Revenue
Federal, states, local governments share N651 billion revenue
The Federation Account Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country. This is N103.877 million higher than the N547.309 billion shared for the month of May. A communiqué released by the FAAC after its monthly meeting at the weekend for the month of Julne 2020 which was held via virtual conferencing, put gross statutory revenue available at N524.526 billion. According to the communique, the meeting chaired by the Accountant General of the Federation, Ahmed Idris, put gross revenue from the Value Added Tax (VAT) at N128.826 billion while revenue from the Exchange Gain was N42.832 billion. This brought the total revenue for the month to N696.184 billion. F...
Google reportedly rescinds 2,000 contract worker jobs
Google rescinded offers to more than 2,000 contract and temporary workers in an effort to curtail new spending as the pandemic continues to sink ad revenue, according to The New York Times. Ruth Porat, Google’s chief financial officer, said last month that the company would slow the pace of hiring this year “given that we are faced with a global crisis of uncertain depth and duration.” The 2,000 contract positions would have been located across the globe, according to the Times, and they represent a small fraction of Google’s workforce. The company reportedly has more than 130,000 contractors on top of 123,000 employees. Still, it speaks to the significant hiring slowdown that Porat telegraphed last month. The pandemic has caused a slowdown in the advertising market, which is where Google ...
