Adnan Mukhtar Adam TudunWada Congratulates Faiza Sani Abubakar

Dear Faiza Sani Abubakar,

I congratulate you for your WAEC result, you did very well butit will be hypocritical for us to keep quite over your sponsorship by kano state government at this time of dwindling economy, if your parents can afford to sponsor your secondary education at that private school, I am optimistic that they can continue the sponsorship of your undergraduate and postgraduate studies either here in Nigeria or abroad.

Many of Your mates in kano are yet to see their results because of the government lack of concern, is it they are from a poor background? No one knows but I think the best of them are in a better position to get that sponsorship of yours if the result is out.

When Northwest University was established and admission was given, some students were complaining over the tuition fee, it was #75000 then and some students cannot afford. The then governor agreed to pay for only those students thatpassed through public schools, he said if your parents can afford paying you a private school at primary or secondary why not Northwest University? His descison to do that is to encourage the poor to study

The education of the poor is very important, many of the prominent personalities in the country are children of the poor, government must encourage the poor to study through conducive and equipped learning environment.Congratulationsonce again!

Best Regards, Adnan Mukhtar Adam TudunWada

What is President Buhari doing with the economy? Garba Shehu writes

In the face of the recent report by the National Bureauof Statistics that the economy is in recession, Senior Special Assistant to the President on Media and Publicity, Garba Shehu,  wrote this article explaining what President Buhari is doing with the economy. ‎Read below:

LET me start by asking an important question: who wants to kill racy introspection? xxx There is a cacophony of voices telling the Muhammadu Buhari administration to close its eyes to the past; that giventhe enormous tasks that lie ahead, history and its consequences for our nation should be the least of the government’s preoccupation at this juncture.

I disagree. Let us keep a fiery memory of the past so that we don’t repeat its mistakes. Look back, look ahead. The future must of necessity be built on the foundations of the past.

xx The Conservative Party took power in Britain six years ago from Labour. Check the British press, they are talking about Labour24/7, is anyone complaining?

Japheth Omojuwa, one of Nigeria’s top three influencers seemed tasked in his patience reacting to calls that we must stop talking about the immediate past administration in this country.

“People are still talking about who ran governments in 1865 you want us to forget those who left government last year? (Expletive)”Music icon, Fela Anikulapo Kuti, who many agree was a philosopher disguised as Afro-musician taughtin one of his songs that without knowing where you are coming from, you won’t know where you are going. Wise men say that the empty can doesn’t disappear by simply kicking it down the road.To avoid repeating the past mistakes, Nigerians mustcome to terms with what went wrong with the past, how bad were things, what was done wrongly, what the past government should have done, before we come to what needs to be done to right those wrongs.

Believe me, episodes from the Jonathan era can fill books, and other possibilities such as courtroom drama thriller. Against this backdrop, I sought to hearour erudite Finance Minister Kemi Adeosun on where we are coming from, vis-a-vis the administration’s chosen path to recovery and accelerated growth. What is the administration doing to revitalize the economy? She spoke at length on the many measures being put in place, many of which are not glamorous. They of necessity come with pain. Why should Nigerians be asked to endure pains? Why should they be asked to make adjustments?

The simple explanation is that the economy was broken, and just as they do the broken leg, you must bear the pain of fixing it. The current situation was caused by years of mismanagement and corruption. As explained by President Buhari again and again, trumpeted by Madam Adeosun and other senior officials, we solely relied on oil, the price of which was as high as US $140 per barrel. Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries. This was done rather than investing in what would grow the economy. Economies grow due to capital investment in assets like seaports, airports, power plants, railways, roads and housing. Nigeria has not recorded a single major infrastructural project in the last 10 years. In short the money was mismanaged.

In addition to failing to spend money on what was needed, no savings were made by Government unlikeother countries like Qatar, Saudi Arabia and Norway. To compound the problem, the previous government was borrowing heavily and owed contractors, and international oil companies. When this government took over we had accumulated debt back to the level it was before the Paris Club Debt Forgiveness.

All these factors were building up to Nigeria heading for a major crisis if the price of oil fell. Nigeria did not have fiscal buffers to withstand an oil shock.

The oil shock should and could have been foreseen. These are matters that both the Emir of Kano, Muhammadu Sanusi II and Professor Chukwuma Soludo, both of them eminent former Central Bank Governors had occasions to warn the government of the day about, but they were clobbered. The dire warning was written all over the wall, but they were ignored by Nigeria’s economic managers.What should they have done?

They should have had the courage and vision to do as the present administration is doing through the Economic Team, the Ministry of Finance under Madam Adeosun and the various agencies of the state to envision a better future by first of all fighting corruption. Look at what a civilian administration is today doing to the military, investigating their finance and accounts that the military could not do to themselves.

See what the current administration is doing sanitize the huge salary bill by eliminating payroll fraud. So far, the federal payroll has been rid of about 40,000 ghost workers. More than eight billion Naira stolen monthly has been saved.

We are also saving on wasteful expenses like First Class Travel and Private jets for official trips.

The federal government is not limiting the reforms to the centre but forcing State Governments to reform their spending and build savings or investments.

Government is also increasing spending on capital projects especially on infrastructure needed to make Nigerian businesses competitive and create jobs. The administration is at the same time blocking leakages that allowed government revenues to be siphoned into private hands.

Currently, there is focus on key sectors (apart from oil) that can create jobs and or generate revenue such as Agriculture, Solid Minerals and Manufacturing. If these things had been done when the oil price was as high as US $140 per barrel, Nigeria would not be in the current predicament. We would not be suffering now if we had no cash reserves but we had regular supply of power, a good rail system, good roads and good housing.

Now that the oil has fallen as low as US $28 per barrel, it is very difficult to do what is needed but theymust be done to save Nigeria. There is no other way if we want to be honest.

Photo of Emir of Kano with one of his sons

The monarch is pictured above with one of his sons, Ashraf...

Bughari - Charly Boy writes open letter to president Buhari

Mr President Sir, I trust that this meets you well.

I know it has not been easy since you came on board, so many wahalas, so much yawa, frustration and hopelessness. First rule of leadership: everything is your fault. Sir, Nigerians are surely dying and, quickly. They can no longer see the light, they feel the Heat.

The welfare of the common man must be your top priority henceforth or God forbid, Nigeria and Nigerians will die in your hands.

Since you assumed office as President of Nigeria, there has been a remarkable dissonance within your government. I wonder who is in charge.

Sometimes I wonder whose thoughts you're thinking or whose agenda you're executing; while at other times, I wonder if you are held hostage by the gangsters called The Cabal.

Can you say you are oblivious of the hardship and suffering we all are going through?

I remember two years ago when I visited the Aso villa, then occupied by your predecessor. During our discussion and my lamentation about the nigerian youths I was not particularly shocked by a reaction that seemed like one throwing both hands in the air and saying "Charly, I am held hostage here, I am surrounded by enemies".

Sir, are you the one in charge or like your predecessor, are you being held hostage by the cabals and obnoxious sycophants, so much so that our plight and cries as Nigerians are none of your concern? Na wa o, this is certainly not the change we thought you promised or do we just assume that your words don't mean much? Oga mi, abegi check the matter, you cannot ignore the five percent of voters who did not vote for you but whose resources the country depends on as alarm don blow, to cater for the 97 percent who voted for you. This kind "one chance" is sending a wrong signal to the whole country. Sometimes I just wonder how things can function properly when the formation and the foundation of the ruling party is not based on any sound ideology, but on frustration, bitterness, divisive politics and a gathering of strange bedfellows. Kai!!! for the full article, kindly visit BUGHARIA.

Workers Turn To Pension Contributions For Relief

More unemployed Nigerians have resorted to drawing 25 per cent of their pension contributions to meet their financial needs, following the current economic challenges in the country, which has led to some companies disengaging their staff, LEADERSHIP Weekendhas learnt.

The Pension Reforms Act 2014 currently in usemakes provision for Retirement Savings Account (RSA) holders under the age of 50 years who were disengaged and were unable to secure another job within four months of their disengagement to access 25 per cent of their pension contributions.

Although most disengaged workers, according to our findings, are not aware of this provision, there has been an increase in the rate of request to access the 25 per cent contribution in recent time.

Industry watchers expect more people to draw from their contributions, especially as the country enters recession and the lean prospectof finding a new job immediately after the loss of an earlier job.

Moreover, while some firms in both public and private sectors have downsized, some are preparing to lay-off more workers in a bid to cope with the emerging economic realities confronting the nation, meaning more requestsare in the offing.

Some Pension Fund Administrators (PFAs) confirmed to LEADERSHIP Weekend that there are requests from the disengaged workers to get 25 per cent of their contribution, though it seems the disengaged workers in the lower cadre are the ones taking advantage of this provision.

Some of the beneficiaries, insider sources disclosed, are investing their money in private businesses in a order to be self-employed, while some used it to meet their more immediate financial needs.

Speaking on this development at the weekend, Mr. Glory Etaduovie, Managing Director/CEO, IEI Anchor Pension Managers Limited, said though there are some requests in this line, notall disengaged workers are applying for it.

He said, “Because many workers are being laidoff in organisations, with some companies closing shops, there have been some requests for the 25 per cent, but not all are doing it.  Some look for ready alternatives because they know the advantage of retaining the money without quickly going to cash it.

“But more often, I think the lower cadre staff are those who quickly rush for that advantage. Intermediate and above, may be, are a little bit cushion for a longer time and probably can quickly get something else as a buffer, either a new job or something. So, the rush is not much, but it is there.

”The National Pension Commission (PenCom) has said that since the inception of the Contributory Pension Scheme (CPS), N49.55 billion has been paid to 159,361 disengaged Nigerian workers who could not secure a new job after four months.

PenCom stated this in its 2016 first quarter review, stressing that in the first quarter of this year, it granted approval for the payment of N3.32 billion to 10,481 Retirement Savings Account (RSA) holders under the age of 50 years who were disengaged and were unable to secure another job within four months of disengagement.

PenCom stated that in the first quarter of the year, it granted approval for the payment of N3.32 billion to 10,481 Retirement Savings Account (RSA) holders under the age of 50 years who were disengaged and were unable to secure another job within four months of disengagement.

The commission noted that the private sector accounted for 95.55 per cent (152,262) of the disengaged RSA holders, who received a total of N49.55 billion being 25 per cent of their RSAbalances as at the time they were disengaged.

The regulator said that during the quarter under review, 270 of the disengaged workers were the federal government employment, 282 from the states and 9929 from the private sector amounting to 10,481 workers.

Experts also said they expect the number of beneficiaries to have grown beyond this and the volume of accessed fund increased by the time the report for the second and third quarters are released by the commission.

Naira appreciates, now N422/$

Meanwhile, the Naira yesterday appreciated against the dollar in all the segments of the Forex market.

The Nigerian currency exchanged at N422 to the dollar, gaining 3 points from N425 it tradedon Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively.

At the Bureau De Change segment of the market, the Naira also strengthened against the dollar, exchanging at N415, and N535 and N460 to the Pound Sterling and the Euro, respectively.

At the inter-bank segment of the market, the Naira extended its gains, closing at N314.77 tothe dollar, from N331 it recorded at the end of trading on Tuesday.

Traders at the market expressed the hope that the Naira would appreciate further with the lifting of the ban on nine banks from participating in the Forex market by the Central Bank of Nigeria.

The CBN had earlier banned nine Deposit Money Banks from dealing on Forex for their failure to comply with government’s directive on the Treasury Single Account.

Nigeria’s Economy Will Grow Again In 2017 –Moody

Meanwhile, Moody, one of the big-three credit rating agencies in the world, has projected that Nigeria’s economy will grow again and the country will get out of economic recession in 2017.

Disclosing this in a report released yesterday, entitled ‘Government of Nigeria: FAQ on Credit Implications of Naira Depreciation, Low Oil Price and Broader Economic Challenges,’ the rating agency stated that the country will experience a “subdued growth at 2.5% in 2017.

“We expect that Nigeria will contain pressures on its public finances in the short term. However, there is greater doubt about the severity of the impact of these challenges, particularly on government liquidity and economic growth, over the medium term,” says

Aurelien Mali, a VP-Senior credit officer at Moody’s.

The report also urged the federal government to comfortably meet its financing gap over the next 12 to 18 months, saying increasing liquidity pressures; rising inflation and stagnant growth pose key challenges. The rating agency also said that the devaluation of the naira is a positive step in building the nation’s economy.

The Central Bank of Nigeria (CBN) had floated the naira, which effectively devalued the naira.

In its report, Moody said,  “Overall, Moody’s views the recent devaluation of the naira as credit positive. The new system should enable the naira to better absorb external shocks over time, and dollar availability should gradually increase,” the report read.

“The depreciation implies a material loss in purchasing power given import-price inflation. Moody’s expects inflation to accelerate to 18% by year’s end, before falling to an average of 12.5% in 2017 (based on the recent 2 percentage point hike in the central bank’s policy rate to 14%).
“Moreover, the fiscal benefit of the depreciationand the current oil price (which is above the budgeted oil price) exceeds the loss in oil output. States and local governments will benefit from the naira depreciation, offsetting the negative impact on oil production from the recent attacks in the Niger Delta. Moody’s expects authorities to reduce spending if revenues underperform

”The rating agency expects that the depreciation will increase Nigeria’s external debt marginally to 5.2% of GDP by end-2016 from 3.3% in 2015.

Moody’s fiscal outlook for Nigeria’s general government’s fiscal position has not materiallychanged since April. The rating agency expects it to remain in deficit at around 3.7% ofGDP in 2016, after posting a 3.8% deficit in 2015.

Diversification, Way Out Of Economy Downturn –Emefiele

Meanwhile, the Central Bank Governor, Mr Godwin Emefiele has reiterated that refocusingthe nation’s priorities by diversifying the economy into other areas such as agriculture, mineral resources and tourism among others rather than crude oil is the way of repositioningthe dwindling economy.

Emefiele, in his lecture at the National Institute for Policy and Strategic Studies told participants that the impetus to strengthen institutional mechanism for poverty reduction and inclusive development could only be achieved with citizen’s reorientation.

“Nigerians must depend less on foreign goods and look inward rather than being an importingnation”, he stressed.

The CBN governor was the guest lecturer at the Senior Executive Course organised for 38 participants at the National Institute for Policy and Strategic Studies, Kuru in Jos, Plateau State.

He addressed the participants on different issues bordering on the economic situation that has been bothering Nigerians, especially on the role of the apex bank in finding solutions to the economy that has glided into recession.

Looking at the dilemma of policy making amidst complicated and competing choices in revamping the economy, Emefiele did not mince words, while speaking on the title, ‘managing monetary policy in turbulent times’.

He called for diversification of the economy away from crude oil to other sectors, including agriculture which was the mainstay of the nation’s economy before the discovery of the black gold.

Attracting investors into the country, as explained by the banker, is the introduction of the flexible exchange rate which is to protect the foreign reserve and act as a measure to stabilise the economy.

With the Central Bank governor’s conviction that diversifying the economy from overdependence on crude oil into other areas, particularly agriculture, is the way out of recession, the impetus to achieve this objectiveshould be vigorously and diligently applied andmonitored so that the dividends will be enjoyed by Nigerians.

Economic Recession: Strong ReformsNecessary For Transformation – Fitch

As Nigeria’s economy entered into a recession, following a contraction of the gross domestic product (GDP) growth rate of 2.06 per cent in the second quarter of 2016 as confirmed by the National Bureau of Statistics (NBS), the country will need to henceforth undergo painfulreforms for it to come out of the crisis.This was contained in a recent report by Business Monitor International, BMI, a Fitch Group company, in its fourth quarter Country Risk Report focus on Nigeria, which includes 10-year forecasts to 2025.

The BMI research document obtained by LEADERSHIP stated that oil prices are set to remain low over the medium to long term and with the international market of Brent crude averaging $65.7 per barrel over the next 10 years. The report noted that the crash of crude oil, Nigeria’s major export earner, starting from2014, marked the beginning of an economic travail for a country that lacks domestic production capacity.

According to the report, for Nigeria to get around the economic malaise, investment must be made in critical sectors of the economy, including energy and transport infrastructure that will play strategic roles needed to transform the economy over the medium to long term. It noted that with a narrow tax base, revenue mobilization is a key issue for the administration of President Muhammadu Buhari, which came into power on the crest of popular goodwill.

The report predicted that with lower oil prices and its concomitant sharp adjustment in government revenue, coupled with a narrow tax base, domestic revenues will fall way short of the figure that is needed to plug the country’s gaping infrastructure deficit.

Growth Will Rise In 2017, But No Quick-FixesThe report forecasted that there will be a real GDP growth in the nation’s economy in 2017, which will strengthen to 4.7%.It said: “We project a further acceleration to 5.5% by 2018 as the expansionary budget is implemented and a pick-up in global oil prices improves Nigeria’s fiscal and current account position.

‘‘We forecast an average real GDP growth rate of 4.3% over the next 10 years, compared to anaverage 6.8% over the previous decade, and 7.2% the decade before that.

“President Buhari’s efforts to diversify the economy away from an overreliance on oil will see little success in the near term, given the quick-fixes his policies have concentrated on. In order to see a meaningful advance in economic diversification, a more concerted effort to improve the business environment is needed.

”Dangote Refinery Will Aid Recovery

According to the report, Nigeria’s current account deficit will be the widest recorded since 1998 as, according to its forecasts, the country struggles with a slump in global oil prices exacerbated by plunging oil output. It added that continued pipeline attacks in the Niger Delta has dimmed production forecasts, such that it now anticipates output of 1.70mn barrels per day (b/d) in 2016, down from our original target of 2.30mn b/d which represents a decline of 21.5%‘‘In 2017, there will be a modest recovery in thecountry’s goods export growth, as a rise in oil prices from a projected $46.5 per barrel (/bbl) in 2016 to $57.0/bbl, coupled with a 10.6% risein production, contribute to the current accountdeficit, narrowing to 3.2% of GDP.

‘‘Looking further ahead, we expect that the development of a massive refinery by the Dangote Group will lead to a sharp improvement in the current account deficit from 2018 onwards. The refinery will have an annual capacity of 600,000 barrels per day which will cater for Nigeria’s domestic needs and curb growth in imports. Partly due to this development, we project that the current account deficit will fall to 0.4% of GDP by 2020.

The report also states that Nigeria will endure an economic contraction in 2016 as external and domestic challenges, exacerbated by a series of controversial monetary and fiscal policy developments, have led to a fall in manufacturing activity, declining oil production, a delayed implementation of an expansionary budget and reduced inflows of investment.

“We believe that the economy bottomed out in the second quarter of the year. However, despite some limited improvement ahead, any positive growth over the next two quarters will not be sufficient to offset the poor H1, and we forecast a 0.8% real contraction this year as a result.‘‘In 2016, Nigeria’s current account deficit will be the widest recorded since 1998, according to our forecasts, as the country struggles with a slump in global oil prices exacerbated by plunging oil output.

‘‘The Central Bank of Nigeria will enact a further 200 basis points of hikes over the next six months in a bid to encourage a return in international investment. High structurally driven inflation will keep real interest rates negative, but the tighter monetary policy will bea strong signal to investors. While we believe that the security risks Nigeria faces on a number of fronts will eventually be contained, if the situation significantly deteriorates into a more intense level of conflict, this would potentially affect investment, exports, and growth. Power sector reforms are crucial for long-term productivity gains. If these are slowed or stalled, this would lead to lower long-term trend growth than we currently expect.

”Manufacturing Activities Slow Down As Economy Shrinks Also, similar report by the apex bank indicated that the nation’s economy slowed down its rate of decline in July this year.

Nigeria’s manufacturing sector declined faster in August 15 of the 16 subsectors that recorded decline according to the Purchasing Managers Index released by the CBN yesterday.

Data from the apex bank showed that the Manufacturing Purchase Managers’ Index (PMI) dropped to 42.1 index points last month, compared to 44.1 which was recorded in July. Production level, new orders, employment level, raw materials and work in progress inventories, quantity of purchases, business outstanding/backlog of work and stocks of finished goods all recorded faster decline reflecting the receding state of the economy.In the manufacturing sector, only electrical equipment remained unchanged as non-metallic mineral products, transportation equipment, petroleum and coal products, fabricated metal products, furniture and relatedproducts, cement, appliances and components, printing and related support activities, paper products, computer and electronic products, food, beverage and tobacco products; primary metal; textile, apparel, leather and footwear; plastics and rubber products; and chemical and pharmaceutical products all recorded faster decline.

At 40.5 index points, the production level index for manufacturing sector declined for the eighth consecutive month while employment level index in the month of August 2016 stood at 40.4 points, having declined consecutively for 18 months.

At the non-manufacturing end, only agricultural sector recorded any improvement as it grew, although at a slower rate to 53.9 index points from 56 which was recorded in July. Other  non-manufacturing subsectors, accommodation and food services, arts, entertainment and recreation construction, electricity, gas, steam and air conditioning supply, finance and insurance, health care and social assistance, information and communication, management of companies, professional, scientific, and technical services, public administration, real estate, rental and leasing; repair, maintenance/washing of motorvehicles; transportation and warehousing; utilities, water supply, sewage and waste management and wholesale trade had all recorded reduced activities.

The Manufacturing PMI declined to 42.1 index points in August 2016, compared to 44.1 in thepreceding month. This implies that the manufacturing sector declined at a faster rate during the review period. Of the 16 manufacturing sub-sectors, 15 recorded decline in the review month. The electrical equipment sub-sector remained unchanged in the review period.Tax Policy Review, Panacea To Dwindling Revenue -Experts With dwindling government revenue instigated by a decline in international oil prices, experts have said the tax review commissioned by the Federal Ministry of Finance will not only assure of an increased revenue, but will also bring about stability and accountability on the part of government.Analysts believe that when the people are made to pay taxes, they will have every civic and legitimate right to scrutinise and question government spending.Commenting on the issue, Taiwo Oyedele, partner and head of Tax and Regulatory Services at PwC Nigeria, told LEADERSHIP that the Nigerian government has, over the years, been known for fire brigade approach to solving problems, but that tax review will see government revenue rise sustainably.

He, however, noted that the reform may not transform to immediate increase in revenue forthe government as the country current economy remains in dire straits.

“It is unrealistic to expect that a single administration will solve all our tax problems within four years or so, but it is reasonable to expect good progress in key areas that is not only worth the elapsed time but also help recover lost time and missed opportunities.

“The magic formula is to close the tap of tax corruption and raise compliance level.

This is the only sustainable way to keep the life blood of our nationhood flowing and secure our future devoid of over- dependence on resources that we can barely control,” he stated.

Oyedele further noted that as much as the government is bound to provide infrastructure for its citizenry, Nigerians are also obliged to pay their taxes.

“Whether there is infrastructure or not, citizens are obliged to pay their tax. When they pay tax,then they have the right to hold the governmentaccountable. I am not justifying past governments for not providing infrastructure, but the citizen cannot decide not to pay tax because the government is not providing the necessary infrastructure.  If we have the right policy, the government will be able to get more revenue from taxation and it will also be more accountable,” he said.

In his reaction, the executive chairman of RTC Services Ltd, Opeyemi Agbaje, said due to issues of corruption, “people don’t have confidence in tax systems. The tax processes need more efficiency; technology needs to be used better.

”On his part, the registrar and chief executive of the Chartered Institute of Taxation of Nigeria (CITN), ‘Fisayo Awogbade, noted that a review of the tax policy will “encourage the government to focus on high yield taxes such as indirect taxes, value added tax (VAT), stamp duty, away from direct taxes.

“Government does not need to increase the taxrate but expand the base. In doing this, they would continually eliminate the ‘Free Rider mentality’ that has pervaded the system wherein few Nigerians pay for whatever is available to be enjoyed by everyone,” noting that theTax to GDP ratio for 2015 was a paltry 4.7 per cent.

“This is also capable of discouraging tax compliance among even the compliant few when they operate side by side with their non-compliant counterparts. So, government does not really need to increase the burden on already existing taxpayers but focus more on tracking and bringing in those that have not been complying,” he stated.

Awogbade, however, noted that while the institute has often called for simpler tax laws so that tax administration and the burden of the tax is fairly distributed, he said that the institute will continue to push this overarching message during this review process.

“If anything, we continue to canvass for a tax system where the responsibility of maintaining government and infrastructure needed by all is paid for by a vast majority of the productive economy as a marked departure from the way the burden had been carried by a few in times past.

”Over the past two years, the price of oil which contributes up to 70 per cent of government revenue has dropped by more than half from around $115 per barrel to $47 per barrel as at yesterday.

The situation is worsened by increased attacksby militants whose activities in the southern Niger Delta energy hub in the last few months have reduced oil output by 700,000 barrels a day, according to the Nigeria National Petroleum Corporation (NNPC).

Nigeria’s distributable revenues to the three tiers of government dropped in July to around N494 billion from N559 billion shared  in June due attacks by militants on oil facilities.