and welcome to this session in which we would look at a CPA simulation that deals with dollar value LIFO method. This topic is challenging for many accounting students as well as CPA candidate. Two reasons, one their college did not cover dollar value LIFO or if they covered it they did not do a good job explaining the topics. I'll work this example show you how to use dollar value LIFO but what I want to tell you is I do have detailed explanation about dollar value LIFO on my website farhatlectures.com whether you are an accounting student or a CPA candidate. I strongly suggest you check out my website especially if you are a CPA candidate. I don't replace your CPA course whether you have Becker, Roger, Gleim or Wiley or Sargent or some other course. I can be a useful addition. I can add 10 to 15 points to your CPA exam. Why? Because I can explain the material from scratch. CPA review courses they review the material with you they don't explain the material from scratch that's what I do. I teach as if you never looked at the material before then you can go to your CPA courses and do a great job learn the material more efficiently. Now what I suggest you do if not for anything check out my website to find out how well is your university doing on the CPA exam. This gives you an idea about how rigor is your accounting program because I do have the score over all average and score by section. Also if you're an accounting students as I mentioned I have many accounting courses please connect with me on LinkedIn and check out my LinkedIn recommendation for people who already used my services to pass the CPA exam. Please like this recording share it. If it's helping you it means it might help other people as well connect with me on Facebook and Instagram. Let's go ahead and start to look at this problem. Adam Corporation adopted the dollar value LIFO retail method on January 1st 2021. Now although I'm going to be explaining what dollar value LIFO is but if you go to my website I do have half an hour explanation about this topic okay and I do have more exercises to show you how to solve this so I want to make sure you understand although I may not dig deep into this but I will explain it enough that you can move on but if you want more explanation for head lecturers.com. On that date the cost of inventory on hand was 17 000 that's the cost of inventory and the retail value was 20 000 information for 21 and 22 is as follow they're given us the ending of 2021 retail method the price index cost to retail percentage the date for 12 31 2022 ending retail ending inventory at retail that's important the retail price index or the price index cost to retail percentage. The first thing they're asking us is what is the cost to retail percentage for inventory on hand as of 11 2021 it means the day that we switched from whatever method we are using the dollar value LIFO. Now dollar value LIFO keeps track of inventory by a dollar amount we don't care about the unit what we care about is about the change in the dollar amount but let's first answer this question then we'll go back and explain the numbers a little bit further what is cost to retail every time you hear the word something to something x to y it means take x divided by y so cost to retail for 11 21 cost is 17 000 retail is 20 000 and I just answered the first question cost to retail is 85 percent it means you do have 20 000 worth of material for sale on based on the retail price but your cost of that material is 17 000 simply put if you sell all this material you will make a profit of 3000 but the question is what's the cost to retail percentage the reason we're asking about the cost to retail percentage is because when we report inventory remember when we report inventory we report inventory at cost so we want to know what is the relationship between cost and inventory for your 11 21 inventory well it's 85 percent so whatever retail you have 85 percent of it is the cost and you're going to see how why this is important that's good the second question is calculate the inventory value it means the inventory dollar amount not unit at the end of 2021 2022 using dollar value lipo now we're going to do it one one one year at a time of course we're going to do it one year at a time so let me show you what happened a year later a year later 12 31 2021 you have ending inventory at retail 35 000 so notice what happened let me show you at the beginning of the year you had 20 000 worth of inventory at retail at the end of the year you had a year later you had 35 000 now what does that mean well at face value you would say well i have 15 000 worth of inventory so i have 15 000 worth of inventory well is that really true or not well it's not really 100 true why because this 35 000 is a nominal or inflationary figure and how inflationary it's 1.4 what does that mean it means yes you do have a larger dollar amount in inventory you have 15 000 more but do you have let me let me just kind of let's assume let's assume the number was 40 000 to make it easier for you let's assume the number is 40 000 just so i can explain the concept does this mean you doubled your inventory if you have 20 000 the prior year now you have at the end of the year 40 000 does it mean you doubled your inventory at face value you might say yes i have double inventory does this mean if you had five units now you have 10 units and the answer is no you did not really double your inventory why although it's showing 40 000 but that 40 000 number is inflationary okay so let's go back to our original number so the 35 000 it doesn't mean you have let's assume you just okay let's assume for the sake of simplicity each unit is a dollar and you had 20 000 unit now it's 35 000 unit 30 you have 35 000 dollar does that mean you have 35 000 units and the answer is no and the answer is no why because this number is inflationary so how do we account for this well let's see what we're gonna do we're gonna deflate this number we're gonna deflate the dollar amount because we don't care about the units okay we don't care about the units we care about the dollar amount so how do we compute our ending inventory using this dollar value life well here's what we do let's see starting with the 35 000 we're starting with the 35 000 the first thing we do with the 35 000 let me start it here starting with the 35 000 i told you this number is inflationary because the price index the retail price index everything went up in price by 40 percent okay so part of this 35 000 part of that increase it's not because you have more units it's because overall prices went up think of it this way if i have one one quart of milk in last year it cost five dollars one quart of milk and it's five dollars one gallon now i have one gallon of milk and it's eight dollars okay so if i'm reporting only the dollar amount if i'm reporting why i have five dollars worth of milk now i have eight dollars it doesn't mean i have three dollars worth of milk absolutely not you still have the same one gallon worth of milk except the price went up by three dollars it doesn't mean you have more milk you have the same unit the prices went up and here's what we're saying here so how do we account for this i know i keep repeating myself let's get going what you have to do first is you have to deflate this 35 000 at 1.4 deflate it means bring it back to the base prices and what's the base price the base price is 25 000 if i take 35 000 divided by 1.4 it means a treat the 35 000 as if you are using base here what's the base here base here is year one what is year one when did when did we switch to when did we switch the dollar value life at the beginning of the year so january 1st 2021 is your base here so you have to compare everything to your base here simply put you do have more inventory but the more inventory the actual inventory is only 5 000 not 15 000 because the remaining 10 000 was due to inflation so the first thing you did is you deflated your inventory now how much inventory do you have well i have 20 000 of inventory okay and remember this 20 000 is i have to deflate it it mean deflate it it means bring it well the price i have you multiply it by the price index this is the base this is the base here always the base here is you multiply by 100 percent then remember i have to report the cost only 85 percent of it is cost therefore my inventory is we already kind of we know this is 17 000 now this is for year at the beginning of 20 i'm gonna call this uh since it's since it's 2021 i'm gonna call it 2020 this is year 2020 because it's the beginning of the year 2021 for the year 2021 okay so what do i do for the year 2021 for the year 2021 how much did my inventory increased by my inventory only increased by five thousand dollar remember my inventory increased by five thousand dollar now i'm gonna multiply this five thousand dollar this five thousand dollar increase in inventory i have to reflate it so this is subject to inflation because i purchased it this year it's reinflated at 1.4 percent then i'm gonna multiply this amount by cost cost to retail because remember cost to retail so this 5000 multiplied by 1.4 this is my retail i want to know how much of it is cost and they're giving me the ratio for 2021 the cost to retail is 0.87 87 percent of it is really cost therefore how much inventory do i have is 4094 for year 2021 based on dollar value life oh therefore what's my total inventory my total inventory is i'm sorry six thousand ninety not four thousand six thousand ninety therefore my total inventory is 23 thousand and ninety dollars one more time the inventory from year one from the base year is 17 thousand for year 2021 i only added five thousand dollar of new inventory based based on the base year prices then i have to reflate this by 1.4 again this is retail then i have to find the cost the cost is 0.87 to find my cost therefore my inventory as of 2021 is 23 thousand and ninety dollars let's look at my inventory for 2022 my inventory for 2022 it's showing that i have 49 000 worth of inventory at retail do i really have that much inventory i'm increasing my inventory a lot not really why because notice the price index of retail is 1.75 the prices are almost doubling for everything you know two is double like 1.75 is really large there was a large increase in the prices of my inventory i'm buying stuff that's really inflationary so what do i need to do well first i need to deflate the prices so i'm going to take 49 000 first you deflate it at 1.75 so the inventory based on based on base year prices it's only 28 000 what does that mean it means from the prior year to this year you went up only through inventory of 3000 so the change in inventory is only 3000 based on base prices but remember you have to reflate this therefore for year 2022 you have an increase in inventory the new layer is 3000 only 3000 but remember you have to inflate this only you only inflate the new inventory because this is what you added this year at 1.75 percent and remember this is your retail price you have to convert it to cost cost to retail is 0.9 therefore i should put this a little bit lower 3000 dollar this is year 2022 year 2022 3000 times 1.75 and this amount will have to be multiplied by 0.9 to find the cost which will give us 4725 now i'm going to add this 4725 to my prior numbers in my inventory at at at dollar value lifo is 27 815 so this is my inventory for year 2022 and this was my inventory for year 2021 so this is how you compute the inventory value using dollar value lifo now if you want a detailed explanation of what i just did i'm going to summarize it real quick in less than a minute then i'm going to tell you what you need to do again these prices you know my inventory at retail went from 20 to 35 wow that's a lot of new inventory not really it's because of the price index so i deflate my inventory my 35 000 to make it comparable to the beginning of the year which is it it could became 25 000 it means i only increase my inventory by five so this is the new inventory that's subject to inflation then you multiply it by the cost to retail because you want to report your inventory at cost then 2022 my inventory went from 35 to 49 my inventory is increasing not really it's because of inflation you deflate that number you find your in your true increase in inventory your true increase in inventory is 3000 you multiply it by that inflation figure the only amount that's subject to 1.75 is the 3000 then you multiply this retail number by 0.9 to come up to your cost to true cost again if you want more explanation about this topic i strongly suggest you visit my website farhatlectures.com once again i'm gonna tell you i don't replace your cpa prep courses i just i simply can do can do so if i can do so i will charge you more than this amount okay rest assured i can charge you more if i can replace this i don't but i can be a very useful addition to your cpa course i can help you understand the material so when the cp cpa course reviews it with you you will do very well so i can be the supplement the vitamin for your cpa and remember your cpa is a lifetime investment whatever you do now the next two years it's gonna pay dividend for the next 30 to 40 years so don't shortchange yourself and here's my challenge to you what's my challenge you're gonna be risking 30 for the first month to find out whether my lectures whether my website can help you improve your grade are you willing to take that chance 30 if you don't like it you can cancel you would lose 30 that's your maximum loss now what's your profit what's your benefit it's potentially unlimited if you pass your exam and you move on are you willing to take that risk that's my question to you anyhow stay safe of course good luck and study hard for your cpa exam


Oh, screen team. Let's go, megaclicks! Dubby, come on! Almost some people like the nickel normal somebody.  Like, come on, man. There's just no way this is really just unblockable. It's never slide right again. Running back. Come on, Doug. ID that guy. You know what to do. How is my meter not slow all of a sudden?  Oh, oh my god. This thought is a bad guy right now. Come on. Come on. He don't like this. He don't like this. I've seen enough. I don't like this. Yes, sir. He don't like this. Come on. He don't like this.  Like, are you kidding me? Like, come on, man. I just got to play it. But if he don't break two tackles and get 25 more yards, we're like, let me finish this guy game and put him down. Come on. We will get the ball. We will, you can't get frustrated.  Let's go. Cheat him. Come on. I had to get one of my knockouts on Titan. He's black all the time out. He's flipped. So like, scream. Hell no. Dog, like, how can I not, like, dude, this is driving me nuts. How I just, I can't block the easiest right now. Like, come on. God, man, dude. Like, dog, how can we not, how are we not blocked? Like, dude, this is screaming at me. Dang, you read this? Let's go, man. Good clicks. Dubby, come on. Yes, go. I don't even think he could max protect. I should have used it to tight end guy. All right, I learned that. I got to use it to tight end guy there so he can't max protect. Little boys. Little boys. Point at them. Point at them.  I'm feeling these abilities right now. I don't, I mean, if the Eagles win this game, dude, Tanner, I mean, we play Dallas after this game, right? Could the Eagles really start to say, I want to be Dallas. Could the Eagles really start 6-0? Like, I guess they could, right? Like, why not?  We're actually like super good and like no troll. Like, I think the Eagles are really good, but like, you know how the NFL is, you do the loser bulls**t game. My God, dude. Dog, what the f**k? How does that go? Like, bro, this line in this game is so bad. It's so... Dog, oh my God, man. It's so bad. How does the DM walk right? I just can't, man. Come on, man. That was the best two point play I've ever seen. Holy s**t, that dude, this s**t is giving me a f**k. I know I need three points to f**king win, you a**holes. I gotta be joking, man. God damn it, man. I feel like this a**hole. Raise over that, that would have been my fault. I just pressed the third and somehow he just beat the s**t out of me, but that's why he has knockout, you know? I'm getting bagged, low key. Like, he's giving me help. Like, he's actually giving me so much trouble, which is this dollar, this DB Fire type s**t. It really is giving me a lot of trouble. It shouldn't have been a hell game. If it wasn't for that fluke A gap that happened, never happens. It just do-do-do and it happened at play. Like, come on, man. Casper, come on. Bro, the whole team just like dog. Like, it's insane.  Man, this s**t is so frustrating, dog. Way too much trouble right now, man. Bomb me, do that bomb s**t again. Come on. The eggs only work when people play zero coverage. I mean, I don't know what. Just get some f**king pressure, boys. Come on, man.  Bo-bo-bo-bo-bo. Oh, come on, work down. He know how to-he know how to-he know. Right here, man. GGs. There ain't like nothing I did on defense.


And we're back with the breakfast and plus TV Africa, Tunde Kola Wali legal practitioner joins us this morning via phone in Lagos. Tunde, it's good to have you join us. Good morning. Thank you for having me. Good morning. Yes, please. All right, let's start off with the punch this morning and we'll be looking at all the papers. The punch says please present at emefeli's Abuja home stairs controversy. Please present at emefeli's Abuja home stairs controversy. CBN governor expected to appear in court today over 53 million dollars judgment debts. Please deny arrest move. And DSS says deputy governor not quizzed. Is that the right as you find underneath the caption? Subsidy federal government borrowing to import fuel says minister Zainab Akimat quoted on that and one billion dollars spent to recover territories seized by terrorist president of the federal republic of Niger is quoted to say over 500,000 security personnel to man pulling boots for the elections. And just before we move away, national assembly to okay 22.7 trillion narrow debt restructuring on Tuesday. I'm sure you want to find out what that means, but Tunde Kola Wali will be right here to share his thoughts on that. Slain lawyer buried and cleric consoles family 13 billion narrow drugs. Military had were seized at Lagos airport. These are some of the headlines you find. And a new VC promises to make unilag solution center. There's also a pictorial representation you know to that conversation. Not on the nation. You have article plan sale of nation's asset to allies says to noble. So the back and forth continues. APC candidate urges choir to sustain political freedom was a dimmer remit to noble rally. Southeast women.  Don't behave like us who giga tells the new Konoa. Oh, well, I know who and succumbed to security threats. It's also another caption you find this morning on the nation. And well, we're still at it. Another one says while we upgraded upgraded what ally it ally a day college diversity. China's population drops by 850,000 in latest survey or the writers you find this morning on that paper. Now we have this day newspaper ECW a president church will announce presidential choice soon. And I think I read you know some comment and tweet where someone's saying, Hey, why has the church not taken, you know, position or religious organization taking a position as to who they are supporting and who they're not supporting, you know, for the elections. Northern Christians already settled for articles says do gara and Muslim Muslim ticket recipe for disaster former vice president want in a kitty PDP candidate promises to patronize and prioritize human development. Inaq Hills echo as commission over dialogue with parties ahead of the elections. Inaq will hold election despite attacks on facilities. Um, I'm would ya Kubu is saying federal government Nigeria has enough external reserve to withstand global recession and shocks. It's also interesting to note and some people say this is really good because you know, just maybe we're probably might be facing another recession and cash withdrawal limit bank suspend transaction via naira credit and prepaid cards. Senate gives minister three day ultimatum to submit 23.7 trillion naira ways and means details. And, uh, moharri receive a word for strengthening peace in Africa. That's a picture to that effect, you know, the bottom part of the page or the front page of the newspaper, this day newspaper, you find that picture on the president receiving that peace award. But the Guardian is what we will be paying attention to you on easy calm at CBN as officials grapple with integrity issues. CBN DSS downplay dismiss a method is saga as speculative officials not in DSS custody apex bang and sis. Now, just before we move away from the Guardian this morning and make way for Tunde Kola will be to share his thoughts. CNPP asked to nubu article to withdraw from presidential race for alleged misdeeds. Senate demands details of 23.7 trillion naira CBN facility to the federal government. Crisis in Abia PDP over, uh, Econus absence will soon name or prefect presidential candidate we can declares. Now, these are some of the issues you find this morning in 2023. We're ready. I know chair, uh, Yacuba insist at Chatham house. Now, these are some of the, uh, headlines you find this morning on the Guardian newspaper. Let's quickly have our guest shows thoughts to the color. Well, many thanks for being with us. All right. So quickly, uh, let's start off with the punch newspaper. The punch talks about, uh, police presence at MF li's home in a Booja that has said a lot of controversy. But according to the reports, the police is saying they are there to ensure that MF li does not escape because he has to be caught today.  So I say, uh, let's take a look at the punch. The punch talks about please present at a MF li's home, which has said controversy. Now, according to the police, the police is saying we're not there to arrest, but we're only there to ensure that he does not escape. He has to be caught today to, you know, answer to some, uh, issues. Honestly speaking, I'm of the opinion that, um, the massive deployment of, uh, the police to miss a little in a Booja and like we had earlier on the red before also to the CDN is caught in a Booja is ill and died. That kind of post on him, uh, will be sending the wrong signal, not just to my dear ones, but to the rest of the world, the international community. I have always said and advocated that when people, when public officials and individuals, even musicians who have been bringing a lot of revenue to the country are involved in, uh, issues for the government or the security agencies want to investigate them. First investigations will be done very quickly, until they have reached a turning point until they probably nearly completed the, the, the investigation before you can know when go and affect the rest of the person. Eventually he's at the heart of the Nigerian nation as a CDN, uh, governor. So when the international community and even the local community begin to see the, the CDN governor being, uh, a lot of massive police, the, the mass media, the mass media deployed to his office, to his public and aura. He's, uh, created kind of a panic and make the community lose confidence, not just, um, in our quality, but also with regard to the situation that is happening in Nigeria. Uh, if you say you want to just provide protection for much of the issues around his home and order, there are more discreet ways by which this is, uh, uh, can be done. In my case, he's the character of a checkup in the police. For example, he's the police, uh, of a security man. It was a very, very, very good. In fact, on the value of the British fans, telling us to also our Naira, the deployment of mass media and your police men, mass, you know, the, you know, who have consequential, uh, implication on the value of the Naira. And that is why I think no matter what infection he may fill in me out, uh, he may fill in me out the heart. Uh, he, the one or two, he будут have done better for the security people to undo the investigation of this matter in a very, very discreet manner. Well, but do you think this has any political undertone, maybe, uh, some people would say that, uh, an interference from the executive of government? Well, we've been hearing that there's been a lot of discordant news in the media. Some people have a name that the harassment of mentally started political undertone. Some are also the opinion that if a certain person who wants to, who wants him removed and the federal government that is behind it, what I want to say with all sense of responsibility that whatever problem they may be having today could be said to be self-inflicted. Why do I say it's self-inflicted? Here is a seasoned civilian governor who has been romancing and dancing with the politicians. It was also a ledger to pursue a private life that decided to contest the primary of the SIFI presidential aspirant. So the SIFI young governor, for the time being, is not opposed to fraternizing politicians and is not opposed to having any dealings with the police. So when you begin to stick out your neck to want to go as far as contesting, I mean contesting the presidential primary of a particular political party, are you even going to go to stick out another to restrain the security who are not from disturbing you, from contesting the presidential primary of the APC, then you are causing problems for yourself. You are causing disturbance. You are throwing the party, the politicians in the different parties who not wanting to talk. So that is the reason why I say whatever is happening today can be said to be self-inflicted. He is supposed to be aloof. He is supposed not to fraternize. He is supposed not to be seen around any political activity in the country today in the interest of the nation and the interest of the value of denier. Alright, let's see you are looking at the punch this morning. There is also another headline that we cannot move away from. It talks about sometimes federal government bores to fund, bores fund to buy petrol as the economy continues to subsidize, talking about subsidy bills. The minister had come out to say that at some point we borrow to impot fail. Do you think that this is a rational thing, an action? The country is in the West Maya. We are between the devil and the deep blue sea. Why do I say this? When we have all the opportunities in the world, when there was any lack of money from the sales of a food well in the international community, we thought that we could even go to that period of time that the money is not a major problem for us to spend. We also have diversified the economy. We have diversified the economy in so many areas, high trade, agriculture, manufacturing and war. We probably will not find ourselves in a kind of challenge or problem that we find ourselves in today in which the international community is no longer desired of using food for our petroleum products as they used to do. Every nation has its best electrical and solar energy and all those other energies don't exist. They are the only ones that doesn't affect the atmospheric temperature. So with that in mind, the demand for petroleum products in the international community is greatly because people are investing in energy. Furthermore, the crisis in the Niger data is not as big as it is today. Oil is being stolen in the market today. Where it is not being stolen, the so-called Niger data minister is making it difficult for the international community to operate. Also, you have very past interests for birds of bees and what have you. Who want to have a take in the style of the mission that is the oil and resources. All of them in a way, just to say, as it has been reported, at almost $0.7% even though $0.5% of the fuel that Nigerian producers have been stolen and then stolen in the international market. So with that to find out in the resources of the nation, when the money is earned internationally, the revenue that is generated internationally are lost. It begins to cling to. And then you also have massive, massive consumption of petroleum and oil. And you also don't have a single refinery. Finally, talking about the capacity and order, the government will have no services. But then it has to begin to move the idea of withdrawing of revenue of withdrawing the petroleum and oil. Yes, in the refineries, we have to be working as a way so that they should be working. This oil has to be sent here, as it used to do in the international market. And this oil theft in Niger data is not of the massive care as it is today. Nigerians cannot find itself in the kind of challenges that they can find themselves in. But let me say this. Let me say this message. All right, go ahead. If you have something to do, never have any mission. Who will do your research? The most mission that something has to do with you whether it's from agricultural, whether it's from personal resources, whether it's from housing and all that. So it's a very massive, massive upriver and then the whole country can do that. So I will not exaggerate the fact that when they do, the problem might be or the problem might be facing is gross, gross property on the monumental scale and then total achievement on the rest all over the country. Because as it is today, inflation is almost at 60% and then the employment is almost at 30%. And then the food security of the nation will be in your country. Oh well, Kola Wale, are we dealing with an issue of diversification? Because I mean, you have mentioned that we have a diversified economy but the economy is diversified. The challenge here is, you know, translating whatever it is that we have to reality, to results and that's what it is. The economic opportunities, the resources that we have, translating it into tangible results that would at the end of the day impact the entire nation. So will we still say that, you know, the problem that we're grappling with is diversification because the economy has been diversified? You know, I disagree with you. If you're going to be talking about the diversification of the economy, you have to look at it from a different perspective. If you're going to have a nation to be able to produce all the food that the citizens require to reach on a daily basis, the answer is no. In a country like China and India there are massive, massive populations over one billion people and they don't defend as much as we do on the protection of their food items. If somebody informs them even they have not been able to verify that that if there were to be war in India to say that the India people always are, always half at any particular point in time through storage, they will last them for six months with their families are able to produce anything and if they were to be engaged in the war with any country of the nation, can Nigeria say the same thing? Actually almost all the food that we consume in this country especially things like rice and even yam and meat they are all being imported from different parts of the world. That will not be if you have diversified the economy. Also look at the IT. Most of the IT producers that we consume in this country most of the software that our banks and other institutions use in their respective offices they are imported from India, they are imported from China and then from the U.S. Whereas in Zoom, our children are very, very good in IT. All we need to do is to develop these children and as you develop some of these children you can pick the best students in the university, in the polytechnic and what are they and second this group who are good in mathematics, who are good in science they are brought to some of the Ivy League universities and they train them educate them on the software development on IT and some of these other areas are not and then you bring them, bond them let them sign an agreement that they work for the country, for the scholarship and give them to a certain number of years and then throw them into the economy when they are able to develop that was what we did and then again look at them assuming of arms and ammunition but you are engaging so how do we explain the fact that you know the non-oil sector as a 2020, I mean we just started in 2023 contributed 94 points 34% to the nation's GDP and that's a lot 93 94% I don't know where you go it's in the public domain I I can I'll tell you that sometimes statistics do lie but sometimes people do lie in statistics why do I say that it's the money that continues from the total for the rest of the country to be 100 dollars before and then because of the challenges in that sector it's up to about 20 dollars the non-oil sector will appear to have increased will appear to have maybe outperformed the petroleum sector as long as you are leading the studies on that perspective are lost one is not in 2020 no, no, no, no, but ColorWallet, I think that we need to move away because if you I understand where you're coming from to the ColorWallet but if we need to be realistic let's look at the oil sector and in that particular report the oil sector contributed about let's say 5.66% when you juxtapose that to 94.34% so maybe the problem is because the oil sector is already failing we're not doing so well if we say that oil is where we earn a lot but how far has it contributed in the last year that precedes 2023 so that's the question that if we talk about the issue of diversification just maybe we have diversified the economy but we've not been able to translate it into reality develop it, maybe that's where we should channel our attention to and the conversation should be about developing and ensuring that these sectors are contributing to the nation's economy not solely because we're not totally dependent on all earnings anymore that's the conversation as much as it feels like that's where we're dependent on for all of the revenues that we're getting and generating but it's quite different and you want to agree with me to some extent you are right from my own understanding of economics and the developmental issues if you are talking about the performance of any sector of the economy it should be a measurable thing I give you an example and we are going to produce for example that will require that we eat in this country if we produce enough right at the time we shut down the border at the time the sector has formed a lot of money through the TVA so they have to borrow the program at the time some of the dams they are wanting to perform the dams so that can be closed in the past and all that the federal government is telling them to open it for the dam so that they will be able to irrigate the farmland for the farm also remember that people with all these investments that the federal government has made it's difficult for any farmer to go to the farm now because of kidnapping because of banditry and that has had this damage for the investment the federal government has made that the federal government has made and because of that we are unable to miss our food and needs of the nation I will give you one example which of our industry in this country today is producing up to the last party the big area in which is in the cement sector and not still here in the constructionary sector and the field for this is not perfect most of the raw material that we need to produce here is a lot of and also good things in this country it is only the quality and the flavor that we require so look at the textile sector colorally let's move on to other issues I totally get your point this morning where you are coming from but we also cannot take out the fact that whether we are not meeting the capacity of production in different sector however there is still some effort that is being made on this day newspaper the caption talks about the elections if I am not mistaken let's quickly look at the elections and thoughts and you have a Mephili saying I beg your pardon not a Mephili now Mahmood Yokubu is saying that INEC will hold election despite attacks on facility and you know that for the past days and months there has been several attacks on the offices of INEC across the nation do you think that this is a true statement do you believe in the statement and assurance from the electoral empire himself it is good to be optimistic if I were in Mahmood to position myself how do you call it the same thing but there are a lot of threats to the holding of the Twitter and the TV election even though it is just a few weeks away you and I will remember that even in the western and that even in the southwest of Nigeria there has been attempt to bomb them INEC offices INEC facilities have been attacked also in the southeast we also remember that several and several times INEC offices have been bombed and their properties are coming and also when you go to the northern part of the country especially the north part of the country but the northern part of the country has not been updated even not too long ago in those days which appeared to be relatively peaceful in the recent times people went in there and they did not threaten to I think use the train for one part of the country to the other all these are indicated that everything is nowhere with Nigeria and there are a lot of challenges to holding these elections come February this year more importantly very very importantly too Nigeria can be said I mean with zero effect look at the front page of the paper they are talking about Ketulin Killion debt and then the Senate is also asking but they want the federal government to come and explain how they intend to manage the that they want to also embark upon so firmly if a challenge for this election and also securities the challenge for this election because there are so many nationalities who will not want this election to hold the behavior of the politicians themselves is not helping matters there is one more thing and also drumbeat of war despite the fact that they have all been made to sign a peace agreement to sign a peace agreement to conduct this very very peaceful manner but have they been doing that the answer is no there is a problem about the places but like I said to the color we have no option other than to hold that election of course there are other acts if you think that there is any substance to all of these threats because there can just be threats but are there really substance to it do you think that the elections will not hold you have already said that the elections will hold that's on the one side because I want you to juxtapose that with the fact that the church is saying they will soon announce their presidential choice do you think that there is a problem with that especially at the time where we are saying hey we need to just go the Nigerian way we need to meet together and not talk about religion and tribe but can we take out religion and you know ethnicity out of our politics and election there is nowhere in the world where ethnicity and religion has ever been taken out of elections completely I give you an example the last election that was conducted in the US last year when the vision won the elections and all that most of the blacks in the US majority of the blacks in the US and then in the Spanish and Indian voted for vision they didn't vote for the Republican candidate simply because they are not too comfortable with the attitudes of the Republican immigration issues and all that for me that is ethnicity also do you find out that even in the US and in Britain for example it is a country that is set to be one quarter on the principles of religion and both in most times and all the times and all that certain people would prefer certain candidates who belong to the religious views or denomination as you see sometimes in a place like India so if the developed countries of the world for more than 400 years are still facing the challenges of ethnicity and religion I'm not too sure that we as Nigerians can reach out the way we can only manage it and the way to manage it by is what I mean is in protest by so many people and that is why some people are not too comfortable with either a Christian-Christian ticket or a Muslim-Muslim ticket politicians opt to be sensitive to the religious issues as not to disabilize the peace of the country or to leave any room for suspicion whatsoever as regards the the weekend man and the Z5C man not a honest-less figure I am surprised that the weekend has not seated the force up in that the elections are just a few weeks away and the Z5C must be announced to their presidential candidates or whatever presidential candidates they are likely to support in fact I have seen that the announcement of the Z5C is beginning to crumble why is this crumbling? in Makine for example the information that we are getting from the group is that in Makine I have said that they should vote for a people at the last rally that they had in Mapo and even when they didn't say that most of the people that attended that rally were hard and were seen to be shouting that is to say if in Makine or the governor of Russia for example even support at the president chances are that that is also going to affect his governor's election on this February 2003 you also find out that the governor of Isidatamawa or what are also going back to the article camp so for me I call out Wale that we cannot come back to the phone and support at the president and campaign especially with the effort that the northern areas are making to the governor so the question that has been on the minds of a lot of Nigerians is why has we cannot left the people's democratic party we see that as a practice that is common among a lot of peasants when you feel dissatisfied with the system then you move away not necessarily because the interest of the party is at it but still staying within the party and putting out all of these actions and move as what is very surprising to a lot of peasants but we don't have time just in less than a second I would like to share your thoughts on this the statement from Chris Ngige to Konwa like ASU that's what Ngige told Konwa on this list speaking we appear to be a nation that is never conscious of history people of my age will remember that when Obatunde was empowered in the United States and during the time of Obatunde there were so many unions all over the country thought that this time there was a strike each time there were challenges it was always difficult for the federal government for the local government to know what union to oppose and to talk to and to know what union to say please call on this strike and go back to war it was based on the numerous trade union that we had all over the country but when that happened the streamline the trade union and then with this so that they were just one solid one strong labor house that they can always approach and talk to anytime there are challenges the polition of union does not help but help so if you think it was to be alive to that aspect of our history or if the second woman was to remember that is part of our history they will remember that it is not in the best they are best in trade so talk promoting another trade union we have to go this is the point where we have to go thank you so much we have to go about one would want to begin to ask whether this is also the impact or the effect of taking out history from our curriculum would it affect those of your age I'm sure you had gone through history class and that's why you know this but we say that that's also the implication but I will come back to that conversation some other time thank you so much Kola Walee for being part of this thank Kola Walee we wish you the same thank you so much to the Kola Walee is a legal practitioner he joined us via phone this morning to bring great insight on the papers this morning right here in Lagos we take a break when we return we will be looking at another issue we are looking at the issue of labour group asking the government to stop fuel subsidy and importation stay with us


I used to dream of financial freedom, having passive income, being able to make money while I sleep, and being able to go to vacations all around the world and be able to buy anything I want because I had so much money just rolling in passively. And then I realized that the reason why I was yearning for financial freedom was because I hadn't yet discovered work that I truly, deeply loved. And there's my dog buddy running around. And I hadn't discovered a group of people that I really wanted to help. Now they are my clients, and I'm so grateful to be able to serve them. But now that I have discovered work that I truly love and people that I really love to help, it's like I want to do it all the time. I no longer feel like I need to escape to have financial freedom. What I do, what I yearn for now, is to keep getting better and better at my craft. That is what makes me so happy and fulfilled. And that's what I yearn, that's what I hope that you can experience as well.  I take plenty of breaks throughout the day. I talk about this in my videos on joy for productivity. I take four naps a day. I take like two or three dog walks a day. And I take every other Friday off. Of course the weekends are off.  I don't do any work on the weekends or evenings. And I take several other kind of blocks a year off. So I take plenty of breaks. But my breaks are for the purpose of resting, renewing, and then coming back to work with fresh ideas, more energy, fresh energy, and being able to serve my clients even more effectively.  And so I feel like this dream of financial freedom and passive income is being sold to us when we haven't yet discovered work we love. And you'll discover work you really, really love when you are offering a service or product that is so meaningful for others that they are so happy to pay you for it. And so you are earning an income, doing what you love, and then, very importantly, doing it in a way that doesn't burn you out. So that's another really important key. This is why I talk so much about joy for productivity. Because a lot of people, they just overwork. They burn themselves out. They spend too much time at the computer on any given stretch. Any particular stretch of time I'm at the computer is only maybe 30 to 60 minutes max. And I'm always up getting some tea, taking a break, taking a nap, whatever it may be. So I'm only at the computer with very limited stretches. So I haven't felt burned out in many years, in fact. So that's what I hope for you. And I feel like if we can all get to that state, instead of all yearning for financial freedom and taking vacations and freedom from work, rather what if we could be earning a living doing the work that is so meaningfully useful to other people that expresses our strengths so that we love to do it and really lifting up the world as a result. Because anybody else who's out there having financial freedom and passive income, they essentially have a business that's on autopilot. And a business that's on autopilot essentially means a business that is stagnant. It's not innovating and becoming even better. Does that make sense? Because that person is not adding value. That person is vacationing. Again, like I said, I take vacations too, but that's not what I yearn to do all the time. It's just beyond vacations all the time. Do you see what I mean? So you are either adding value, innovating, using your strengths to make your work even more effective, or you are vacationing and not doing that, right? And so if we can, my hope, my mission, my I guess manifestos, is if we can all do the work that we love and find our purpose in doing and uplifting the world rather than satisfying our own temporary pleasures of experiences, right? Then the world would be uplifted much more quickly than people just wanting financial freedom and passive income. Does that make sense? So anyway, I think I've said enough in this video. Let me know what you think. I wish for you a life of true fulfillment, a deep sense of gratitude and contribution, and being able to see the difference you are making in others' lives.


All right, we're back with fixed interval schedule of reinforcement. So fixed, permanent, done. It's not moving, it's not changing, it's not wavering, it's not doing anything. It's fixed. It wasn't ever broken, don't go there. Next is interval, all about the time. We're not talking seconds, we're not... Well, we could be talking seconds, but think time, okay? So you have fixed time. Not the time was ever broken, you just have fixed time, which means it's going to stay at that certain duration of time. Let's go with one minute, for example. So you have a fixed interval of one minute. Looks something like this. All right, so reinforcement will be delivered on the desired behavior after said minute. There you go. So the problem is... Interesting thing about fixed interval schedules of reinforcement is it kind of looks like this. You get this nice little... Also known as a fixed interval scallop in responding. Like, yeah. Yeah. Yeah. All right. There you go. Anytime.


It is a very special pleasure to join you at this round table, fittingly hosted to celebrate the 50th anniversary of this iconic trade and business institution, the Manufacturers Association of Nigeria. Over the years, man has been faithful to its mission of working with other organs of the organized private sector, government and other stakeholders in the economy to create an enabling environment for industrial development, growth and prosperity. Its strong focus on advocacy has also been an important sounding board for shaping governments, industrial and commercial policies. I must also extend the warm congratulations of Mr. President, President Muhammad Wuhari, to the President and the National Council of Man as you celebrate the golden jubilee of your organization. Let me say right away that the theme for today's round table is an important one. We must all, government and private sector alike, pay close attention to and I quote, positioning African industries for economic transformation and continental free trade. The evidence historical and contemporary from across the world is that manufacturing is critical to economic transformation and it has been key in adding value to agricultural products and minerals and has also been a major motor of economic growth because it boosts productivity. Equally compelling from the perspective of Nigeria, which has a large population, is that manufacturing has the potential to create a large number of sustainable jobs. Given the large number of entrants in the workforce every year and the important role of employment and reducing poverty, there is no question at all that industrialization must remain a key priority for African countries. The urgency of the situation becomes more obvious when we also take a rapidly changing global context into account. The COVID-19 virus continues to cause havoc and complicates our efforts to adapt to climate change and leapfrog into the fourth industrial revolution. And as our topic today also shows, we must ponder on how industrial policy will benefit from the African continent of free trade area. For certain, the free trade agreement itself is indispensable if industrial development is to take off in Africa because it offers wider markets and economies of scale which are essential for manufacturing to be competitive. So the crux of my message today is that we must take policy actions to create an environment in which business can thrive. To start with, we must adopt the right type of macroeconomic and industrial policies. It's important for African governments to provide a stable macroeconomic environment which avoids and smoothens out volatility in prices and sharp deteriorations in the current account and budget deficits and of course rapid accumulation in debt burdens. While they should be avoided, the problem is seldom the occasional spikes in macroeconomic variables but rather rapidly changing and fluctuating conditions which make it difficult for the private sector to make informed business decisions. On the industrial side, policies like tariffs, quarters, subsidies and non-tariff barriers which protect our infant industry so that they can create jobs and enable learning are vital. I think it's also important to add that well-negotiated rules of origin are important especially in the context of the free trade agreements as they are key to preventing transshipment and the deflection of trade. Without them, firms from non-state parties could set up simple labeling operations in one member state with a view to shipping already finished products to another member state without really adding any value. By the way, I think it's important for man to involve itself in an advisory capacity to government negotiators as we go further into the rules of origin negotiations. These negotiations have of course started but I think as we go on we should get much more contribution and much more advice from man. Let me quickly add however that our manufacturers must also strive to become competitive after clearly specified time periods so that they can withstand the ever present danger of stiff competition from imports. When the gap in prices between domestically produced goods and imports are too high arbitrage opportunities become irresistible and custom services will struggle to reduce transshipments and stem smuggling. In other words, while our manufacturing industries must be nurtured and supported they cannot remain infants forever. One of the ways to increase the competitiveness of African industries is to develop and deepen regional value chains wherein production systems starting from conception and design right through to supply of raw materials processing transport storage marketing and sales take place within our countries and continent. When we export commodities to the rest of the world we are also exporting jobs and the positive spillover effects such as learning that come with manufacturing are lost. Happily we're already beginning to see some green shoots emerging in this regard as Nigerian fertilizer blenders obtain phosphates from morocco for blending with urea produced in our petrochemical plants. Similarly, South African car manufacturers already buy leather for car seats from Botswana. We however need much more of such activities. There are a number of other things that need to be put in place quite quickly if we are to see the kind of manufacturing activity that we desire. First of all we need to develop a strong infrastructural base. Extensive cheap and affordable infrastructure is vital for the success of our economies. We must build a network of roads bridges rail that will facilitate the movement of goods and people just as we build the electricity plants to power factories and the broadband networks that lubricate modern business. It will also be essential in the interim to develop sites with dedicated infrastructural and regulatory structures such as special economic zones and shared facilities for small businesses. Another requirement is to deepen the ecosystem for domestic and regional value chains. In such an ecosystem incentives will be coordinated and tied to performance. Development banking institutions will be geared to supporting manufacturing activity while investments and intellectual property regimes are harmonized, aligned and consistent with Africa's realities and industrial policy objectives. There will also be sharing of research and development outcomes across regions and even supply chains that interlink special economic zones. Another major objective must be to ease payments across borders. It follows that payments flows which work in the other direction of the flow of goods and services are equally important. However foreign currencies have been mostly used for such payments which constraints the amount of trade that takes place because most African economies face foreign exchange constraints. It's quite essential then to develop and deepen inter-regional and continental payment systems. It's particularly important in this regard to rapidly operationalize the efforts that Africa Exim Bank is making to establish a Pan-African payments and settlement platform. This will go a long way in creating the desired continental payment system and also in facilitating cross-border informal trade which is estimated to be about 93 billion US dollars per annum. Before I conclude let me emphasize that some complementary policies are required for industrial transformation especially in the context of the free trade agreements. I have in mind the free movement of people across the continent. Right now it's often easier for business people and tourists from outside the continent to travel within Africa and this needs to change especially as security and related concerns can now be addressed with technology including improvements in travel documentation and maintenance of digital databases. Free movement including the right of establishment will create the necessary framework for businesses to widen their operations across the sub-region and thereby deepen regional value chains. So I call on AU member states to ratify and implement the protocol on free movement of persons, right of residence, and right of establishment. Once again I congratulate the entire membership of man on your achievements over the past 50 years. I'm sure that this very distinguished panel of speakers will yield useful insights for industrial development in Africa. I wish you fruitful deliberations. Thank you for your kind attention.


If your US visa application is currently under administrative processing, then this video is going to help you understand why this happens and also what is it that you can do about it. Hi guys, my name is Shachi and welcome to this channel. So I am a travel and a visa coach and on this channel you will find a lot of content and a lot of videos on the US visa process right from what are the steps that you need to do to get your visa to clearing the interview. So if you are in this process, I'm going to leave the link for all these videos right above and also in the description box below. Make sure to check it out. I'm very sure it's going to help you. So when you apply for the US visa, mainly there are two possible outcomes which can happen.  But sometimes there is a third outcome which happens and this is called administrative processing. So here your passport is kept by the visa officer but it is put on hold which essentially means that additional background checks are being run on you before deciding the status of your application. So this video is going to be all about administrative processing. We are going to talk about what is administrative processing, why it happens, what you can do about it and so much more. Keep on watching. So let's start with what exactly is administrative processing. Administrative processing basically means that the US consulate is seeking more time or it is seeking more information to evaluate your application. This basically happens when the US embassy is not fully satisfied or not fully clear with all the documents and all the information that you have provided there. There's no definitive list or there is no set of factors which determine why a person is put under administrative processing. However, the US embassy does give few factors which they describe as the reasons for administrative processing. I have put this link in the description box below you can go through it but just be warned that these are extremely broad factors and even if you go through it you might not be able to put yourself under any of these. So next let's talk about how do we know if our application is under administrative processing. Now there are various scenarios in which this can happen. The first one is that after you interview the visa officer himself or herself tells you that your application is being kept under administrative processing and that you will be informed of the next steps. The second scenario is when your passport doesn't come back to you even after a week or 10 days of giving your visa interview and if this is a case then you need to check the status of your application online. So log on to the embassy site and check the status of your application and check to see whether it has been kept under administrative processing. The third scenario is pretty rare but it does happen every now and then and this is when during the interview the visa officer tells you that your application has been approved or that your visa has been granted and doesn't give any indication of anything else being wrong but a few days later the status of your application changes from approved to under administrative processing. So in short these are the scenarios in which your application can go into administrative processing. So once your interview is over make sure to keep track of the status of your application online. So how much time does it take? Now officially all applications which are put under administrative processing have to be resolved within 60 days. So 60 days is the maximum time period during which your visa application needs to be resolved if it is under administrative processing but in my experience in India the time period is much shorter all applications which are put on hold due to administrative processing usually get resolved within 10 to 15 days. So if your application is under administrative processing then honestly there is nothing much that you can do but to wait till it's resolved and a decision is reached. However in this waiting time you can prepare all your documents and get all your proofs ready which you might be required to submit. So it's a good idea to go through your profile go through your background and to see if there are any potential gray areas which might have led to your application coming under administrative processing and you can look to see how you can explain these areas or if there's any additional proof that you can provide for the same. I have worked with candidates whose applications have been put under administrative processing and I have helped them to get through this process. So if you are in a similar situation and you need any help then you can book a one-to-one consultation session with me I will leave the link for that in the description box below. So after administrative processing is over the visa officer will reach a decision regarding the status of your application it will be either accepted or rejected and the same will be communicated to you. You will also be informed to come and collect your passports. In some rare cases you might also be called for an additional round of interview or for a follow-up interview the details of which will be given to you and if this is a case then you need to go prepared for this interview you need to go prepared with any additional explanation that might be asked from you and also go prepared with all the documents and proofs that you might need to submit. So in case you are preparing for this follow-up interview or even for your main visa interview and you want my help then you can book a one-to-one session with me you know that the link for this is in the description box below. So what happens if your visa application is denied after administrative processing. Now denied after administrative processing is similar to a normal visa rejection you can definitely apply again and it doesn't mean that you are permanently banned from applying for a US visa you can definitely apply again but it is just important to understand what are the mistakes which happen to correct those mistakes and then prepare a much stronger application when you apply for the next time. So guys this was all the information on administrative processing in case you have more questions which didn't get covered in this video leave them in the comment section below and I will get back to you you can also DM me on Instagram my Instagram handle is right below. So if you are in the process of getting your US visa and you need more information on any other topic then do check out my playlist and this playlist has a lot of videos on the US visa process right from DS160 to the interview and this will definitely help you out. Additionally you can also book a one-to-one consultation session with me for a more personalized and more customized approach to the US visa process. The link for that is in the description box below. So that's all for this video thank you so much for watching do share this with people who are facing the administrative process problem and help them out. I'll see you in the next one signing off for now. Bye.


This work uses reinforcement learning to explore optimal foraging strategies and their learnability in a paradigmatic model of non-destructive search, showing that RL agents outperform known strategies and highlighting its potential as a versatile framework for modeling natural optimization processes. This article was authored by Gorka Munozgil, Andrea Lopez in CERA, Lucas J. Fidia, and others.