The protests were in Minna, Niger States and Kano.

APC  accused  opposition political parties of masterminding the mass protests, adding that they were  orchestrated to undermine the government.

But the PDP accused the ruling party of politicising the popular protests against hardship.

On Monday Niger State Governor Umar Bago said the protesters were mobilized to the venue to hijack lorry-loads of food items being brought from Lagos.

He added that those conveying the items changed the route thereby evading them.He also said the protest was politically-motivated.

Former Vice President Atiku Abubakar,  who was PDP presidential candidate in last year’s election, described President Bola Tinubu’s economic policies as a failure.

Two days ago, placard-carrying protesters blocked the Bida Road, Kpakungun in Minna, capital of Niger State. Protesting over high cost of living.

Some major streets in Kano were also taken over by those  protesting the soaring prices of foodstuff, particularly rice, maize, beans and millet.

Kano State Governor Abba Yusuf said he would seek an audience with President Bola Tinubu over the hardship being experienced by his people.

APC National Publicity Secretary,  Felix Morgan, said in a statement that the protests were instigated by the opposition to subvert the Tinubu administration.

Urging Nigerians to show understanding,  he said the Federal Government was doing everything in its power to mitigate the transient pains of critically important reforms that are crucial to economic recovery and sustainable prosperity.

He advised them to ignore what he described as the guile and unpatriotic attempt by opposition elements to destabilize the country for their selfish interest.

Morka said: “In its arrant desperation to portray the All Progressives Congress (APC)-led administration as under-performing, opposition parties have resorted to instigating unsuspecting young people to protests in the streets of some major cities.

“The protests in Minna and Kano on Monday were the manifestation of this devious and unpatriotic plot. That the protests happened simultaneously in both cities is not coincidental. It bears the bold stamp of an orchestrated and coordinated effort to instigate unrest and undermine the government. This mercenary opposition tactic is a clear and present threat to public peace and national security.

“While we recognize the right of citizens to engage in peaceful protest, we urge our good people to be vigilant and not lend themselves to the treacherous attempt by the opposition to promote social strife by its incendiary rhetoric and manipulative plots.”

He added: “The President Bola Tinubu-led administration is solidly committed to doing everything in its power to mitigate the transient pains of critically important reforms that are crucial to economic recovery and sustainable prosperity for all Nigerians.

“It behoves us as good citizens of our beloved country to stand fast with our government in this noble stride. In due time, these policy reforms will yield an enduring beneficial transformation of the material conditions of life in the country.

“We implore Nigerians to shun the guile and unpatriotic attempt by opposition elements to destabilize the country for their base and parochial political gains.”

LP: Resolve problems

LP’s National Publicity Secretary, Obiora Ifoh  said opposition parties were not responsible for the Monday protests.

He said the protesters were Nigerians bearing the brunt of “this administration’s ineptitude and lack of preparation for governance.”

Ifoh added: “Those who took to the streets in Minna, Niger State, a state controlled by the APC, went to the streets, not as members of opposition parties but as citizens bearing the brunt of this administration’s ineptitude and lack of preparation for governance.

“Irrespective of party affiliations, religious and ethnic creed, we all go to the same market where the prices of goods and services have skyrocketed.

“Our advice to the APC is for it to look for solutions to Nigeria’s problems, especially the economic ones it created instead of this propaganda.”

Don’t politicise protest, PDP warns

The PDP accused the APC of attempting to politicize the legitimate grievances of Nigerians.

It’s Publicity Secretary, Debo Ologunagba,  said in a statement that the Federal Government was pushing Nigerians into the wall.

The statement reads: “The APC is insensitive to the fact that because of its policies more than 104 million citizens have sunk deeper into poverty; Nigerians can no longer afford their daily meals with families now going to bed on empty stomach as poverty rate soars to over 46%.

“Any government that has an idea of macro-economic policy management ought to have recognized that the suffocating policies of abrupt increase in the pump price of petroleum products, high cost of electricity and arbitrary floating of the Naira would have excruciating consequences.

“These policies by President Tinubu and the APC are responsible for the crippling of the productive sector, with 28% inflation rate, crashing of the Naira from N167 to over N1,500 to a Dollar, closure of millions of businesses and mass exodus of international companies from Nigeria, resulting to a distressing 41% unemployment rate and unbearable pressure on millions of families across the country.

“Today,  thousands of our promising youths are leaving the country in droves.”

Atiku: APC, Fed.Govt politicising response to hardship

Former Vice President Atiku Abubakar objected to the reaction of the Federal Government to his criticisms of its economic policies, saying that the response smacked of ignorance and lack of depth.

Atiku said in a statement by his media aide, Paul Ibe, that President Tinubu’s economic policies have failed.

He also said that the President’s Special Adviser on Information and Strategy betrayed a lack of understanding of the economic realities.

In the statement titled: “Presidency failed to provide a credible defence of Tinubu’s failures in tackling Nigeria’s economic challenges,” Atiku said his own manifestos-’My covenant with Nigerians-’ offered a clearly defined and robust roadmap for the socio-political and economic transformation of the economy.

The former PDP presidential candidate said “even if all the major candidates agreed that the fuel subsidy regime must end and that the multiple exchange rates must be fixed, this would not translate into endorsing Bola Tinubu’s failures in implementation.”

Atiku has grudges against Tinubu, says group

A group, Independent Media and Policy Initiative (IMPI), faulted Atiku’s criticisms, saying that he made deceptive generalisations.

The group said the former presidential candidate has personal grudges against the President.

IMPI Chairman Niyi Akinsiju said in a statement that Atiku has demonstrated a poor understanding of national issues.

The group compared Atiku’s first year as Vice President, during which he headed former President Olusegun Obasanjo economic team, with the first eight months of President Tinubu.

The group said: “In 1999  when Waziri Abubakar was sworn into office as Vice President and supposedly head of the economic team, the inflation rate was 6.9 per cent. But by 2000, that is a year after, it had risen to 17.8 per cent. That was about an 11 per cent increase.

“We noted that there was no policy on fuel subsidy removal at this time that could have possibly triggered this rapid increase in the inflation rate.

“We contrasted this to the 22.41 per cent inflation figure in May 2023 when President Tinubu was sworn in. The latest inflation figure is for December 2023 with the figure stated at 28.92 per cent showing about a 6 per cent increase.

“This is despite the twin policies of subsidy removal, the floating of the Naira and the large population the current administration has had to manage.”

“In addition, Waziri Abubakar had the added advantage of higher revenue to spend to ameliorate the economic conditions of Nigerians in that year, with earned revenue from mostly crude oil up to $15.81billion but did not reflect in the inflation figure of that year.

“In contrast, the President Tinubu-led administration has not generated up to $ 4 billion from crude oil sales from June 2023 to January 2024, yet, the administration has been managing the fallouts of the removal of fuel subsidy and floating of the Naira against the background of a large population.

“While we do not contend that this is an exhaustive leadership comparative analysis template, it, however, enabled us to have a snapshot, in time, about the managerial and policy-making skills of the two personalities at issue here.

“We conclude that Waziri Atiku Abubakar under-performed in office, despite the resources available to him to manage. He cannot manage a resource-shortfall economy.

IMPI also said Atiku has questions to answer about his time in government

Rising inflation, a national threat, says NEF

The Northern Elders Forum (NEF) urged the Federal Government to halt the rising inflation, which it described as a national threat.

The forum also said the cost of living has led to hunger and malnourishment.

NEF, in a statement by its Director of Publicity, Abdul-Azeez Suleiman, said the situation required urgent action by the government.

He said: “Families are finding it increasingly difficult to afford basic necessities, as the prices of essential commodities such as rice, beans, and cooking oil continue to skyrocket. This dire situation has resulted in a rise in malnutrition, particularly among children, as families are forced to prioritize their limited resources.

“Moreover, the impact of inflation extends beyond the realm of food prices. Small businesses are struggling to survive as the cost of raw materials and transportation continues to rise. Unemployment rates is soaring as companies are unable to sustain their operations amid mounting expenses. This vicious cycle of inflation and economic decline is pushing our nation further into poverty and despair.

“In light of these challenges, we demand urgent measures from the government to address this crisis before it plunges the nation into greater conflict and chaos.”

Nigerians’ spending on foreign education, healthcare and personal travels gulped over $98bn in 10 years, according to the Central Bank of Nigeria data.

The CBN Governor, Olayemi Cardoso, who made the disclosure while addressing the House of Representatives on Tuesday, was responding to an inquiry by the lawmakers on the factors behind the rapid depreciation of the naira in the last few weeks.

He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.

The lawmakers had invited Cardoso and other economic managers following last week’s plunge of the naira from about 900/dollar to over 1,400/dollar at the official market.

Members of the organised private sector and Nigerians have raised concerns over development, saying it would lead to more hardships and job losses.

However, speaking with the lawmakers, Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.

According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the FX markets.

This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso revealed that between 201O and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.

Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.

Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.

Further compounding the situation, according to Cardoso has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.

In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.

By 2014, the annual imports had significantly surged to $67.05bn, although it gradually decreased to $54.71bn as of last year.

Similarly, food imports escalated from $2.63bn in 1980 to $14.84bn in 2019.

Cardoso said, “In 1980, our import expenditure stood at $16.65bn, while our exports amounted to $25.97bn, resulting in a surplus of $9.32bn.  Thus, during that year, we managed to fulfil the demand for dollars from our existing supply and still had over $9bn in surplus. In such a situation, the exchange rate (the value of the US Dollar) would not increase because, similar to any commodity, its supply surpassed its demand.”

Also contributing to the free fall of the naira, per the apex bank, has been a significant decline in Nigeria’s oil revenues.

“Moreover, from 2003 to 2013, we experienced a surplus of $331.73bn in the economy, with oil exports alone contributing over $798bn.  This surplus of dollars would typically stabilize the exchange rate, leading to a “strong” naira.

“ Regrettably, over the past 12 years, oil exports, constituting over 90 per cent of our foreign exchange earnings, have declined from $93.89bn in 2011 to US$31.4bn in 2020,” Cardoso added, while noting that monetary policy actions were sometimes inhibited by transmission lags.

“It also seems that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself and indeed to an attitudinal change of all our citizens,” he added.

Cardoso expressed optimism that that the policy measures implemented by the apex bank would permeate the economy in the short to medium-term.

“Inflation pressures may persist, albeit temporarily, but are expected to moderate significantly by Q4 2024. Exchange rate pressures are also expected to reduce with the smooth functioning of the foreign exchange market,” he said.

Foreign products

According to the CBN governor, one of the primary reasons the naira has continued to take a beating on the international stage has been Nigerians’ appetite for all things foreign.

For example, a new report by the Washington-based Institute of International Education showed that the number of Nigerians studying in the United States surged to the highest in at least 23 years despite an acute shortage of foreign exchange in the country.

According to the report, the number of Nigerian students at US colleges and universities grew by 22.2 per cent to 17,640 in the 2022/23 academic year from 14,438 in the previous year.

A further analysis of the report revealed that the number of Nigerians grew at a faster pace compared to last year which rose by 12.3 per cent.

This year’s increase for the country is also the fifth highest out of the top 25 international students in the US.

According to UNESCO’s Institute of Statistics, the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,00O0 in 2015. By 2018, the figure had reached 96,702 students, as per the World Bank.

Another report projects the number of Nigerian students studying abroad to exceed 100,000 by 2022. Additionally, the UK’s Higher Education Statistic Agency noted a 64 per cent increase in Nigerian students studying in the country.

In the same vein, a study by the Independent Research Centre Trust stated that Nigerians spend at least $1.5bn on medical tourism annually.

The Head of the Centre, Prof. Jamilu Ismail while speaking on the matter said there was an urgent need to tackle the twin menace of medical tourism and brain-drain in Nigeria’s health sector.

Jamilu said, “Currently, medical tourism is a big business and Nigeria is losing a lot to medical tourism. Some studies have shown that Nigerians spend between $1.5bn to $2bn annually on medical tourism, especially for heart diseases, kidney diseases, cancer, and other diseases as well.

“So, because of that, we have challenges in our hospital settings, maybe due to lack of equipment, and currently we are also having an issue where a lot of our specialists and doctors are leaving the country. Because of that, we felt it an opportunity that if we can provide these services we can curtail that medical tourism.”

According to recent data from CBN’s Balance of Payment compilation spanning the first six months of 2023, Nigerians spent $245.68m on overseas health-related issues, $896.09m on foreign education, and $434.63m on other personal foreign needs.

The apex bank, in an explanatory note titled, Note D, defined Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”

Reacting to the development, National Vice Chairman of the Joint Health Sector Unions, Dr Obinna Ogbonna, blamed a lack of confidence in the nation’s health sector for the hefty expenditure on medical tourism.

But while addressing the National Assembly, the CBN governor explained that the exchange rate is determined by the dynamics of supply and demand for a product or service.

In essence, similar to the pricing of cows or cars, the value of the US dollar in Nigeria is determined by the balance of US Dollars entering the country and the demand for US Dollars among Nigerians.

Cardoso’s argument hinged on the fact that a major reason the naira had become weakened over the years was the growing distaste for locally manufactured goods.

He said, “In 1980, more than 75 per cent of the vehicles used in Nigería were domestically produced by companies like Volkswagen in Lagos, Peugeot in Kaduna, and others.

“Presently, over 99 per cent of the cars driven are imported, necessitating dollar payments. Similarly, in 1980, the majority of the clothing worn was sourced from Nigerian textile mills in Funtua, Asaba, Kano, Lagos, and various other towns and cities. Today, nearly all the clothing worn is made from imported fabrics. Given the substantial demand for education, healthcare, professional services, personal travel, and similar needs, the exchange rate is bound to face ongoing pressure.”

Bagudu speaks

Meanwhile, the Minister of Budget and National Planning, Atiku Bagudu, has said that the economy is now better than the state President Bola Tinubu met it when he assumed office in May 2023.

He said, “The challenges of the moment are being dealt with. We have been meeting with the Coordinating Minister of the Economy to address the issues affecting the nation’s economy. The key focus of the budget is on agriculture, security and infrastructure. The allocation of 39 per cent of the budget is a step in the right direction. For now, our focus is to improve on our revenue collection strategies.”

House pledges commitment

Meanwhile, the House of Representatives has pledged its readiness to confront the stark realities of the economic, fiscal, and revenue challenges currently confronting Nigeria.

The Deputy Speaker, Benjamin Kalu, who presided over the debate series in the absence of the Speaker, Abbas Tajudeen at the resumption of plenary, pledged on Tuesday on the Floor of the Green Chamber.

He said, “As we gather in this sectoral debate with the Central Bank Governor, the Chairman of the Federal Inland Revenue Service, the Minister of Budget and National Planning, and the Minister of Finance, it is imperative to recognise the urgency and importance of the agenda before us.

“We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.”

He added, “In a world of complexities and uncertainties, the path to fiscal integrity is not just a choice but a necessity. It is the bedrock upon which the trust between the government and its people is built and the foundation that supports the robust architecture of our national economy.

“Fiscal integrity ensures transparency, accountability, and the prudent management of our nation’s resources. It is our duty and responsibility to safeguard this, not just for the present generation but for the future ones that will inherit the outcomes of our decisions today.”

Edun comments

On his part, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that current challenges would soon give way to a reinvigorated economy owing to the reforms being implemented by the Federal Government.

“We are where we are today as a result of a series of economic policies over the years. Inflation has increased and the cost of living has gone up but palliatives have been rolled out. Oil production has steadily increased as a result of improved security in oil-producing areas and a sustained fight against oil bunkering and other criminalities in the areas. Today, the country is producing about 1.65mpb a day and it is rising. We have to focus on domestic resource mobilization to address our challenges,” he said.

He further said that inflation, exchange rate fluctuations and other factors were being addressed while agriculture was receiving attention for maximum production coupled with an emphasis on the non-oil sector for economic diversification.

On his part, the Chairman of the Federal Inland Revenue Service, Zaach Adedeji, said the agency was committed to its mandate of collecting revenue on behalf government.

Adedeji noted that though the FIRS targeted the sum of N10tn in 2023, it was able to collect a total of N12tn; a disclosure that left the lawmakers impressed.

“In 2024, our target is N19.2tn. We are not going to introduce new taxes but we are determined to bring more Nigerians into the tax net,” he said.

Meanwhile, Senator Tokunbo Abiru, while announcing the postponement of the interface between the Senate Committee on Banking, Insurance, and Other Financial Institutions and the economic managers on Tuesday, said it would now hold on Friday.

Abiru told journalists that the planned interface with Cardoso, was shifted to Friday since Wednesday and Thursday had been slated for the grilling of the service chiefs by the Senate.

The Senate had by its resolution on Tuesday last week, summoned the service chiefs to appear before it in plenary for required explanations on the worsening security situation in the country.

The chairman of the committee, Abiru said, “After waiting for close to two hours for the CBN governor on the planned interface, we have resolved to postpone it to Friday this week by 9 am.

“Postponement of the interface between our committee and the CBN governor arose from the fact that he and other managers of the nation’s economy had been interfacing with our colleagues in the House of Representatives since morning without knowing when exactly, the session would end.

“We would have fixed Wednesday or Thursday this week as a new day for the interface but the Senate has fixed the two days for critical and constructive engagement with the service chiefs. This made us eventually settle for Friday this week for interface with the CBN governor by 9 am prompt. Communication to this effect would be forwarded to the CBN Governor today (Tuesday) and possibly other government officials managing the economy.”

Private sector

Speaking exclusively with The PUNCH, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said that unless Nigerians jettisoned the flair for foreign-made products, the campaign to save the naira from the doldrums would continue to be a mirage.

Idahosa also blamed the government for lacking the foresight to create a robust manufacturing industry with oil revenues, especially because global trends suggest that oil earnings would continue to decline in the coming years.

Idahosa said, “It is a matter of choice. The CBN Governor is not telling us anything new. If we want the naira to rebound, we have to make our children study in Nigeria, we have to eat Nigerian food.

“We have to spend our holidays in Nigeria, we have to build and strengthen our currency like China did for 25 years. They locked their borders. They used the kind of cars they could produce. They ate whatever food they could produce. They built a strong economy by being disciplined.”

On her part, the Chairman of the Manufacturers Association of Nigeria Export Group, Odiri Erewa-Meggison, said exporters could not be held accountable for declining export revenues because the government had failed to provide the enabling environment for Nigerian exporters to compete with their international counterparts.

She said access to funding especially single digit to make manufacturers compete favourably on a global scale had remained a perennial bottleneck for exporters.

She said, “Difficultly accessing forex, high cost of production and challenges with getting Export Expansion Grant (EEG) incentives are top challenges for my members.

“There is a need for govt to support non-oil export more as not only do we create jobs when we export, we help improve the balance of trade, reduce pressures on forex when we repatriate our funds back and put proudly made in Nigeria goods on the global markets.

“Govt support and partnership are critical for this sector, especially in today’s economy and I know that both the Coordinating Minister of Economy/Minister of Finance and Minister of Industry Trade and Investment are very keen to support non-oil exports.”

[Punch]

The Speaker of the Ogun State House of Assembly, Oludaisi Elemide, on Tuesday, stepped down a motion asking for the suspension of former Speaker, Olakunle Oluomo for 14 legislative days.

The motion was moved by the member representing Abeokuta North State Constituency, Dr Babatunde Tella, and co-sponsored by five other lawmakers.

The PUNCH reports that the former Speaker was last month removed by 18 out of 26 lawmakers over allegations bordering on financial misappropriation, high-handedness, gross misconduct, arrogance, poor leadership style, lack of focus and transparency, and pitting members against one another.

Oluomo, however, described his removal as illegal, saying that he had instituted a suit at the state high court to challenge his impeachment.

Ruling on the motion after it was debated by all the other co-sponsors, Elemide pleaded with his colleagues to consider the efforts of Governor Dapo Abiodun-led administration in conjunction with the legislature in turning around the state for the better.

The Speaker explained that although Oluomo violated the regulations of the House, the present leadership would be magnanimous in always upholding the sanity of the institution, being the symbol of democracy.

Earlier, Tella, who is also the Assembly’s Deputy Chief Whip, opened the debate on the motion and condemned Oluomo.

“Note that by taking this House to the court of law, he had shown a clear manifestation of an unfriendly disposition and disregard for the laws and statutes guiding the operations of this House,” he said.

The Assembly later observed a minute silence in honour of the late artist and cultural icon, Pa Jimi Solanke, who passed away on Monday at age 81 years.

Kogi State Government has raised the alarm over what it described as a desperate attempt by ‘criminals masquerading as politicians’ to tarnish the image of the immediate past governor of the state, Yahaya Bello, through the Economic and Financial Crimes Commission, EFCC.

The government in a statement signed by the Commissioner for Information, Kingsley Fanwo, wondered why the EFCC had, in an amended charge, accused the former governor of diverting Kogi State government’s funds in September 2015, four months before he assumed the position of a governor.

Fanwo said this was not only laughable but also portrayed the EFCC as an agency infested with persons whose intents disagreed with the noble intention of Mr. President to defeat corruption in Nigeria.

A statement signed by the Commissioner for Information in Kogi State, Kingsley Fanwo, said: “The fact that the EFCC, in charge No. FHC/ABJ/CR/550/2022: FRN V. 1. Ali Bello 2. Dauda Suleiman, currently pending before Justice J.K. Omotosho of the Federal High Court, Abuja Division further amended the ‘Amended Charge’ to include in the count, the name of Yahaya Bello, describing him as being “at large”, is ridiculous, laughable and portrays the EFCC as an agency infested with persons whose intents disagree with the noble intention of Mr. President to defeat corruption in Nigeria.

“Being ‘at large’ of course means that a person is evading arrest or is on the run and cannot be found after an attempt to arrest. For the sake of clarity, the original charge is against Ali Bello and Dauda Suleiman, Ali’s associate.

”The offence which Yahaya Bello is alleged to have committed upon which he has been named in the count is conspiracy to convert the total sum of N80,246,470,089.88 which offence is said to have occurred on or about September 2015 in Abuja.

”His co-conspirators according to the count are Abdulsalami Hudu (Kogi State Government House cashier) described as being ‘at large’ too, Ali Bello and Dauda Suleiman.

“In the EFCC’s desperation to nail Yahaya Bello, they forgot their thinking hammer at home. The Count of the offence is most laughable as the election that produced Yahaya Bello, as Governor of Kogi was only conducted in November 2015.”

As the plane made its way into the Abuja skies, weeks back, I made a quick count of the luxury birds sunbathing to the right of the runway. This was a Saturday, the private jets were there in the tens, waiting to ferry Nigeria's luxury class to the next stop in their ever-busy schedules. I wondered about the cost of acquiring one of those toys, maintenance costs and all that. Then settled on what the Aviation authorities could be charging for licensing and parking fees. I couldn't get reliable information on that from my contacts in the Sector.

A few hours after, I was at Ikoyi. I pulled apart the curtains to take in the sight from the neighbouring lagoon. Seated majestically before me are the twins. They have been my neighbours for almost three months. I cannot recollect them moving, at any point, from the spot in which they are moored in the last 3 months. These are Yachts or possibly Superyachts said to belong to two of Nigeria's richest men - Aliko Dangote and Femi Otedola.

Streettalk estimates each of the boats at @$40 million. I wondered if and what they pay to have the yachts moored (parked) on our waterway all these months. I wondered how much was paid as tax on the yachts at the time of acquisition. I wondered about how much Nigeria might be indulging or subsidising luxury.

Nigeria, though faced with an acute revenue problem, has been struggling for almost 10 years now with implementing or executing luxury tax. The Jonathan administration had in 2014 unveiled plans for the introduction of tax on a number of Luxury goods. Targeted were private jets, yachts, luxury cars, first class tickets on airlines, champagnes, wines and spirits.

For some reason, the implementation process has never been able to find wings. The three Finance Ministers who have served since 2014 have offered us reasons this has yet to take off, even with the national treasury in dire straits. Over the years, there is no record of implementation or collection.

Whereas the 2019 Budget had a projection of N2.5 billion, there is no record that even One Kobo was collected. I do not know if the Budgets for subsequent years carried this budget hole. But from what I have seen, there is still no record of implementation.

It is the way it is. We are overwhelmed in our sea of contradictions. We are not willing to let go of our indulgences and luxuries, but ever generous with tears over the fruits from our plantation of contradictions. We are chasing Dollars with our Naira, to stockpile and speculate, with politicians buying up to fund elections, then wondering why Naira is on a freefall. We are in a rat race to buy dollars to fund our foreign travels, education for the children, health check and holiday abroad, yet wondering how come Naira is not holding firm.

We buy up PTA to offload. We are bingeing on all forms of foreign goods and services, without improving on local productivity, yet we want an exchange of One Naira to Dollar. In fact, we want One Naira to a Dollar so that we can travel the world and import all sorts of dregs, growing other economies while destroying ours.

As with politics and leadership, so is it with the economy, it is difficult to figure out what the Elite Consensus is. We are too impatient to grow from the bottom? As we must eat foreign rice, we flood neighbouring ports, and find ways to smuggle them in, putting local production in jeopardy. We cannot even agree on what exactly to do with whatever.

Experts argue for Naira devaluation, then complain that there is a freefall. Oh, they want the CBN to let its hands off the official window to do away with the arbitrage window. But is that all that there is to it? Would that not lead to a further free fall of the Naira even beyond the level people are already complaining of? How will manufacturers who need foreign equipment and inputs cope? Contradictions. People want a total removal of 'subsidy' on Petrol, yet complaining about the cost of Diesel! Contradictions.

The dots around our desires, wants, indulgences, luxuries, contradictions and lack of consensus on where to go, what to do, and how to do it are not that difficult to connect. We have an acute revenue problem, but cutting on our luxuries and excesses and growing the revenue basket, with the luxury tax being a low-hanging pick, is not a pill we are ready to swallow. We must reconcile with the contradictions in our choices to get ourselves out of the mess we have put ourselves.

The Ogun State Government has commenced ratification of properties on portions of land formerly acquired by Lagos University Teaching Hospital (LUTH) in Ifo Local Government Area of the state.

The Director General, Bureau of Lands and Survey, Arch. Segun Fowora, stated this while fielding questions from journalists in Abeokuta, saying there was opportunity to get title documents for such land through the state’s Property Registration Programme (PRP) under the Ogun State Land Administration and Revenue Management System (OLARMS) website www.olarms.ogunstate.gov.ng, to create a roadmap that would allow government to properly plan for development.

“Presently, PRP is offering ratification in communities in Ifo Local Government Area of the state which include, Igbusi, Fagbayi, Ogan, Abule Oke, Abata, Pakoto, Ojusango, among others’’

“PRP is still offering services in areas such as, Ikereku-olokuta, Ijeun Lukosi, Laderin, Abule-oko, Agunreti, in Abeokuta South and Obafemi Owode Local Government Areas (LGAs); Asese, Mowe, Orimerunmu, Makogi, Sefiu Sote, Olowotedo, Magboro Akeran, Ibafo, in Obafemi/Owode and Ifo LGAs; Aiyetoro, Lukosi, Seidu, Ogijo, ilara, Aguntoye Villages, Shimawa, Emagbon, Konigbagbe, in Sagamu L.G.A and Ilaro township in Yewa South LGA”.

“This programme will enable owners of dwelling houses and commercial properties to register their assets and obtain necessary building permits at 50 precent discount within a fixed time frame”, he said.

Arch. Fowora, according to the Press Officers, BLS, Ms. Temitope Adewunmi & Mrs. Bisi Fabajo, disclosed that the assessment of properties would commence on Monday, February 5, 2024, urging beneficiaries to purchase forms at designated centres within their communities and follow necessary procedures, while officials would be at the sites at 10.00am daily to register them.

President Bola Tinubu, on Tuesday, reiterated his administration’s commitment to ending the insecurity plaguing the country.

The President stated this when he inducted two T129 Attack Combat Helicopters and one King Air Beechcraft 360ER mobility aircraft for use by the Nigerian Air Force.

Represented by his Vice President Kashim Shettima, the President said the acquisition of the helicopters and the induction symbolised the commitment of his administration to the nation’s security.

The induction ceremony held at the 131 Engineering Group Hanger, Nigeria Air Force Base, Makurdi.

The President said that the acquisition and induction of the new platforms would improve NAF’s airpower in the ongoing war against terrorism.

He acknowledged that since its establishment in 1964, “NAF has been playing a critical role in the nation’s security, international operations and humanitarian needs.”

“Let me commend the Chief of Air Staff, officers and men for their commitment to enhancing national security. I assure you that the Tinubu administration will continue to support NAF and indeed, the Armed Forces of Nigeria towards combating terrorism, oil theft and other criminal activities.”

The President said substantial progress had been achieved in the ongoing counterterrorism efforts but noted that there should be no cause for celebration yet until the security challenges were fully addressed.

He called for a change in mindset, strategy and tactics in addressing the menace.

Earlier in his speech, the Chief of Air Staff, Air Marshal Hasan Abubakar, said that NAF had taken delivery of no fewer than seven aircraft.

He listed the new aircraft to include two Diamond 62 surveillance aircraft, two T-129 ATAK helicopters, and a King Air 360 ER.

He added that the NAF would induct 46 new aircraft of various types over the next 18 months.

He said the air force has 170 pilots and 533 technicians and they were undergoing training locally and internationally.

The Minister of Defence, Mohammed Badaru, expressed gratitude to the President for his foresight and dogged support for the armed forces.

He said the induction of the newly-acquired aircraft was a testimony to Tinubu’s resolve to tackle insecurity in the country while urging the air force to make the best use of the newly acquired aircraft.

Experts at the event said that the T129 ATAK is a twin-engine, tandem-seat, multi-role, all-weather attack helicopter based on the Agusta A129 Mangusta platform, developed by Turkish Aerospace Industries in partnership with Leonardo SPA.

The helicopter, it is understood, is designed for armed reconnaissance and attack missions in hot and high environments and rough geography in both day and night conditions.

Highlights of the event were the signing of the handing over documents and aerial display by the T129 Attack Combat Helicopter.

The Nigerian Communications Commission has appealed to states and local government councils across the country to cut taxes imposed on telecom companies, asserting that excessive taxation will be counterproductive to the growth of the industry.

The Federal Government in its 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper said it would implement a five per cent excise duty on telecommunication services to boost its revenue base.

The NCC Executive Vice Chairman, Aminu Wada Maida, lamented that with between 50 to 55 per cent taxes already imposed on telecom operators, it would be difficult to attract foreign investments into the sector in line with President Bola Tinubu’s directive to the NCC.

According to Maida, the NCC management has decided to embark on nationwide advocacy to appeal to states and local governments as well as other stakeholders on the need to reduce levies they impose on the operators, especially the Right of Way charges and other multiple taxes.

Maida made the remarks on Tuesday at the Digital Economy Complex, Mbora, Abuja, during an interactive session with journalists in Abuja.

He said, “We are going to be going on an advocacy campaign to see how we can convince the states to remove some of these obstacles like Right of Way and multiple taxations because I have seen some studies which indicate taxation is almost 50% getting to 55% in some areas in this country.

“And you would agree with me that if we are trying to bring in foreign investment that is not a good picture to paint,” the NCC boss said.

He appealed to states to consider the long-term benefits that would come to them if they allowed massive investments in the sector as job opportunities would be created alongside other value chains in the sector.

He also disclosed that the dispute between the two telecom giants, MTN Nigeria and Globacom Network would be resolved amicably soon as the commission was more interested in a level-playing field for all stakeholders.

He said the commission had developed a strategic vision based on five pillars to drive the telecom industry and ensure that it continued to contribute to the Gross Domestic Product of the country as expected.

The EVC acknowledged the challenges associated with the quality of services from Mobile Network Operators and Internet Services Providers, saying the commission would adopt “a total consumer experience” to address the challenges.

He also advised consumers complaining about data depletion to look inward as most of the problems had to do with the types of handsets they are using coupled with the services available and the digital services they enjoyed without considering cost implications.

Wada said, “Our approach will thus be to walk towards the expectations of these stakeholders, and everything for me starts with the consumer and the expectation of the consumer is very simple – quality of service.

“I don’t think you can say anything more than that. Quality of service and this quality of service, we are talking about a total consumer experience not just about drop calls or I can’t make a call.”

He added, “There is a total quality of experience right from how do you find and select the right network to use, how do you onboard onto that network talking about SIM registration process, process of linking your SIM to your NIN and of course after you have gone through all of that when you are using it, how easy is it for you to select a tariff, how transparent is the tariff, how are you supported by the entire host, how do you onboard from the network, these are important.”