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New Revenue Formula to be Submitted to FG by December 2021 – RMAFC

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The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that the revised revenue allocation formula will be ready for submission to the Federal Government by the end of 2021.

The current review of the revenue allocation formula, which is one of the major responsibilities of the commission, is coming 28 years after the last one was done in 1992.

The Chairman, RMAFC, Mr Elias Mbam made this known during the public hearing on the review of the vertical revenue allocation formula for the Northeast zone held in Gombe.

Mbam stated that the commission was committed to ensuring that the new revenue allocation formula captured the yearnings and developmental aspirations of Nigerians.

”The commission conducted similar exercises in other five geo-political zones of the country in order to obtain relevant data from relevant agencies for use in the review process.

”The wider engagement of stakeholders in the process of data gathering was to ensure an all-encompassing and inclusive process,” he said.

He said that studies on fiscal matters relating to allocation of federation revenues were also being carried out, adding that the processes were aimed at ensuring that the new revenue formula would be “fair, just and equitable.”

He expressed confidence that the participation and contributions in the public hearing would enrich the outcome and assist the commission in coming up with a revenue formula that would be acceptable to majority of Nigerians.

The chairman called for support at all levels of the review process to ensure that the process was brought to its “logical conclusion.”

While declaring the public hearing open, Gov. Inuwa Yahaya of Gombe state said that the hearing was apt and timely.

Yahaya said that the hearing would enable them review the challenges of economic development and an avenue for “diagnostic review of issues confronting revenue generation.”

“I urge resource persons and participants to discuss the issues at stake dispassionately in order to chart a way forward towards achieving the noble objectives of this workshop,” he said.

The current sharing arrangement, the federal government (including special funds) is entitled to 52.68 per cent while state governments  receive 26.72 per cent and local governments are to receive 20.6 per cent.

The federal government’s share of 52.68 per cent, 48.68 per cent is further allocated to the consolidated revenue fund (CRF) with another one per cent given to the FCT.

Also, 1.68 per cent is allocated to the development of natural resources while one per cent is allotted to the ecological fund as well as 0.5 per cent stabilisation fund.  (NAN)

Foreign News

French Butchers’ shops Closed After Child Dies of Rare Illness

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 Authorities in northern France have shut two butcher’s shops after several children were hospitalised and one died from a rare illness thought to be linked to infected meat products.

Investigators found that most of the children had eaten meat from the shops in Saint-Quentin, the prefecture announced on Friday.

The children aged between one and 12, eight children from the town of 53,000 inhabitants and surrounding area were hospitalised in the past week with severe diarrhoea.

Five developed haemolytic uraemic syndrome (HUS), a rare form of acute kidney failure, from which a 12-year-old child has died.

HUS usually occurs in children as a result of an intestinal infection, it leads to the formation of blood clots that block the brain, heart and kidneys in particular.

Up to 165 cases of children with HUS syndrome are documented in France each year.

The authorities urged residents not to consume meat products bought in the closed shops until laboratory tests have proven the cause of the illness beyond doubt.(dpa/NAN)

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Foreign News

Over 650 Die in Iran After First Week of Israeli strikes

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More than 650 people have been killed in Iran following a massive Israeli bombing campaign launched a week ago, an activist group said on Friday.

The U.S.-based Human Rights Activists News Agency (HRANA) reported that 657 people have died and 2,037 have been injured in the nationwide airstrikes.

The Iranian government does not publish daily figures on casualties.

HRANA relies on a broad network of informants and publicly available sources.

The group said the dead include at least 263 civilians and 164 members of the military.

Another 230 fatalities remain unidentified.

The network also reported damage to civilian infrastructure, including a projectile striking a children’s hospital in Tehran, which did not result in any injuries.

In the western province of Ilam, a fire station was damaged, HRANA said, while an Israeli attack on a car factory in western Iran triggered a large fire.

Israel maintains its objective is to prevent Iran from acquiring nuclear weapons, which it considers an existential threat. (dpa/NAN)

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Education

NDIC Urges Youths To Shun Cybercrime, Embrace Financial Discipline

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The Nigeria Deposit Insurance Corporation (NDIC) has advised youths to steer clear of cybercrimes and embrace legitimate sources of income to secure their future.

Mr Adefemi Shaba, NDIC Port Harcourt Zonal Controller, gave the remark on Friday while addressing over 300 students at the 2025 Financial Literacy Day held at Community Secondary School Okoro-Nu-Odo, Rumuagholu, Obio/Akpo area of Rivers.

The theme of the event was “Think Before You Follow, Wish Money for Tomorrow.

Shaba emphasised the need for students to reject the ‘get-rich-quick’ mentality, saying that they should invest their time in productive and meaningful ventures that would secure their future.

According to him, cybercrime and other unlawful means of making money are destructive to progress, that must be avoided at all costs.

He explained that NDIC, in collaboration with the Central Bank of Nigeria (CBN), monitored and supervised banks to ensure safe and sound banking practices.

“NDIC is mandated to protect depositors’ funds, maintain stability within the financial system, guarantee bank deposit liabilities, and protect an efficient and effective payment system.

“This is why we are here – to educate students on managing their finances, saving, and investing for the future,” he stated.

Also speaking, Mr Alfred Ijah, Senior Manager, Communication and Public Affairs, NDIC, described the lack of financial literacy as a key challenge affecting the nation’s financial institutions.

He encouraged students to work hard, earn legitimately, and develop sound financial habits.

“It is important to cultivate the habit of saving, investing wisely, spending responsibly, and helping those in need.

“Making money through internet fraud, theft, or gambling is illegal. Money made through such means lacks legitimacy and is difficult to preserve or manage,” Ijah said.

Mr Peter Njoku, Assistant Director, Rivers State Ministry of Education, commended NDIC for selecting the state to host this year’s Financial Literacy Day.

Njoku, who represented the state government, stressed the critical importance of equipping young people with the knowledge of financial planning and long-term financial viability.

He urged students to apply the knowledge gained to improve their lives and grow into responsible citizens.

“Youths engaging in internet fraud require proper re-orientation, as cyber fraud is no different from stealing or robbery.

“They must desist, because every day is for the thief, but one day is for the owner of the house.

“If they persist, it will only lead to ruin, destroying their future and potential,” he concluded. (NAN)

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