Chairman of the Tripartite Committee on National Minimum Wage, Bukar Goni Aji, has asked Labour to reconsider the amount it demanded as minimum wage, citing the prevailing economic situation in the country. 

He listed such incentives as the N35,000 wage award for all treasury-paid federal workers, N100 billion for procurement of gas-fuelled buses and conversion to gas kits, the N125 billion conditional grant, financial inclusion to small and medium scale enterprises and the N25,000 each to be shared to 15 million households for three months as reasons Labour should accept the N62,000 offered by the government, against its demand of N250,000.

But Labour in a swift reaction, accused the Tripartite Committee chairman of lacking knowledge of the hardship and suffering workers and other Nigerians were going through.

Recall that organised labour is a member of the tripartite committee of a new minimum wage.
Labour’s reaction came as Minister of Budget and Economic Planning, Atiku Bagudu, said lean resources were responsible for governors’ rejection of N62,000 minimum wage.

This is even as the Anglican Communion yesterday asked the federal and state governments to pay workers a living wage, charging them to maintain fiscal prudence and accountability.

However, the Tripartite Committee chairman also cited the N185 billion palliatives loans to states to cushion the effects of fuel subsidy removal and N200 billion to support the cultivation of hectares of land to boost food production.

He said there is another N75 billion to strengthen the manufacturing sector and N1 trillion for student loans for higher education.

He cited the release of 42,000 metric tonnes of grains from strategic reserves and purchase and onward distribution of 60,000 metric tonnes of rice to the millers’ association.

Goni urged Labour to consider the recent salary increase of 25 per cent and 35 per cent on all consolidated salary structures for federal workers and the 90 per cent subsidy on health costs for federal civil servants registered on the health insurance programme and accept the N62,000 being offered by the Federal Government.

He said the light rail commissioned in Abuja is to relieve transportation costs until end of the year, describing it as a landmark achievement that will cushion the effect of the removal of fuel subsidy.
He said in addition to “the freedom of civil servants to engage in agriculture, the Federal Government has approved the inclusion of ICT services for alternate sources of income”.

He said the committee agreed that where major and small businesses were closing down with the consequent loss of jobs, the outcome of a new minimum wage should be such that it would not trigger further massive job losses.

He further said that linking the strike to electricity tariff hikes with the wage determination was not fair to the negotiating parties.

You‘re ignorant of hardship in Nigeria, Labour tells c’mittee chairman

Replying to the Tripartite Committee chairman yesterday, Labour insisted that its demand was based on the nationwide survey which delineated the stark economic realities for the average Nigerian family.

Speaking on behalf of Labour, one of Labour’s negotiators in the Tripartite Committee tasked the chairman to urge the government to make its offer reflect the economic conditions and the cost of living faced by workers

He said: “We have carefully considered the chairman’s appeal for organised labour as represented by Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, to take into account the prevailing economic realities in the ongoing national minimum wage negotiations with the federal government and the organised private sector.

“We understand the complexity of the economic situation. However, it is imperative to address several critical points that underpin our stance.

“The call for NLC and TUC to consider economic realities is, at best, a reflection of a limited understanding of the actual hardships faced by Nigerian workers. The nationwide survey we conducted clearly delineates the stark economic realities for the average Nigerian family.

“The cost of living has escalated dramatically, driven by governmental policies that have led to increased prices of petrol, higher electricity tariffs, and a significant devaluation of the naira.

These policies have created a situation where basic needs of workers are increasingly unaffordable.

“Our demand for a national minimum wage of N250,000 is not arbitrary but firmly grounded in the economic realities dictated by the current market prices of essential goods and services.

“The prices of basic commodities have skyrocketed, and the purchasing power of the average Nigerian worker has been severely eroded. It is crucial to recognize that Labour’s demand is based on comprehensive data reflecting the true cost of living in Nigeria today.

“We may wish to remind the chairman that a bag of 50kg Rice is about N80,000, a decent tuber of yam is about N7, 000; garri is N3,500 for half paint bucket, bread is N2,000 per loaf, meat is about N6,000/kg, oil is about N2,000/75L, electricity is about N50,000/month, while transport is about N3,000 daily to and from Gwagwalada to Berger in Abuja and N4, 000 from Ipaja to Lagos Island daily etc.

“The chairman should know that our wages are supposed to meet these basic needs and others and these are some of the realities that he asked us to base our demands on which we have done since the beginning of the negotiation exercise.

“It is rather disappointing that government’s offer appears disconnected from these market realities. When we requested a breakdown of what constitutes the government’s offer, the response was not forthcoming.

‘’This lack of transparency suggests that the government is perhaps aware that its offer does not meet the basic economic needs of Nigerian workers, thereby undermining its credibility. Perhaps, government may be ashamed of the paltriness of the offer it is making to Nigerian workers, thus it is too heavy for them to mention.

“We urge you to redirect your advice towards the government to be realistic in its approach to this negotiation. The government’s offer should reflect the actual economic conditions and the cost of living faced by workers.

“It is not the NLC that is being unrealistic; rather, it is the government’s offer that fails to align with the economic dictates of the marketplace. A realistic and fair minimum wage must be grounded in the current economic realities, which our demand of N250,000 though falls short of what we had intended but accurately represents realities at this time. As it is, we have considered more than enough.

“We wish the government will at least show the kind of willingness to sacrifice that we have exhibited and reciprocate. Good leaders make sacrifice for the citizenry. They must give up on some of their security votes, their luxury yacht, convoys, private jets and other creatures of comfort so that Nigerian workers and people can benefit.

“We plead with the chairman to urge the government to be realistic and refuse the temptation to seek to pay a starvation wage to Nigerian workers. Our nation must not be destroyed so that the few individuals in government will continue to live in opulence while workers and citizens suffer.

“We reiterate that the NLC’s position is driven by a deep understanding of the economic hardships faced by Nigerian workers, as substantiated by our nationwide survey.

‘’We stand firm in our demand for N250,000 as the national minimum wage and urge the government to present a realistic offer that genuinely reflects the cost of living and the dignity of Nigerian workers. ‘’We call upon the Tripartite National Minimum Wage Negotiation Committee Chairman to advocate fairness and transparency in this critical wage setting exercise. The resources of our nation need to be equitably and fairly distributed for national development.”

Lean resources responsible for govs rejection of N62,000 minimum wage — Budget minister

Speaking on the issue in Birnin-Kebbi, Kebbi State, weekend, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said lean resources were responsible for governors’ rejection of N62,000 minimum wage offered by the federal government.

Speaking against the background of new minimum wage for Nigerian workers, Senator Bagudu explained that the N62000 arrived at was reluctantly accepted by states and local governments due to limited resources accruing to them.

He said: “The constitution has made provision to guide the President to send legislation to the National Assembly periodically on issues of minimum wage for the best outcome.

“The Tinubu administration wants all Nigerians to be skilled as its first priority under a skill based economy where the people, including workers, can earn millions of naira

“The President intends to make Nigerians more prosperous with cheap housing, cheap food, cheap transport and availability of structures for national growth and development.

“President Tinubu and Governor Nasir Idris of Kebbi State are doing the very best to improve the living condition of the people in all sectors of life, I commend and congratulate them on the occasion of the Eid-el Kabir.’’

Anglican Church demands living wages for workers

Meanwhile, the Orthodox Anglican Communion has charged the federal and state governments on the need to maintain fiscal prudence and accountability, saying it would be good if the government gave Nigerian workers a living wage.

The church made the demands in a communique issued at the end of the First Session of the First Synod of its Diocese on the Confluence which held at the Cathedral Church of the Enlightened Christian in Ajaokuta, Kogi state.

The communique, jointly signed by the Diocesan, Most Rev Dr. Moses Suberu and the Clerical Synod Secretary, Rev Canon Abraham Ornyor, read: “The synod calls the governments to come to terms and logical conclusion with the organized labour as regard the national minimum wage.

‘’The synod calls on the present dispensation to give Nigerians a living wage and something worth going home with. Nigerians should not be slaves in their homeland

“The Synod, therefore, calls on the government at all levels to ensure discipline, prudence and accountability in the use and disbursement of government resources. Also, production at a levels should be encouraged while all aspects of agriculture should be developed to enhance our national economic fortunes.”

It, however, appreciated efforts of both the federal and state governments in tackling the menace of kidnapping and banditry in all parts of the nation.

“The Synod calls on the citizens of Nigeria to abide by all security measures put in place to safeguard the nation. When you see something, say something

“The increasing rate of poverty in Nigeria which has turned Nigeria into the poverty capital of the world is unacceptable. The Synod, therefore, calls on both the federal and state governments, including the local governments, to put schemes in place to empower Nigerians.

“The Synod views with concern the deplorable conditions and state of our basic infrastructure such as our highways, electricity, medical institutions and facilities and our educational institutions.

“The Synod, therefore, calls on the federal and state governments to hasten the completion of all on-going road projects and ensure the rehabilitation of existing roads. The need for steady supply of power should also be looked into by the regulatory bodies to ensure that the private power distribution companies abide with the regulations to guide their operations and relationship with consumers.

“While appreciating the federal government for the efforts made so far in the resuscitation of the Ajaokuta Steel Company and Itakpe Iron Ore, the Synod calls on the federal government to expedite action for the immediate take off of these two giants of our economic and technological base.

“The Synod calls on the federal government to reinforce the strategy of federal security and also devolve powers to the state for the establishment of supportive security outfits at the local level to compliment the efforts of the federal security agencies to stem this tide of insecurity.

“The Synod views with grave concern the unending and systematic persecution of Christians in the northern part of the nation and calls on the federal government to halt this evil,” the communique added.

Minimum wage: Accept whatever FG offers you above N60,000, Senate leader tells NLC, TUC

Also, the Senate Leader, Sen. Opeyemi Bamidele, APC, Ekiti Central, yesterday pleaded with the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC, to accept whatever the federal government offered them above N60,000 as the new minimum wage.

Bamidele urged the NLC and TUC to toe the path of dialogue and peace in the negotiation for a new minimum wage, for which the President had promised to send a bill to the National Assembly.

He reiterated the need for Nigerians to demonstrate more patriotic spirit and oneness in their daily activities as the nation journeys through its socio-political trajectory towards the promised land.

Bamidele, who made the call in his Eid-el-Kabir message yesterday, said: “ The federal government has conceded to N60,000, which translates to a 100 per cent increase. But both NLC and TUC turned down this offer, leading to a two-day industrial action.

“The federal government has promised to make more concessions in this respect. As the federal government reveals its new offer, I plead with organised labour to accept it in the national interest.

‘’The economy will remain in this condition. Collectively, we are taking multi-pronged measures to reverse disturbing economic indicators.”has conceded to N60,000, which translates to a 100 percent increase. But both NLC and TUC turned down this offer, leading to a two-day industrial action.”

This was made known on Sunday by movie producer, Stanley Nwoko otherwise known as Stanley Ontop via his Instagram page.

He revealed that the actress passed away today, Sunday, June 16th, after battling with leg cancer.

Nwoko wrote: “Nollywood actress and veteran Mrs Stella Ikwuegbu is dead. The veteran actress left this world today after battling with leg cancer. Rest well, Madam Stella. Nollywood again. It’s well.”

The late actress began her career in 1990, appearing in numerous films such as ‘Spoiler,’ ‘Ukwa,’ ‘Sound of Love,’ ‘Holy Man,’ ‘Two Hearts,’ ‘Heart of Stone,’ and ‘Madam Koikoi,’ among others.

Hailing from Enugu, she was not only an actress but also a businesswoman.

A graduate of the Institute of Management and Technology (IMT) in Enugu State, she launched her restaurant, ‘The Film Bar,’ on August 1.

The actress’ death comes barely five days after veteran Yoruba actor Dayo Adewunmi, aka Sule Suebebe, died at 68.

Nigeria is probably in the worst economic crisis of a generation, screamed The New York Times on June 11th, 2024. Two other influential global publications, Foreign Affairs and The Economist, had earlier said the same thing under different headlines.

Although Nigeria’s economy is not yet in a recession, all other economic indicators have gone south, and the curve is not bending in the short run. Statistics on inflation (above 33%), youth unemployment (above 50%), poverty levels (over 133 million multidimensionally poor), the value of the Naira (over 200% decline against dollar in the past year), education (18.3 million out of school children), healthcare (inadequate health facilities and professionals), insecurity (144th position in the 2023 safest countries in the world ranking), and homelessness (24.4 million people without a home) are frightening. More than ever, Nigeria needs crisis leaders to turn things around.

Great leaders have always come up to guide their countries out of the worst crises throughout history .The American people looked up to Barack Obama in 2008 to lead the nation through its worst economic crisis since the Great Depression. He conducted many consultations and made critical but well-considered decisions to lay a new economic foundation . We are in an “economic war’ and cannot use the tools applicable in normal times.

Leadership during normal times is different from leading in the storm which is the subject of my forthcoming book. The expertise and skill set required for both cases are different. The dynamism and multiplicity of socio-economic and political factors converging to create the Nigerian volatile ecosystem are such that effective crisis leadership is needed at all governance strata. Although required in normal times, these crisis leadership competencies are most relevant during a crisis. They include sensemaking, effective decision-making, team coordination, facilitating learning, emotional intelligence, and effective communication. It is the masterful use of these competencies that makes great crisis leaders.

The commentariat have attributed our present economic crisis to a cycle of thoughtless policies, squandering as governance, negative or low investment in innovation, uncoordinated economic thinking and placing of politics above commonsense economic frugality. It is also true that our poor understanding of the interplay of global events and its impact on local economic factors also contributed . The consequence is the country’s inability to respond to vulnerabilities, shocks and opportunities.

Nigerian leaders need to make sense of these complex circumstances. The situation requires a more focused perspective on historical and immediate causes and possible solutions to the current crisis. Sensemaking is critical to effective crisis leadership, especially in complex and diverse environments like Nigeria. Sensemaking involves gathering information and putting it in context, exploring different perspectives to develop a coherent narrative, and interpreting and understanding complex, ambiguous, and rapidly changing situations to guide decision-making and action. During this economic crisis, sensemaking allows leaders to comprehend its scope, identify its root causes, anticipate its impacts, and develop appropriate responses. This piece will focus on and explore sensemaking as the first step in crisis leadership.

Our leaders must develop a contextual understanding and historical context of our economic crisis. Nigeria is characterised by significant cultural, ethnic, and economic diversity. Effective crisis leadership requires leaders to understand these complexities, how they influence the crisis, and the potential responses. Economic crises in Nigeria often have roots in historical issues such as colonial legacies, policy missteps, structural inequalities and global turbulence . Leaders must consider these historical contexts to grasp the crisis’s nuances fully. They must identify and interpret economic, social, and political signals.

Furthermore, the way our leaders frame this economic crisis matters. We often have the tendency to reduce complex issues to one or two narratives . This is what my Kellogg Professor, Loran Nordgren calls ” narrow framing”. Based on the robust content analysis we carried out, we identified the dominant frame of this economic crisis by the government as ‘inherited and requires tough actions that will cause some pain to the citizens in the short run, but the pain is necessary for achieving better economic prosperity in the medium to long term’. The danger of this framing is that it sounds more like an excuse than a creative strategy to upturn our economic woes. This frame lulls our leaders to the proverbial sleep of inertia – inaction when there is fire on the mountain.

How this economic crisis is communicated to the public and stakeholders influences their perceptions and reactions. Effective crisis leadership involves framing and communicating the situation in an understandable and actionable way for diverse audiences. Little wonder Nigerians are at a loss regarding our political class’s perceived poor choices. The government needs to rethink its crisis communication strategy.

Since economic crises are by their very nature dynamic and unpredictable, leaders must update their understanding of the issues, modify their response strategy and adapt their strategies accordingly. Involving various stakeholders, including experts, community leaders, and affected populations, enriches the process, and ensures more comprehensive insights. This comprehensive insight allows crisis leaders to make informed decisions that cater to the greater good. Things like government being more prudent, quitting luxury spending, reducing taxes to encourage savings and investment, fixing insecurity to encourage inflow of investment and borrowing less from external sources, are easily intelligible choices.

To illustrate the importance of deep insight in Nigerian leadership during the economic crisis, let us examine three recent crises. The first is the economic recession of 2016. The 2016 recession was triggered by a significant drop in oil prices and compounded by policy challenges and security issues. Our Leaders needed to interpret the interconnected causes, including global oil dynamics, domestic economic policies, and security concerns in the Niger Delta. The Economic Recovery and Growth Plan (ERGP) was developed as a response, focusing on diversification and stabilisation. While the ERGP provided a strategic framework, the process highlighted the need for consistent policy implementation and addressing underlying structural issues. This still needs to be done, and our leaders have yet to learn any lessons they could apply in subsequent crises.

The second is the current economic crisis that has been exacerbated due to the implementation of fuel subsidy removal policy. Every Nigerian knows the need to remove fuel subsidies, but it takes work. Periodic attempts to remove fuel subsidies faced public resistance due to their impact on living costs and inflation. Our Leaders needed to balance fiscal sustainability with socio-economic impacts. Understanding public sentiment and economic realities was crucial in framing and communicating subsidy reforms. Subsidy removals were often met with protests, highlighting the need for transparent communication, phased implementation, and accompanying social protection measures.

However, the hurried end of the subsidy without mapping the multiple scenario implications and making adequate provisions to cushion the impact threw our economy into a whirlwind of desperation, and the repercussions have been devastating, as indicated in the above economic statistics. Developing multiple scenarios based on different interpretations of the crisis helps prepare for various potential outcomes. Effective sensemaking includes proactive risk management and contingency planning. Lack of effective policy management is creating more public angst than the actual policy itself.

The third is the unintended devastating impact of harmonisation of the exchange rate during a period of dollar crunch and scarcity without remedial provisions for the inflationary implications of a devalued Naira in an import-dependent economy. The Naira has collapsed by over 200% in the past year, forcing the prices of all imported goods to follow suit. The combo of exchange rate-induced inflation and subsidy removal inflation has resulted in the worst inflationary rate in a generation in Nigeria.

Crisis leaders are problem solvers. They can adjust plans, policies, and responses as new information is gathered or situations change. This means listening to stakeholders, voices of reason, and experts. The reoccurring question throughout this economic crisis is: Where are our crisis leaders? Political leaders are poor crisis leaders because they fail to recognise the warning indications of impending challenges and rarely put the lessons they have learnt from past crises into practice.

Decision-making in a position of leadership is challenging. It is more significant when a decision impacts the lives of numerous individuals. Our leaders at various strata have yet to appreciate this. Decisions are often made without the rigour of clear thinking or fall back to the narrow framing of A or B. Lack of strategic foresight and thinking abilities manifest in most of our decisions.

Therefore, Nigerian leaders must deeply analyse the crisis’s economic, social, political, and cultural dimensions. This involves understanding both macroeconomic trends and grassroots realities. They should engage with various stakeholders to enrich the sensemaking process. Collaboration with experts, community leaders, and international partners provides diverse insights and fosters collective action. Sensemaking is not a one-time activity but a continuous process. Leaders must remain open to new information, willing to reassess situations, and ready to adapt strategies as the crisis evolves. Transparent and consistent communication will help them in managing public perceptions and reactions.

Tragedy struck in Ondo town, Ondo State after two lovers were reportedly electrocuted during sex romp.

The incident according to an eyewitness occurred at the Ayeyemi area of Ondo town, Ondo State.

Vanguard gathered that the middle-aged man identified as Eric and his yet-to-be-identified girlfriend were reportedly found dead at a new apartment in the area.

The lifeless bodies of the lovers were reportedly found stuck together.

This, the source said was an indication that the lovers were having sex before the ugly incident happened.

According to the source, the dead lovers were said to have been separated by a doctor.
The source said that “The secret lovers were electrocuted during the sex romp.

“The generator was running in the premises and a phone plugged on a power socket to charge was seen placed on the bed. It might be possible they had contact with a naked wire resulting in their electrocution.”

“The relatives of the deceased man found the lovers dead after they did not answer their phone calls the following day. They looked through a window, spotted the bodies, and broke down the door to enter.

Contacted the state Police commands spokesperson, Funmi Odunlami, confirmed the incident.

Odunlami added that an investigation had commenced into the incident, saying “The man and the woman are lovers who were known by both relatives. They died in the room but they were not stuck together. We are yet to know the cause but the investigation had commenced.

A stalwart of the All Progressives Congress (APC) in Lagos State, Dr Celestine Chukwuneye, has criticised the way and manner the presidential candidate of the People’s Democratic Party (PDP) in last year’s elections, Alhaji Atiku Abubakar, is playing opposition politics.

Chukwuneye said in Lagos that Atiku is doing more of an attack on the administration of President Bola Ahmed Tinubu, without the necessary facts and without proffering a solution. He said a good opposition should criticise the government with facts and figures.

The APC chieftain lamented that Nigeria does not have a strong opposition party or coalition of parties. He added: “We need a strong opposition. It helps to make the government perform to its optimum. It is my wish that the opposition should get their acts together. In politics, there is no need for undue rivalry. I don’t believe in that. It should be live and let live.’’

He advised the opposition to work for the country’s progress by commending the government when it is doing well and pointing out with facts and figures it is doing otherwise. He said: “If the ruling party gets it right, it is good for the country. The opposition could be in government tomorrow as it happened in 2015 and life continues. Whether in government or opposition, do your best for the country.”

On the recent visit of the Labour Party (LP) presidential candidate in the 2023 general elections, Peter Obi to Atiku, the medical doctor said: “If it is about a merger, it is good. Let them merge. It is a good thing for the country. We should have two good strong parties in the country. The others can pursue their agenda.

Chukwunenye also lamented that all the political parties are not united, saying this is bad for our nascent democracy. His words: “All of them are in crisis. This is good for the country. They should be focused on delivering the dividends of democracy.’’

He said the situation is even worse for the so-called smaller parties because they are hardly visible. “You hardly hear anything from them. They only come around when there are elections,” he added.

Chukwunenye said there is a need to amend the electoral laws. He said the percentage a candidate is expected to secure to win the presidential election should be reviewed. “We borrowed our presidential system from the United States. But, in that country, no one wins the presidential election with less than 50 per cent of the total votes cast.

“It is not good also when one party gets 90 per cent of the votes. This helps to ensure that democratic tenets are kept. It helps to reduce centrifugal forces such as ethnicity and religion in our political system,’’ he added.

A Special account with $2.9 billion deposit has been created by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange (forex) market.

The apex bank, which identified the special account as Gazelle Funding Account, dropped the hint during the last Federation Account Allocation Committee (FAAC) meeting.

The Nation learnt that the revelation was made after the FAAC Post Mortem Sub-Committee members noticed in last month’s report from the Nigerian National Petroleum Company Limited (NNPCL) that proceeds from Production Sharing Contract (PSC) Tax and Royalty sales were transferred to the Gazelle Funding account.

The CBN backed NNPCL’s explanation, stating further that the Federal Government secured the $3.3 billion loan from Afrexim Bank to stabilise the forex market.

The sub-committee report said: “The structure of the loan requires NNPCL to deposit PSC Royalty and Tax proceeds into the Gazelle Funding account. From these deposits, 90 per cent will be released to NNPCL and CBN, while 10 percent will go towards repaying the loan.”

Members of the FAAC sub-committee, who recognised the potential benefits of special funding for forex stability, however raised concerns about the process and transparency of the loan arrangement.

“Representatives from states and local governments noted that they had not been informed about the loan prior to this meeting,” a source told The Nation.

Responding to the concern, the sub-committee has asked the NNPCL to organise a stakeholders’ meeting to offer a platform to inform all relevant parties about Project Gazelle Funding and explain the purpose, structure and repayment plan for the loan.

The source said: “The goal is to ensure transparency and accountability. The stakeholder’s meeting is expected to address several issues, including: The criteria used to justify the $3.3 billion loan amount; the selection process and reasons for using a special purpose vehicle for the loan; the long-term implications of using future oil sales as collateral and measures to ensure transparency and accountability in managing the loan.

On June 6, the African Export-Import Bank (Afreximbank) announced the release of an additional $925 million for Nigeria’s oil-backed prepayment facility into the Project Gazelle Funding account. This facility is originally sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

“This latest disbursement brings the total amount funded under the syndicated $3.3 billion prepayment facility to $3.175 billion. Afreximbank coordinated the facility under an ‘accordion’ arrangement and gathered $925 million from a group of lenders that includes notable companies like Oando Group and Sahara Energy Resource Limited.

“This ‘accordion disbursement’ allows Nigeria to potentially ‘stretch’ the loan amount beyond the $3.3 billion within a set limit, depending on their needs and the approval of the lenders.

“This feature allows Nigeria to access additional funds if needed, without renegotiating the entire loan agreement. Knowing there’s potential for an increase can help with more flexible financial planning for Nigeria. While the agreement allows for additional disbursements, it doesn’t guarantee them. The lenders (oil consortium) have a say in whether or not to approve the increase.”

President/Chairman of Board of Directors, Afreximbank’s Prof Benedict Oramah, highlighted the significance of the development.

Oramah, who emphasized that it showed the bank’s vital role in supporting development across Africa, stated: “This milestone demonstrates the bank’s capabilities as a crucial development partner for Africa. It reaffirms our commitment to assisting our member states in achieving economic growth and stability. This funding will greatly support Nigeria’s short and long-term economic development priorities.”

He praised the original facility, calling it a “landmark” for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts in Africa.

“This project underlines the importance of such financial structures in fostering economic development and stability in the region”, Oramah said.

The Project Gazelle Funding Limited is a key part of Nigeria’s strategy to leverage its oil resources for economic growth.

The funds will be used to support various development initiatives and stabilise the country’s foreign exchange market.

The governor of Rivers State, Siminalayi Fubara, has said that he is not obsessed with power.
According to him, he does not exercise absolute power in controlling the people of the state but plays the role of a watcher over its affairs for the betterment of its citizens.

The governor opined that those who seek absolute power, eventually become obsessed with it and end up trampling on the rights of the people.

He stated this at a child’s dedication service at the Royal House of Grace International Church in Rumueme Community, Obio/Akpor Local Government Area of the State on Sunday.

According to him, “For us, by the special grace of God, He has placed us, today, to watch over the affairs, not to control, but watch over the affairs of this State. I am not controlling, but watching the affairs, and I will watch through the fear of God.

“I will watch, understanding that one day, I will leave and account for the way I had watched over the affairs for all of us.

“It’s when you are of the mind of controlling power, that you will become obsessed. But when you are watching, you know that one day, you will leave, and another will take over.

“So, I will watch with the fear of God, and I will make every one of you proud. I will make a difference in leadership, and that difference will be to give everybody the opportunity to be free in this State.”

Fubara asserted that no administration in the State has ever been subjected to the ordeals it is experiencing but stressed that the confidence to pull through is rooted in the spirit to stand in the strength of God continually.

“No man is more powerful than God. And even the heart of that wicked and heartless man, or whatever you want to call it, is in the palm of God’s hand.

“It’s like a water that God turns in directions He wants. So, it’s only God that will continue to help us. And I know that He will lead us to a successful end.

“Nothing happens without God. He is a perfect designer. Before anything happens, He knows the end from the beginning. He already knows where he is going,” he added.

Governor Fubara, who urged the church to continue to pray for his administration because God has already taken charge, said Rivers State and its people are truly liberated by God.

The Governor, while assuring of upholding what is right and just for the interest of the State, on behalf of the State Government, donated the sum of ₦100million support to the church.

Former Super Eagles coach, Finidi George, on Sunday, reacted to the viral video of Victor Osimhen on social media, where he denied accusations of faking an injury to avoid participation in the 2026 World Cup qualifiers.

Naija News had earlier reported that Osimhen, on Saturday, in an Instagram Live, disclosed that the claims about him staging an injury to skip national team duties were false.

In the video, Osimhen addressed some rumours linked to Finidi George, claiming that the former Enyimba gaffer said that he won’t beg him [Osimhen] to play for the Super Eagles.

Osimhen attacked the former Super Eagles coach, stating that he has lost respect for him.

The controversy prompted Nigerian sports journalist, Colin Udoh to seek clarification from both the Nigerian Football Federation (NFF) and Finidi George.

Udoh reached out to senior NFF officials, who confirmed that Finidi never accused Osimhen of feigning an injury.

Udoh also revealed that he reached out to Finidi, who refuted ever making such a statement and expected Osimhen to have handled the situation differently.

Udoh said on Instagram, “So I called a couple of people who were at that meeting between Finidi, the NFF, and the minister to find out if what is alleged to have been said was actually said, and so these people are usually very, very senior and reliable people and I was told categorically that Finidi did not say the things he’s alleged to have said.

“He did not say he wasn’t going to beg Osimhen. He did not say that Osimhem was not committed. in fact, he did confirm when he was asked about Osimhen’s absence that he called him from Germany, and that’s why he was excused.

“It was when the issue of player’s commitment was raised; that’s why he said he would not beg anybody to play for the Super Eagles, but he did not mention any player by name, specifically.

“And so, I also called Finidi himself to ask him if that was the case and he also confirmed to me that he never said any of those things.

“In fact, he corroborated what the other gentleman had told me and that he would have no reason to call out any player, whether in public or in private, and that he would address issues with the players themselves if there were any issues.

“And then, as soon as the video was brought to his attention, he said he reached out to Osimhen and let him know that one, he never said those things, and two, even if he had, Osimhen should have reached out to him first to find out if he did say, what he was alleged to have said, rather than going, public with such disrespect.”

The Presidency has reacted to a report published in the New York Times criticising the Nigerian economy as facing the worst trajectory in a generation.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, responded on Sunday to the report by Ruth Maclean and Ismail Auwal.

According to the Presidency, the feature story, titled ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’ and published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments have reported on African countries for decades.

Onanuga stated that due to the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters regarding the economic policies of President Bola Tinubu’s administration, which took office at the end of May 2023.

He noted that the report painted a dire picture of some Nigerians’ experiences amid the inflationary spiral of the last year and unfairly blamed it all on the new administration’s policies.

He argued that the report, based on several interviews, is at best jaundiced, portraying all gloom and doom without mentioning the positive aspects of the economy or the amelioration policies being implemented by the central and state governments.

Onanuga emphasized that Tinubu did not create the economic problems Nigeria faces today but inherited them.

“As a respected economist in our country once put it, Tinubu inherited a dead economy.

“The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela,” he noted.

He explained that this context led to the policy direction taken by the government in May/June 2023, including the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

Onanuga highlighted that Nigeria had maintained a fuel subsidy regime for decades, which consumed $84.39 billion between 2005 and 2022 from the public treasury, in a country with significant infrastructural deficits and a high need for better social services.

He also alleged that the state oil firm, NNPCL, had accumulated trillions of Naira in debts due to unsustainable subsidy payments.

He noted that when Tinubu took office, no provision was made for fuel subsidy payments in the national budget beyond June 2023.

“The budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.”

Onanuga further explained that like oil, the exchange rate was also subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to defend the currency against the unquenchable demand for the dollar.

“This low rate led to arbitrage and failures to fulfil remittance obligations to airlines and other foreign businesses, drying up foreign direct investment and investments in the oil sector.

“To address these issues, Tinubu rolled back the subsidy regime and floated the naira on his first day”, Onanuga said.

Despite initial challenges, Onanuga noted that some stability is being restored, with the exchange rate now below N1500 to the dollar and prospects for further appreciation.

He cited a trade surplus of N6.52 trillion in Q1, as opposed to a deficit of N1.4 trillion in Q4 of 2023, and renewed interest from portfolio investors as indicators of improving economic confidence. Loans from the World Bank, AfDB, and Afreximbank are also contributing to Nigeria’s renewed bankability.

Onanuga highlighted efforts to control inflation, especially food inflation, through increased agricultural production and state-led initiatives to sell food at lower prices.

“The Tinubu administration has invested heavily in dry-season farming and provided incentives to farmers.”

He concluded by comparing Nigeria’s economic challenges with those faced by the USA and Europe, emphasizing that the Tinubu administration is working hard to overcome these difficulties.

“Our country faced economic difficulties in the past, an experience captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”