Here we go again, and what a wow! RMAFC's 2025 appropriated budget is N5.5b, but it got N5.7b for just May 2025 from FAAC due to a new 0.5% earnmark of non-oil rev. RMAFC is about to be drenched in money far beyond its needs, and you know what follows

thecable.ng/wow-rmafc-got-… Allowing agencies to charge collection costs, get a percentage of federation revenue, and retain parts of 'IGRs' are the ways we create super agencies. Special privileges that all other government agencies aspire to, and a sure path to graft, waste, and resource misallocation.

Concerning the VAT debate, here's FAAC data from August 2024. 👇
Total VAT after deductions: N533.89b
Non-import VAT N444.19b out of which N249.77 or 56.23% attributed to Lagos
VAT available to states: N266.95b
Total VAT allocated to Lagos: N40.22b or 15.06% or N66.95b


After deductions, VAT is shared among the three tiers this way:
FG: 15%
States: 50%
LGAs: 35%

The portion available to the 36 states is shared this way:
50% for equality of states (meaning half of the VAT is shared equally by the states)
30% for population
20% for derivation.

In my column in today's @THISDAYLIVE, I submit that the CBN's Naira redesign policy suffers from many policy design and execution flaws. 👇 thisdaylive.com/index.php/2023… The cash crunch and the attendant economic and social dislocations created by the currency redesign policy of the CBN have surfaced many design and implementation flaws that typically undermine the effectiveness of public policies.

With the passage of the Petroleum Industry Bill (PIB) today by the two chambers of Nigeria's National Assembly, it seems the jinx around a composite law for Nigeria's petroleum sector has been broken. Since this is an executive bill, presidential assent should be expected. Many may not know this, but the process for an omnibus law for Nigeria's petroleum sector started on 24 April 2000 when then President Obasanjo inaugurated the Oil and Gas Reform Committee (OGRC), which produced the National Oil and Gas Policy (NOGP).

After reading 'Dreams from my Father' for a class, I itch to read anything written by @BarackObama. He is a top-notch prose stylist. Just look at how in his new book, in redolent and thoughtful prose, he takes us on his short walks Through @BarackObama, we meet Ed Thomas (he knows his name), and we can feel the older man's tall, wiry frame and sunken cheeks and we are honoured shake his hand of a man who loved his work, hand 'thick with veins and knots like the roots of a tree.'

President @MBuhari a few minutes ago did a virtual launch of the Presidential Artisanal Gold Mining Initiative (PAGMI). Highlight of event: the CBN (@cenbank) paid for and received an international standard but locally sourced 12.5kg gold bar for its reserves. This is a major development, with positive implications for jobs, revenues, resource optimisation/value addition. It is good for artisanal miners, the solid minerals sector, and the country at large.

Emeka's Money, an animated short film about corruption, premiered yesterday. Here's the YouTube link:

Though primarily for kids, I like the film a lot for some reasons. A short thread.

@Step_Up_Nigeria @BasementNG @macfound First, I like the idea of engaging kids about what is arguably the major problem of our country, corruption.

Socialisation is key.

And how best to break down the complex issue of corruption to the future generation other than through a simple, animated story? 👌👍

I have been going through email and WhatsApp exchanges with Mallam Abba Kyari. I will share a few that answer some of the concerns raised here and that further illuminate his attitude to clearly orchestrated demonisation campaign that still lingers. Thread

With the launch of the Open Treasury Portal today by President @MBuhari, all MDAs are to publish the following: daily reports of payments from N5m; monthly budget performance; quarterly financial statements; and annual financial statements prepared in compliance with IPSAS. All the reports are to be published within stipulated deadlines on this portal: opentreasury.gov.ng

I have seen media reports and commentaries quoting a @nigeriaeiti report about $22b allegedly missing from the Federation Account under the present administration. This is deliberate and mischievous misrepresentation. Today, @nigeriaeiti held a conference on remedial issues from its audits with wide representation from govt agencies, private sector, civil society and the parliament l.