How Federal, States, Local Govts Share N4.37 Trillion From January To June – NEITI

September 1, 2023

The three Nigerian tiers of government: the Federal, States and Local Government Councils, have shared a total of N4.37 trillion from the Federation Account as statutory revenue allocations between January and June 2023, according to the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the Federation Account revenue allocations for the first half of the year.

The Executive Secretary of NEITI, Dr. Orji Ogbonnanya Orji, who announced the report in Abuja, said that total distributable FAAC allocations to the three tiers of government in the first and second quarters (Q2) of 2023 stood at N2.32 trillion and N2.04 trillion respectively.

The NEITI quarterly review revealed that inflows into the Federation Account in Q2 of 2023 declined by 23 per cent, affecting the distributable revenue which fell by 12 per cent when compared with the total revenue disbursed in the first quarter.

“Each tier of government received more than N1 trillion over the six-month period.”

According to the report, a breakdown of the revenue receipts showed that the federal government received about N1.78 trillion, or 40.7 per cent, while the State governments received N1.5 trillion, or 34.5 per cent.

The report said that the Local government councils received N1.08 trillion or 24.8 per cent of the total distributable revenue for the period.

It said that a comparative analysis of the total allocations on a year-on-year basis in the corresponding quarters of 2022 and 2023 showed that the distributable revenue of N4.366 trillion shared was higher by 16.7 per cent from about N4.05 trillion shared in 2022.

It said that the allocation received by the federal government over the period under review increased by 19.8 per cent to N1.78 trillion in 2023, from the N1.48 trillion in the corresponding period in 2022.

The report said that allocations to the State governments grew by about 11.2 per cent to N1.42 trillion in 2023 from N1.26 trillion in 2022, while allocations to the LGs rose by 16.8 per cent to N1.08 trillion in 2023, from N926 billion in 2022.

The increase in half-yearly allocations in 2023 was consistent with an upward trend from the previous period where the distributable revenue for the first half of the year rose by 16.7 per cent, from N3.47 trillion between January and June 2021 to N4.05 trillion in the corresponding period in 2022.

Also , allocations to the federal, states and LGs increased across board by 8.8 per cent 26.5 per cent and 14.2 per cent respectively.

However, compared to the same period in 2022, it said the report showed that FAAC distribution in Q2 declined in absolute value with total distributable revenue of N2.02 trillion being less by 13 per cent than about N2.16 trillion distributed in the second quarter of 2022.

It said that further analysis of the disbursements to the states showed that Delta state received the highest allocation of N102.79 billion in the second quarter of 2023, followed by Akwa Ibom’s N70.01 billion, Rivers N69.73 billion, Lagos N60.64 billion and Bayelsa N56.34 billion.

It said that the total disbursements to the five states (N359.5 billion), or 35.9 per cent of the total FAAC allocations, was more than the total allocations to the next 15 states (N349.3 billion).

It said that the cumulative allocation to the five states is also more than the share of allocation to 19 other states put together, adding that the bottom 10 states received 17.3 per cent of the revenue shared in the second quarter of 2023.

According to the report, Nasarawa, Ebonyi, Ekiti, Gombe and Taraba states received the lowest allocations of N16.71 billion, N16.84 billion, N16.95 billion, N17.22 billion and N17.45 billion respectively.

It said that four of the five states with the highest allocations, except Lagos, received a significant share of 13 per cent derivation revenue allocated to oil-producing states.

It said that the total disbursements to these five states (N359.5 billion), or 35.9 per cent of the total FAAC allocations, was more than the total allocations to the next 15 states (N349.3 billion), while the cumulative allocation to the five states was also more than the share of allocation to 19 other states.

It added that the bottom 10 states received 17.3 per cent of the revenue shared in the second quarter of 2023.

It stated that the bulk of the revenues to the federation account came from remittances from the three main revenue-generating agencies.

It listed them as the Nigeria Upstream Petroleum Regulatory Commission, the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).

It explained that these revenues came through earnings from the different revenue streams, including oil and gas royalties, petroleum profit tax, company income tax, value added tax and import and excise duties.

“Also, revenue remittances of about N1.84 trillion in Q2 2023 came from mineral and non-mineral sources, comprising of N809 billion, or 44 per cent from mineral revenue (mostly oil and gas) and N1.03 trillion, or 56 per cent from non-mineral sources.

The report revealed a huge gap between revenue disbursements from the oil and gas and solid minerals sectors, pointing out that this was a reflection of the perennial underperformance of the latter over the years.

“In terms of debt service obligations and the impacts on states’ net allocations, the report showed that Lagos topped the list of 36 states with a total deduction of N9.03 billion in the second quarter of 2023, followed by Delta (N6.76 billion), Ogun (N6.10 billion), Kaduna (N5.63 billion), Osun (N5.60 billion and Imo (N5.51 billion).

“Jigawa, Anambra, Nassarawa, Kebbi and Enugu States had the lowest deductions of N1.16 billion, N1.29 billion, N1.45 billion, N1.51 billion and N1.88 billion respectively.

“The nine oil-producing states, according to the report, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers states received allocations relative to their share of the oil and gas as well as other minerals extracted from their domains.”

It projected that with efficient, prudent management and utilisation of the savings of N3.6Trillion from subsidy payment in the first six months of 2023, Nigeria’s balance of payments would be boosted as demand which was served entirely by product importation would be curtailed.

It said that the drop in demand would inadvertently, trigger a corresponding reduction in the dollar volume needed to pay for premium motor spirit (PMS), which constituted the largest single import product by value,” he said.

The report welcomed with high expectations, the unification and the floating of the exchange rate policy recently introduced to strengthen and stabilise the economy.

“With the average exchange rate of N713.69 to US$1, which is about 55 per cent higher than the rate of N460.52 to the dollar recorded during Q2 will significantly raise the value of export earnings remitted to the Federation Account by more than 50 per cent.

“Also earnings from the new exchange rate through exports will also increase the value of foreign capital inflows, including investments, loans and grants,” it recommended.

The report also urged the Central Bank of Nigeria to prioritise policies to stabilise the exchange rate to facilitate the effective implementation of the deregulation policy and stabilise foreign exchange-dependent inflows into the Federation Account.

Source: NAN

Atiku Celebrates PDP’s 25 Anniversary, Says Party Will Bounce Back

Editorial staff

September 1, 2023

The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, and former Vice President of Nigeria, Atiku Abubakar has rolled up the drum to celebrate the party’s 25th anniversary.

Atiku insisted that the party had done a lot to impact positively on Nigeria’s socio-economic and political development.

A statement today, September 1, by his media office, quoted him to have said: “the PDP is the progenitor of our contemporary democracy, and therefore, the party shall ensure that democracy does not only survive in Nigeria, but that the country thrives through it.”

“Being one of the founding fathers of our great party, the Peoples Democratic Party, I take great pride in having participated in the process of nurturing the party from infancy to a deliberate agency of socio-political and economic development in Nigeria.

“In the 16 years that the PDP was at the helm of affairs in our country, the party offered quality leadership through various administrations and the achievements recorded in those 16 years have remained the benchmark for positive growth in our economy and other critical areas of our national life.

“Of course, the PDP took leading role in the deconstruction of military rule in Nigeria, and the peculiarities of our contemporary experiences both within Nigeria and other countries in Africa demand that the PDP should, once again, rise to the occasion in cancelling the economic hardship and other structural deficiencies that directly bear negatively on our people in the past nearly eight and half years.

“I have every confidence that the PDP will bounce back to give Nigerians a responsive government,” Atiku said.

The Promise I Made To My Mother, President Tinubu Recounts

Editorial staff

September 1, 2023

“My first experience was with my mother of blessed memory. She was ill and she could not recognise me.

“When I intervened, she was treated and given a pair of glasses. The next question she asked me was: I have you, and you are able to do this for me, what about those other women and their children who may not have somebody like you to intervene for them?

“So I made a promise to her that I will pursue the mass provision of eye care vigorously and that I would provide free eye screenings and surgeries to people because of that question my mother asked me and because of her passion to see others healed.”

President Bola Ahmed Tinubu recalled this Promise he made to his late mother, when he spoke today, September 1, as he received in audience, the Founder and CEO of Peek Vision Foundation and Co-Founder of the Vision Catalyst Fund, Professor Andrew Bastawrous at the Presidential villa, Abuja.

Tinubu said that he eventually instituted a system that impacted the eye health of millions of people in Lagos, thereby bringing joy to the beneficiaries.

The President recalled his visionary “Jigi Bola” programme, which was initiated during his tenure as the Executive Governor of Lagos State in 2001 and provided free eye screenings and surgeries to Lagosians while setting a new precedent for proactive eye care initiatives in West Africa.

Highlighting the pressing need for improved eye health services in Nigeria, President Tinubu expressed concern about the more than 24 million Nigerians grappling with varying degrees of vision impairments.

The President, who declared his unwavering support for a partnership between the Federal Ministry of Health’s National Eye Health Programme and the Peek Vision Foundation to provide more than five million pairs of eyeglasses to Nigerians with sight impairments, said: “we must act now because sight and vision is critical to economic development and growth.

“I am in support of this initiative, and I will encourage the mobilisation of further commitment to see this through and to reach vulnerable people all across our country. Some parents may not pay attention to this, but I will, because I am touched.”

This was even as Professor Bastawrous expressed his commitment to the cause, saying: “good vision unlocks human potential. It improves earning, learning, and wellness for individuals, communities, and countries.”

He shared his personal story and the transformative power of vision care, saying: “when I was 12, I was told by my teachers that I was clumsy and lazy, but the results of an eye exam explained I had very poor vision. And when I put on a pair of glasses, I saw the leaves on a tree for the first time, and my life completely changed and two weeks later, I was using my first pair of free eye glasses and I saw stars clearly for the first time.

“My grades improved, and the trajectory of my life completely changed, all because of a very cheap intervention that is 700 years old. Had that not happened, I would not be standing in front of you today.

“I would not be a professor, and I would not be involved in the work I am doing because sight gives opportunity.”

The Peek Foundation CEO noted that eye care is still chronically under-resourced in many countries, adding that the estimates in Nigeria show that 0.0002 percent of the health budget is spent on eye health.

“The good news is that President Tinubu has an excellent team in the health sector, and some of them have demonstrated tremendous leadership in the sector. What we would like to offer is to bring our Peek Vision methodology and platform to Nigeria to help unlock resources from multiple sources. In the countries where we have worked, Peek in Botswana unlocked 10 million dollars for the school programme, and in Kenya, 17 million Euros. Through the Vision Catalyst Fund, we have secured a donation of 200 million pairs of glasses, and we would like a significant proportion of that to come to Nigeria.”

The Coordinating At the event, the Minister of Health and Social Welfare, Professor Mohammed Ali Pate was subsequently joined by the Coordinator of the National Eye Health Programme, Dr. Oteri Okolo and the Director of Public Health, Dr. Chukuma Anyaike, as he presented a National Policy Document on Eye Health to the President.

CBN Alerts Nigerians, Banks, Over Possible Fake $1 Billion In Circulation

Editorial staff

September 1, 2023

The Central Bank of Nigeria (CBN) has alerted Nigerians and banks as well as other financial institutions over the $1 billion that may be in circulation following the arrest of a Nigerian and four others allegedly involved in currency counterfeiting.

The CBN, pursuant to Regulation 4 of the CBN Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022, (CBN AML/CFT/CPF Regulations), directed financial institutions to conduct searches on their database to determine any information related to the identified individuals.

The apex bank, in an administrative letter to banks and Other Financial Institutions (OFIs), dated August 23, 2023, which was signed by the CBN Director, Financial Policy and Regulations Department, Chibuzo Efobi, asked banks to check whether they maintain any accounts or hold any funds or economic resources for the persons involved.

The banks were further requested to identify and file suspicious transactions reports to the Nigerian Financial Intelligence Unit (NFIU) and render NIL reports to the unit where no such records exist.

The CBN also directed the banks to comply with the directive immediately.

The arrested persons were identified as Dele Bolade Samson Babaola, who holds both Nigerian and Swedish citizenship.

Others were Kean Kwasi Arhin from Ghana; Netanel Jacob Weiss, from the United Kingdom; BO Nils Olof Forsanker and Peter Willi Herbert Schick both from Sweden.

The central bank said that it had stepped up its vigilance against money laundering activities to further protect the financial system.

On July 6, the CBN urged banks and other financial institutions (OFIs) to be vigilant and alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.

The apex bank, in an administrative circular issued following the outcome of the Financial Action Task Force (FATF) plenary held between June 21-23, 2023, had further alerted the banks on the addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under increased monitoring by FATF.

The apex bank further stressed that the Democratic Peoples Republic of Korea, Iran, and Myanmar remained on the list of high-risk jurisdictions subject to “Call for Action”, urging that enhanced due diligence should be applied, and in severe cases, countermeasures may need to be implemented to safeguard the international financial system.

The bank had emphasised that the suspension of the Russian Federation’s membership in the FATF remained in effect.In light of the development, the central bank had further directed financial institutions to note all additions to jurisdictions under “Increased Monitoring” as well as high-risk jurisdictions subject to a “Call for Action” and take necessary measures to mitigate these risks effectively.

The FATF is the global money laundering and terrorist financing watchdog that sets international standards that aim to prevent illegal activities and the harm they cause to society.

It was gathered that the jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing.

Source: THISDAY online.

Economic Hardships: Nigeria Labour Goes On 2-Day Nationwide Strike

Greenbarge Reporters

September 1, 2023

The Nigeria Labour Congres (NLC) has announced a two-day warning strike beginning on September 5 to protest against the Federal Government’s failure to address the challenges caused by the removal of fuel subsidy.
The NLC President, Joe Ajaero, who spoke to newsmen today, September 1, said: “The first increase in the pump price of petroleum products and the last one moved a lot of people from the borderline to a very high level of poverty.
“Now, if you calculate it, you will discover that this will not translate to N1,500 per person and you ask: is that the impact? Is that really what we want to achieve?
“Let’s assume it’s a loan. What is really going to happen? Is it garbage in, garbage out?
“If it is N5 billion, I think organised labour would want anybody to do the calculation and tell us how it is going to impact Nigerians on what is happening currently. If it is a loan, then it is too bad.”
The labour union is accusing the Federal Government of abandoning the negotiations and failing to implement some of the resolutions from previous meetings.

Abuja Task Force Destroys 400 Motorcycles Impounded In Operations

Editorial staff

August 31, 2023

The Joint Task Force Team of the Federal Capital Territory Administration (FCTA) has impounded and crushed no fewer than 400 commercial motorcycles for operating illegally in Abuja capital city.

The News Agency of Nigeria (NAN) reports that the motorcycles were impounded at strategic spots which the motorcyclists use as their routes for operations.

The areas included Kpaduma II, Asokoro Extension, Galadimawa by Primary School, Gudu market, Kabusa junction and Apo mechanic village.

The Director of the FCT Directorate of Road Traffic Services (DRTS), Abdulateef Bello, said that the operation was part of ongoing efforts to take commercial motorcycles and tricycle operators off Abuja roads.

According to him, the operation was in line with the matching order by the Minister of FCT, Nyesom Wike, to ensure sanity on Abuja roads.

Bello said that the DRTS has been working hard to enforce the ban on commercial motorcycles and tricycle operations within Abuja metropolis since 2006.

He said that the operators kept returning to the roads, saying that the FCTA has declared zero tolerance for illegal operations of commercial motorcycles.

Earlier, Federal Capital Territory (FCT) Commissioner of Police, Garba Haruna, said that the exercise was a sign that the law on motorcycle ban was still in force.

Banks Sack 110 Top Executives, Others In 2 Years, Over N82 Billion Fraud – FITC

Editorial staff

August 31, 2023

The Financial Training Institution Center (FTIC) has reported that no fewer than 110 senior bank officials and junior employees have been sacked for fraud-related crimes during the previous two years.

In its ‘Reports of Fraud and Forgeries in Nigerian Banks,’’ on the second quarter of 2021 and Q2 2023, the FITC said that only four bank officials were sacked in Q2 2021, but that the figure rose by 175 per cent to 11 in Q2 2023.

FITC’s members are members of the Nigerian Banker’s Committee, which comprises the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria.

The report said that the highest number of sacked top bank executives and junior staff members was recorded in Q3 2022 where 20 officials were fired.

It said that between Q2 2021 and Q2 2022, 52 bank staff members were sacked for fraud-related issues.

According to the report, between Q3 2022 and Q2 2023, 58 bank staff members were sacked for the same reason.

It said that within the period under review, the sacked staff members were involved in a total of 967 fraud cases.

The highest number of cases was recorded in Q4 2021, with 410 cases involving bank staff, while the lowest was recorded in Q3 2021, with 32 cases.

The report said that between Q2 2021 and Q2 2022, bank staff were involved in 657 cases, while between Q3 2022 and Q2 2023, they were involved in 310 cases.

It added that about N18.01 billion was lost due to fraud committed by bank staff and outsiders within the reviewed period out of a total of N81.69 billion involved in fraud cases.

It was earnt that the highest amount lost was N5.79 billion in Q2 2023, while the lowest amount lost was N472.28 million in Q1 2023.

For the total amount involved, the highest amount was N34.78 billion in Q3 2021, while the lowest amount was N1.18 billion in Q2 2022.

It was observed also that mobile fraud, computer/web fraud, and P0S-related fraud were the most prevalent types of fraud, and this trend persisted in Q2 2023.

In June 2022, the PUNCH reported the continued trial of three former workers with the First Bank of Nigeria facing attempted fraud charges before a Lagos State Special Offences Court, Ikeja.

The defendants, Ozioma Ugorji, 35; Ugwu Emeka, 32; and Obike Chukwuka, 38, were arraigned by the Economic and Financial Crime Commission for allegedly attempting to steal N20bn from the bank.

Wike Insists He’s Still PDP Chieftain But Doesn’t Regret Serving In Tinubu’s Govt

Greenbarge Reporters

August 31, 2023

The immediate past Governor of Rivers State, Nyesom Wike, has insisted that he is still a Chieftain of the opposition People’s Democratic Party (PDP) and he did not regret serving as minister in the government of the President Bola Tinubu of the All Progressives Congress (APC)
Wike is currently the minister of the Federal Capital Territory (FCT), one of the presidential kitchen cabinet positions.
Wike, who featured on Channels TV Politics Today, said: “I am not working for APC. I am working for Tinubu who have trust in me to help him deliver the renewed hope renewed agenda.
“I owe nobody any apology at all. I was in PDP and I worked for Ahmed Bola Tinubu to become the President of Nigeria.”
He stressed that no body in the PDP has the gut , to suspend or discipline him.
He said: “who will discipline me? I should be the one calling for the discipline of these people who violated the party’s constitution, in the way that the party supported rotation.
“Who will suspend me? I want to dare anybody.”
The ex-governor said that he informed PDP leadership before he took the ministerial offer of President Tinubu, stressing that he remained a PDP chieftain despite working for the APC government.
“I want to support Asiwaju (Tinubu) to finish well.”
He stressed also that he owed no one an apology for supporting power shift to southern Nigeria.
“We are just waiting for the presidential panel to finish, you will know who actually are those who are working well for the party.
“How can anybody talk about expelling me? A state that brought a governor? A state that brought three senators? A state that produced 32 House of Assembly members? A state that produced 11 out of 13 House of Representatives.
“The person that would suspend me is the one that couldn’t produce a governor, is the one that couldn’t produce three senators?
“I have not seen that person, with all due respect. Nobody will do it. So, the issue of they will do it does not arise.”

UNICEF Appoints Nollywood Actor, Ali Nuhu, Others As Champions

Editorial staff

August 31, 2023

The United Nations Children Education Fund (UNICEF) Nigeria, has announced a popular Kanwood and Nollywood actor, Ali Nuhu as one of its Champions.

Others so appointed, in a statement today, August 30, are film actors: Cobhams Asuquo, WAJE and Kate Henshaw.

The statement said that the appointment will last for a period of 12 months, during which they would serve as powerful voices amplifying issues around child rights in Nigeria.

“Over the course of the next year, these champions will work together with UNICEF to elevate pressing concerns related to children, spanning sectors such as health, education, nutrition, child protection, water sanitation, and hygiene.”

The UNICEF Representative in Nigeria, Ms. Cristian Munduate, who issued the statement, lauded the commitment and unmatched influence of the champions.

“We are truly elated to join hands with such influential voices in the entertainment industry – Cobhams, WAJE, Kate Henshaw, and Ali Nuhu. “Their dedication and passion for children’s rights will undeniably amplify the urgency of the issues we fight for daily.

“This collaboration symbolizes a bridge between the commitment to child rights and the power of art and storytelling. Through music, film, and public engagement, we hope to touch hearts, shift perspectives, and inspire action.”

As UNICEF champions, Cobhams, WAJE, Kate Henshaw, and Ali Nuhu will engage in numerous initiatives and campaigns designed to ensure that every child’s right to survival, growth, development and protection is upheld and championed.

Vice President Shettima Blames Poor Governance For Backwardness Of North

Editorial staff

August 30, 2023

Vice President Kashim Shettima has blamed poor governance for the backwardness of the Northern Nigeria, especially the Northwest.

He therefore called on the Northern stakeholders to go back to the drawing board, re-assess the state of affairs in the North and come up with robust platforms of re-engineering the society.

The Vice President spoke today, August 30, when he granted an audience to a group of Northern States Chambers of Commerce, Industry, Mines and Agriculture (CONSCCIMA), led by its President, Mallam Dalhatu Abubakar at the Presidential Villa, Abuja.

Senator Shettima said: “poor governance has a direct bearing on what we are harvesting in the North-West today.”

He stressed the imperative need for the north to therefore, embark on re-strategizing and re-engineering of the region in order to reposition it for accelerated development.

The Vice President told leading industrialists and agents of change from the North: “most of the issues highlighted by the President of CONSCCIMA are very poignant as these are issues that touch the lives and wellbeing of our people.”

He observed that any society that seeks to achieve economic development must cultivate peace and stability, restating: “there can never be development without peace and there can never be peace without development.”

This was even as the leader of the delegation, Mallam Abubakar, expressed the readiness of its organisation to seek partnership with the Federal Government towards the revitalization of the economy in the North.

He highlighted some projects that can help to galvanize the economy of the North to include the revival of moribound industries and setting up of new ones; establishment of pharmaceutical industries; establishment of modular refineries; recharging of the Lake Chad; completion of Mambila Power and other Power projects; acquisition of Kaduna Refinery and Petrochemicals Company.

Also today, the Vice President Shettima reiterated the value of the traditional institution in the country when he granted audience to a delegation, led by the Chairman of the Nasarawa State Council of Chiefs, Sidi Bage Muhamamad I.

Vice President Shettima acknowledged the role of the traditional rulers, saying: “you are the custodian of our rich cultural heritage, the people listen to you more than us because you are the closest to the people. “We appreciate you and value you because you are our link to the past.”

He asked the people of the State to be peaceful in order to develop, noting that Nasarawa State is home to all the solid minerals in the country.

“If we productively utilize our solid minerals, Nasarawa can be to the North what Lagos is to the South-West and can be the engine room in this region because of its proximity to the FCT. Opportunities abound more in Nasarawa State.”

In the delegation of the Nasarawa State were first Class Emirs, Chiefs and other prominent sons of Nasarawa State.

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