Sunday, February 27, 2022

States may face salary crisis as FAAC drops to four-year low, sheds N125bn 

Some states are set to face fresh economic challenges as the Federal Allocation has dropped to a four-year low.

In January, the Federation Accounts Allocation Committee shared the sum of N574.66bn to the Federal Government, states and local government councils. The amount shared in January is lower than the N699.82bn disbursed in December 2021.

This fall in FAAC allocations follows the Federal Government’s announcement of its plans to deduct N950bn for the payment of fuel subsidy from allocations due to states in 2022.
Details of the allocations for January are contained in a communiqué issued at the end of a virtual meeting of the FAAC for February 2022 released on Thursday night.

The N574.66bn total distributable revenue comprised distributable statutory revenue of N291.40bn, distributable Value Added Tax revenue of N178.06bn and Exchange Gain of N5.202bn and Non-Mineral Revenue of N100bn.

In January 2022, the total deduction for the cost of collection was N25.421bn and the total deductions for statutory transfers, refunds and savings was N92.767bn. The balance in the Excess Crude Account was $35.36m.
The communiqué confirmed that from the total distributable revenue of N574.668bn; the Federal Government received N204.580bn, the State Governments received N179.251bn and the Local Government Councils received N131.878bn. A total of N58.959bn was shared to the relevant states as 13 per cent derivation revenue.

The distributable statutory revenue of N291.4bn was available for the month. From this, the Federal Government received N122.749bn, the state governments received N62.260bn and the local government councils received N48bn. The sum of N58.391bn was shared with the relevant states as 13 per cent derivation revenue.
In the month of January 2022, the gross revenue available from the Value Added Tax was N191.2bn. This was lower than the N201.255bn available in the month of December 2021 by N10.033bn.

The sum of N5.507bn allocation to NEDC and N7.649bn cost of collection were deducted from the N191.2bn gross VAT revenue, resulting in the distributable VAT revenue of N178.06bn.

From the N178.066bn distributable VAT revenue, the Federal Government received N26.710bn, the state governments received N89.033bn and the Local Government Councils received N62.32bn.

According to the communiqué, in the month of January 2022, Companies Income Tax, Petroleum Profit Tax, and Oil and Gas Royalties decreased significantly while Value Added Tax, Import and Excise Duties decreased marginally.
Economists told newsmen that allocations to the three tiers of the government would continue to decline as long as the cost of fuel subsidy was deducted from the Federation Account.

This, they said, would have dire consequences on Nigerians as it would affect the capacity of the state government to pay salaries and that of the Federal Government to develop capital infrastructure.

A development economist, Aliyu Ilias, who spoke via a telephone interview, said, “Well, the fact is that the Federal Government lacks foresight.

“They know that our revenue is dwindling right from the COVID 19 period. We have been having a revenue problem and the government even had to introduce a bailout to help states.

“Now that FAAC allocations are declining, there is no doubt that some states will find it hard to pay salaries. This will lead to untold hardship for Nigerians as their purchasing power will be diminished.”
He added that the conflict between Ukraine and Russia was driving a surge in the price of fuel which invariably means that the cost of paying for fuel subsidy would also rise.

Ilisa advised the government to seek other sources of revenue to prevent the negative impacts of a steady decline in FAAC allocations.

Another economist and Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Sheriffdeen Tella, strongly argued for the removal of fuel subsidy to cushion its impacts on allocations to the three tiers of government.

He also called on states to devise other ways of generating revenue instead of relying on allocations from the Federation Account.

Tella said, “Yes, it might reduce the ability of state governments to pay salaries at the end of the month. But it shouldn’t be so, states are not meant to rely heavily on allocations to carry out their operations. They should be able to generate enough revenue to take care of their members or look for ways to improve their revenue.”
But the Nigeria Labour Congress said the rise in the price of crude in the world should be an advantage to the country.

Speaking with one of our correspondents on Saturday, the Deputy President, Nigeria Labour Congress, Joe Ajaero, noted that the only way the rise in crude could be at a loss to Nigeria was if the country was not selling crude and was buying refined petroleum products.

While warning against the reduction in FAAC allocation, he asked the Nigerian government to come up with another excuse.

He said, “It is a lie. Nigeria is still selling crude. If we are selling, even if we are importing finished products, if there is a rise in the price of crude it means Nigeria will make more money through the sale of crude.’’

NCC alerts Nigerians of malware stealing banking app details 

The Nigerian Communications Commission’s Computer Security Incident Response Team has warned Nigerians about a newly discovered malicious software stealing users’ banking app login credentials on Android devices.

According to the commission, the malicious software called ‘Xenomorph’, which has been found to target 56 financial institutions from Europe, has a high impact and high vulnerability rate.

It added that the main intent of this malware was to steal credentials, combined with the use of SMS and notification interception to log-in and potential two-factor authentication tokens.

In a statement, NCC said, “Xenomorph is propagated by an application that was slipped into Google Play store and masquerading as a legitimate application called ‘Fast Cleaner’ ostensibly meant to clear junk, increase device speed and optimise battery.

“In reality, this app is only a means by which the Xenomorph Trojan could be propagated easily and efficiently. To avoid early detection or being denied access to the PlayStore, ‘Fast Cleaner’ was disseminated before the malware was placed on the remote server, making it hard for Google to determine that such an app is being used for malicious actions.
“Once up and running on a victim’s device, Xenomorph can harvest device information and Short Messaging Service, intercept notifications and new SMS messages, perform overlay attacks, and prevent users from uninstalling it. The threat also asks for Accessibility Services privileges, which allow it to grant itself further permissions.”
According to the commission’s CSIRT, the malware stole victims’ banking credentials by overlaying fake login pages on top of legitimate ones and since it could intercept messages and notifications, it allowed its operators to bypass SMS-based two-factor authentication and log into the victims’ accounts without alerting them.

The CSIRT security advisory said Xenomorph has been found to target 56 internet banking apps: 28 from Spain, 12 from Italy, 9 from Belgium, and 7 from Portugal; as well as Cryptocurrency wallets and general-purpose applications like emailing services.

Although the Fast Cleaner app has been removed from the Play Store, it garnered 50,000+ downloads, according to the NCC.

Russia-Ukraine Crisis: 20 Latest Developments You Should Know

Here are the latest developments in Russia’s attack on Ukraine:

Russia orders big push
Russia orders its troops to advance “from all directions” as it pounds the Ukrainian military with cruise missiles.

‘Stiff resistance’
The Pentagon says half of Russia’s invasion force is already inside Ukraine but is being frustrated by unexpectedly stiff Ukrainian resistance, with President Volodymyr Zelensky claiming his troops have “derailed” the Russian masterplan.

Battle for Kyiv
Ukrainian soldiers beat back a Russian attack in the capital Kyiv only hours after Zelensky warns Moscow would attempt to take the city before dawn.

Civilians against tanks

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Civilians – some of whom have never held a gun before – hunker down to battle with Russian tanks.

Russians ‘murder’ 10 Greeks:

Athens–Greece calls on Russia to stop bombing Ukrainian villages after it blames Moscow for the “murder” of at least 10 ethnic Greek civilians in air strikes near the southern city of Mariupol.

Bodies in the streets
AFP sees a dead civilian lying sprawled on the pavement in central Kyiv as nearby medics help another man whose car was crushed by an armoured vehicle. Others are feared dead after artillery blasted a five-storey hole in a high-rise apartment block.

198 civilians dead
Ukraine’s health minister says 198 civilians, including three children, have been killed and 1,115 wounded since Russia invaded.

‘I am here’: Zelensky
A defiant Zelensky releases a self-shot video from central Kyiv saying, “I am here… this is our land, our country, our children and we will protect all of this.”

250,000 refugees
Poland says 100,000 refugees have crossed its border from Ukraine since Russia invaded, with the UN estimating a similar number are internally displaced. Some 50,000 have also poured into Hungary and Romania with thousands more crossing into Moldova.

US military aid
The United States says it is providing Ukraine with $350 million in additional military assistance to fight off the Russian invasion.

Europe sending weapons

Germany is sending 1,000 anti-tank weapons and 500 “Stinger” surface-to-air missiles to help Ukraine. France is also rushing military equipment and fuel there with Prague supplying small arms and ammunition.

Danish reporters shot
Two Danish journalists are shot and wounded when their car comes under fire near the northeastern city of Okhtyrka, some 50 kilometres (30 miles) from the Russian border.

Germany bows to SWIFT ban
Germany says it is working on excluding Russia from the SWIFT interbank system after coming under severe criticism from Poland for resisting EU efforts to impose the sanction that would cripple Moscow’s trade with most of the world.

France intercepts Russian ship
French naval forces intercept a cargo vessel in the Channel loaded with cars heading for Saint Petersburg after the EU slapped sanctions on Moscow.

Kremlin bans ‘war’, ‘invasion’
Russia orders its media to remove reports describing its attack on Ukraine as an “assault, invasion, or declaration of war” or face being blocked and fined.

NATO deploys force
NATO is deploying its 40,000-strong rapid response forces for the first time to bolster defences on its eastern flank. No details were given on where the forces are being sent.

Worldwide ‘Russia out!’ protests
Pro-Ukraine protests erupt across the world as thousands take to the streets from London to Athens and Argentina to Canada to denounce Russia’s assault on its neighbour.

Meanwhile more than 3,000 Russians have been arrested since Thursday for protesting against the invasion.

UK royals back Ukraine
Britain’s Prince William and his wife Kate tweet a message of support to “all of Ukraine’s people” in a rare geopolitical intervention.

Russian oligarch Roman Abramovich hands over the English Premier League club to its charitable trust as football fans across Europe turn on Russia with banners such as “Stop it, Putin!” and gestures of solidarity with Ukraine.

– Tennis star joins army –
Ukrainian tennis star Sergiy Stakhovsky says he has joined his country’s military reserves to fight the Russian invasion.

– KLM cancels flights –
Dutch flag carrier KLM cancels all its flights to or travelling through Russia for the next seven days after the European Union slapped sanctions on Moscow, saying they prevented spare parts from being sent to Russia and compromised safety.

Pastor arrested for attempted murder/unlawful possession of firearms in Ogun 

The shepherd in charge of a Celestial Church of christ Jesu Yan parish, situated at Olambe junction Akute Ogun state has been arrested by men of the Ogun state police command for alleged attempted murder and unlawful possession of a prohibited firearm.

Read the police statement below…
The suspect, Pastor Peter Ayodele Omope, was arrested following a distress call received from one Deji Olaketan, a driver, who informed the police at Ajuwon divisional headquarters that, he and one 18 year old Kemi Johnson, a househelp, took their madam to the airport to board a plane. However, after dropping their boss, while on their way home, they were informed that the Oro sacrifice was ongoing at Olambe area which made it impossible for them to pass through the area. They then saw a Celestial church where a vigil was ongoing and decided to join them since it was already late in the night.

While they were at the entrance of the church, the suspect who happened to be the shepherd in charge came out with a pump-action rifle and before they could utter any explanation, he shot Kemi Johnson in the leg.

Upon the distress call, the DPO Ajuwon division SP Andrew Akinseye quickly mobilized his men and moved to the scene where the suspect was promptly arrested.

The victim was quickly rushed to Ifako Ijaye general hospital, from where she was referred to Lagos university teaching hospital and finally to Orthopedics Hospital Igbobi Lagos.

The pump-action rifle and five live cartridges have been recovered from the suspect.
Confirming the incident, the spokesperson of the state police command, DSP Abimbola Oyeyemi, said the Commissioner of Police, CP Lanre Bankole, has ordered the immediate transfer of the suspect to state criminal investigation and intelligence department for discreet investigation.

2023: I ventured into politics so that I can assist more people in the society - AIB

No doubt, everyone that come across Hon Abeeb Idowu Balogun would have one or two good things to say about his kind gesture, and his far-reaching contributions to humanity in the country especially Ibadan and Ogun
Abeeb Idowu Balogun (ALB) has made indelible imprints in the lives of many people who come across him which reportedly made many asked him to come and represent them at the Oyo state house of Assembly 

Hon Abeeb Idowu Balogun was known for taking many indigent children in Ibadan out of the doldrum of poverty, neglect and seething want without media hyping.

He has been described as a man with the milk of human kindness who is committed to all-round development of young ones
The House of Assembly aspirant who is also an All Progressives Congress member has resonated in the quest of many political leaders in Ibadan to go to the Oyo state house of Assembly to be their Mouthpiece. 
Speaking on his ambition, the achiever of no mean repute said He is aspiring to yield to the yearnings of her people who have been begging him for years to represent them.

He said he intends to represent the Ibadan Southwest Constituency II at the Oyo state house of Assembly 
He added, "people do ask why I am into politics despite being a business man that has good business and is financial okay.

"Many years back, I have been using my God-given resources to help the people.

"I believe that the best way in life to grow is to be kind to people. I ventured into politics so that I can assist more people in the society.

"My dream to go to Oyo State House of Assembly is so that I can bring dividends of democracy to the people.

"For many years, I have placed a large numbers of widows and indigents on salaries and I am taking care of their needs.
"Many of the people I have assisted urged me to join politics so that I can do better than what I am presently doing." 

"When you have a man with courage and determination, a veritable change is possible in the political setting of our country, Nigeria.
As a man with passion for good governance and development for our nation I strongly believe I will be given the opportunity to represent the people of Ibadan Southwest Constituency II and  empower our women and youths according to the manifestoes of Our great Party". 

Talking about the chance of APC in Oyo State, AIB noted that the party is a 'talk and do' party that the people need to embrace.

How Local Government Chairman Sentenced To Jail

A High Court sitting in Ilorin, Kwara State, presided over by Justice M. AbdulGarfa has sentenced Alhassan Yahaya Bagudu, a former Chairman of Kaiama Local Government Area of the state one-year imprisonment for making false statement to an investigator.

Bagudu was charged to court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on a 2-count charge bordering on making false statement to an investigator of the Commission.

In a Press Statement signed by ICPC Spokesperson, Mrs. Azuka Ogugua, “Bagudu had pleaded not guilty when the charge was first read to him which set the tone for the trial. During the trial, ICPC Counsel, Peace Arocha and Golden Iwuagwu told the court how the former Local Government Chairman had purchased a used Toyota Prado Jeep for his official use at the sum of Thirteen Million Naira (N13,000,000) whereas the approval was for a brand new jeep”.

“The court also heard how Bagudu, in count 2, claimed that the jeep was purchased by Quadrish Motors while knowing same to be false thereby making false statement to a constituted authority”.

Part of the charge reads, “That you Alhassan Yahaya Bagudu (M) sometime in April 2018 or thereabout at Ilorin, Kwara State did knowingly made false statement to Adamu Lere Murtala, an investigating officer of the Independent Corrupt Practices and Other Related Offences Commission in the exercise of his duties as an investigator when you asserted that the Toyota Prado jeep that was bought for your office as the Chairman of Kaiama Local Government was supplied by Quadrish Motors when in actual fact the Toyota Prado jeep was not supplied by Quadrish Motors.

The court was told that the action of the former chairman was in contravention of Section 25 (1) (b) of the Corrupt Practices and Other Related Offences Act 2000 and punishable under the same Section.

The trial judge found Bagudu guilty on count 2 and sentenced him to one year imprisonment with an option of fine of N100,000.

Happy birthday to my legendary leader and benefactor - Egbeda/Ona-Ara Hopeful, Hon Gbaroye lauds Oyo Central PDP Chair, Ogunremi At 60th

My Chairman @60
Happy birthday to my legendary leader and benefactor. The man God used to give me my first breakthrough in life, Hon Mufutau Olatunde Ogunremi.

As you turn 60 today, may the good lord renew your strength and perfect everything concerning you. The rest of your years will be the best of your years. Premature death will not be your portion. 
I join your esteemed family, the legion of your friends and associates to wish you many more wonderful years as you lead our Senatorial to resounding victory come 2023. 

Thanks for always being there. Lots of love my very own Chairman.

Igba odun, odun kan ni o Oga mi Adio omo Ogunremi!

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Senatorial Hopeful, Wale Ajani hails Oyo Central PDP Chair, Ogunremi on 60th Birthday

A former National Youth Council of Nigeria NYCN President, and a leading senatorial aspirant, in Oyo Central Senatorial District, Comrade Wale Ajani, has congratulated the People Democratic Party PDP, Oyo Central Chairman, Hon. Mufutau Olatunde Ogunremi on his 60th birthday.

Wale Ajani, a leading senatorial aspirant, in Oyo Central Senatorial District, in a statement made available to FVNews in Ibadan, said: “I am joining the good people of Oyo Central, and all PDP members in Oyo State to congratulate and celebrate with the People Democratic Party PDP, Oyo Central Chairman, Hon. Mufutau Olatunde Ogunremi on his 60th birthday. You are a visionary leader and a true inspiration to me personally. You have guided us all in the right direction and motivated us to do our very best. Thank you for being such a wonderful leader!
Comrade Wale Ajani, also noted that Hon. Mufutau Ogunremi had distinguished himself to be an exemplary leader, a pathfinder, unifier, a peace and development ambassador.

“Myself, family and political associates in PDP, Oyo State, wishes Hon. Mufutau Olatunde Ogunremi good health, more blessings and God’s favour.
“We are wishing him many more years of celebrations.”

Wale Ajani also called for continued peace and unity in PDP in Oyo State, adding that the party was determined and divinely favoured to become victorious again in the 2023 general elections.

BREAKING: Oyo Lawmaker, Hon Popoola Is Dead

Hon. Ademola Olusegun Popoola, a lawmaker representing Ibadan Southeast con...