nationwide have started reopening to prepare students in exit classes for their respective final examinations.
The Federation Account Allocation Committee said it disbursed N1.358.075 trillion to the three tiers of Government in Nigeria as July allocation.
The was contained in a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga on Friday.
The disbursed N1.358.075 stems from the total gross N2,613.791 trillion revenue generated in July 2024.
In the period under review, the distributable allocation comes from Statutory Revenue of N161.593 billion, Value Added Tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference and N13.647 billion.
The federal government received N431.079 billion, states got N473.477 billion, local government councils got N343.703 Billion, while the oil-producing states received N109.816 billion, representing 13 percent derivation or mineral revenue.
This is a slight increase from the figure distributed in June, which stood at N1.354 trillion.
A further analysis of July’s allocation showed that the sum of N99.756 billion was given for the cost of collection by the Government’s revenue-generating agencies, while N109.816 billion was allocated for transfer intervention and refunds.
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