Besides EndSARS, the security forecast is cloudy with a chance of banditry. On the financial scene, we see more vague transactions reminiscent of the disappearing act we noted before, and escalating inflation rates. In other news, once again, trouble comes a-knocking for Babatunde Fowler, identified in yet another scam.
14.2% Inflation
Nigeria’s headline inflation has risen again to 14.2%. This marks a 14 month consistent rise since September 2019. According to the National Bureau of Statistics’ (NBS) report released on Monday, food inflation also rose to 17.38% in October from 16.66% in September. The rise in food inflation came from an increase in prices of potatoes, yam, meat, fish, fruits, breads and cereals, vegetables, alcoholic and food beverages, oils and fats. In October 2020, NBS report stated that the food inflation on a year on year basis was lowest in Lagos (15%), Ogun (14.5%) and Kogi (20.6%). Conversely, Edo (23%), Zamfara (21%) and Kogi (20.6%) states recorded the highest rates.
₦4.6 billion
The unending conversation of illicit transactions keeps cropping up. According to a Premium Times investigation, the ministry of power illegally paid ₦4.6 billion into the private accounts of some employees between September and December 2019. Of the sum, the agency paid two-thirds into the accounts of seemingly untraceable individuals. Mr Pascal received ₦1.6 billion in 306 entries, while Mr Micah got paid ₦1.4 billion in 34 entries. More so, the agency imputed these entries into the open treasury portal with vague transactions; a tactic experts have long condemned for their dubious nature. But when the paper sent an FOI request to the ministry, they alleged they had disbursed only ₦157 million to 127 staffers, an amount, the paper notes as over-inflated and outlandish.
11 Killed
Continuing from the recent trend of riots and protests, it seems regular banditry is back at play again. This time claiming 11 lives in Albasu village, Kaduna, an eyewitness named Musa reports. The event took place around the hours of 12:30 pm on Monday; Musa was on his farm and heard gunshots. The bandits reportedly stormed the village on motorcycles and began shooting randomly. Also missing the police who arrived at the scene afterwards. The state government has since confirmed this attack and identified the dead. Further, the state Internal Security and Home Affairs Commissioner, Samuel Aruwan, said the government will continue to work with security agencies to protect the lives of its citizens.
₦9.2 billion
Just when he thought his woes were over, more trouble came knocking. Recall that on November 2, the Economic and Financial Crimes Commission (EFCC) arrested the former Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler over an alleged ₦5 billion fraud that happened under his watch. Well, he has been summoned once again on Monday for an additional ₦9.2 billion traced to his personal account. Former governor of Lagos State, Bola Tinubu, is also mentioned in this newly discovered scam. President Muhammadu Buhari sacked Fowler in 2019 for supposedly worsening tax revenue since 2015. The rest of his crimes were bankrolling extravagant parties, diversion of funds, poor corporate governance structure at FIRS, poor FIRS audits, corruption, high handedness in office… the list goes on.