The Federal Government has concluded plans to sell a 50kg bag of rice at N40,000 to public servants with a view to alleviating the food crisis in the nation and its effects on Nigerians.

This was disclosed in a letter from the Federal Ministry of Special Duties and Inter-governmental Affairs, which was signed by the Director of Human Resources of the Ministry, Jaiyesimi Abimbola.

The letter said all interested staff members were to complete a Google form on the OHCSF website and submit it to the director of human resources for endorsement.

It noted that payment for and the distribution of the rice would be coordinated by designated offices while the chairman, Joint Union Council of the ministry, would serve as an observer for transparency reasons in the course of the exercise.

“As part of the Federal Government’s efforts to alleviate the current food crisis in the country and its effects on the general population, I am directed to inform you that 50kg bags of rice will be sold at a subsidised rate of N40,000 only per bag to interested public servants in Abuja.

“For effective implementation, all interested staff are required to complete a Google form on the OHCSF website, https://www.ohcsf.gov.ng, print, and submit same to the Director, HR, for endorsement.

“Payment for and distribution of the rice will be coordinated by designated officials while the chairman, Joint Union Council of the Ministry is required to serve as an observer during the period of the exercise for the purpose of transparency.

“I am to add that each staff is only entitled to purchase one bag. Two or more staff may also jointly pay for a bag for sharing among themselves.

“Please bring the contents of this circular to the attention of staff in your respective Departments/Units for information and guidance.”

The Federal Government had recently said it had created centres across the country where Nigerians could purchase 50kg bags of rice for N40,000.

The Minister of Information and National Orientation, Muhammed Idris, said the initiative was one of several initiatives by the Tinubu administration to ease living conditions for citizens.

Former President Olusegun Obasanjo has decried the manner in which President Bola Tinubu removed fuel subsidies.

He said the haphazard and unilateral removal of subsidy engendered galloping inflation that plunged the citizens into severe economic hardship.

He stated that the present administration should have first taken into account the hardship the subsidy removal could cause people and how to cushion it.

Speaking in an interview with Financial Times, Obasanjo said subsidy has been restored and the Tinubu government is currently subsidising petrol.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” the former President stressed.

He said there must be investor confidence in Nigeria, adding, “You have to go from transactional economy to transformational economy.”

Obasanjo expressed concern over youths’ restiveness caused by unemployment, fearing that Nigeria might be sitting on a keg of gunpowder.

“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he warned.

Nigeria’s sensation Favour Ofili has taken a significant step toward her Olympic dream by qualifying for the women’s 200m final at Paris 2024. Ofili finished second in her heat with a season’s best of 22.05s, just behind Julien Alfred, who won the race with a time of 21.98s.

The 21-year-old athlete, who hails from Delta State, was determined to showcase her talents at the Games despite not being registered for the women’s 100m by the Athletics Federation of Nigeria (AFN) and Nigeria Olympic Committee (NOC) officials.

With her qualification, Ofili becomes the first Nigerian woman to reach the 200m final in 28 years. The last time a Nigerian made it to the final in this event was in Atlanta 1996, when Mary Onyali won a bronze medal—a year before Ofili was even born.

In other news, wrestler Blessing Oborududu lost her semi-final match against Meerim Zhumanazarova of Kyrgyzstan in the women’s freestyle 68kg category with a score of 3-1. The 35-year-old Nigerian had a challenging start to the Games, conceding two points in the first three minutes against Canada’s Linda Morais. However, she made a remarkable comeback, scoring six unanswered points to secure an 8-2 victory and advance to the competition’s penultimate round. Oborududu then defeated France’s Koumba Larroque 6-2 in a fiercely contested quarterfinal bout, overcoming an early deficit to secure her spot in the semi-finals.

The Chief of Defence Staff, General Christopher Mustapha, on Monday, said those flying Russian flags in Nigeria have committed a treasonable offence.

Mustapha while speaking with newsmen after an emergency security session with President Bola Tinubu at Aso Rock, vowed that the law would catch up with such people.

He warned those calling for a coup, adding that the military has accepted democracy and regime change would never be allowed.

Mustapha said, “We wanted to brief Mr President on the situation on ground and we know that since the riot has started all the security agencies you can see all of us together. Initially, when the riot started they said it was a peaceful one but we have realised that there are individuals that are willing to take advantage of it to cause mayhem. And we can see clearly what has happened since it has commenced. Criminals have taken over, a lot of looting taking place, stealing and all sorts happening.

“And besides, all of us have seen it where foreign flags have been flown within the sovereignty of Nigeria, and that is totally unacceptable. We are warning in clear terms and the President has also said we should convey this, that we will not accept anybody, any individual flying any foreign flag in Nigeria. That is treasonable offence, and it will be viewed and treated as such. So nobody shall allow himself to be used by any individual.

“Also the issue of coups, Nigeria is a sovereign nation, Nigeria is a democratic nation all security agencies are here to defend democracy and ensure that democracy continues to strive. We will not accept anyone pushing or taking any action, seemingly or for whatever reason to want to push for any change of government. Democracy is what we stand for democracy is what will continue to defend.

“For those of them flying flags and if you’ll see a lot of them are kids being pushed to do that. We’re following up with those ones are sponsoring them. Those are pushing them because you know, the flies were also made. We have identified those areas and we are going to take serious action against that.

“The President is clear on his instructions for us not to accept anyone that wants to disrupt the peace and tranquility of Nigeria. And we are all standing here together to show Nigerians that we’re working closely, we are working together with synergy to ensure that there’s still peace and tranquility in Nigeria that we have assured Mr. President.

“We’ve said that clearly that the military is going to step in when it is out of hand and you can see that for people supervising elements to push individuals to carry Russian flags in Nigeria, Nigeria sovereignty, that is crossing the red line and we will not accept that. And those ones who have done that will go in for the books and they want to be prosecuted.”

Former President Olusegun Obasanjo has said that those benefiting from the lucrative business of fuel importation will make every effort to frustrate Dangote Petroleum Refinery.

Obasanjo described Dangote Refinery as something that should encourage both Nigerians and non-Nigerians.

He stated this in the wake of allegations by the President of the Dangote Group, Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20bn refinery.

It was gathered on Monday that the multi-billion dollar refinery and other domestic refineries had yet to purchase crude oil in naira based on the directive of President Bola Tinubu to the Nigerian National Petroleum Company Limited.

Speaking during an interview with Financial Times, Obasanjo opined that the cabals benefitting from oil importation do not want to let go of their source of living.

He said, “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.”

Speaking further, the former nation’s leader disclosed that Nigeria made a deadly mistake by putting all its eggs in what he called one basket of oil, ignoring gas and agriculture.

“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity

“We ignored agriculture, which should have been the centrepiece of our economic development,” he said.

He recalled how he persuaded Shell to run the country’s refineries but the International Oil Company refused, saying there was too much corruption in the sector.

“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained.

“We have brought amateurs rather than bringing professionals. They said there’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he explained.

The Nigerian National Petroleum Company (NNPC) Limited has introduced the Utapate crude oil blend, a new crude oil grade, into the international market.

According to a statement on Monday by Femi Soneye, NNPC’s spokesperson, the Utapate crude oil blend commenced operations in July, as its first cargo headed for Spain.

The crude oil grade, Soneye said, is from an oil mining lease (OML) 13, fully operated by NNPC Exploration and Production Limited (NEPL), the company’s upstream subsidiary.

“Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day, with potentials to increase it to 50,000 barrels per day. Also, the sulphur content of the new crude is 0.0655%,” NNPC said.

“Spanish oil giant Repsol, won the tender for the initial cargo of 950,000 barrels of the new crude blend which is comparable to the much sought after Amenam crude.”

According to the statement, Gulf Transport and Trading, another leading crude oil dealer, have also secured the cargo’s tenders for August and September.

“During the Argus European Crude Conference in London last year, NNPC Ltd announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV),” the NNPC spokesperson said.

“Similar to the Nembe crude oil grade, the Utapate crude oil blend has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.”

Soneye said the remarkable achievement signifies the commitment of NNPC to increase Nigeria’s crude oil production and grow reserves through the development of new assets.

The Nigerian Education Loan Fund (NELFUND) says it has disbursed July stipends to student loan applicants across six tertiary institutions.

In a statement on Monday, Ibom Uche, NELFUND’s director of finance and accounts, said a stipend of N20,000 has been paid to the students.

He said a total of 20,371 students across Bayero University Kano (BUK), Federal University, Dutsin-Ma (FUDMA), University of Ilorin (UNILORIN), University of Benin (UNIBEN), University of Ibadan (UI), and University of Maiduguri (UNIMAID) were paid.

NELFUND had earlier stated that it had paid the tuition fees for the students in these six tertiary institutions.

Uche said the payment process for students from 55 additional tertiary institutions will soon commence.

“This initiative further underscores H.E. President Bola Ahmed Tinubu’s promised unwavering commitment to supporting Nigerian students by ensuring financial stability throughout their academic pursuit, the statement reads in part,” he said.

“It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.

“NELFUND remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions and ensuring the timely disbursement of stipends for day-to-day expenses.

“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.

“NELFUND appreciates the patience and cooperation of students and institutions as the organisation works assiduously to fulfil its previously made commitments to Nigerian students.”

Last week, NELFUND said it had disbursed over N2.5 billion in the student loan scheme.

The Nigerian Electricity Regulatory Commission (NERC) has issued an order transferring regulatory oversight of the electricity market in Oyo to the state’s electricity regulatory commission.

In an order dated August 5 and signed by Sanusi Garba, its chairman, the NERC said the directive would take effect immediately.

According to the commission, the order is to commence the process of the transfer of regulatory oversight for the intrastate electricity market in the state from NERC to Oyo State Electricity Regulatory Commission (OSERC), in accordance with the Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity of Act 2023 (amended).

“Ibadan Electricity Distribution PLC (“IBEDC”) is hereby directed to incorporate a subsidiary (“IBEDC SubCo”) under the Companies and Allied Matters Act for the assumption of responsibilities for intrastate supply and distribution of electricity in Oyo State fron IBEDC,” the order reads.

 

“IBEDC shall complete the incorporation of IBEDC SubCo within 60 days from the effective date of this Order and, IBEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from OSERC.

“IBEDC shall identify the actual geographic boundaries of Oyo State and carve out its network in Oyo State as a standalone network with the installation of boundary meters at all border points where the network crosses from Oyo State into another state.” 

According to the order, as part of the transition process, IBEDC is mandated to create an asset register of all its power infrastructure located within Oyo state. 

The commission also said the DisCo would evaluate and apportion “contractual obligations and liabilities attributable to IBEDC’s operations of its subsidiary in Oyo State”.

IBEDC, according to NERC, would identify all the applicable trading points for energy offtake for the operations of IBEDC SubCo in Oyo. 

NERC asked IBEDC to “confirm the number of employees that are required to provide service to Oyo State as a standalone public utility and transfer the identified assets for operations in Oyo State, contractual obligations, liabilities and employees to IBEDC SubCo”. 

NERC said all transfers contained in the order would be completed by February 5, 2025.

On April 22, Enugu and Ekiti states received approval from NERC to regulate their electricity markets.

The regulator, on April 23, transferred oversight of the electricity market in Ondo to the state’s electricity regulatory bureau (OSERB).

On July 1, the commission transferred regulatory oversight of the power market in Imo to the state’s electricity regulatory commission (ISERC).

Christopher Musa, chief of defence staff (CDS), says it is a treasonable offence for #EndBadGovernance protesters to fly foreign flags in the country.

Musa spoke shortly after a meeting with President Bola Tinubu at the State House in Abuja on Monday.

The trend was first observed in Kano on the first day of the protest.

Protesters waved Russian flags, calling on President Vladimir Putin to intervene in the country.

On Sunday, a faction of protesters arrived in Jos, the Plateau capital, with Russian and Japanese flags, forcing local protest organisers to conclude the march early.

The latest batch of flags were seen on Monday in Kaduna, Kano, and Abuja.

Musa said people caught with the foreign flags will be tried for treason.

“A lot of us have seen it where foreign flags have been flown within the sovereignty of Nigeria, and that is totally unacceptable,” the army chief said on Monday after a briefing with President Bola Tinubu.

“We are warning in clear terms, and the president has also said we should convey this: that we will not accept anybody, any individual flying any foreign flag in Nigeria.

“That is a treasonable offense, and it will be viewed and treated as such. So, nobody shall allow himself to be used by any individual.”

In neighbouring Sahelian countries, citizens waved Russian flags and marched on the streets in anti-government protests, triggering a coup.

Musa dismissed the fears, reiterating that security agencies would defend democracy.

“We will not accept anyone pushing or taking any action, seemingly or for whatever reason to want to push for any change of government,” he said.

“Democracy is what we stand for; democracy is what we will continue to defend.

“For those of them flying flags, and if you see, a lot of them are kids being pushed to do that. We’re following up with those ones that are sponsoring them.

“Those that are pushing them because, you know, the flies were also made. We have identified those areas, and we are going to take serious action against them.

“The president is clear on his instructions for us not to accept anyone that wants to disrupt the peace and tranquility of Nigeria.

“And we are all standing here together to show Nigerians that we’re working closely; we are working together with synergy to ensure that there’s still peace and tranquility in Nigeria, we have assured Mr. President.”

Much of the protests have been characterised by vandalisation, looting, and deaths.

Musa had warned that the military would step in if the situation escalated.

Stocks around the world tumbled on Monday as worries intensified over a US recession, sparking a global market sell-off.

The Dow and the Standard and Poor’s (S&P) 500 posted their worst daily loss in about two years.

The S&P 500 and the Nasdaq 100 dropped 3 percent on Monday. 

Nasdaq 100 lost over $900 billion in terms of market value while over $1.4 trillion in market value was wiped out from the S&P 500. 

Russell 2000, a small-cap US stock market index, also fell by 3.3 percent.

Also, investors continued to sell off tech stocks and artificial intelligence equities.

The share price of Nvidia, a US tech company, tumbled by 6.4 percent, Apple dropped by 4.8 percent and Microsoft fell by 3.3 percent — accounting for about 50 points of the S&P 500’s 160-point drop. 

The Magnificent seven index — which consists tech stocks — also dropped by 4.3 percent.

Also, Europe’s Stoxx 600 index — which represents large, mid and small capitalisation companies — declined by 2.17 percent.

Similarly, Japan stocks entered a bear market, with the Nikkei index losing 12.4 percent — its worst day since 1987.

In Nigeria, the stock market depreciated by 2.23 percent, losing 2,228.31 basis points, to close at 97,582.41 all share index (ASI).

Fear of recession and rapid federal reserve rate cuts in the US, as well as a hawkish pivot by the Bank of Japan, are some of the causes of the downturn across Europe, Asia and the US, according to strategists in a CNBC report.