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How Islamic Economic Development Model Can Rescue Nigeria Economy – Dr. Hussein Saddam

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How Islamic Economic Development Model Can Rescue Nigeria Economy – Dr. Hussein Saddam
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An Islamic Cleric, Dr. Folorunsho Ahmad Hussein Saddam Hanaaullah Fagba has called on the Nigeria authorities to embrace the Islamic model of economic development so as to bring the country out of its state of economic doldrums.

The University of Ilorin Lecturer, Dr. Ahmad Hussein Saddam while delivering a lecture at the Ashraaf Islamic Foundation 2nd Maolid Nabiyy themed: Islamic Perspectives on Economic Development: Options for Nigeria, said Islam has a vibrant economic framework that can bring any country out of economic lethargy.

He said that, “Zakat is one of the institutions, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.

“Zakat is one of the institution that we need to institutionalize. We have not institutionalized it and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.

“In Malaysia, Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and utilize it for the good of the people.

“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.

He further said that individual economic activities is a formidable catalyst that can catapult the nation to economic sustenance.

In his narration, he said that, “When prophet Muhammad was growing up, he was a working youth. His zeal to work and develop himself economically led him to working for Khadija, the great merchant.”

“Why did Allah directed our noble prophet Muhammad (PBUH) to go and work? Allah has the power to let him remain seated and everything he want would come around him from now till his death. But it is to serve as an example, the mission Allah has led him to promulgate to be an exemplary leader of that mission. Allah wants him to serve as an example that is why he directed him to work.”

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“Anabi Muhammad Rasululah was developed economically. He enhanced Khadija’s business to a great extent. What is important is that every individual must first be developed economically. It is our respective economic development that would be summed up and brought together to develop the nation’s economic. That is the way I see it.”

“Alhaji Aliko Dangote, everybody knows what his business is doing to the economics of this country. Femi Otedola; everybody knows the role his business is playing in the economic development of this nation, likewise every other person that does his/her own business.”

“So without everybody’s economic development the nation cannot be developed because you and I are the nation. Islamic permits individual economic development, that’s why you have to work, you just have to work, because Islam recognize, acknowledge and encourages individual economic development.”

The cleric sighted the past prophets of God as an example in other to support his submission that everybody must eat from his/her handwork.

“Allah said every person; he didn’t say every Muslim – He said every person is to eat from the work of his/her hand. Prophet Dawud as a prophet of God was a blacksmith.”

“Anabi said let each and every one of you carry his hoe, go into the bush, cut trees, pack it, carry it on your back, go and sell it outside and eat out of it. It is better for you than to be asking people, please give me fisabililaha.”

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He further continued, “In what I coined as ‘The objective of Islam in human life and Human development’. Individual economic development would develop the nation economy, because it is when you are stabilized economically that you would be able to contribute your quota to the economic development of your nation. Someone who is struggling to eat do not have optimum sense of reasoning, when you are hungry, you do not think of any other thing.”

FCMB launches Personal Business Account for Traders
Participants at the Ashraaf Islamic Foundation, 2nd Maolid Nabbiy, 2020 Lecture.

“How do we develop our country? It is obvious that Islam has good and vibrant facility for economic development.

“It was during Sayidinina Umar (A.S) that the concept of Baitul-mal was giving birth. What is Baitul-mal? It is a public dormitory where zakat and Sadaqat are pooled for the development of the state economy.”

“The role the establishment of baitul-mal plays in life of the Muslim people cannot be over-emphasized.

“Zakat is one of the institution, a very powerful institution that can raise the Muslim world from poverty, even the world from the poverty.

“Zakat is one of the institution that we need to institutionalize. We have not institutionalized and we are wasting a lot of wealth. Institutionalizing it is by individualizing the payment of zakat.

“In Malaysia, “Google, the zakat house in Malaysia you would see it. I don’t think we have a building that is as high as the zakat house in Malaysia. What are they doing there? They pooled all zakat of the Muslim people in Malaysia in that arena and now utilize it for the good of the people.

“I assert within myself that if every Muslim within Nigeria who is qualified to pay zakat pay it and we pool it together, it would be more than the 2020 Nigeria budget.

The Lawyer further called on everybody to be in harmony with one another.

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“There is one thing I used to say when am given a chance to talk like this. It is high time we do away with our religious dichotomy. We are cheating ourselves, we are wasting our precious resources and we are destroying our future.

“When a Muslim sees a Christian and develop natural hatred towards him and a Christian would say ‘He’s a Muslim, he doesn’t have anything to do with him.

“We have problem because Allah that brought us together has a reason for not making us Umatan Waida (of a single religion or tribe). Allah says he has the power to make you Ummatun Waida (of a single religion or tribe), but I am not doing that.

“Who are we now to questions Allah’s authority for making us different and living together. Why can’t we study Allah and the rationale behind what he has done in our life?

“Let us forget about the prayers I am observing, it doesn’t concerns anybody. It is between me and my God, like, it’s between me and my God, like zakat, it’s between me and my God, the hajj I go to, it is between me and my God – leave a Christian to his church and his worship, but remember it is the same blood that runs in Adam that runs in everybody today.”, he continued.

Maolid Nabbiy is an annual Muslim celebration to mark the birth of the Noble Prophet Muhammad Rasulu Lah (PBUH).

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

FAAC Shares N680.783 Billion May 2022 Revenue To FG, States And LGCs

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N680.783 Billion May 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.   

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) for June 2022, held in Abuja.  

The N680.783 billion total distributable revenue comprised distributable statutory revenue of N385.004 billion,  distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion. 

In May 2022, the total deductions for cost of collection was N36. 996 billion and total deductions for transfers and refunds was N186.672 billion.  

The balance in the Excess Crude Account (ECA) was $35.377 million.  

The communiqué confirmed that from the total distributable revenue of N680.783 billion; the Federal Government received N229.563 billion, the State Governments received N241.824 billion and the Local Government Councils received N175.942 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue. 

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A gross statutory revenue of N589.952 billion was received for the month of May 2022. This was lower than the N635.037 billion received in the previous month by N45.085 billion.  

From the  N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the State Governments received N93.934 billion and the Local Government Councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue.   

In the month of May 2022, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion.  This was higher than the N178.825 billion available in the month of April 2022 by N34.354 billion.  

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From the N198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.777 billion, the State Governments received N99.256 billion and the Local Government Councils received N69.479 billion. 

The Federal Government received N14.590 billion; the State Governments received N48.634 billion and the Local Government Councils received N34.043 billion from the N97.267 billion Electronic Money Transfer Levy (EMTL). 

According to the Communiqué, in the month of May 2022,  Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.    

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Non-interest TAJBank Reports 433% PBT in 2021 Financial Year

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Vibrant Board is Key to Local Capacity Building – Lee Maeba
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…as balance sheet grows to N110bn

The second non-interest Bank, TAJBank Limited, has recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1.6 billion in FY2021, representing 433% improvement over the preceding year’s profit.  

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This is even as the multiple award-winning lenders, which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 117% growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.

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In the period under review, the bank recorded positive indicators which showed the remarkable growth that the nascent bank continues to achieve. push({}); The bank’s financial results showed a rise in its balance sheet figure from N50 billion in FY2020 to N110 billion in the FY2021 recording a 122% growth.

The bank also achieved a leap in shareholders’ funds during the year which also marked some great improvements in the Bank’s financial results coming from the previous year.

The non-interest bank’s audited financial statements also reflected outstanding positive indices which demonstrated its management’s professionalism in handling investors’ funds despite serious economic headwinds.

TAJBank’s drive for deposit base growth showed in the financial results as customer deposits also remarkably grew in the year under review, increasing by 99% over the previous year’s value and representing the highest in the industry.

Also, the bank also rapidly expanded its branch network by 22 new branches and business offices within the period under review.

Speaking on the financial results, the Managing Director/CEO, Mr. Hamid Joda, noted that “since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry.

“It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence”, he added.

The Executive Director, Mr. Sherif Idi, while reacting to the results said: “TAJBank has a healthy appetite for growth and for excellence and these results are a testament to what we portray and what we are about.”

He also stressed that the bank “is not looking at slowing down in its sustained commitment to continue to add value to our shareholders, surpassing our customers’ expectations in innovative products and services delivery and in ensuring that we continue to break frontiers in the Nigerian financial system.”

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

Reps Passes 2022 Budget of N17.1 Trillion

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Femi Gbajabiamila
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Ogechi Okorie

The House of Representatives on Tuesday passed N17,126,873,917,692 as 2022 budget.

The budget was passed by the Green Chamber following the presentation of report by the Chairman, House Committee on Appropriation, Hon. Muktar Betara.

The report was considered at the Committee of Supply presided over by the Speaker, Hon. Femi Gbajabiamila and his deputy, Hon. Idris Wase.

According to the Bill passed by the lawmakers authorises the issue from the Consolidated Revenue Fund of the Federation the total sum of N17,126,873,917,692 (Seventeen Trillion, One Hundred and Twenty-Six Billion, Eight Hundred and Seventy-Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only.

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N869,667,187,542 (Eight Hundred and Sixty-Nine Billion, Six Hundred and Sixty-Seven Million, One Hundred and Eighty-Seven Thousand, Five Hundred and Forty-Two Naira) only is for Statutory Transfers while N3,879,952,981,550 (Three Trillion, Eight Hundred and Seventy-Nine Billion, Nine Hundred and Fifty-Two Million, Nine Hundred and Eighty-One Thousand, Five Hundred and Fifty Naira) only is for Debt Service.

N6,909,849,788,737 (Six Trillion, Nine Hundred and Nine Billion, Eight Hundred and Forty-Nine Million, Seven Hundred and Eighty-Eight Thousand, Seven Hundred and Thirty-Seven Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,467,403,959,863 (Five Trillion, Four Hundred and Sixty-Seven Billion, Four Hundred and Three Million, Nine Hundred and Fifty-Nine Thousand, Eight Hundred and Sixty-Three Naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2022.

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According to Chairman committee on Appropriation Hon. Muktar Betara, the report was a result of work done on the submission of estimates by the president.

He observed that the 2022 budget would be the last to be fully implemented by the current administration.

According to him, the report took cognizance of the benchmark estimates and the financial/economic realities of current times.

He earlier urged members to support and approve the recommendations in the spirit of the harmonious execution of projects for the good of Nigeria.

The report was considered clause by clause and passed.

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The Green Chamber adjourned plenary till Tuesday, January 18th, 2022 following a motion for adjournment moved by the Leader of the House, Hon. Alhassan Ado-Doguwa

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