Manufacturers have raised alarm over the scarcity of dollars in the nation’s economy, saying that the development might lead to loss of jobs in the sector as the survival of industries are threatened.
Speaking at the quarterly business luncheon of the Institute of Directors on Thursday, a Director of Daraju Industries Limited, a fast-moving consumer goods company, Mr. Oscar Macaulay, said that they were on the verge of closing down due to the scarcity of foreign currency to purchase raw materials.
He warned that about 400 direct jobs and 2000 indirect jobs were on the verge of being lost, and urged the Federal Government to intervene in order to avert the crisis.
According to him, about 20% of imported finished products from China are competing with theirs, making it difficult to cope with the situation.
The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, confirmed that several of such complaints had been received by the ministry, saying that a decision which would be effective in the short term and long term would be reached.
Enelamah explained that the FG planned to improve on the ease of doing business in the country by identifying the challenges and overcoming them.
The Nigerian Inter-bank Settlement System Plc has revealed that 48% of Point of Sale (POS) machines, acquired by the Deposit Money Banks and given to merchants and business outfits operating in the country in order to enhance the cashless policy, have become dormant.
The NIBSS was set up by the Central Bank of Nigeria and licensed commercial banks and discount houses in 1993 to help streamline inter-bank payments and settlement mechanisms, and to promote electronic payments in the country.
Executive Director, Business, NIBSS, Mrs. Christabel Onyejekwe, who spoke at a joint press conference with the CBN in Lagos on Monday, said out of a total of 120,000 PoS machines in the country, only 62,000 were active, while a total of 100,000 terminals were already registered with the company.
Onyejekwe, who said the NIBSS was constantly in discussion with banks to get the 58,000 dormant PoS devices active, however stressed that electronic payment in the country was growing significantly following the introduction of various incentive schemes by the CBN in collaboration with the NIBSS.
According to her, electronic payments have been growing significantly in Nigeria, with 18 million transactions recorded in December 2015.
The NIBSS director said as part of the efforts to encourage the adoption of e-payment in the country, the CBN and the NIBSS would reward various categories of users of e-payment products on Thursday in Lagos.
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said President Muhammadu Buhari had established an inter-ministerial committee to verify claims by state governments of money spent on federal roads, and that the Federal Government would reimburse state governments once their claims were verified.
According to him, the Federal Government has commenced the verification of all federal roads constructed by the Kwara State Government for possible reimbursement.
The minister disclosed this when he paid a courtesy call on the Kwara State Governor, Alhaji Abdulfatah Ahmed, in Ilorin.
For instance, Fashola said the Federal Government had identified Jebba-Ilorin Road as one of the most strategic economic corridors in Nigeria that required urgent attention.
He added that the Federal Government was making efforts to restore normalcy to the road in view of its strategic importance.
Governor Ahmed, on his part, called for more support from the Federal Government in the area of infrastructural development, especially federal roads in the state.
He added that the intervention of the Federal Government on federal roads would ensure cost savings for the state government in addressing other projects left untouched.
Ahmed pleaded with the Federal Government to hasten work on Ilorin-Ogbomosho-Oyo-Ibadan road as well as Jebba-Ilorin road to ease the movement of people and goods from the North to the South-West.
Shoppers are often at the mercy of some of these gigantic malls when it comes to getting the best bargain. These malls located in different parts of Lagos have become notorious for their non-negotiable stance with regards to pricing. They expect shoppers to simply walk in, pay the price on the price tag whether it was hiked or not and leave.
As a bargain hunter, there are certain sins that you must not commit if you actually looking for a good deal. Jovago.com, Africa’s No 1 hotel booking rolls out some of these lapses that bargain hunters must avoid.
Assume the price is non-negotiable
Many walk into large stores and assume that they do not need to negotiate as it may be embarrassing to haggle at a mall as if in a market. However, there are various ways to get a good bargain. You can buy in bulk and request for a discount. Alternatively, you can scavenge for an item that is slightly scratched or dented, then walk to the cashier and demand for a discount. Due to the dent, you may be given 10% to 15% discount.
Ignore social media
Quite a number of retailers are on social media because it is now one of the most effective ways to promote a business. In order to attract new customers and retain others, these malls regularly offer awesome discounts and coupons through their Twitter and Facebook posts. In addition, they usually run social media campaigns where you can get an all expenses paid shopping trip by taking part in the campaign. So, do not ignore social media.
Be an introvert in-store
You may be an introvert by nature but if you want an awesome bargain you must be the opposite – an extrovert. Chatting up the employees and other shoppers about a particular product and upcoming promotions can give you great insight on the item you want to buy. Besides getting a good bargain, you will also make an informed purchasing decision.
Shop on an empty stomach
This may be a funny lapse but shopping on an empty bowel can erode your chances of getting a bargain. This may happen to people that prefer last minute shopping or wake up and simply drive to the mall to buy some groceries. Rather than focus on shopping, you will practically concerned about satisfying your hunger pangs when you are meant to skirt for an incredible bargain. You will end up spending more money if you go an empty stomach. As a rule of thumb, always eat before shopping and continue your shopping later.
Leave your smartphone in the car
Your smartphone is a perfect tool to help make informed purchasing decisions. If you are unsatisfied with the price of a particular item, you can easily google it and in a few minutes, get the price. You may probably have to decide whether to buy from the mall or order online so always arm yourself with your phone when you are in a mall.
At Mobile World Congress, MasterCard has released the results of the Mobile Money Study, which evaluates trends in the mobile environment being discussed online.
The Study found that Nigerians were particularly vocal online when it comes to discussing innovation, with Nigerian posts accounting for 38 percent of the total Middle East and Africa online discussions.
The MasterCard Mobile Money Study, now in its fourth year, in partnership with PRIME Research, analysed over two million conversations across the Middle East and Africa on Twitter, Facebook, Instagram, Forums, Google+ and YouTube. The aim was to discover what excited consumers about payment technology, and what security concerns they have about using digital payment solutions.
With the rapid progression of electronic payments adoption, consumers in Nigeria are increasingly seeking faster, more secure and smarter ways to pay for goods and services. Of all the payment innovations that were discussed online, people were most excited about digital wallets, biometrics, contactless, personal payments and wearables.
MasterCard’s contactless technology enables Nigerians to make everyday purchases quickly and safely, with just a tap of a contactless-enabled MasterCard payment product. This type of payment technology is fast becoming a popular way to transact in markets across the globe, and highlights the increasing demand by consumers for intuitive solutions that fit in with their hectic lifestyles.
Nigerians were particularly interested in the verification possibilities that biometrics solutions like selfie-based facial recognition, fingerprint reading, and heartbeat authentication opened up. With discussions around MasterCard’s “selfie-pay” pilot project, announced in July 2015, reaching more than 150 million consumers during that year.
The Study also found that people were excited about leaving passwords behind as the sole means of securing online transactions. However, given the need for these type of transactions to be protected, MasterCard’s SecureCode is still the best way for Nigerians to protect their personal information when shopping on their favourite online store.
Digital payment solutions are changing the way in which consumers are engaging with the world around them, and Nigerians are at the top of the list of the most eager adopters of these types of technology innovations. As the payment landscape evolves in Nigeria, and across Africa, consumers can expect more advancements from MasterCard.
The Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) has disclosed that the Dangote Group as one of the major sponsors of the forthcoming Kaduna International Trade Fair.
The Trade Fair which opens on Friday February 26 to March 6, 2016 has as its theme: Promoting solid Mineral sector for sustainable economic development in Nigeria.
The Director General of the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) Mr. Usman Saulawa said President Muhammadu Buhari is expected to officially open the 37th Trade on Saturday Feb. 27th. He lauded the Dangote Group for the sponsorship, adding that the relationship between the two partners is helping businesses in Nigeria and beyond.
A statement from the Dangote Group said the trade fair will offer the Group an opportunity to display its numerous innovative products which include the recently introduced Dan-Q Seasoning, sachet sugar, salt, tomato paste and noodles, among others.
After a brief meeting with the Nigeria Electricity Regulatory Commission on Monday, power distribution companies have insisted that the increase in electricity tariffs across the country would be implemented regardless of a resolution by the Senate mandating them to revert to the old rate. They stated that the major challenge facing operators in the sector was the fact that the Senate had passed a resolution asking NERC and the Federal Ministry of Power, Works and Housing to suspend the increase in tariffs.
A CEO of one of the DISCOs said: ”The meeting that was to happen today with NERC did not hold as expected and it is not because of any disagreement. It was actually because some of our members could not make it to Abuja. Flights were delayed from Kano and some other parts of the country. So the meeting was adjourned and will be held at a later date when everybody will be able to make it to Abuja.”
The Executive Director, Association of National Electricity Distributors, an umbrella body for the Discos, Mr. Sunday Oduntan, confirmed that the meeting was adjourned, but pleaded with Nigerians to support the power firms.
“We should all try hard to build this industry and I can assure you that NERC and the Discos are working together on this issue,” he said.
The Nigerian stock market closed down on the second trading session of the week amid sell off in some capitalized stocks. The market capitalisation which opened at N8.400 trillion, decreased by N115 billion, to close at N8.285 trillion, yesterday. Similarly, the All-Share Index depreciated by 332.39 points or 1.36 per cent to close at 24,090.98 on Tuesday.
Market breadth was negative with 13 gainers and 26 losers. Unity Bank led the gainers’ table with 7.94 per cent, to close at 68 kobo per share. Wapco followed with a gain of 4.99 per cent to close at N84.52, while Honeywell Flour advanced by 4.38 per cent to close at N1.43 per share.
Continental Reinsurance gained by 3.33 per cent to close at 93 kobo, while United Capital went up by 3.05 per cent to close at N1.35 per share. Diamond Bank led the laggards’ table by 7.38 per cent to close at N1.38 per share. Champion Breweries trailed with a loss of 4.91 per cent to close at N2.71, while Oando declined by 4.90 per cent to close at N3.30 per share.
Dangote Cement declined by 4.88 per cent to close at N133, while Livestock shed by 4.80 per cent to close at N1.19.
The volume of shares transacted went down by 94.2 per cent as investors traded 201.5 million shares valued at N1.3 billion in 1,875 deals. FBN Holdings emerged the most-traded equity, with 66.62 million shares worth N246.95 million. Beco Petroleum came second on the activity chart with 25 million shares valued at N12.5 million, while Guaranty Trust Bank traded 15.93 million shares worth N263.54 million.
The Nigerian Stock Exchange (NSE) has renewed the contract of its Chief Executive Officer, Mr Oscar Onyema, for another five-year term.
According to reports, Onyema resumed office as the CEO of the Exchange in April 2011, while his initial five-year employment contract would expire on March 31, 2016.
Mr Aigboje Aig-Imokhuede, NSE President, remarked that Onyema’s tenure as NSE’s CEO was marked by outstanding achievements. He expressed confidence that Onyema would continue to implement the exchange business strategies to enhance growth and development.
“The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary.
“The Council believes that his vision and passion will ensure that the Exchange remained a force to be reckoned with in Africa and beyond,’’ he stated.
Onyema stated on his contract renewal: “I am honoured to remain with the NSE and to continue to lead our dedicated staff as we strive to achieve the Exchange’s vision. I am grateful to the Council for the opportunity to continue such an important work.”
“While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system, to meet our objectives,” Onyema added.
New Remittance Corridors to Provide Quick, Low-Cost Money Transfer Options
for M-Pesa Users
Today at Mobile World Congress, HomeSend, the international payment and money transfer hub, announced the expansion of its global framework agreement with Vodafone Group for M-Pesa, including the launch of remittance services into five new markets during 2016.
The two companies will work together to enable the real-time, mobile receipt of remittances by M-Pesa users in the Democratic Republic of Congo, Ghana, Lesotho, Mozambique and Albania. In addition to Kenya, HomeSend has already launched connections for inbound remittances with M-Pesa in both Tanzania and Romania.
HomeSend continues to rapidly expand the reach of their network, with coverage expected to reach more than 70 markets in 2016. These will include 20 new Mobile Money markets, bolstering the interoperability of HomeSend’s network and providing their customers with the ability to send and receive remittances globally via a mobile phone.
Focused on broadening their network and service offering, HomeSend will provide a fast, safe and convenient way to receive remittances by enabling MasterCard payments cards to be used. Several markets are expected to go live with this solution throughout 2016.
Claire Alexandre, Head of M-Pesa Commercial and Strategy, Vodafone, said, “M-Pesa makes money mobile, now increasingly across borders too. We’re delighted to offer our customers more choice to send and receive money from other countries and networks. HomeSend connects them to an extensive global network, offering an affordable, secure and convenient solution for inbound digital money transfers.”
Stephen Doyle, CEO, HomeSend, said, “Vodafone is a pioneer in domestic mobile money services. HomeSend, as the leading global payments hub, remains a natural partner for Vodafone to connect their domestic deployments to users worldwide. We are thrilled to expand our work with Vodafone to bring all-important, cost-effective money transfer services to M-Pesa customers in even more countries.”
Acting managing director of the Niger Delta Development Commission (NDDC), Mrs. Ibim Semenitari, has said that the president Mohammed Buhari has given a mandate to quicken the development of the Niger Delta region.
She revealed that the president had demonstrated his sincerity in changing the face of the region by increasing the inflow of funds for development purposes.
Semenitari noted that in June and December, 2015, the President authorized the release of N22 bn for the development of the region as against the N15 bn that was released in the first half of the year, also, the N24.5 bn Ogbia-Nembe Road in Bayelsa State is nearing completion as the commission had decided to fast-track the project.
She also said that the commission was committed to the speedy completion of the 27km Ogbia-Nembe Road, which it was constructing in partnership with the Shell Petroleum Development Company (SPDC), adding that the Ogbia-Nembe section of the road, with six bridges and more than 50 culverts across very difficult terrain, was only the first phase of a project that would eventually terminate in Brass.
AMCON Risks Non-Recovery of N5.5 trillion Bad Loans
The Asset Management Corporation of Nigeria (AMCON) has said there would be no more forbearance for financial institutions in face of the present financial crises rocking the nation.
Managing Director, AMCON, Mr Ahmed Kuru, during a visit to the Nigerian Stock Exchange (NSE) on Monday, stated that the financial institutions in the country need to stand up to task so that businesses do not survive on support.
“This is not a time for forbearance. It is the time for businesses to come back and operate properly. This is the time to put in proper corporate governance to show that businesses don’t survive on the basis of support but on the basis of the dynamics of those businesses,” he said.
He explained that the corporation, set out to buy non performing assets from financial institutions, still has high margin loan in proportion to the equities being managed.
“Unfortunately because of the deposition in some of the equities, there’s a wide gap that we must pray that the exchange picks up so that they close the gap,” he said.
While noting that the corporation has more than five trillion naira debt, he explained that AMCON was not created to respond to financial crises but to manage bad debt.
It will be recalled that AMCON used bonds to bail out 10 lenders and buy more than 12,000 loans from industries including aviation, gasoline marketing and manufacturing for about N1.8 trillion after the 2008-2009 oil price crash out of which AMCON had recovered 57 per cent of those assets at a rate of 1.07 times for what it paid for them.
The National Human Rights Commission (NHRC) has set up a special investigative panel to look into petitions and complaints of oil spillage and environmental degradation by international oil companies in Nigeria to bring indicted companies to book.
The Executive Secretary of the Commission, Professor Bem Angwe said that along with the findings of the panel, previous reports and recommendations made over environmental degradation in the country would be implemented forthwith.
He said clean and healthy environments are rights of Nigerians and any company violating them must be made to pay and will not only be made to answer domestically but also internationally.
The Human Rights boss says this time the IOC will be compelled to strike a balance between business and human rights.
Prof. Angwe said that the panel has commenced hearing of one of the many petitions on oil spill and environmental degradation pending before them.
They have 30 days to investigate these complaints, uncover the oil companies responsible and make recommendations on sanctions.
Polluted water bodies and streams with dying sea food, contaminated farmlands and destroyed sources of livelihood are the consequences of oil spillage and environmental degradation which have become the regular complaint from communities in the south-south geopolitical zone of Nigeria.
International oil companies chiefly responsible for these pollutions have often not been held accountable for remediation or compensation to the affected communities over the years while the degradation continues.
Chairman of Stanbic IBTC Holdings Plc, Atedo Peterside, has said that the heightened state of uncertainty in the Nigerian economy is scaring off investors, as the situation confronts them with questions that they cannot answer or successfully explain.
He gave this insight while opening the bank’s investors’ conference that hosted the country’s business community, including the Nigerian Bureau of Statistics (NBS), International Monetary Fund (IMF), Debt Management Office (DMO) and rge capital market stakeholders.
At the forum titled “Unlocking Nigeria’s Potential…Growth Through Diversification,” he noted that the country in recent times has moved from the uncertainty of economic direction to the current dilemma of exchange rate policy.
“The argument at stake is not whether to devalue or not, because there has already been an effective devaluation. The naira prices of various capital goods are now being priced purely on the basis of realistic expected replacement cost.
“The pursuit of scarce foreign exchange for today’s needs has understandably become the main game in town and this has exacerbated the pressure on the reserves and the naira, as everybody wants to take foreign exchange out and nobody wants to bring it in,” he said.
Peterside stated that with efforts at economic diversification still relatively at early stage, coupled with exchange rate uncertainties, policy making and private sector growth are now bedevilled with new challenges. According to him, the only way out is to rise above the current distractions through commitment and evaluation of Nigeria’s long-term potential in key sectors like infrastructure, power and gas, consumer goods, and agriculture, among others.
Operators in the aviation industry have called for a review of the Air Accidents and Incident Regulations of 2006, stressing that this would raise safety standards in the sector.
They further noted that the review would bring it in line with the International Civil Aviation Organisation (ICAO) updates and new policies and enable Nigeria conform to the updated International Civil Aviation Organisation Standards and Recommended Practices, (SARPS).
Minister of State for Aviation, Hadi Sirika revealed that the amendment process had been duly followed as stipulated in the subsisting Regulation, 2006, with the participation of the observer to the bureau’s regulation committee reporting back to the Federal Ministry of Aviation.
Meanwhile, Commissioner, Accident Investigation Bureau (AIB) Dr. Felix Abali has called for restraint from the public in case of accident or major incident in the country’s aviation industry. He explained that the purpose of the workshop was not to apportion blame or liability, which he said might however, run against the expectation of many members of the public.
“It is also not unusual to find many people eager to know the cause of aircraft accidents, within a matter of days. So, are we, but accident investigation process is more complex that many often imagine. We must be painstaking and thorough so as to arrive at a conclusion that is not only fair and transparent but can also be scientifically proven.”
The state commissioner for information, Hon Bala Ibrahim revealed that Jigawa State executive council has approved the plans by the State Housing Authority to access N2.1bn from the Mortgage Bank for workers housing scheme.
He said the housing scheme initiated by the Governor Badaru led administration aims at providing low cost houses to the workers.
Bala stated that government has deemed it as a social responsibility to come up with policy that could ameliorate the acute shortage of affordable accommodation for the civil servants.
According to him, under the scheme 1,300 housing units would be constructed across the 27 local governmemt areas of the state.
The Federal Government has disclosed ongoing efforts to diversify the nation’s economy to guarantee food security, improve rural livelihood and make agricultural products from Nigeria competitive in the global market. This was revealed by the Permanent Secretary, Federal Ministry of Agriculture and Natural Development, Dr. Shehu Ahmed at the Sasakawa Africa Association 2016 Annual Review and Planning Workshop held at the NAERLS/ABU Zaria yesterday.
Director, Federal Department of Agricultural Extension Services, Mr. Alphonsus Onwuemeka, the permanent secretary said it is now imperative and indeed compelling for Nigeria to diversify its economy, having been virtually dependent on petroleum for many decades.
“The country must, therefore, move from oil dependency to a more diversified economy, as the domestic economy is always susceptible to external revenue shocks when oil price falls.”
Onwuemeka further observed that Sasakawa has improved Nigerian agricultural productivity and production by transferring new improved technologies through extension.
The Deputy Country Director, Sasakawa Global 2000, Professor Sani Miko Sagagi, said the workshop is aimed at reviewing 2015 activities and finding ways to improve where necessary. He said the group will relate with farmers and other stakeholders on how to improve productivity in farm produce.
Nigeria and the Kingdom of Saudi Arabia (KSA) have expressed commitment to a stable oil market and a rebound of oil price. This resolve formed the crux of discussion yesterday between President Muhammadu Buhari and King Salman Bin Abdulaziz Al Saud in the second day of the President’s state visit to the Kingdom.
Both leaders also agreed that terrorism posed a common threat to their states and would require close co-operation to prevail over the threats.
President Buhari, who commented on the invitation to join the Coalition of Islamic States against terror spearheaded by the Saudi government, described the initiative as apt and expressed confidence that Nigerian government would fully support the coalition.
“Even if we are not a part of it, we support you. I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region.
“This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC).”
He, therefore, thanked the Saudi government for its continuing support to Nigeria in the fight against terrorism.
In celebration of the St. Valentine’s Day otherwise known as the lovers’ day, Three Crowns Milk, Nigeria’s leading low cholesterol milk brand from the stables of FrieslandCampina WAMCO Plc recently hosted lucky couples to a special valentine dinner treat.
The couples are loyal consumers of Three Crowns Milk who participated and won in the just concluded Valentine’s Day promo held between January 27 and February 13, 2016 with the intent to share the season of love with its teeming consumers.
The consumers participated in the promo offer by buying the Three Crowns Milk special valentine promo pack for N1000 at designated retail outlets; each promo pack had assorted Three Crowns Milk, guaranteed N300 airtime & also a chance to win a ticket for the special valentine dinner treat for two at a luxurious hotel in Lagos on February 22, 2016.
Speaking during the special valentine dinner, the Marketing Director, FrieslandCampina WAMCO, Mr. Tarang Gupta explained that the Three Crowns special Valentine promo offer is the brand’s way of showing love to its esteemed consumers and their loved ones for their continued patronage and loyalty to the brand over the years.
“All around the world, Valentine’s Day is set aside as a day to show love not only to your immediate loved ones but everyone around you and as a consumer-centric brand we decided to leverage this unique occasion of celebration of love to reward our loyal consumers for their love towards the brand and also encourage them to replicate the same to their family and friends as they enjoy more Three Crowns Milk at a discounted price during the promo period” he said
Also speaking at the dinner, the Senior Brand Manager, Three Crowns Milk, Mrs. Maureen Ifada assured that Three Crowns Milk as a brand that focuses on the wholistic wellbeing of its consumers would continue to look for ways to engage and excite the consumers with a view to strengthening the bond with the brand.
She further urged consumers to make Three Crowns Milk their preferred Milk brand to continue to enjoy a low cholesterol milk brand offering over 28 vitamins and minerals.
In his remarks at the event, the Head, Consumer Protection Council (CPC) Lagos region, Mr. Nggada Joshua Yakubu commended Three Crowns Milk for adhering to CPC regulations and keeping to their promise of rewarding Winners of the Valentine promo. He assured that the CPC is always looking out for the consumer’s rights and will continue to ensure that they are treated fairly.
Reacting after the special valentine dinner event, the lucky consumers commended FrieslandCampina WAMCO and Three Crowns Milk for making this year’s valentine celebration with their partners a unique and exciting one, which they noted would linger in their minds for a long time. They then promised to continue to patronize and stay loyal to the brand.
The allocation to the three tiers of government declined by N17.38bn from N387.77bn in December to N370.38bn in January.
Minister of Finance, Mrs Kemi Adeosun, who confirmed this yesterday, attributed the decline to the drop in oil prices from $43.4 per barrel to $39.04, which resulted in a revenue loss of $22.55m.
Adeosun further revealed that the cash call obligation of the Nigerian National Petroleum Corporation to its Joint Venture partners led to a reduction in the amount available for sharing by the three arms of government. She stated that the NNPC is proposing a modified carry arrangement to help reduce the negative impact of the cash call obligation on the federation account.
According to her, it will be more beneficial to the country owing to the continuous decline in oil prices, adding that details of the agreement would be presented to the National Economic Council for approval.
The minister said in the area of statutory allocation, the Federal Government, after deducting the cost of collection to revenue generating agencies, received N137.47bn, representing 52.68 per cent.
While the state got N69.72bn or 26.72 per cent; local governments, N53.75bn or 20.8 per cent while the sum of N22.38bn was allocated to the oil producing states based on the 13 per cent derivation principle.
