The Revenue Mobilization Allocation and Fiscal Commission has said that N7.3 trillion was remitted into the Federation Account in the last six months of 2023, indicating an increased revenue inflow.

RMAFC Chairman, Mr Mohammed Bello Shehu, disclosed this in a statement on Thursday.

He stated that the amount the Federation Account Allocation Committee shared was remitted to the Central Bank of Nigeria under the caption “CBN Federation Account Component Statement”.

The commission reported that the amount is higher than the N5.24 trillion realised during the first half of 2023.

According to Shehu, out of the total gross revenue inflows into the Federation Account, N1.69 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475bn for distribution.

On remittances by Revenue Generating Agencies, the RMAFC boss disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited remitted N874 64bn in the second half of the year as against the zero-remittance made in the first half of the year.

Accordingly, the Nigerian Upstream Petroleum Regulatory Commission also remitted the sum of N1.56tn, while the Federal Inland Revenue Service remitted the sum of N3.65tn.

The government received a boost in its earnings following the removal of fuel subsidies and the current administration’s unification of the foreign exchange market in June last year.

He, however, urged that payment of the cost of collection to revenue-generating agencies should be tied to revenue performance targets.

“We strongly advocate that payment of the cost of collection to RGAs should be tied to revenue performance.

“In other words, each RGA should receive a cost of collection commensurate with the revenue generated against its revenue target, as provided for in the Appropriation Act,” he stated.

Wema Bank has launched the fifth  edition of its tech competition, ‘Hackaholics’, to foster innovation and  empower youths as well as startups in addressing societal challenges.

The bank made this known at a news conference to announce Hackaholics 5.0, on Thursday in Lagos, with the theme, “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”.

The fifth edition of Hackaholics pledges a total cash prize of over N70 million for top innovators across Africa.

Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019.

It provides a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures and access a wider market for these tech-enabled solutions.

The Executive Director of Retail and Digital Business, Wema Bamk, Mr Tunde Mabawonku, said the essence of Hackaholics was to bridge the gap in Africa’s macroeconomic landscape through innovation.

He said, “Our mission as a bank is very clear, ‘Empowering Lives Through Innovation’ and this is the exact purpose behind Hackaholics.

“Within the bank, we have transformed the status quo and redefined the standards with cutting-edge solutions and technology, hence our position as Nigeria’s most innovative bank, but we didn’t end there.

“With Hackaholics, we have taken our innovation drive outside the bank, empowering youth for success and facilitating the development of transformative solutions tailored to the needs of diverse Nigerians and even the African populace.

“By embracing innovation, fostering a culture of collaboration, and prioritising customer-centricity, we have and will continue to transform and position Wema Bank as a digital leader, in action, products and services.

“Our aspirations are not merely about implementing new technologies; they are about fundamentally transforming how we operate, to be Simple, Seamless, Convenient and Reliable in service to our customers.”

Mabawonku said that Hackaholics aligns with the sustainability vision of the bank, ‘Developing Digital Solutions for Societal Impact.’

According to him, this year aspires to expand into Pan-African frontiers, taking the magic from the Hackaholics train beyond Nigeria.

“So, how can we improve the health sector across Africa? How can we transform the education sector? How can we drive positive change across various verticals?

“Hackaholics is the platform that not only challenges creative minds and piques curiosity to bring those ideas to life but also provides invaluable tools and resources to amplify the ideas, taking them from Idea to Product for the world to benefit.

“Interestingly, Hackaholics itself came and began as an idea. Today, it has been metamorphosed into the formidable platform we see today.

“With Hackaholics, we are on the way to birthing and discovering another unicorn in Africa, and I hope that you will stick with us as this journey unfolds,” Mabawonku said.

Expatiating on the details of Hackaholics 5.0, Wema Bank’s Head of Innovation, Mr Solomon Ayodele, said that the theme was anchored on two principal factors.

According to him, these include the Meta Idea and African Prosperity.

“We are challenging the youth to develop extraordinary ideas that will proffer practical solutions to our local problems as Africans.

“This year, we are widening our scope across the six geopolitical zones in Nigeria, and we are also touching Africa.

“As you may know, we launched the Hackaholics Digital Summit last year, culminating the Hackaholics 4.0 journey in grand style.

“This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today,” he added.

Ayodele also explained that this year’s Hackaholics would not be limited to entries from specific verticals.

“Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind, so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive a positive impact.

“Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey.”

Winner of the Wema Bank’s Hackaholics 4.0 edition, Mrs Jane Agbaohwo, Chief Executive Officer of IRETI Healthhub, said that she came up with a solution called Breast Beam, an innovative device, that helps to solve the problem of late diagnosis of breast cancer.

Agbaohwo said that the personal experience of her mother’s battle with breast cancer motivated her to take action and contribute positively by creating a device that could potentially help others in similar situations.

According to her, participating in the competition and winning proved  to be a turning point for her.

The vertinary doctor explained that the support and guidance she received from the bank’s innovation team were instrumental in refining her business idea and preparing her for the challenges ahead.

She noted that the pre-pitch event with the master class provided her with valuable insights and skills needed to align her concept with industry standards and demands.

The grand scale edition will be executed over a six-month period, touring 10 universities across Africa and challenging the youth to pitch unique, innovative and practical Digi-Tech solutions.

This is to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent.

…Says it will affect production negatively

By Omolola Dede Adeyanju

Private Sector players in the Nigerian business space under the umbrella group of the Organised Private Sector (OPSN) have urged the Federal Government (FG) to suspend the new electricity tariff.

The Nigerian Electricity Regulatory Commission (NERC) had recently announced an upward review in the electricity tariff for Band A customers generating public outcry.

In a statement by OPSN comprising top Business Membership Organisations (BMOs) MAN, NACCIMA, NECA, NASSI and NASME representing more than 5 million businesses in Nigeria, the association said has taken due notice of the various reforms initiated by the President Bola Tinubu administration to stabilise the economy, enhance human capital development and increase the tax-to-GDP ratio to 15 percent while enhancing fiscal transparency.

“The OPSN has received numerous complaints from its member-companies on the implications of the recent astronomical increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC) for Band A customers without the required and proper consultations with the private sector. This sudden exponential increase in the face of inadequate electricity supply, is inimical to the competitiveness of Nigerian products and businesses and will definitely exacerbate the impact of high cost of production,” the Group argued.

Meanwhile, OPSN explained that the astronomical increase is against the MYTO Order referenced NERC/2023/05, which valued the cost-reflective tariff at N114.8/Kwh (determined using exchange rate of N919.39/$1).

“It also does not reflect the current exchange rate reality that has seen the Naira appreciate by 62.95 percent over the dollar in the last one month.

“A closer look at the impact of increase in electricity tariff to N225/kwh (determined using exchange rate of N1463.31/$1) on the cost profile of a medium sized company using 700kw revealed that the firm will need to pay about N1.4b per annum (700 x 225 x 24 x 365)for electricity.

“In China, a similar medium sized company will pay a little over N24m (700 x 94.14 x 24 x 365). Obviously, the new electricity tariff is outrageously higher, when compared with the going rates in countries with significant manufacturing performance.”

The body further enumerated that In the United states of America (USA), United Kingdom, Germany, France, China, India, South Africa, Ghana and Benin Republic, prevailing electricity cost per kilowatt hour are $0.1545, $ 0.3063, $0.53,$0.0573,$0.076, $0.068, $0.0999, $0.123 and $0.195 respectively.

The group further argued that conversion values of the afore-mentioned electricity cost in Naira are N191.38, N379.41, N656.50, N70.98, N94.14, N84.23, N64.53, N152.36 and N125.95 respectively.

“Clearly, with the new tariff of N225/kwh, Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity cost. What is most worrisome with the Nigerian case is the fact that the electricity to be supplied is not adequate.

“Also, the increase is coming on the heels of macroeconomic instability, infrastructure deficits, as well as other supply side constraints limiting the performance of the productive sector. Truth be told, over 65 percent of private businesses, especially manufacturing concerns and SMIs, may be forced to close down due to the high electricity tariff.

“However, in consideration of the above and from compelling primary data and submissions from member-companies, the OPSN noted that it is constrained to state that the more than 200 percent increase in electricity tariff at this difficult time is inimical to the survival of our businesses and would lead to unprecedented downturn in the productive sector of the economy.

“It will have negative trickle-down effects and certainly impoverish Nigerians. The unwarranted increase will worsen the upward swing in inflation, aggravate the pressure on the disposable income of the average Nigerian and lead to closure of many private businesses. The cumulative effect will be an escalation of the current high level of unemployment and insecurity in the country,” it explained.

The group urged the government to have dialogue around the process and methodology of determining electricity tariff as well as jointly agreeing on the transparent mechanism required for tariff setting.