Mitigating Nigeria's penchant for wasteful spending

By Bayo Ogunmupe

Nigeria’s penchant for borrowing money and wasting it on frivolities surges forth in rising debts without any tangible accomplishments to show for them. Which is why Nigeria’s thirst for debts has become a growing concern among economists. At present, the nation’s debts have risen by 278 percent or N4.03 trillion in the last six years. This public debt data was disclosed by the Director General, the Debt Management Office, Mrs Patience Oniha. According to the document, Nigeria is owing so much as at December 31, 2021 and that the new borrowing allocation for 2015 was N1.46 trillion which was 90 percent of N1.62 trillion budget deficit. For 2021, the allocation for borrowing was N5.49 trillion which was 85 percent of N6.45 trillion budget deficit. On the source of the figures, the document avers, “2015 comprises 2015 Appropriation Act and the supplementary budget of N575 billion for the same year. The year 2021 comprises 2021 Appropriation Act and the supplementary budget of N802 billion for the same year.” The data also identified issues around the public debt level, which include fast- growing debts, high debt service to revenue ratio, and concerns around the use of proceeds from the debts. However, Mrs Oniha tried to justify the debts as due to recession, infrastructure deficit, consecutive budget deficits and low revenue base. The World Bank has said, Nigeria’s debt attracts risks of becoming unsustainable in the event of macro- fiscal shocks. For the International Monetary Fund (IMF) high public debt in Nigeria is worsening inflation. The IMF disclosed this earlier this week in a blog post titled: How Africa Can Navigate Growing monetary policy challenges. It said, Sub Saharan African economies are vulnerable to high inflation, “given the often heavy dependence on food and energy imports.” Sadly for Nigeria, food imports have exceeded exports by N2.23 trillion in 12 months. The total international trade in agriculture in Nigeria stood at N3.24 trillion in 2021 with the import value exceeding export value by N2.23 trillion. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven most farmers out of their farms. According to the National Bureau of Statistics, while Nigerian farmers exported goods worth N127.2 billion in the first quarter of 2021, the country imported N630.2 billion goods. In the second quarter, agriculture goods worth N165.27 billion were exported while import value was N652 billion. According to NBS, most of the agricultural products were exported to Europe and Asia. It is noteworthy that Nigeria first looked abroad for loan in 1964 to build the Kainji Dam. The loan built for us a gigantic hydroelectric dam at the Kainji Island on the Niger River, it was the longest dam at the time. Although it would later cost us $2020, the decision to borrow to fund infrastructure development was a game-changer for Nigeria then. While the Kainji Dam is still standing today, a few if any ground breaking projects like that have been built through loans since then. That Nigeria’s latest loan of $1.25 billion is to finance the wasteful petrol subsidy scam leaves much to be desired. The controversial petrol subsidy which was to be phased out by June, has been deferred to continue till the end of Buhari’s tenure. Despite the drain on our revenue, Nigeria continues to stick with it against the odds of high level poverty in the country today. As we sink deeper into debt with nothing to show for it, in terms of economic growth and social infrastructure, it shows that we have not managed our economy well. If it took Federal Government six years to appoint an economic adviser much less an economics minister, you can see how backward we are. The government has also failed to acknowledge (who will tell them?) that the economy has shrunk from $546.67 billion in 2014 to only $436 billion in 2021, despite rising population. Nigeria’s shrinking economy has worsened poverty and has created mass unemployment. Upon this dismal economic outlook, Nigeria’s idle government refineries posted a loss N63. 3 billion from September 2020 to August 2021, according to data from the Nigerian National Petroleum Corporation (NNPC). The NNPC itself lost N227.4 billion. All the government refineries located in Warri, Kaduna and Port Harcourt have been lying idle since 2019. Though the refineries are not operating, government will continue to pay them since they are civil servants. Since the shut down of the refineries, Nigeria has relied on imports to meet her needs. But the Federal Executive Council had in March last year approved to rehabilitate the refineries instead of selling them. Rehabilitating the Port Harcourt refinery alone will gulp $1.5 billion. Another challenge has emerged as the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised an alarm that Nigeria loses more than 90 percent of crude oil pumped into its Trans National Pipeline (TNP) to theft and vandalism in the Niger Delta Region. The PENGASSAN president, Festus Osifo who spoke to journalists in Lagos, exposed what he termed acts of sabotage in the nation’s oil industry. He warned that unless urgent steps were taken to halt the criminality, the nation’s economy will collapse. Speaking further, Osifo said, “Reconciliation at Bonny Terminal shows that less than 10 percent of crude oil metered from the operators gets to the terminals.” Arguing further the labour leader said beyond the reduction in revenue to the companies and the national economy, the act of sabotage has caused serious environmental degradation to the host communities and region, just as the health implications of the unwholesome situation is impacting on the people. The way to mitigate this continuing indebtedness is reduce the civil servants by a quarter, merge the ministries, sell the refineries, reduce wages by half and abolish the national Youth Service Corps. Without military training youth service is both a waste of resources and a waste of time for the youth corps members.

Dayo Faduyile, The Quintessential Physician

A Review. Written by Oludaisi Adetarami, an Akure based writer and journalist, Faduyile, the quintessential physician is the biography of the personal and professional life of a former president of the Nigerian Medical Association. Dr Dayo Faduyile. First published in 2020 by the African Education Monitor, Akure, Ondo State of Nigeria; the book has 307 pages, 16 chapters, 40 pages of photographs and two pages of references. Dedicated to all the doctors in Nigeria and around the world for the unquantifiable care they render to patients, this volume dissects Faduyile’s growth from a kid nauseated by the harrowing experience of having to wait for long hours before being lucky to gain the physician’s attention. Our icon, the angel of Jehovah’s healing Francis Adedayo Faduyile is a professor in the Department of Pathology and Forensic Medicine, Lagos State University College of medicine, Ikeja, Nigeria. With a highly revered traditional ruler as father in His Royal Highness Oba George Babatunde Faduyile, the Abodi of Ikale land; Adedayo was educated at St John’s Primary School, Okitipupa, Ondo State between 1976 and 1982. He proceeded to Ikoya Grammar School, Ikoya in 1982 but left in 1983. He completed his high school education at Methodist High School, Okitipupa in 1987when his school principal father was transferred there. For his advanced level certificate, he attended Christ School, Ado- Ekiti and Ondo Boys High School, 1988/89 from where he proceeded to the University of Lagos bagging his MBBS in 1996. Not satisfied by just being a medical doctor, he added a business orientation by acquiring a Masters in Business Administration (MBA) from the Federal University of Technology, Akure while working as a medical officer in the Ondo State Specialist Hospital, Akure. In an effort to upgrade his skills in medicine, he returned to Unilag to obtain his Masters in Cell Biology and Genetics in 2006. As an advocate of lifelong learning as a prescription for progress, Francis went further to become a fellow of medical College of Pathologists in 2007 from the National Post Graduate Medical College of Nigeria. In 2008 he obtained a Diploma in Cancer prevention from the USA and later passed with distinction, the diploma in Forensic Human Identification from the Academy of Forensic Medical Sciences in the United Kingdom. Adedayo has undertaken many professional training courses and seminars and has had many research publications in his chosen field of medicine. Aside of being a professor of medicine at LASU, he is currently an Honorary Consultant at the Lagos State University Teaching Hospital, Ikeja. He has been holding these positions since 2007. He has had residency in the Department of Anatomical and Molecular Pathology at the Lagos University Teaching Hospital (LUTH), Idi-Araba from 2002- 2007 during which he held various positions as chief resident, senior registrar and the registrar in various sections of the hospital. He has over 40 academic publications and a proven track record of 20 years of service to the Nigerian Medical Association. In the words of the Foreword writer and Nigeria’s current Minister of State for Health, Dr Olorunnimbe Mamora: “This book is a thanksgiving to God for the life of a young but great Nigerianas wll as a successful academician who in the words of the author is also a Quintessential Physician.” The first chapter contains the history of medical practice in Nigeria from 1880 when a dispensary, the first healthcare facility was established in Nigeria by the Church Missionary Society. Chapter two covers Faduyile’s family background, three his childhood and the beginning of his education. For Faduyile’s penchant for his lifelong learning and attendance of seminars and workshops, we can say he never stops learning. Chapter five chronicles Dayo’s medical practice and experience. He became the quintessential physician during his residency at LUTH. At chapter seven you will discover how the umbrella body of Nigerian medical practitioners, the Nigerian Medical Association curried him to contest and win, the chairmanship of the NMA, Lagos branch. “The NMA was founded in 1960 as the transmutation of the existing branch of British medical Association that was formed in Nigeria in 1951. In a fundamental sense, the primary mandate of the NMA covers, catering for the interest of its members and helping in shaping national policies aimed at improving healthcare delivery for Nigerians.” He was elected President of the NMA in June 2018 owing to his experience. Making allusion to this Dayo says: “I think the experience being president is totally different. As president, it is like you are on your toes every time. Everyone wants your attention, everyone wants to hear your views on issues. You must be well read. And apart from that, you must have a fair knowledge of a large expanse of issues and events.” Elected with him for the statutory two years term of the NMA were: Doctors Kenneth Tijo, 1st vice president, Ofem Enang 2nd vice president; Olumuyiwa Odusote, secretary general, Benjamin Umezuruike, deputy secretary general. Other officers elected were Ayuwaja Nayagawa, national treasurer, Abdulgafar Jimoh, national financial secretary and Obitade Obimakinde as national publicity secretary. Among scores of dignitaries who gave tributes and testimonials to the leadership qualities inherent in Dayo Faduyile are the former minister of state for Education, Dr Adewumi Abitoye, a senior lecturer in Therapeutic Toxicology, Lagos State University College of Medicine Dr Kazeem Oshikoya; a consultant psychiatrist, Ministry of Defence, Dr Rufus Oguntuase, Professor of Medical Biochemistry, LASU College of Medicine, Professor Abayomi Olagunju and the Consultant Psychiatrist, LASUTH Dr Olayinka Atilola. Chapter 15 encompasses some of his selected speeches at official functions while he was the NMA president. In his congratulatory address to President Mohammed Buhari for his second term in office, Dr Faduyile emphasized the need for the federal government to partner with NMA for the improvement of the health of Nigerians. Among several suggestions, Faduyile requested the government to establish the Health Bank to provide health fund akin to the Bank of Industries (BOI) and the Bank of Agriculture. “The Health Bank will allow the medical and dental practitioners to obtain loans to improve their facilities with single digit interest and at least a 10 year moratorium. This will afford practitioners to improve their practice and will in turn lead to a better healthcare for our citizens and encourage our diaspora doctors to come back and build world class facilities thereby changing brain drain to brain gain (reverse brain drain).” The author Oludaisi Adetarami has written an engaging and fascinating book in Dayo Faduyile, The Quintessential Physician. As the publisher of Sunshine Standard, Adetarami is a prominent member of the Association of Community Newspaper Publishers of Nigeria. He is a 1990 graduate of Political Science from the University of Jos.

Stemming the perpetual loss of foreign investors

The Guardian editorial Earlier this month, the National Bureau of Statistics released data indicating that Nigeria generated a total of $698.7 million from Foreign Direct Investment (FDI) in 2021. This NBS data shows the FDI generated in 2021 was the lowest the country recorded in 10 years. The FDI is one of the three major types of investment and a critical source of capital inflow into the country. Other sources include foreign portfolio investment, foreign loans and trade credits. The NBS defines FDI as an investment where the investor has some control or a significant degree of influence on the management of a domestic enterprise. It notes that the FDI occurs when the investor has enough equity in the enterprise to entitle them to 10 percent or more of the voting rights in that company. A breakdown of FDI in Nigeria over the last 10 years shows that in 2012, FDI stood at $2.60 billion. It declined to $1.27 billion in 2013 but rose to $2.27 billion in 2014. The FDI fell again in 2015 to $1.41 billion, it fell further to $1.04 billion in 2016 and to $981.75 million in 2017. Further analysis of NBS data revealed that FDI again rose to $1.19 billion in 2018 but dropped by $256 million to $934.34 million in 2019. The latest capital importation report from the bureau stated that FDI fell by $332 million to $698.78 million in 2021 from $1.028 billion in 2020. The report also showed that 24 states in Nigeria failed to attract any foreign investment last year. These states are Adamawa, Bauchi, Bayelsa,Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau, Sokoto, Taraba, Yobe and Zamfara. Also, 10 out of the 24 states failed to attract foreign investments in the last three years. The states are Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe and Zamfara. Economists blame capital flight on the on-going insecurity in the land, absence of electricity in Nigeria; the cost of getting power to will make the product manufactured unprofitable. Other causes of capital flight include policy inconsistence. Years ago, the directors of Dunlop Nigeria Limited established tyre manufacturing factories in Nigeria. The state of the arts factory in Lagos was opened by the then President, Chief Olusegun Obasanjo. Five weeks after opening the ulta modern factory, government crashed the price of tyre by ordering the importation of tyres from abroad. The owners of Dunlop had no choice other than turning their factories to sales depots for tyres from their factories abroad. The same fate forced Michelin, Berec batteries and other companies to relocate to neighboring countries. Also, many investors have been affected by the pandemic. Investments thrive where there is peace and security. People normally invest in the productive sector, this sector cannot operate without a reliable, adequate and affordable electricity. We haven’t made the stride in terms of adequate supply of electricity. That is yet another stumbling block for Foreign Direct Investment. Apart from policy inconsistence, there are foreign exchange hazards with the constant devaluation of the naira by the government. Since 1990, the value of the naira has been on the decline and projecting that for the next decade or two does not show any significant difference. The Deputy President of the Lagos Chamber of Commerce, Gabriel Idahosa noted that investors were reluctant to invest in a country where the cost of doing business is high. The unpredictability of the value of the naira makes investors skeptical of investing in Nigeria because the value of their returns would have declined in the future due to constant naira devaluation. Other factors militating against foreign investment include but not limited to the inefficient port, rail and transportation systems. Also, Nigeria’s income tax is the highest in the world. Most countries have about 15 percent tax but ours is 32.5 percent, a very hateful tax system in a developing country. Which is why investors are going to places where taxes are low and are moving to countries where government wish to create more jobs rather than high taxes. Investors are looking for economies that are growing. Prior to last year, the Nigerian economy contracted in 2020. Foreign Direct Investment goes to countries with very good investment climate. Among those things investors are looking for are economic and political stability. They are also looking at the rate of growth of the economy. In another way, investors are apprehensive of the level of insecurity in the country; which is why they are loath to invest. In his own take, the Chief Executive Officer, Centre for the Promotion of Private Enterprise Dr Muda Yusuf stressed the need for urgent reforms to strengthen the interests of investors. For Benue State, its commissioner for Finance, David Olofu blamed the lack of FDI in the state on the Federal Government who is conniving with terrorists to ravage the Middle Belt states. In Zamfara State investors made enquiries but never turned up. The Managing Director of Zamfara State Investment Corporation, said security challenges were responsible for scaring away investors from the state. But the Adviser to the Enugu State governor on Information Steve Oruruo averred that his state had been working assiduously to create a stable and secure environment to attract foreign investment, businesses to thrive and that had placed the state as the most secure state in the South East. All these go to show that aside of insecurity, government has no policy of creating an enabling environment for the importation of investment to Nigeria.

The Illegality and Un-Sustainability of Pensions for Ex-Governors and their Deputies

By Ibru Nejuvie It was Governor Babajide Sanwo-Olu of Lagos State who first courageously mooted the idea of scrapping the obnoxious and homogous pensions for Ex-Governors and their deputies in Lagos State.Apparently, his courage and convictions was put to test after external forces began to pressure him to forgo that line of thinking. That matter has since been notoriously dumped into the dusbin of history. Today, Governor Sanwo-Olu is no longer an apostle of the abolition of pension for Ex-Governors but a would be worthy beneficiary of a fraudulent scheme designed to continually bleed the state to death. At a time genuine pensioners are slumping and dying in queues waiting for their miserable stipends to be paid,the burden of pensions for former governors and their deputies may soon outweigh that of regular pensions for civil servants if this heamorage is not halted with the speed of light. If the current trend continues, in twenty years time, an average state will be paying close to ten Ex-Governors and ten deputy governors which will gulp billions of naira for serving at best only eight years of two terms when civil servants who toiled and laboured for more than thirty youthful years get hardly paid their miserable gratuity and pensions. Sadly,the Nigerian political elites had the notion of being served for life but forget that holding a political office is only but a transaction of trust and service to the people. Ex-Governors wants to be paid pensions directly from the state coffers without contributing anything to it while subjecting civil servants to contributory pension that amount to nothing. At a recent event in Asaba, it was reported that Governor Ifeanyi Okowa escape being lynched by angry and rampaging pensioners who laid siege to the Event Centre in Asaba. It took the intervention of security officials for the the governor to escape through the back door as thousands of ailing and aged pensioners protested many years of unpaid pensions in the state. It is in the public domain that the state government is owing pension to the tune of N75 billon. As a matter of fact , the incidence in Delta is not an isolated case but a general trend in the country. For a state bulged down by a heavy wage bill occasioned by a bogus and unweedy civil service, Ex-Governors and their deputies are on the frontline of payments leaving the state with little or nothing for capital projects. Governor Okowa expected to run a small and efficient government pandered to parochial politics by creating more agencies and appointed thousands of idle political aides thereby overbloating the wage bill of the state in an unprecedented manner. While many of his admirers may have applauded his recent establishment of three new universities in the state, the Academic Staff Union of Universities (ASUU) came hard on the Governor and heavily criticised the unnecessary proliferation of universities by state governments. At a time the existing University at Abraka hardly gets enough by way of subventions and votes to take care of its needs, establishing three new universities at this critical time is absolutely unnessariy.Indeed, experts have tasked the governor to expand existing structures in Abraka instead of some muchroom universities that cannot stand the test of time and meet global standard. It is rather sad that those who are suppose to uphold high standards in government are the ones promoting and celebrating mediocrity and retrogression in all facets of public life. In 2007,the Lagos State government,under Governor Bola Tinubu, became the first state to enact the life pension law for Ex-Governors and their deputies with mouthwatering benefits running into billions of naira. Soon after, other states with weak legislative arms jump into the fray. According to the duo of Olufemi Abifarin and J .O. Olatoke in their brilliant and well research article: "Can a State House of Assembly enact pension law in Nigeria', these erudite scholars asserted that the House of Assembly of a state has to, for instance, confirm to the manners, form and procedure prescribed by law, adding that, this shows that the House of Assembly of a state does not have wide power or absolute power to legislate even on items on concurrent legislative list and residual matters. These illustrious patriotic citizens of Nigeria further averred that no governor collects pension in the United States excepts for the ex-Presidents and their widows that are entitled to pension and maintenance allowance. "We are not bound to follow America in toto but whatever adjustments we make in the Constitution must not be detrimental and burdensome to the economy', they submitted. It is my candid opinion that these pensions for Ex-Governors and their deputies are a total burden and unproductive venture to the state's economy and should be, without, further hesitation, be scrapped. - Ibru, a Journalist wrote from Asaba

Celebrating being Born A Genius

By Bayo Ogunmupe

The book being reviewed is Born A Genius by Victoria Praise Abraham. It emerged from three premises: the first is that we’re all creations of Jehovah God. The second is that God created us in His own image and likeness and thirdly that Jehovah Himself is the first and ultimate genius. Thus, it suffices to say if God who created all of us in His likeness is a genius, we are all geniuses too. Therefore, we as geniuses are at liberty to create and mold the world whichever way we want. However, since each individual is unique, we are free to manifest the ingenuity within us before death comes calling. Indeed, many things impact on our ingenuity to either amplify or diminish it. But as geniuses, the act of living, our fears, anxieties and life’s troubles rob and inhibit our genius. Happily, this illuminating book sheds light on these truths. The issue is between determinism and free will. While keeping your inherited creativity dormant by keeping to mundane activities; you can manifest absolute ingenuity by acting and utilizing your free will. In Born A Genius you will learn to activate your genius, transform yourself to a celebrity by enhancing the genius inherent in you. If you doubt yourself, suffer from low self-esteem and are enmeshed in fear of failure, this inimitable book on ingenuity will cure all of your deficiencies. The book is a primer on how the author was cured of low self esteem and lack of self confidence and turned a literary genius. The book is beautifully printed, paperback, with 152 pages, 12 chapters, a foreword of three pages written by the former Vice Chancellor of both Covenant University, Ota and Trinity University, Yaba Professor Charles Ayo. The author brought forth his experience in writing the book. Chapter one is an inspiring story of the author. She captured the circumstances of her environment, her birth, her upbringing and schooling. She discovered her true identity, her purpose in life, nurturing same to fruition. She considered the obstacles on her path have become stepping stones to the discovery of her genius and self development. Chapters four, five and six describe the attributes of geniuses, factors which inhibit as well as enhance creative ingenuity in humans. She avers that geniuses are never comfortable with the status quo. Geniuses believe anything is possible. There are no limits except those you place on yourself. Moreover, the book presents synopses of national and global geniuses from the Microsoft founder, Bill Gates, Facebook founder, Mark Zuckerberg, Oprah Winfrey, Dolly Parton and Serena Williams among many of the global winners. For our local geniuses Tony Elumelu, Ibukun Awosika of First Bank of Nigeria and Fela Durotoye. Similarly, the author espouses genius enhancers as self confidence, wise company, creativity seminars and also shared 33 famous quotes on creativity. She made known quotes from distinguished personalities such as Sir Winston Churchill, Thomas Edison, henry Ford of the Ford Motor fame and Queen Elizabeth 11, the head of the Commonwealth of Nations. Lastly, the author concludes that we are all created geniuses by God Almighty. Normative logic is an epistemological system of analytical reasoning and cognition. Applied to this book, it teaches us that like the ingenuity with which Jehovah created the universe, we as God’s creatures have been born with the same creative power. And we can apply the innate force to mold the world in whichever way we want. It means God has granted us humans the ingenuity to manifest creativity as we want it. Therefore, this book is a must read for everyone seeking to fulfill his full human potential. In this regard, there are no age barriers, level of education, social class or political status; you have the free will to pursue your passion to fruition in life. It is your destiny to maximize your creative potential which charges us to challenge the status quo, disagree with impossibility and cultivate the can do spirit of the erstwhile geniuses. The author, Victoria Praise Abraham is a media expert, creative entrepreneur and publisher. She started writing more than 20 years ago and has authored many books. Among her books is a biography of the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye. Victoria has also written motivational works for social media. She is passionate about evangelism, youth development and empowerment. Victoria is also the Chief Operating Officer and founder of Vic Abraham Media Nigeria Limited, a book publishing company.

Time to adopt the federal revenue sharing formula

The Guardian editorial Recently, the Revenue Allocation, Mobilisation, and Fiscal Commission (RAMFC) proposed a 3.3 percent cut in the Federal Government (FG) allocation: states and councils are to earn more from the Consolidated Revenue Fund should the National Assembly ratify the new sharing formula of the federation account. The FG will lose 3.3 percent so as to shore up the accruing accounts of states and local government councils. This will be the first time in 30 years that the revenue formula will be adjusted. The subsisting formula was enacted in 1992. The RAMFC submitted the sharing proposal to President Mohammed Buhari at the Aso Presidential Villa recently. President Buhari promised to send the proposal to Parliament for enactment as soon as possible. In the proposal, the RAMFC recommended that the states monthly allocation be increased by 3.07 percent. The councils will have their 20.60 percent share increased by 0.44 percent. The 3.07 percent and 0.44 percent will be sliced from FG’s 52.68 percent. In the new formula, the FG will take 45.17 percent, states will share 29.79 percent while the 774 councils will have 21.05 percent. The RAMFC chairman, Elias Mbam presented the report. Buhari, in a statement from his Special Adviser on media and Publicity Femi Adesina, said the proposal will be subjected to internal review while awaiting finalization scrutiny by the National Assembly. The statement from the Presidential Adviser reads: “Ordinarily, I would have gone ahead to table this report before the National Assembly as a bill for enactment. “However, since the review of the vertical revenue allocation formula is a function of the roles and responsibilities of the different tiers of government, I will await the final outcome of the Constitutional Review process, especially as some of the proposed amendments would have a bearing on the recommendations contained herein.” The President listed some of the proposed amendments in the report as follows: Establishing local government as a tier of government and the associated abrogation of the state/ local government account. Moving airports; finger prints identification and criminal records from the exclusive legislative list to the concurrent legislative list. Empowering the RAMFC to enforce compliance with remittance of accruals into and disbursement of revenue from the federation account ; and streamlining the procedure for reviewing the revenue allocation formula. The president commended the RAMFC for a job well done, pledging his commitment and support to the members in carrying out their constitutional mandates. Buhari said further, “considering the changing dynamics of our political economy, such as privatization, deregulation, funding arrangement of primary education, primary health care, and the growing clamour for decentralization among others, it is necessary that we take another look at our revenue sharing formula, especially the vertical aspects that relate to the tiers of government. “This becomes more compelling as we need to reduce our infrastructural deficit, make more resources more available for tackling insecurity, confront climate change, and its associated global warming and make life more meaningful for our rapid growing population.” Moreover, Buhari stated that as an advocate of grassroots development, he had always remained committed to ensuring that all tiers of government were treated fairly, equally and justly in the sharing of national resources.” Thereafter, Buhari declared that for the nation to have a lasting review of the present revenue allocation formula, there must first be an agreement on the responsibilities to be carried out by all the tiers of government. The president added: “We must note the increasing visibility in sub-national level responsibilities due to weaknesses at that level, for example, primary health care, basic primary education; levels of insecurity and increased remittances to states and local governments through the Value Added Tax sharing formula, while the FG has only 15 percent and the states and local governments share 50 percent and 35 percent respectively.” The Secretary to the Government of the Federation (SGF) Boss Mustapha, said the RAMFC followed due process in undertaking the exercise. Giving the synopsis of the report, Mustapha said it was in four volumes, including a summary of the main report. On his own side, RAMFC chairman Mbam said the philosophy behind the proposed review was guided by the need for distributive justice; equity and fairness as enshrined in relevant sections of the 1999 Constitution (as amended). In view of the fact that the current revenue allocation formula is based on the unitary form of government in the federation of Nigeria, the proposed review should be on the basis that Nigeria is a federation. Therefore, the right and proper revenue allocation formula is 60 percent for the state or region and 40 percent for the government of the federation as enshrined in the Independence Constitution of 1960 and the Republican Constitution of 1963. Since a return to true federalism is the answer to our insecurity and poverty, a return to true federalism is the answer to our revenue allocation formula too.

Rituals for making a successful life

By Bayo Ogunmupe

Today, let us begin with the necessity of work to make a living. According to the British statesman and World War 11 hero as Commander- in- Chief, Sir Winston Churchill: "We make a living by what we get, but we make a life by what we give," But just because you're struggling doesn't mean you're failing. Success requires the worthy struggle to get. Although the journey may be tough, it always feels better to be exhausted from tiny pieces of progress, than it does to be tired of doing nothing at all. Every step in the struggle counts. And as you know, the result of enormous success is often pretty noisy-lots of people talking, writing and sharing stories about it. But the actual process of achieving enormous success is far more discreet and mysterious. Yet it is this process that happens quietly, behind the scenes, that makes all the difference in the world. As a journalist I am fortunate enough to know many billionaires. Regardless of lifestyle, industry or profession, each of them shares many of these quiet rituals.And I want to share three of these initiative taking rituals today, some of which relate to the present challenges you're facing. Many of the iconic books, songs and inventions of all time were inspired by gut- wrenching pain and heartbreaks. Thus, the silver lining of these painful challenges is that they were the catalyst to the creation of epic masterpieces. An emerging field of psychology called Post Traumatic Growth suggests that many people are able to use their hardships and traumas for creative and intellectual development. Also, researchers have found that trauma can help people grow in the areas of interpersonal relationships such as contentment, personal strength and resourcefulness. When our view of the world as a safe place is shattered, we're forced to reboot our perspective on things. We suddenly have the opportunity to look out to the periphery and see things with a new, fresh set of beginner’s eyes, which is conducive to personal growth and long- term success and wellness. Also, the millionaires mindfully focus on the positive all of the time. This view was confirmed by a recent scientific study. The study showed that doctors who are in a positive mood before making a diagnosis, consistently experience significant boosts to their intellectual abilities than doctors in a neutral state, which allows them to make accurate diagnosis almost 20 percent faster. When the same study was shifted to other vocations, they found that optimistic salespeople outsell their pessimistic counterparts by over 50 percent. Students primed to feel happy before taking math exams substantially outperform their neutral peers. Thus, it turns out that our minds are literally hardwired to perform at their best, not when they are negative, or even neutral, but when they are positive. Of course, that’s not to say that successful people never get upset; but your effectiveness in all walks of life will fare better if you are able to mindfully accept and let go of negative emotions, rather than dwelling on them. Think less about managing your problems but more about managing your mindset. Don’t forget that you’re not alone. Ninety percent of the whole world is in continuous struggle. You are just one of them. Finally, in your battle for success in life, you must always take the initiative by taking action. You can if you will take action. Pathfinders don’t wait for others to motivate them. They know it is their responsibility to move themselves forward, beyond their comfort zones. The Bible says, “Trust in the Lord and do good(take action); dwell in the land and feed on His faithfulness.” Learn from your failures and keep moving forward. The good news about trailblazers is, they make things happen. The bad news about them is that they make lots of mistakes along the way. The greater your potential for greatness, the greater your chance for failure. Former U.S. Attorney General Senator Robert Kennedy said, “Only those who dare to fail greatly can ever achieve greatly.” Which is why you should always on the look out for opportunities. Never wait for opportunities to come to you, they never will. You must be willing to pray and take a leap of faith. Don’t wait endlessly before taking a decision. As former chairman of Chrysler, Lee Iacocca said, “Even the correct decision is wrong when it was taken too late.” If you haven’t moved out of your comfort zone lately, you might have to jumpstart your initiative to move forward. The Bible says, “He is your help and …shield,” Psalm 115. That means God will help you to succeed and protect you if you fail.