The Central Bank of Nigeria (CBN) has announced the enforcement of a 0.005 per cent levy on all electronic transactions conducted by banks and financial institutions.

According to the CBN’s monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published on Tuesday, the measure is in compliance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said.

The new development comes against the backdrop of the public outcry against the 0.5 per cent previously introduced by the CBN in May.

The rate generated debate among Nigerians, prompting the House of Representatives to direct the CBN to suspend its implementation.

The levy, which applies to various forms of electronic transactions, is designed to support the development of a robust cybersecurity infrastructure in Nigeria.

The funds collected are expected to be allocated to enhance the nation’s capabilities in cyber intelligence, investigation, and prevention of cybercrimes.

According to a CBN guideline, banks and Payment Service Providers (PSPs) are required to adhere to cybersecurity guidelines issued earlier.

According to a CBN guideline, banks and Payment Service Providers (PSPs) are required to adhere to cybersecurity guidelines issued earlier.

“Pursuant to the circular titled “Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers” referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework.

“Similarly, another framework titled “Issuance of Risk-based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs)”, referenced OFI/DOA/CON/ACT/004/155, was issued on June 29, 2022. The guidelines specified the minimum cyber security baseline to be implemented by banks, OFIs and PSPs, and mandated the appointment of a Chief Information Security Officer (CISO) to oversee cyber security issues,” it read.

PT

A former Head of State, Abdulsalami Abubakar, has called on the federal government to remedy the present hardship confronting Nigerians.

He spoke on Tuesday in Minna, Niger state, when he hosted a delegation of Campaign for Democracy (CD), a Civil Society Organisation (CSO).

While stating that hardship appears to be out of control, the former military ruler said he would continue to urge the government to put measures in place to address the hardship that the citizens are currently experiencing.

He said: “Everybody is crying because of this hardship and it seems to be getting out of control.

“People cannot afford three square meals, the issue of transportation, the hike in fuel price, the hike in school fees for the children and the lack of funds in everybody’s pocket is making life difficult for everybody.

“We will continue to encourage the government to introduce measures to soften the hardship. The federal, states and local governments should see how they can cushion this economic hardship.”

He said as far as he was concerned, giving palliatives to the people was not the answer to the high prices of food and other items across the country.

 “The answer is the need for the government to flood and saturate the communities with food. Let the government buy food and sell it at lesser prices, so people can buy the food items of their choice, depending on their income,” the former head of state said.

He advised those planning to protest against the economic crisis on October 1 to do so peacefully.

“For God’s sake when you demonstrate, do it peacefully,” he said.

Daily Trust

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting the premium motor spirit, PMDS, otherwise known as petrol, from Dangote Petroleum Refinery under the existing agreement between it and the refinery.

The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings by our correspondents indicated that some major marketers, including 11 Plc have already lifted the product for distribution to their outlets in Lagos and other parts of the nation.

One of the marketers who pleaded anonymity, said: “I can confirm that we have some major marketers already lifting from the Dangote Refinery, but it is still under the NNPC arrangement with the refinery, in other words, we are lifting NNPC product from the Dangote refinery. It is not our product. We have no direct arrangement with the refinery.”

However, it was also learnt that independent marketers were not included in this modified arrangement.

The National President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Garima, confirmed that only NNPCL has access to Dangote fuel and they discharge the bulk of the products to their retail outlets.

He added that they are not yet buying from the NNPCL under the Dangote Refinery arrangement.

He stated: “Independent marketers are waiting for NNPCL to give the new price of the petroleum products in order to lift from them. We load at the old rate of N875 per litre as most of our members have outstanding stock with NNPCL; we were told that they will be cleared this week.”

We want to import, compete with NNPC, Dangote – Marketers

Under the deal that made NNPCL the sole off-taker of petrol from Dangote Refinery marketers have said they may have to resort to importation to continue in business. Marketers have therefore asked the Federal Government to completely open up the sector to all players.

Meanwhile, checks around Abuja and Lagos yesterday showed that four days after NNPC began loading of petrol from Dangote Refinery, many filling stations were yet to be supplied with the product and they have been locked up.

Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, said the group plans to begin importing their own petrol.

“There has been no progress in the situation. We have been waiting for NNPC and nothing has changed. We have information that at least three marketers are bringing in products from outside of the country. This is Dangote’s chance to work with independent marketers.

“We are asking Dangote to sell to us at the same price as NNPC. We don’t understand why he has to depend solely on NNPC to distribute its product when he has other willing buyers.

“We are also looking at importing to keep our business. We are asking the Federal Government also to hand over the Port Harcourt Refinery to independent marketers. We will engage capable people to manage it. That is the only panacea to this problem”, he added.

Vanguard

Hezbollah devices explode again in Lebanon, raising fears of wider Israel conflict

Hand-held radios used by armed group Hezbollah detonated on Wednesday across Lebanon's south in the country's deadliest day since cross-border fighting erupted between the militants and Israel nearly a year ago, stoking tensions after similar explosions of the group's pagers the day before.

Lebanon's health ministry said 20 people were killed and more than 450 injured on Wednesday in Beirut's suburbs and the Bekaa Valley, while the death toll from Tuesday's explosions rose to 12, including two children, with nearly 3,000 injured.

Israeli officials have not commented on the blasts, but security sources said Israel's spy agency Mossad was responsible. One Hezbollah official said the episode was the biggest security breach in the group's history.

The operations, which appeared to throw Hezbollah into disarray, played out alongside Israel's 11-month-old war in Gaza and heightened fears of an escalation on its Lebanese border and the risk of a full-blown regional war.

"We are opening a new phase in the war. It requires courage, determination and perseverance from us," Israeli Defence Minister Yoav Gallant said in remarks at an air force base.

Jordan's Foreign Minister Ayman Safadi accused Israel of pushing the Middle East to the brink of a regional war by orchestrating a dangerous escalation on many fronts.

The U.S., which denied any involvement in the blasts, said it was pursuing intensive diplomacy to avert an escalation of the conflict. A U.S. official, speaking on condition of anonymity, said Israel told Washington on Tuesday it was going to do something in Lebanon. But Israel did not provide details and the operation itself was a surprise to Washington, the official said.

At least one of Wednesday's blasts in Lebanon took place near a funeral organised by Iran-backed Hezbollah for those killed the previous day when thousands of the group's pagers exploded across the country and wounded many of its fighters.

A Reuters reporter in the southern suburbs of Beirut said he saw Hezbollah members frantically taking batteries out of any walkie-talkies that had not exploded, tossing the parts in metal barrels. Hezbollah turned to pagers and other low-tech communication devices in an attempt to evade Israeli surveillance of mobile phones.

Lebanon's Red Cross said on X that it responded with 30 ambulance teams to multiple explosions in different areas, including the south of Lebanon and the Bekaa Valley.

Images of the exploded walkie-talkies showed labels with "ICOM" and "made in Japan." According to its website, ICOM, which did not immediately reply to a request for comment, is a Japan-based radio communications and telephone company.

The company has said that production of model IC-V82, which appeared to be the model in the images, was phased out in 2014.

The hand-held radios were purchased by Hezbollah five months ago, around the same time as the pagers, a security source said.

In Tuesday's explosions, sources said Israeli spies remotely detonated explosives they planted in a Hezbollah order of 5,000 pagers before they entered the country.

The United Nations Security Council will meet on Friday about the pager blasts after a request by Arab states.

Tehran's ambassador in Lebanon was superficially injured in Tuesday's blasts, Iran's semi-official Fars news agency reported then. But the New York Times on Wednesday said he lost one eye and the other was severely injured when a pager he was carrying exploded, citing two members of Iran's Revolutionary Guard.

Iran's envoy to the U.N. said in a letter on Wednesday that it "reserves its rights under international law to take required measures deemed necessary to respond" to the attack.

HEZBOLLAH LAUNCHES ROCKETS

Hezbollah, which has vowed to retaliate against Israel, said on Wednesday it attacked Israeli artillery positions with rockets, the first strike at its arch-foe since the blasts. The Israeli military said there were no reports of any damage or casualties.

"Hezbollah wants to avoid an all-out war," said Mohanad Hage Ali, deputy director of research at the Carnegie Middle East Center in Beirut. "But given the scale ... there will be pressure for a stronger response."

The two sides have been fighting across the Lebanese border since the Gaza conflict erupted on Oct. 7, 2023, fuelling fears of a wider Middle East war that could drag in the United States and Iran. The previous highest daily Lebanese death toll was 11 who died in Israeli shelling last month, according to official counts.

Gallant said Israel, which has vowed to return evacuated residents to their homes in the north, was transferring troops and resources to the Lebanon border region. Israeli sources said this included the army's 98th Division, which has commando and paratrooper formations, moving from Gaza to the north.

"The 'centre of gravity' is moving north, meaning that we are allocating forces, resources and energy for the northern arena," Gallant said in remarks released by his office.

A full-blown war with Israel could devastate Lebanon, which has lurched from one crisis to another, including a 2019 financial collapse and the 2020 Beirut port blast.

Rising tensions may also complicate so far unsuccessful efforts by mediators Egypt, Qatar and the U.S. to negotiate a Gaza ceasefire between Israel and militant group Hamas, a Hezbollah ally also backed by Iran.

White House national security spokesperson John Kirby said on Wednesday it was too soon to assess the impact of the blasts on ceasefire talks.

Hezbollah, Iran's most powerful proxy in the Middle East, said in a statement it would continue to support Hamas in Gaza and Israel should await a response to the pager "massacre."

A Hamas delegation visited people wounded in the blasts in Lebanese hospitals on Wednesday, Lebanese state news agency NNA said.

The explosions followed a series of assassinations of Hezbollah and Hamas commanders and leaders ascribed to Israel since the start of the Gaza war.

Reuters

WESTERN PERSPECTIVE

Ukrainian drone attack triggers earthquake-sized blast at arsenal in Russia's Tver region

A large-scale Ukrainian drone attack on Russia triggered an earthquake-sized blast at a major arsenal in the Tver region on Wednesday, forcing the evacuation of a nearby town, war bloggers and some media reported.

Unverified video and images on social media showed a huge ball of flame blasting into the night sky and multiple detonations thundering across a lake about 380 km (240 miles) west of Moscow.

NASA satellites picked up intense heat sources emanating from an area of about 14 square kilometres (5 square miles) at the site in the early hours and earthquake monitoring stations noted what sensors thought was a small earthquake in the area.

"The enemy hit an ammunition depot in the area of Toropets," said Yuri Podolyaka, a Ukrainian-born, pro-Russian military blogger. "Everything that can burn is already burning there (and exploding)."

Ukrainian President Volodymyr Zelenskiy, speaking in his nightly video address, hailed the outcome of the attack without referring specifically to the target.

"A very important result was achieved last night on Russian territory and such actions weaken the enemy," Zelenskiy said. "I thank everyone involved. Such precision is truly inspiring."

He thanked the SBU security service, the HUR intelligence service and the Special Operations Forces.

A source in Ukraine's SBU state security service had earlier told Reuters the drone attack had destroyed a warehouse storing missiles, guided bombs and artillery ammunition.

Russian state media have in the past reported that a major arsenal for conventional weapons was located at the site of the blasts. State media, now subject to military censorship laws, was muted in its reporting on Wednesday.

Igor Rudenya, governor of the Tver region, said that Ukrainian drones had been shot down, that a fire had broken out and that some residents were being evacuated. He did not say what was burning.

One woman told Reuters that members of her family had been evacuated from Toropets.

"A fire started with explosions," said the woman, who identified herself only as Irina.

Rudenya later said the situation in Toropets was stable as of midday local time (0900 GMT) and that evacuated residents could return. The fire had been put out and there were no recorded fatalities, he said.

Russia and Ukraine each reported dozens of enemy drone attacks on their territory overnight, with Russian forces advancing in eastern Ukraine.

MAJOR EXPLOSION

The size of the main blast shown in the unverified social media video was consistent with 200-240 tons of high explosives detonating, said George William Herbert of the Middlebury Institute of International Studies at Monterey in California.

A Toropets chatroom on the Russian social media site VK was flooded with messages of support from other parts of the country and offers of help to people fleeing the town.

Some people were asking whether buildings at specific addresses were still standing.

"People, does anyone know what's happened to Kudino village??? They told me nothing is left of our house," posted one woman.

Another woman replied: "It's horror there." Kudino is a village 4.5 km (2.8 miles) northeast of Toropets.

Some war bloggers asked how drones could trigger such large blasts at what was thought to be a highly fortified facility.

According to an RIA state news agency report from 2018, Russia was building an arsenal for the storage of missiles, ammunition and explosives in Toropets, a 1,000-year-old town, with a population of just over 11,000.

Dmitry Bulgakov, then a deputy defence minister, told RIA in 2018 that the facility could defend weapons from missiles and even a small nuclear attack. Bulgakov was arrested earlier this year on corruption charges, which he denies.

"It (the concrete facilities) ensures their reliable and safe storage, protects them from air and missile strikes and even from the damaging factors of a nuclear explosion," RIA quoted Bulgakov as saying at the time.

Some Russians on chat groups expressed anger.

"Why wasn't the ammunition underground?! What are you doing???? In Kudino, houses were blown away! Why is the forest burning and no one is there... What kind of negligence is this!!!!" one woman posted.

Russia reported that its air defence units had destroyed 54 drones launched against five Russian regions overnight, without mentioning Tver. Ukraine said it had shot down 46 of 52 drones launched by Moscow overnight and that Russia had used three guided air missiles which did not reach their targets.

RUSSIAN PERSPECTIVE

Russian forces advance on key Ukrainian supply hub – media

The Russian military has liberated the Donbass town of Ukrainsk, RIA Novosti reported on Tuesday, citing a source within the security forces. The news agency also said it had obtained photos of Russian soldiers raising a flag over a mine located on the western outskirts of the town.

The nation’s defense ministry has not commented on the development so far. It did not even mention Ukrainsk in its latest daily report on the situation on the frontlines. The town was mentioned in the ministry’s previous update, published on Monday, where it said that Moscow’s troops continued their offensive in the area, pushing Kiev’s troops away from their defensive positions and moving forward.

A town with a population of around 10,500 people, Ukrainsk is located about four kilometers away from the railroad junction of Tsukurikha, which, according to RIA, is used by Kiev to supply “a significant part” of its troops in Donbass.

According to the defense ministry’s data, the Russian forces repelled eight Ukrainian counterattacks in the area. Kiev lost up to 475 soldiers as well as five artillery pieces, including the US-made M777 howitzer during the fights at this part of the front over the past 24 hours.

Ukrainsk and the nearby town of Selidovo have become an arena of intense fighting over the past week as Russian forces continue to expand their zone of control to the west and southwest of Avdeevka – a key Donbass town taken by Moscow’s troops early this year. The Russian forces are now moving closer to the city of Pokrovsk, which is one of the key logistics hubs supplying the Ukrainian forces still remaining in the Donetsk People’s Republic.

Earlier, the defense ministry reported that the nation’s military had liberated eight settlements in the Donetsk People’s Republic in the week between September 7 and 13.

The developments come as Ukrainian forces still try to retain some control over Russia’s Kursk border region. Kiev sent thousands of troops across its northern border with Russia in August. Ukraine’s Vladimir Zelensky touted the operation as part of a “victory plan” he intends to submit to the US government for consideration.

The Russian military started a major push to drive Ukrainian forces away from the area over the past weeks. Last week, Moscow reported liberating ten settlements in the Kursk Region. On Monday, the defense ministry reported liberating another two villages. Ukrainian casualties in the incursion reached 13,800, according to the ministry’s latest estimates.

Reuters/RT

In July, the wife of the President, Mrs Oluremi Tinubu’s Renewed Hope Initiative launched a “smart farming” project to boost food production. According to her, if everyone takes up farming, the problem of hunger can be ameliorated. To lead by example, Mrs Tinubu had to show herself at work. A sanctioned television crew and a few hangers-on who would say the right things were about the only witnesses to the landmark event of a woman—who likely cannot distinguish between ewédu and lemon grass seeds—farm in the backyard of the presidential residence. It was just right that no serious media house was invited to witness the occasion. Imagine how disruptive of that grandiose charade it would be if any of them who still had their heads screwed right asked irritating questions like, “So how many aides will help to water these vegetables when you would have forgotten all about their existence?

Given that first ladies typically use their symbolic power for social advocacy, it was not out of order for Mrs Tinubu to have launched an initiative around urban farming. Under a different set of circumstances, it would be a good idea. What ruins her advocacy is the gaslighting and the insincerity that underwrites the whole project.

First, asking women to get involved in farming to boost national food production is out of touch. Women already farm. If she had done some homework before starting her pet initiative, she would have realised that a significant percentage of farming in Nigeria is done by women. What does Mrs Tinubu think women in rural areas do for a living?

Second, when she claimed that the proceeds from her garden would feed her family and she would be giving some to her staff members, you saw a woman who lies like a child. Even the most dimwitted among us know that that little thing you are doing in that garden has no impact whatsoever on the Aso Rock food budget. Why insult the public by pretending there is anything more to the project than the mere symbolism of it all? The ‘Every Home a Garden’ project is inorganic and so unrelated to the reality of life in Nigeria that she knew the idea would hardly catch on. Typical of the Tinubus to throw money at issues, she offered a N25m prize to farmers just to stimulate some interest.

Third—and this point is crucial, is the fact that much of the present food crisis is a fallout of her husband’s ill-conceived policies. Yes, there has always been hunger in Nigeria, but under their administration, food costs shot up astronomically. At the time Mrs Tinubu was launching her garden in July, food prices had increased by more than 200 percent compared to last year. The inflation is about structural problems that can only be addressed through providing the right infrastructure. It was disingenuous of Mrs Tinubu to pretend that the matter is simple, and resolvable if women would just grow food crops inside a bucket in their houses. She says the farming initiative is for all of us to contribute solutions. But why solicit corporate support when the problem was not caused by the collective? It was you—the Tinubu administration—that caused the problem. It should also be you solving it, not deflecting responsibility.

When they launched the regional initiative in Jos, Mrs Tinubu was represented by Salamatu Gbajabiamila, wife of the chief of staff to the president, who announced their donation of N500,000 to 20 women in each of the north-central states. Mrs Gbajabiamila said they were confident that their efforts would boost women in agriculture, transform the lives of the beneficiaries of their stipend, and even contribute to food sufficiency in the region. There you go! Thanks to Mrs Tinubu and her right-hand women, all the complex problems rural women face—from insecurity to poverty, lack of storage facilities and food processing infrastructure, and poor access to capital—will be resolved by throwing a pittance at a few actors, the money that might not even reach their hands.

These people have not made genuine efforts to understand the problem, but they are expecting their pet project to be transformative. To even simulate the magical results they wanted, Mrs Tinubu’s vegetables were harvested a mere 23 days after she allegedly planted them.

Now Mrs Tinubu is on to another joke: a fabric to promote national unity. According to her, she was inspired to create a national fabric after a trip to Zimbabwe last year. She called for a national competition with another N25m prize for whoever can design the national fabric. Now, she says that dress will be donned on October 1st. Well, the first thing she should have asked the Zimbabweans was how the national fabric, launched in 2020, is working for them. Are they more united because they wear a uniform now?

If Mrs Tinubu had bothered to inquire, she would have found that the main reason the Zimbabwean national dress seems to be popular is because the interest is imposed by the first lady who uses the government machinery to sell it. Nobody wears it because they buy into the idea of national unity, nor do they imagine their historical and ideological fault lines will magically disappear because they wear “andco.” The dress will disappear the moment the government that made it near-compulsory for civil servants and party supporters leave power.

Mrs Tinubu, like a typical African leader who pursues symbolism at the expense of substance, thinks that in addition to changing the national anthem, they can foster unity through a dress. That is how they will obsess over national unity until the next election, when their attack dogs will be unleashed with their usual divisive rhetoric, and they will pretend to be blind, deaf, and mute.

Mrs Tinubu says local manufacturers will mass-produce the fabric, thereby boosting the local textile industry, creating jobs, and improving the economy. There we go again with magical expectations. You are not even sure that people will give a bleep about your fabric, but you are already building castles in the air. Apart from the APC flock who will be made to wear their uniform to prove they are still standing on Bola’s mandate, how does Mrs Tinubu hope to sell enough nationwide to keep the local textile factories working? How much money is even being invested in this farce?

Meanwhile, Mrs Tinubu is so locked in the Yoruba insularity and nepotism of her husband’s government that she fails to see that the optics of the project are entirely bad. So, she, a Yoruba woman, initiated the project. The named judges are Yoruba women; her Lagos friends, and the winner of the N25m fabric design competition is a Yoruba woman too! Mrs Tinubu wants an incredibly diverse country people to wear a national aso ebí, but it just did not occur to her to extend the sphere of creating the material beyond Yorubas? So how do you hope to get the buy-in of non-Yoruba Nigerians if you do not think their contributions are valuable? So much for national unity!

Like her vegetable garden, I can bet Mrs Tinubu did not think through what the national fabric project was meant to achieve or how to organize the idea. This “andco” thing is just another means of seeking social relevance for a woman who does not know what she should be doing with her time or how to justify budgetary allocations to her “office.” Unfortunately, she does not have advisors or friends who can help her design a sensible project. All the women surrounding her are likely to just say “yes, ma” each time she proposes another witless idea. Even if an idea for a worthwhile project were to be created for her, she still does not come across as someone who has the discipline to sit down and master what it takes to turn it into a success. She just wants to be seen as relevant and that is why she is all over the place, doing too much of nothing.

Punch

Jennifer Liu

Like a lot of hiring managers, Adriane Schwager likes to ask candidates about times in their career they've made a mistake. Usually, it's to get an idea of how you handle stressful situations and how you learn from previous errors.

For Schwager, the CEO and co-founder of the hiring platform GrowthAssistant with 20 years of recruiting experience, the answer can uncover a big red flag: whether the person has low ownership of their work.

In listening to the response, Schwager tells CNBC Make It that she tries to assess whether the person can own up to the mistake, or if it seems like they're making it out to be someone else's fault.

Take an example where someone forgot to send something important to accounting, and it cost the business $250,000, she says. If the candidate discusses how the accident was the result of someone else not sending them the right information, or their manager not helping to provide oversight, "and it turns into someone else's fault, that shows me they have low ownership," Schwager says.

On the other hand, she says, a better response might be: "I didn't send something to accounting once and it cost us $250,000. I thought I was going to lose my job. So I immediately created a calendar reminder so that I send that to accounting every Tuesday."

"I believe that all situations are co-created, and we all play a part in some of this failure," Schwager says. "A company fails, your department fails — even if you aren't running that department, you still played a part in it. That doesn't make you good or bad. It just is. So be aware of your participation in that outcome, and be able to talk about the learning you had from it."

Ultimately, Schwager says, "I need somebody who is that aware of how they participated in the outcome."

Sometimes, she can also tell whether a candidate has low ownership based on how they describe why they left their previous job.

For example, if someone says "I left because my manager had it out for me" or "I wasn't being managed well," Schwager says she wants to hear about whether the candidate tried to take ownership and manage up.

Or, if they burned out at a previous job, Schwager wants to know if they learned from the situation to identify their burnout patterns, can communicate them to a boss or colleagues, and that they have acquired strategies to cope: "They recognized it, they learned from it, and they've applied those changes to their to experiences."

CNBC

The Federation Account Allocation Committee (FAAC) has announced that N1.203 trillion was shared among federal, state, and local governments for August 2024. This allocation, derived from a gross total of N2.278 trillion, was disclosed by Mohammed Manga, Director of Information at the Ministry of Finance, following FAAC's September meeting chaired by Finance Minister Wale Edun.

The distribution marks a decrease of N155 billion compared to July's allocation. From the total amount:

- Federal government received N374.925 billion

- States received N422.861 billion

- Local government councils got N306.533 billion

- Oil-producing states received N99.474 billion as derivation

Additionally, N81.975 billion was allocated for collection costs, while N992.617 billion was set aside for transfers, interventions, and refunds.

Value Added Tax (VAT) revenue decreased by N51.988 billion to N573.341 billion. After deductions, N533.895 billion of VAT funds were distributed among the three tiers of government.

Gross statutory revenue also declined by N165.994 billion to N1.221 trillion. After allocations for collection costs and other purposes, N186.636 billion was shared among the government tiers.

The Electronic Money Transfer Levy (EMTL) contributed N15.643 billion, which was distributed accordingly.

An exchange difference of N468.245 billion was also shared among the government levels.

The communique noted decreases in various revenue sources, including Companies Income Tax, Import and Excise Duties, and Petroleum Profit Tax.

As of September 2024, the balance in the Excess Crude Account was $473,754.57.​​​​​​​​​​​​​​​​

The Nigeria Hydrological Services Agency (NIHSA) has issued a warning to Nigerians following the release of water from the Lagdo Dam in Cameroon. The Lagdo Reservoir, located in Cameroon's Northern Province along the Benue River in the Niger basin, spans an area of 586 square kilometers.

In a statement on Tuesday, NIHSA Director General, Umar Mohammed, notified the public about the release of water but reassured that no significant flooding is expected in Nigeria. However, he advised certain states—Kogi, Nasarawa, Adamawa, Taraba, Benue, Anambra, Bayelsa, Delta, Edo, Cross River, and Rivers—to take necessary precautions to mitigate the potential impact.

"The management of Lagdo Dam has informed NIHSA that regulated water releases at a rate of 100 cubic meters per second (8,640,000 cubic meters per day) will begin today, September 17, 2024," said Mohammed. He noted that the release could increase gradually to 1,000 cubic meters per second over the next seven days, depending on inflow from the Garoua River, which feeds the reservoir and significantly contributes to the Benue River.

The gradual release, according to Mohammed, is designed to avoid overwhelming the Benue River system and prevent major flooding downstream. Water releases are expected to cease once inflow levels from the reservoir decrease.

"Although major flooding is not anticipated, it is crucial for states along the Benue River—such as Adamawa, Taraba, Benue, Kogi, Edo, Delta, Anambra, Bayelsa, Cross River, and Rivers—to remain vigilant and implement preparedness measures at all levels of government to minimize any flood-related impacts."

NIHSA has assured continuous monitoring of water flow in both the Benue River and other major rivers across the country, with regular updates to be provided to prevent flood disasters.

This development follows recent devastating floods in Maiduguri, the Borno State capital, which resulted in the loss of lives and the displacement of hundreds of thousands of residents.

Zimbabwe plans to cull 200 elephants to feed communities facing acute hunger after the worst drought in four decades, wildlife authorities said on Tuesday.

The El Nino-induced drought wiped out crops in southern Africa, impacting 68 million people and causing food shortages across the region.

"We can confirm that we are planning to cull about 200 elephants across the country. We are working on modalities on how we are going to do it," Tinashe Farawo, Zimbabwe Parks and Wildlife Authority (Zimparks) spokesperson, told Reuters.

He said the elephant meat would be distributed to communities in Zimbabwe affected by the drought.

The cull, the first in the country since 1988, will take place in Hwange, Mbire, Tsholotsho and Chiredzi districts. It follows neighbouring Namibia's decision last month to cull 83 elephants and distribute meat to people impacted by the drought.

More than 200,000 elephants are estimated to live in a conservation area spread over five southern African countries - Zimbabwe, Zambia, Botswana, Angola and Namibia - making the region home to one of the largest elephant populations worldwide.

Farawo said the culling is also part of the country's efforts to decongest its parks, which can only sustain 55,000 elephants. Zimbabwe is home to over 84,000 elephants.

"It's an effort to decongest the parks in the face of drought. The numbers are just a drop in the ocean because we are talking of 200 (elephants) and we are sitting on plus 84,000, which is big," he said.

With such a severe drought, human-wildlife conflicts can escalate as resources become scarcer. Last year Zimbabwe lost 50 people to elephant attacks.

The country, which is lauded for its conservation efforts and growing its elephant population, has been lobbying the U.N.'s Convention on International Trade in Endangered Species (CITES) to reopen trade of ivory and live elephants.

With one of the largest elephant populations, Zimbabwe has about $600 million worth of ivory stockpiles which it cannot sell.

Reuters