Ways and means advances by the Central Bank of Nigeria (CBN) to the administration of President Muhammadu Buhari amounted to N7.5 trillion as at December 2022, according to official documents seen by TheCable.

This is significantly lower than the N30 trillion reported by the senate joint committee on banking, finance, national planning, agriculture and appropriation which led to the setting up of a probe panel headed by Isah Jibrin (Kogi east).

Ways and means is a loan facility through which the CBN finances the federal government’s budget shortfalls.

The CBN law limits advances under ways and means to 5 percent of the previous year’s revenue, but this has been observed mostly in the breach over the years.

This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.

THE BREAKDOWN

Documents seen by TheCable show that as at December 19, 2022, the total outstanding overdraft to the federal government in its “treasury subtreasury account” at the CBN was N22,719,703,774,306.90.

This was made up of N7,531,819,048,929.66 as ways and means, N13,725,408,432,557.50 as total costs of transactions on federal government securities in the capital market, and N4,618,829,652,047.41 as interest charges on the overdraft facility.

The loans were not reflected as part of the debt stock of the federal government until December 2022 when the Buhari administration officially requested the national assembly to do so.

TheCable understands that there were only three requests for ways and means by Buhari throughout his tenure, even though the facility was disbursed more than thrice — some automated because of the sovereign risk on securities.

The biggest amount — nearly N2 trillion — was disbursed in 2020 during the COVID-19 outbreak when government revenues fell as a result of the lockdown. The federal government got loans from the CBN for intervention programmes during the pandemic.

The next biggest amount was in 2022 when N1,473,618,756,185.62 was advanced to the federal government. It was the same year Russia invaded Ukraine, leading to a spike in food prices globally.

In 2019 — the year Buhari was elected for a second term in office — N1.4 trillion was provided to the federal government via ways and means.

One of the biggest beneficiaries of the overdraft was the Nigeria Bulk Electricity Trading (NBET), which got N1.3 trillion under the “payment assurance facility” to keep the Nigerian electricity supply industry (NESI) “liquid”.

Two private power generation companies — Azura Power West Africa and Accugas Limited — got steady payments from the federal government under the controversial “take or pay” arrangement.

Azura gets $30 million monthly while Accugas receives $10 million, also monthly.

Nigeria’s credit rating is at risk if there is a failure to meet up with the payment obligations to Azura and Accugas in two of the most curious cases of sovereign guarantee hanging on the nation’s neck.

The Niger Delta Power Holding Company (NDPHC) also got huge funds from the overdraft.

SENATE PROBE IN LIMBO

Olayemi Cardoso, who succeeded Emefiele as CBN governor, said in February 2024, that the bank would no longer grant ways and means advances to the government “until all outstanding debts are refunded”.

This was after the senate approved the securitisation of an outstanding debit balance of N7.3 trillion ways and means in the first six months of the Bola Tinubu administration.

On March 11, 2024, Senate President Godswill Akpabio inaugurated a 17-member ad hoc committee of the red chamber to probe the “N30 trillion Ways and Means” secured under Buhari and report in “six weeks”.

The deadline is now past by nine weeks and the panel is yet to submit its report.

TheCable has contacted Jibrin for an update on the probe but he is yet to respond.

At its inauguration, Akpabio charged the committee to be confidential and “keep investigations away from the prying eyes of journalists”.

A collaborative effort involving the Nigerian Embassy in Dakar and a Senegalese NGO has led to the rescue of 24 Nigerian girls from s*xual exploitation in the Tamaccounda and Kedougou regions of Senegal.

The collaborative effort successfully freed the girls from their exploitative situation.

The acting Ambassador of the Nigerian Embassy in Dakar, Salihu Abubakar, revealed the details to the News Agency of Nigeria on Sunday.

According to him, the victims, mostly girls and women aged between 11 and 24, but predominantly underage girls, were trafficked to Senegal through Cotonou, Benin Republic, via the Mali-Senegal border for s*xual exploitation.

"These girls and many more are being trafficked to Senegal through Cotonou, Benin Republic via Mali to the Senegal border for prostitution," Abubakar explained.

Preliminary investigations indicate that the majority of the girls and women were school dropouts from Edo and Delta states, with a few others from Imo, Abia, and two from Plateau. Abubakar confirmed that out of the 24 girls and women, 22 had been repatriated weeks earlier, while the remaining two returned safely to Nigeria on Saturday.

The health status of the victims and details regarding the duration of their exploitation remain undisclosed. However, the diplomat emphasised that the successful repatriation highlights the strong international cooperation between the embassy and the NGO, "Free the Slaves" (La Lumiere in French), in combating human trafficking.

"Our main goal and number one priority is to discourage the trafficking of our Nigerian girls to any part of the world for prostitution under any guise," Abubakar said.

A year after the leadership of the opposition Labour Party was separated with the incumbent National Chairman, Julius Abure and the Deputy National Chairman of the party (South), Lamidi Apapa laying claim to the mantle of leadership, both camps have agreed to sheath their swords and work together.

Loyalists from both camps were torn apart in April 2023 following a court judgment restraining Abure and three others from parading themselves as national officers of the party. 

But Abure fought back fiercely to retain his seat with the help of the parent body, Nigeria Labour Congress, under the leadership of its National President, Joe Ajaero.

The embattled LP chairman, however, fell out of favour with the NLC following a contentious national convention held in Anambra that returned him and all his loyal members of the National Working Committee to office three months ago.

Despite a series of picketing at LP secretariats nationwide and other threats by the unionists amid calls for an expansive and inclusive convention that should start from the grassroots, Abure did not budge.

The action subsequently compelled the NLC Political Commission to void the new leadership and set up a transition committee, saddled with the task of engaging stakeholders of the party and conducting a fresh convention in 90 days.

A source at the LP national secretariat, who preferred anonymity because he was not authorized to speak to the media, explained that Abure felt the urgent need to close rank with the Lamidi Apapa’s faction following the open revolt and media war from its Presidential Candidate, Peter Obi as well as the pressure from the NLC.

“It is the only logical way for him to have a united front against the threat of the NLC in particular. I believe you already know Abure has a long history with Lamidi Apapa and Abayomi Arabambi before now,” the source explained.

When The PUNCH contacted the Apapa’s camp, the factional spokesman, Abayomi Arabambi, confirmed the development.

Arabambi told our reporter that they had no problem with Abure from the outset because they knew he was being influenced and misled by some leading officers of the NLC.

He said, “We are together to stop all those political hawks from taking over our party. We thought they (NLC) were fighting for a just cause. But it is very obvious they only want to take over our party and we are not going to accept that. We in the Lamidi Apapa group are not lawbreakers like those who supported Abure in disobeying the court order. I have said this several times on air.

“It was because of this threat that Abure extended an olive branch for all of us to bond together. It was obvious that these people were not only with him to fight us but to take over the control of the party. So we cannot be outside and allow some people to take over our party. That was why Abure asked us to come together in the party’s interest.

“We are here to fight those people who want to use the Labour Party to foment trouble and destabilize the country. That is what we are against. Nobody is contesting or running for any election now. We know the next race is in 2027. Why should we now be seeking ways to bring the nation down? We are averse to that.”

He added, “I also want you to know that there is nothing like Obi-Datti Presidential Campaign here anymore. It has been dissolved. Everybody has reverted to former governorship and presidential candidate. We don’t want disinformation at the Labour Party.

“Again, you recall that there was a crisis in APC and the PDP. Yet, the warring parties came together and resolved it. So what stopped us from resolving ours? When you are fighting, there is no permanent enemy. It is all about permanent interest.”

Efforts to get Abure to react to the report were unsuccessful.

But the National Publicity Secretary of LP, Obiora Ifoh, also confirmed the reunion, saying there was nothing out of place for Abure to extend olive branches to aggrieved members of the party.

He said, “Labour Party is united. We do not have a division in the sense that as a party that came out of the election hugely successful with a lot of results to show, several people would want to have a stake in the Labour Party. The implication is that a lot of stone-throwing and interest will begin to manifest. But the Labour Party has a constitution and it has a rule completely spelt out.

“Anybody that tries to go out of it will get his hand burnt because the law will not support what you are doing just as the NLC is doing. Besides, we have never seen the Lamidi Apapa people as having their camp because there’s only one camp. That is the one led by Julius Abure.

“Of course, they have the right to be aggrieved and take positions that are not aligned with the interest of the party. But as soon as they discovered it was not the right way, I think they took the better decision to begin to retrace their steps. That is what we have seen.”

He stated further, “Many people who were involved in anti-party activities in the past are beginning to discover that the laws are not on their side. The best thing is to retrace their steps and return to the fold.

“So many other persons have indicated interest in returning to the party. LP does not have any problem with that. Our doors are wide open. If you are out in the cold and you need shelter in the Labour Party, we will bring you back and shelter you.

“The distinguished gentleman you just mentioned (Arabambi) is still our member. He has also recognised Julius Abure as the only national chairman. The party is coming together and I can tell you that the party is a lot more united now than ever.”

The Federal Government has allocated a substantial ₦14.77 billion for the repair and maintenance of the presidential air fleet over the past 11 months.

According to Punch, these funds were disbursed in 11 tranches from 16th July 2023 to 25th May 2024, utilizing the State House headquarters transit account designated for the Presidential Air Fleet Transit Funds.

This financial outlay comes at a time when the National Assembly is considering the approval for the purchase of two new aircraft for the presidential fleet.

The decision follows revelations that the President’s primary aircraft, a 19-year-old Boeing 737, along with several others in the fleet, have become dysfunctional due to age and wear.

The House of Representatives Committee on National Security and Intelligence has been instrumental in pushing forward these plans, having included the procurement in its technical subcommittee report.

The potential cost for acquiring two new state-of-the-art aircraft is estimated by experts to be over $623.4 million, or approximately ₦918.7 billion.

The report read in part, “The committee is of the strong and informed opinion that considering the fragile structure of the Nigerian federation and recognising the dire consequences of any foreseen or unforeseen mishap that may arise as a result of technical/operational inadequacy of the Presidential Air Fleet, it is in the best interest of the country to procure two additional aircraft as recommended. This will also prove to be most cost-efficient in the long run, aside from the added advantage of providing a suitable, comfortable and safe carrier befitting of the status and responsibilities of the offices of the President and Vice President of the Federal Republic of Nigeria.”

In recent times, there has been serious contention about the state of the air fleet despite enormous government resources spent on it during past administrations.

The unavailability of the president’s jet has seen President Bola Tinubu charter private jets, and Kashim Shettima abandon international trips.

The Vice President on May 6, 2024, abandoned his trip to the 2024 US-Africa Business Summit due to a technical fault with his official aircraft.

The Vice President was scheduled to represent the President, who had to board a commercial aircraft to Saudi Arabia after his main luxury jet was taken for rehabilitation and a second aircraft he was travelling in developed a technical snag in The Netherlands.

The Presidency currently maintains a fleet of six aircraft, namely a Boeing 737, a Gulfstream G550, a Gulfstream GV, two Falcon 7Xs, and a Challenger CL605, as well as six helicopters— two Agusta 139s and four Agusta 189s.

Buhari’s government spent ₦62.47bn for the operation and maintenance of PAF during his eight-year tenure.

Though Buhari promised to reduce the size of the fleet as part of his pledge to cut the cost of governance, checks reveal that his administration failed to live up to this promise.

In the 2016 budget, ₦3.65bn was allocated for the PAF, but this rose to ₦4.37bn in the 2017 fiscal year.

In 2018 and 2019, the allocation almost doubled, amounting to ₦7.26bn and ₦7.30bn, respectively. Closer observation showed a slight drop by ₦503.75m in 2020 when ₦6.79bn was budgeted for the fleet.

The allocation surged to ₦12.55bn and ₦12.48bn in the 2021 and 2022 fiscal budgets, respectively, before the ₦8.07bn allocation in 2023.

Meanwhile, checks by Punch using GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that Tinubu approved the disbursement of ₦14.77bn within one year of assuming office.

The amount is separate from expenses incurred during foreign and local trips by the President, Vice-President and other officials.

₦1.52bn was approved in July 2023 for maintenance and was followed by a payment of ₦3.1bn in August.

The next tranche was paid in November 2023 with a disbursement of ₦1.26bn. The government also paid ₦2.54bn in March 2024, ₦6.35bn in April 2024 and ₦1.27bn last month.

Nigeria’s elevated global profile is a testament to the purposeful and experienced leadership of President Bola Tinubu, according to Fredrick Nwabufo, Senior Special Assistant to the President on Public Engagement.

Nwabufo emphasised that this achievement is not due to luck but a result of effective governance and strategic foreign policy.

Nigeria has historically been significant in global discussions due to its status as Africa’s largest democracy, most populous nation, and one of the continent’s biggest economies.

However, under President Tinubu’s leadership, the world’s focus on Nigeria has intensified for positive reasons.

Nwabufo attributed this to a broad-minded, enlightened leadership approach that enhances global perception.

Over the past year, despite facing numerous challenges, Tinubu’s administration has demonstrated driven and efficient leadership, providing clear direction and fostering stability.

Nwabufo in a post on his official X handle on Saturday stated, “Nigeria has always mattered in the chat rooms and chopping tables of global discourse — as pertaining Africa. It has always been significant as the largest democracy in Africa, and as the most populous nation and one of the biggest economies on the continent.

“But the world is paying more attention to Nigeria. It is taking more interest in the nation for good reasons. Effective domestic leadership, reinforced with a deliberate and well-designed foreign policy, reflects critically on global perception. A broad-minded and enlightened leadership at home will, by a good shot, colour the grey canvas of global disinterestedness.

“The past one year has not been without some challenges, but there has been a driven and efficient leadership with clear direction to help the nation navigate through any vortex. Reports from credible rating agencies and global financial platforms betoken stability and the return of vibrancy to critical sectors of the economy.

“Early this month, the International Air Transport Association (IATA) commended the government of Nigeria for clearing 98 percent of airlines’ trapped funds, which the carriers had previously been unable to repatriate.”

According to him, the Director-General of IATA, Mr. Willie Walsh said ‘’as of April 2024, 98 percent of these funds have been cleared. The remaining 19 million dollars is due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by the commercial banks.’’

Tinubu’d aide continued, “And months before, in March precisely, the Central Bank of Nigeria (CBN) announced that it had settled valid outstanding foreign exchange obligations. On October 23, 2023, at the 29th Nigerian Economic Summit (NES) in Abuja, the President pledged that his administration would honour legitimate foreign exchange obligations and restore market confidence. This pledge he is following through ever so dutifully.

“There is a strong, focused, disciplined, and patriotic leadership at home, and this is influencing the global perception of Nigeria on governance.

“President Tinubu, Nigeria’s chief promoter, has brought a fine hue of respect, command, and dignity to the brand Nigeria by his audacious, candid, cerebral, and deep declarations on seminal matters as regards Nigeria, Africa, and the world around them, on important global platforms.”

The Head of the Civil Service of the Federation (HCSF), Dr. Folasade Yemi-Esan, has asked the affected workers to undergo one-year mandatory training before their conversion from Executive to Officers cadre.

Yemi-Esan said this at a virtual interactive session with civil servants in commemoration of the 2024 Civil Service Week with the theme: “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive, Life-long, Quality and Relevant Learning in Africa.”

The one-year mandatory training programme to bridge the gap between polytechnic awarded Higher National Diploma (HND) and university degree has been a subject of controversy between the National Universities Commission (NUC) and the National Board for Technical Education (NBTE).

Stakeholders have over the years called for an end to the age-long disparity between HND offered by polytechnics and bachelor degrees offered by universities.

A bill was passed at the ninth national assembly in 2021 to end the dichotomy but it was not signed into law by the last administration of President Muhammadu Buhari.

Thus, NBTE, which regulates technical and vocational education, had to introduce what it describes as a one-year top-up programme which offers a platform for HND holders to level up towards obtaining a bachelor’s degree.

The move was rejected by NUC on the basis that it was not within NBTE jurisdiction to determine what is required to bridge the two certificates, the Commission argued were diametrically different by curriculum content and faculties which produce the students in each case.

While fielding question from one of the civil servants during the virtual meeting, Yemi-Esan, corroborated that the curriculum for HND and B.Sc holders were not the same, hence, HND graduates would have to undergo mandatory one year training before conversion from Executive to Officers’ cardre.

Mr. Adebayo Bamidele Hassan on Grade Level 14 had earlier asked on the dichotomy between B.Sc and HND holders in the Service and what the Federal Government was doing to bridge the gap.

Speaking on the theme of the 2024 Civil Service Week, Yemi-Esan emphasized on the need for education to be accessible, inclusive and of high quality, while highlighting the need for it to constantly remain relevant to the rapidly evolving demands of the modern world.

According to her, ”The theme also speaks to how the Nigerian Civil Service is leveraging learning and development to enhance the capacity and capability of its workforce with a view to delivering on national priorities.”

She further stated that the first priority area/pillar of the Federal Civil Service Strategy and Implementation Plan (FCSSIP 25), is Capacity Building and Talent Management, which is in line with the theme selected by the African Union for this year’s celebration.

Yemi-Esan affirmed that the lessons learned in the recent years further underscored the need for civil servants to commit to continuous self-development, particularly in view of emerging global challenges and emerging technologies and the new world of work.

The Head of the Civil Service disclosed that the rapidly changing work environment as well as demands for greater efficiency have necessitated the adoption of Performance Management System (PMS) by the Nigerian Civil Service, adding that PMS Policy and Guidelines have been developed and circulated to all Ministries, extra-ministerial Departments and Agencies (MDAs).

She pointed out that core teams for its implementation have been duly constituted.

According to her, “PMS implementation has been cascaded to the Ministries, with the Permanent Secretaries serving as the primary drivers.

“In this regard, performance contracts are to be further cascaded down to the last officer in each MDA.

“This new system will assess each officer’s performance solely based on their respective Key Performance Indicators (KPIs), and it will enable tracking of job objectives across all MDAs.

“By implication, each officer across the Service can clearly link his goals and objectives with those of his department, those of the respective Ministry and the national KPIs.

She described the digitalisation of work processes in the Service as another reference point in the on-going transformation of the Federal Civil Service.

She further stressed that the Office has fully digitalised all personal and policy files and is implementing digital transaction of workflow processes, as all official correspondences, in the form of memos, internal and external circulars, are now being processed electronically through the Enterprise Content Management (ECM) solution.

Earlier, the Permanent Secretary, Career Management Office (CMO), in the Office of Head of Civil Service of the Federation, Mr. Adeleye Adeoye, while welcoming participants, noted that education is the most powerful weapon which can be used to change the world.

He further noted that Africa stands a chance to be the best Continent in the world, if only Africans have the best of education.

Adeoye urged civil servants to improve and equip themselves on daily basis with necessary skills and expertise in order to enhance productivity as well as ensure service delivery in the overall interest of the citizenry and the nation at large.

The Chief Press Secretary to Governor Abba Yusuf of Kano State, Sanusi Bature, has declared that Aminu Ado Bayero was never an Emir of Kano.

Bature said former Governor Abdullahi Ganduje appointed Bayero as Emir of the eight Metropolitan local governments of Kano city.

Featuring on Arise Television, Bature said Ganduje made Bayero emir of the metropolitan Kano city due to the bastardization of the emirate.

According to Bature, Ganduje introduced politics into the Kano Emirate that predates Nigeria.

He said: “The action of the governor was to protect the integrity of the emirate as an institution. The Emirate of Nigeria pre-dates Nigeria and the country’s constitution, it’s over a thousand years history of people living together under one Emir.

“The previous administration of Ganduje decided to bastardize that history and bring politics into it.

“The politicisation of the Emirate is what the Yusuf promised to restore the lost glory during the campaign.

“This is not the first time an Emir was deposed, Ganduje did it and Sanusi left Kano for peace to rain. Sanusi is now back to Kano after the repealing of the law.

“I want to put it clear that Aminu Ado Bayero was never an Emir of Kano, he was appointed an Emir of eight metropolitan local government of Kano city.

“So, with the revision of the law under one United Kano, the Emirate Aminu served no longer exist. He was an Emir of Kano city Emirate, he was at that status because the main Emirate was bastardized by Ganduje by the 2019 Emirate law.

“He was the 14 Emir of Kano but his jurisdiction was not for the 44 local government of Kano, he’s just only for the eight metropolitan areas which is now abolished.”

Governor Yusuf had deposed Ado Bayero while reinstating Muhammed Sanusi as Emir of Kano.

Despite the action of the governor, Ado Bayero has refused to vacate his Nassarawa palace.

Bayero had since contested the action of the state government in court.

Benue State Governor, Hyacinth Alia, has attributed the success of his administration in the first year in office to President Bola Tinubu.

The clergyman-turn politician disclosed this on Friday during his thank-you tour to Makurdi/Guma Federal Constituency.

Alia said every achievement recorded in the state was the handiwork of Tinubu, including the construction of roads, underpass, payment of salaries, pensions and gratuities, remodelling of the Assembly Complex, and State Secretariat.

According to him, Tinubu had given him unimaginable support and urged the people of the state to be patient with him as the President had “very good intentions for the citizenry.”

He also promised to renovate and upgrade the Ibrahim Badamosi Babangida (IBB) Square in Makurdi to international standard.

Gov. Alia further disclosed that from now on, payment of salaries and pensions would start from the 22nd of every month.

The founder of Stanbic-IBTC Bank, Atedo Peterside has announced his exit from the banking business.

Peterside made this announcement in a post via his verified social media page.

The banking icon wrote, “This has been an incredible 35-year journey that ends today, June 10, 2024. 

“Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68,” he added.

His exit comes after over three decades and a half of dedicating his wealth of experience to the Nigerian banking sector.

According to Sources, Peterside is investing his time more in advocacy, charity, philanthropy and human capital development through his foundation.

Recall that Peteside founded Investment Bank and Trust Company (IBTC), which later metamorphosed into Stanbic-IBTC Bank after a series of mergers over the years.

The Rivers State-born founded the bank in 1989, at 33, when most of his peers were busy lavishing their parent’s wealth.

After running the affairs of the bank for years leading it to the path of profitability and also ensuring the bank lived up to his expectations, he resigned in 2017.

He later channelled his strength to Anap Jets Ltd he founded in 2015. He also sits on the boards of The Standard Bank of South Africa Limited and Standard Bank Group Limited.

Those close to the former member of the National Economic Management Team and member of the National Council on Privatisation disclosed that when it comes to finance, economics and business success, he is a walking encyclopaedia.

His family background as the son of Pa. Clement Atowari Peterside, an ophthalmologist and a retired controller of Medical Services in the Old Rivers State ensured he had a sound education. 

He graduated from The City University, London with a B.Sc. in Economics and an M.Sc. in Economics from the London School of Economics and Political Science.

Peter Obi, an ex-Anambra State Governor and Presidential Candidate of the Labour Party (LP) in the 2023 general elections, has described Nigeria as poverty capital of the world, with the hungriest and most insecure people on earth.

Obi has, in recent time, been consistently speaking out against the administration of President Bola Ahmed Tinubu, faulting its policies and focus especially amid economic crisis hitting the country.

In a post on his X handle (formerly known as Twitter), Peter Obi described it as disheartening how those in authority dismiss the country’s challenges by saying “we are not the only ones struggling with poverty and hunger.”

He said, “It is disheartening to hear those in charge, who were hired to address our problems, make statements like ‘we are not the only ones struggling with poverty and hunger’.

“We are the poverty capital of the world, among the most insecure people on earth, among the hungriest, have poor education quality and the highest number of out-of-school children, high infant mortality, corruption, unemployment, the highest income gap between the poor and the rich, high corruption perception index, infrastructure and healthcare challenges, and more.”

Obi, however, urged leaders to come up with concrete solutions and clear vision to address the country’s challenges, maintaining that mere comparisons of challenges with other countries would not solve the problems.

“Instead of merely acknowledging that other countries face similar challenges, we need to hear a thorough plan of action to tackle our unique struggles. We require concrete solutions and a clear vision to address these issues, not comparisons that downplay our circumstances.

“I urge those in leadership positions to offer tangible solutions, not mere reminders that others face similar challenges. We need a comprehensive approach to tackle our specific challenges, not marginalizations that dismiss our experiences.”