The federation account allocation committee (FAAC) says it shared N1.1 trillion among the three tiers of government in August 2023.

The figure represents an increase of N192.46 billion compared to N907.54 billion in July 2023.

The committee disclosed this in a communiqué issued on Friday at the end of its September meeting in Abuja.

According to the communique, the N1.1 trillion (N1,100.101 billion) comprises of total distributable statutory revenue of N357.39 billion, distributable value-added tax (VAT) revenue of N 321.94 billion, electronic money transfer levy (EMTL) revenue of N14.10 billion, exchange difference revenue of N 229.56 billion, and augmentation of N177.09 billion.

FAAC said the total revenue of N1,483.902 billion was available in August 2023. While the total deduction for the cost of collection was N58.755 billion, total transfers and refunds of N254.046 billion and savings were N71 billion.

The communique said from the N1.1 trillion total distributable revenue, the federal government received a total of N431.24 billion, states were given N361.188 billion, and the local governments got N266.538 billion.

For August, the committee said the gross statutory revenue of N891.934 billion was received — an amount lower than the N1.15 trillion received in the month of July 2023 by N258.49 billion.

FAAC said from the distributable statutory revenue of N357.39 billion, the federal government was given N173.10 billion, states got N87.8 billion, and local governments received N67.69 billion.

On the other hand, the gross revenue available from VAT was N345.72 billion. This was higher than the N298.78 billion recorded in the month of July by N46.93 billion.

From the distributable VAT revenue of N321.94 billion, the committee said the federal government got N48.291 billion, states received N160.97 billion, while the local governments were given N112.67 billion.

According to the communiqué, from N14.10 billion EMTL, the federal government received N2.11 billion, the states got N7.05 billion and N4.93 billion was allocated to the local governments.

FAAC also said from the N229.56 billion exchange difference revenue, the federal government received N114.44 billion, states were given N58.04 billion, and the local government got N44.75 billion.

A total of N12.32 billion in revenue went to the relevant states as 13 percent derivation.

Meanwhile, in the month of August 2023, VAT, import and excise duties, and EMTL increased considerably; while petroleum profit tax (PPT), companies income tax (CIT), oil and gas royalties, recorded significant decreases.

FAAC said the balance in the excess crude account (ECA) remained at $473,754.57.

The Cable

WESTERN PERSPECTIVE

Russian attack hits site in western Ukraine, limited evacuation ordered

Authorities in the western Ukrainian region of Vinnytsya ordered an evacuation early on Saturday, saying an infrastructure site had been struck in a Russian attack.

"At this time there is no need for a general evacuation, apart from the immediate area around the site of the hit, said Vasyl Polishchuk, head of administration for the town of Kalynivka, according to the town's website.

It did not say what target had been struck or what weapon had been used. Regional Governor Serhiy Borzov had reported the hit on an unspecified infrastructure site, a term Ukrainian officials sometimes use to refer to facilities involved in power generation or other industries.

Earlier reports said drones had been operating in the area.

** Seven countries order ammunition under EU scheme to aid Ukraine

Seven EU countries have ordered ammunition under a landmark European Union procurement scheme to get urgently needed artillery shells to Ukraine and replenish depleted Western stocks, according to the EU agency in charge.

The orders - placed under contracts negotiated by the European Defence Agency (EDA) - are for 155mm artillery rounds, one of the most important munitions in the war of attrition between Ukraine's troops and Russian invaders.

The scheme was set up as part of a plan worth at least 2 billion euros, launched in March with the aim of getting a million shells and missiles to Ukraine within a year.

Some officials and diplomats have expressed scepticism that the target will be met but the initiative marked a significant step in the EU's growing role in defence and military affairs, spurred by the war in Ukraine.

Until now, defence procurement has largely been the preserve of the bloc's 27 individual member governments.

"Seven Member States have already placed orders for 155mm ammunition through the EDA’s fast-track procedure," the agency said in response to questions from Reuters.

"More orders, for instance for national replenishment purposes, could materialise in the coming weeks and months."

The EDA declined to name the countries or state the size of the orders, saying much of the information was confidential.

In response to queries from Reuters, Lithuania and Luxembourg said they were among the seven.

Luxembourg's defence ministry said it had earmarked 2 million euros ($2.1 million).

SCRAMBLE FOR AMMO

Kyiv's Western allies have been scrambling to procure artillery ammunition for Ukraine and boost production capacity as the combatants have been firing thousands of rounds every day.

NATO Secretary General Jens Stoltenberg said in Kyiv on Thursday that the alliance now had overarching framework contracts for 2.4 billion euros' ($2.5 billion) worth of key ammunition, including 1 billion euros of firm orders.

"It was ... not sufficient only to deplete our own stocks," he said.

The EDA said the EU deals were for both complete shells and for components such as fuses, projectiles, charges and primers.

It said the scheme covered four "modern firing platforms designed and produced in Europe ... and most commonly used by the Ukrainian armed forces", naming them as France’s CAESAR, Poland’s Krab, Germany’s PzH2000 and Slovakia’s Zuzana C/2000.

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By placing orders before the end of this month, the countries are eligible for reimbursement from an EU-run fund, the European Peace Facility, for ammunition procured for Ukraine - although Luxembourg said it would not request this. ($1 = 0.9452 euros)

RUSSIAN PERSPECTIVE

Russian defenses stronger than expected – UK military chief

Russia’s defensive lines have proven to be more resilient than the West had initially anticipated, Admiral Tony Radakin, the chief of the British Defense Staff has admitted, noting that the Russia-Ukraine conflict could drag on for some time.

Speaking on ‘War on the Rocks,’ an American podcast, the military official stressed that the West must be “very careful of rushing to easy judgments” about Kiev’s counteroffensive and stated that expectations about what Ukraine’s forces can achieve in the near future should be “adjusted.”

Radakin pointed out that at the start of Kiev’s summer counteroffensive, it was still looking for more equipment and ammunition, the lack of which had impacted the operation. There was also the issue of incorrect assessments of Russia’s strengths. “In actuality, some of those Russian defenses have been stronger than first anticipated,” the admiral said.

Nevertheless, Radakin claimed that Kiev was “grinding through and making progress.” To that end, he insisted that Kiev’s Western backers must continue supporting Ukraine, as its ability to prevail in the conflict depended on it being able to outlast Russia.

“It’s the military that wins battles, but it's the economics and that sustainability that tends to win wars,” he said.

When addressing the challenges surrounding the counteroffensive’s limited success, the admiral cited the current hindrances faced by Ukrainian generals. These challenges primarily included managing a diverse range of military vehicles within their forces and addressing concerns related to the insufficient training of their soldiers.

“[Kiev’s] force is not a professional soldiers’ force; it’s a citizen army,”Radakin said, noting that there's a “humility and sobering element” to the fact that it is yet unclear how to get a citizen army to fight in a way that could overcome Russian defenses.

Ukraine launched its offensive in early June but has so far failed to gain significant ground, losing many Western-supplied tanks and armored vehicles. 

This week, the Russian Defense Ministry reported that Kiev’s forces had lost over 17,000 service members and more than 2,700 pieces of military equipment in September. Earlier this month, the ministry also claimed that Kiev’s forces had suffered 66,000 casualties and lost over 7,600 pieces of heavy equipment since the start of the counteroffensive operation.

** Putin congratulates Russians on reunion with new regions

Russian President Vladimir Putin has congratulated all Russian citizens on the occasion of the Day of Reunification of the Donetsk and Lugansk People’s Republics, and the Zaporozhye and Kherson regions with Russia.

"A year ago, on September 30, a defining and truly historic event took place when agreements were signed to incorporate four new constituent entities into the Russian Federation," he said in a video address.

He pointed out that "millions of residents of Donbass and the Kherson and Zaporozhye regions made their choice to be with their Fatherland."

"This conscious, long-awaited, hard-won and genuinely popular decision was made collectively through referendums in full compliance with international norms," the Russian leader noted.

"People showed courage and integrity in the face of attempts to intimidate and deprive them of their right to determine their own future, their destiny, and to take away something every person values, namely, culture, traditions, and mother tongue, in a word, everything that was loathed by nationalists and their Western patrons who orchestrated a coup in Kiev in 2014 and then unleashed a full-scale civil war and terror against dissenters and organized blockades, constant shelling, and punitive actions in Donbass," Putin said.

Reuters/RT/Tass

* I'm a frequent traveler who has stayed in dozens of hotels and Airbnbs around the world.  * I prefer to book Airbnbs over hotels because they feel lived-in and offer more unique experiences.  * Through Airbnb, I've booked tiny homes, cozy cabins, and even a livable art sculpture.  Would you rather spend the night in a luxury hotel or a wine barrel that's been converted into a tiny home?  Last year when I was in Switzerland, I chose the latter — thanks to Airbnb. I remember when I first discovered the booking website. I was in college. Like many of my peers, I had the travel itch, but I had hardly any money to get anywhere. During the winter break of my freshman year, three friends and I wanted to go to Colorado. So we booked an apartment in Boulder that we found on Airbnb. For four nights, it cost us $350, which we split between the four of us.  We booked the Airbnb to save money, but once we got there, I thought to myself, "This is so much cooler than a hotel." Unlike a hotel, the apartment made me feel more immersed in Boulder. We cooked meals in the kitchen, spent nights on the porch, and enjoyed the comforts of a place that felt lived in. I didn't mind that the steps creaked or that I had to make my own bed. Staying in a home helped me feel more at home myself.  Nearly a decade later, I still prefer the unique attributes of Airbnbs over the comforts of hotels. I work as a travel reporter, and I've stayed in luxury hotels around the world — from the Versace Mansion in Miami to the Bulgari in Milan. I've enjoyed the pleasures of room service, plush robes, and pillow menus. But none of these high-end experiences have been as memorable as the Airbnbs I've stayed in. My favorite part of Airbnb is the wide variety of unique places to book around the world. I've stayed in tiny homes, tents, and cozy cabins. Once I stayed in a geodesic dome in the woods of Ontario, Canada. Another time in Miami, I slept in a lifeguard tower overlooking the Florida Everglades. But my most memorable stay was in Rome, when I booked two nights in a livable art sculpture made out of scrap wood, broken tiles, and recycled car windows. Nowadays, I still stay in hotels sometimes, but only when I've scoured the location on Airbnb without finding a unique stay that excites me. Hotels offer me a comfortable place to doze during my travels, while Airbnbs give me another new adventure. And I prefer the latter.  Insider

A Chinese woman has been charged with fraud after it was revealed that she was employed by 16 different companies at the same time, but she never really showed up for work at any of them.

The woman, identified as Guan Yue (pseudonym) by Chinese media, had reportedly been juggling over a dozen employers and collecting paychecks for at least three years, without actually getting any work done for any of them. She and her husband, who is also a suspect in this case, allegedly kept a very tight record of employers, her exact role at each company, the date she had started working for each of them, and the bank account details provided for the woman’s monthly salary. Guan Yue would constantly be looking for new employers, and when going to new job interviews, she would take photos and send them to current employers as proof that she was meeting with clients. Believe it or not, the fraud worked flawlessly for years, allowing Guan Yue to buy an expensive apartment in Shanghai.

Guan Yue was so busy in her constant search for corporate employment, that whenever she had multiple job interviews lined up at the same time, she would pass them on to other people, in exchange for commissions. However, she did keep most of the jobs for herself, always finding other companies to work for whenever she got fired for lack of results.

Unfortunately, the fraudster’s scheme started falling apart this past January, when one of her former employers found a resignation letter from Guan Yue on an online work group. Liu Jian, the owner of a tech company, had hired Yue and seven other associates in sales positions but fired them after a three-month probation period because they hadn’t generated a single sale.

Some time later, the woman made the mistake of sending her resignation letter to another company and several online work groups. Jian was a member of one of these groups and realized that Guan Yue had been working for another company while in a full-time position at his tech firm. After doing a bit of investigating himself, Liu Jian contacted the police about the former employee.

Liu Jian’s actions set in motion the exposure of a massive fraud that went back at least three years and exceeded 50 million yuan. Ironically, Guan Yue was arrested right in the middle of an interview for a new job. She had 16 jobs at the time of her arrest but wasn’t putting in any actual work for any of them. She was getting monthly paychecks though, as well as commissions from associates she had helped get hired.

Yue, her husband, and more than 50 accomplices involved in the salary fraud were arrested. According to Chinese media, this kind of labor fraud is a massive problem in China, with hundreds of specialized groups reportedly taking on jobs from multiple employers. They are trained interviewees, have polished résumés, but are only interested in free paychecks.

Oddity Central

Nigerian President Bola Tinubu's lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa's biggest economy.

Fast forward to more than 100 days in office, and the key planks of his economic overhaul - unshackling the naira from its rigid regime, and allowing fuel prices to rise - are coming loose.

The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday.

Petrol pump prices, meanwhile, have not budged since July - despite a more than 30% rise in oil prices.

Some now fear Tinubu will not be able to wean Nigeria off the costly policies that have stymied investment and throttled economic growth.

"Momentum just seems...almost in reverse," said David Omojomolo, Africa economist at research firm Capital Economics.

Public anger is swelling as inflation spirals higher, however, and Nigeria's two biggest workers' unions are planning an indefinite strike next week to protest over a cost-of-living crisis.

"Sentiment towards Nigeria has been continuing to sour as the initial reform momentum under President Tinubu's administration has faded," said Tellimer analyst Patrick Curran.

DOLLAR DELAY

For years, Nigeria has tightly controlled the official naira rate, even amid declines in the price of oil, sales of which bring in 90% of the country's foreign currency supply.

But providing dollars at an artificially low rate has led to a yawning gap between official and black market rates, leaving businesses and investors unable to access dollars. The central bank has also created import restrictions aimed at reducing dollar demand.

Tinubu's decision to let the official naira rate weaken saw it briefly converge with the black market. Last week, he assured investors they could take money out, touting a "reliable, one figure exchange rate of the naira."

But the gap has widened to nearly 30% this week, and four sources told Reuters it was virtually impossible to get dollars from the central bank on an ad hoc basis.

The incoming central bank chief said on Tuesday that policymakers faced a nearly $7 billion backlog in foreign exchange demand; foreign airlines alone had $783 million in ticket sales trapped, the International Air Transport Association said.

This is one major factor keeping investors from putting money to work in Nigeria.

Another is negative real bond yields and the slow central bank response: 10-year local government bonds yield less than 15% while inflation is running above 25%.

"What they have done so far is not enough to attract domestic debt holders or foreign investors into their domestic debt market," said Carlos de Sousa, portfolio manager at Vontobel Asset Management.

Reuters Graphics

The tattered finances left by the previous administration have also been no help.

In August, the central bank published audited accounts for the first time since 2018, revealing that its $33 billion in FX reserves included a $19 billion commitment in derivatives - slashing the liquid amount of reserves.

JPMorgan calculated net FX reserves stood at $3.7 billion as of the end of 2022, "significantly lower" than prior estimates.

That news sent Nigeria's international bond tumbling.

"Lower net FX reserves reduce the willingness to introduce a flexible exchange rate regime in the near term," said JPMorgan's Gbolahan S Taiwo.

The central bank has also kept other restrictions that businesses say make life tough, including a ban on using central bank foreign exchange to import 43 items.

"The government may have intended to make it a free market, but the CBN isn't allowing it to be one," said a Nigerian private equity investor who did not want to be named.

The delay in scrapping fuel subsidies is exacerbating the dollar crunch. Last year, subsidies cost 2% of gross domestic product, according to Fitch.

Despite being Africa's largest oil exporter, Nigeria imports nearly all its fuel as it does not refine nearly enough to meet the demand of its 200 million citizens. In recent years, it has swapped crude for fuel, depriving it again of a source of U.S. dollars.

It is still using oil cargoes now to pay for fuel it imported previously, and a de-facto pump price limit set by state oil company NNPC LTD's sale price means it is again the sole petrol importer.

Reuters Graphics

Tellimer said Nigeria's gasoline prices would need to rise 73% to align with global prices.

Analyst say Tinubu, elected with the narrowest margin since Nigeria returned to democracy in 1999 and facing inflation at nearly two-decade highs, lacks the social capital and mandate to push any harder.

"There is the concern that when the going gets tough...they will walk back on the reforms," Omojomolo said.

Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has asked the US District Court for the Northern District of Illinois in Chicago to reject President Bola Tinubu’s objections on an order for Chicago State University (CSU) to release all his academic records not later than October 2.

In an application filed at the court on September 27, Atiku rejected Tinubu’s objection and description of his suit as a ‘fishing expedition’ which has no bearing on the presidential election petition case at the Supreme Court of Nigeria.

Atiku said contrary to Tinubu’s claims, the demand for the release of the academic records is not a fishing exercise but to test the authenticity of 12 pages of document including two different diplomas that was allegedly issued by CSU and the basis of CSU’s assertion that Tinubu graduated in 1979, given the discrepancies and his affidavit to the Independent National Electoral Commission (INEC).

He also said the discovery obtained from the case would be sent to Nigeria by October 4 so that such evidence may, in turn, be filed with the Supreme Court by October 5, which is when his counsel intends to submit any new evidence to the Supreme Court.

“For the foregoing reasons, the Court should overrule the objections in their entirety. If the Court overrules the objections, the applicant respectfully requests that it enter an order requiring production of documents no later than October 2, 2023, and the deposition scheduled no later than October 3, to allow time for transcripts to be finalised, and the discovery obtained to be sent to Nigeria (which is six (6) hours ahead) by October 4 so that such evidence may, in turn, be filed with the Supreme Court by October 5, which is when applicant’s Nigerian counsel intend to submit any new evidence to the Supreme Court,” he said.

On August 2, 2023, Atiku filed a suit at the US court, demanding that CSU release all of Tinubu’s academic records over irregularities in the certificate he submitted to INEC. This move was prompted by Atiku’s belief that these documents would help clarify what he said are inconsistencies in Tinubu’s background.

The former vice president argued that among other things, a “second Chicago State University diploma dated June 27, 1979, that bears the name “Bola Ahmed Tinubu “has since emerged but also presents with a different font, punctuation, seal, and signatures, than that of the June 22, 1979 diploma, among other alleged discrepancies.”

Atiku told the US that he wanted to authenticate these documents whether a “Chicago State University diploma in the name of Bola Ahmed Tinubu dated June 22, 1979, that was submitted to the INEC before the presidential election in February 2023 is genuine or was forged.”

But last week, Tinubu asked the court to permit CSU to release only his certificate to Atiku but block the school from revealing any other information about the person who owns the certificate, especially their gender and any records of where they went to school, among other things after Jeffrey Gilbert, a US magistrate judge, ordered the university to produce “all relevant and non-privileged documents” to Atiku within two days.

Sun

The leadership of Nigerian Labour Congress (NLC) says it does not have any date for a meeting with the federal government that may lead to the suspension of the proposed strike scheduled to commence next Tuesday.

This is just as the organised labour vowed to mobilise all its affiliates and members across the country to ensure full compliance to the declaration of the proposed with a view to pressing home its demands until they are met.

The Congress, through the Head of Information and Public Affairs of NLC, Benson Upah, on Thursday said the issues on ground were beyond what the Ministry of Labour and Employment can handle, saying its position was not to denigrate the Minister, Simon Lalong.

“Firstly, we do not have any agreement with the government to suspend the planned strike action. Neither do we have any date for a meeting with government that may lead to the suspension of the proposed strike.

“While we do not intend to demean or minimise the office of the Minister of Labour and Employment, this matter is beyond the Ministry. This should have been obvious to them during our most recent meeting,” Upah said.

He said while they appreciate the role played by Lalong in securing the release of the executives of the National Union of Road Transport Workers from what it was described as “unlawful or illegal” police detention, he noted that they take exception to the Ministry describing the executives as factional leaders.

Upah added, “They were lawfully elected into office. We still find it necessary to advise the police and those elements behind their travails to desist from this despicable and shameful conduct. They are advised to retrace their steps.

“If democracy is to be of meaning to us, then we should resist the urge or temptation for impunity. Enough is enough.”

Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) directed all its affiliates and members to shut down the economy next week Tuesday, October 3, 2023 over the federal government’s failure to meet all its demands.

Meanwhile, the United Action Front of Civil Society, the Organised Platform of Civil Society Groups and activists on matters of Governance and Democracy has endorsed the declaration, noting that they would do everything to support the mobilisation of the organised labour.

Daily Trust

One of Nigeria's main oil and gas unions will join a nationwide strike starting on Oct. 3 to protest against government policies that are causing economic hardship for Nigerians, union leaders said on Thursday.

Nigeria is Africa's largest oil producer and relies on the commodity for around 90% of foreign exchange earnings and about half its budget.

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) directed its members to ensure "unwavering compliance" with the indefinite strikecalled by Nigeria's two biggest workers union federations.

NUPENG represents a myriad of workers across the entire value chain in the oil and gas sectors, including upstream oil platform workers, fuel tanker drivers and pump attendants, and its decision to join the strike is a significant escalation of the unions' dispute with the government.

NUPENG President Williams Akporeha said the government's policies have caused "excruciating and debilitating socio-economic pains" for Nigerians without any accompanying measures to cushion "the immediate effects and impacts."

President Bola Tinubu has been under pressure to reverse his decision to scrap a popular petrol subsidy that had kept fuel prices low but was costly on government finances.

While his policies have cheered investors, unions say they have led to soaring costs for Nigerians - an estimated four in 10 of whom live below the national poverty line- as they grapple with the highest inflation in nearly two decades.

Reuters

There was a protest on Thursday at the headquarters of the federal ministry of works and housing in Abuja, after Dave Umahi, the minister, locked out some staff for coming late to work.

According to multiple reports, Umahi who got to the ministry’s complex ahead of some directors and staff in the morning, denied them access to their respective offices.

“The minister got to work and discovered that some directors and other staff had not reported to work so he locked them outside,” Kelechi Boms, a journalist, told TheCable.

Boms added that the workers were later granted access to the ministry but proceeded to lock the entry and exit points at the ministry in protest against the minister.

“They locked the gate so that nobody could come in and go out,” he said.

In a video shared by Leadership Newspapers on X, the aggrieved employees in large numbers, can be seen chanting “Umahi must go”, “solidarity forever”, citing far distances from work as the reasons for their late coming.

The workers also reportedly accused Umahi of high-handedness, adding that he stopped engineers and directors from doing their work since he assumed office.

They also alleged that the minister has been violating public service rules since his appointment by bringing in consultants to run the affairs of the ministry.

The Cable

Federal Government has declared Monday, October 2, as a public holiday in commemoration of the nation’s 63rd Independence Day celebration.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Thursday by the ministry’s Permanent Secretary, Oluwatoyin Akinlade.

Tunji-Ojo assured Nigerians of the Federal Government’s continued commitment to surmounting the challenges facing the country.

“It is today a known fact that difficult socioeconomic and security challenges are global and Nigeria is not isolated,” the minister said.

He, however, said the government was daily making efforts to address “these varied and numerous challenges with all the might available until respite comes our way.”

Tunji-Ojo urged the citizens to remain united to achieve the greatness the country is destined for.

“Our warm welcoming spirit and love as well as our unbounded human capital and the richness of our land makes Nigeria unarguably the leading black nation in the world, being Africa’s pride and beacon of hope for the Renewed Hope of President Bola Tinubu.

“Our founding fathers, despite the differences in faith, tribe, and tongue, came together for Nigeria’s freedom which we enjoy today,” he added.

Punch