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.”

The tripartite committee established by the federal government to review the minimum wage has urged labour unions to reassess their wage demands. 

Speaking with NAN on Sunday, Bukar Aji, the committee’s chairman, asked labour to reconsider their position based on economic factors and the non-monetary incentives provided by the government.

Aji highlighted several incentives of the government, including the N35,000 wage award for all treasury-paid federal workers, N100 billion for gas-fuelled buses and gas kit conversions, a N125 billion conditional grant, financial inclusion for small and medium enterprises, and a N25,000 monthly stipend for 15 million households over three months.

He also listed the N185 billion in palliative loans to states to mitigate the effects of petrol subsidy removal, N200 billion to boost agricultural production, N75 billion to strengthen the manufacturing sector, and N1 trillion for student loans, among other interventions.

Aji called on the labour unions to consider accepting the N62,000 minimum wage offered by the federal government.

He said the committee is trying to avert a situation where the minimum wage would lead to further job losses, especially as many businesses are already struggling.

BACKGROUND

In January 2024, the federal government inaugurated a 37-member tripartite committee on the national minimum wage.

The committee was tasked with the responsibility of recommending a new minimum wage for Nigerian workers.

Over the past few months, the federal and state governments, organised labour and representatives of the private sector have been deliberating on a mutually acceptable sum.

However, the demand by organised labour is yet to be met.

On June 3, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) embarked on a nationwide strike to protest the federal government’s inability to meet their demand.

Twenty-four hours later, the labour unions “relaxed” the strike by one week.

Both unions had earlier proposed N615,500 and N494,000, respectively, as the new minimum wage, which the federal government said was unrealistic.

On June 7, the federal government increased its offer from N60,000 to N62,000, while the labour unions insisted on N250,000.

In a recent interview with Vangurd Newspaper, Chief Iyiola Ajani Omisore, the immediate past National Secretary of the All Progressives Congress (APC), revealed that the party spent approximately N9 billion on legal fees for 10,000 cases arising from its congresses.

Omisore, who served as a senator between 2003 and 2011 and was the Deputy Governor of Osun State from 1999 to 2003, discussed various issues concerning the party and the nation, including the 2022 APC presidential primary and the challenges faced by the party during its congresses.

Addressing the controversies surrounding the 2022 APC presidential primary, where then-National Chairman Abdullahi Adamu allegedly opposed the emergence of President Bola Tinubu as the candidate, Omisore stated that his mandate was to deliver the South-West for the presidency, which he successfully achieved. He emphasized that politics is about upholding one’s interest and delivering on objectives.

Omisore also shed light on the legal challenges faced by the APC during its congresses, stating that the party secretariat had a deficit of about N9 billion and was dealing with 10,000 court cases related to the congresses alone. He stressed the importance of conducting transparent primaries to minimize legal disputes and ensure the party’s success in the general elections.

Despite the numerous court cases, Omisore said the party had to move forward with its presidential convention, focusing on conducting a democratic process within the limited timeframe available. He noted that the APC’s transparency in its primaries contributed to its victory in the governorship elections.

Regarding the ongoing minimum wage negotiations, Omisore advised the Nigerian Labour Congress (NLC) and the government to find a resolution through engagement and negotiation. He emphasized that the government must consider the available resources and inflation trends while striving to provide a reasonable wage for workers.

As the nation grapples with various challenges, Omisore expressed optimism about Nigeria’s progress under President Bola Ahmed Tinubu’s leadership. He highlighted the president’s efforts to engage with stakeholders, make bold decisions, and address issues such as poverty alleviation and power supply.

The 5,937 soldiers that recently passed out from the Nigerian Army Depot in Zaria, Kaduna State, will be deployed to fight banditry, cattle rustling and related crimes, Chief of Army of Staff, Lt. Gen. Taoreed Lagbaja, has said.

Lagbaja disclosed this during the passing-out parade for the 86 regular recruit intake of the Depot Nigeria Army, in Zaria, yesterday.

The COAS, who was the Special Guest of Honour and Reviewing Officer, for the passing out parade, added that the new men would form part of the solution to numerous security challenges bedevilling the country.

“The fresh products passing out today will form part of the solution to the challenge of insurgency in the North-east, banditry and cattle rustling in the North-west.

“They will fight the farmers/herders’ clashes in the North-central, secessionist agitation and cultism in the South-east, militancy, and vandalism of critical national assets and infrastructure in the South-south and south-west.”

The COAS noted that the training was a continuous process in the military, adding that the Nigerian Army has put in place post-depot training packages to help the soldiers master the array of weapons and equipment.

This, according to him, will enable the soldiers to become more efficient in the art of war.

He said that the army was improving on the existing welfare packages to enable the soldiers to cater for their medical, recreational, and educational needs to ease career fulfillment.

While congratulating the 5,937 recruits, the COAS said that the life of a soldier was a life of sacrifice to his country, allegiance to defend, and, if need be, sacrifice his life for the people.

“Sacrifice to go wherever you are ordered to, by land, sea or air; sacrifice to relegate personal comfort and assume a duty to the country as a primary concern,’’ he said.

He said that by becoming a soldier, one had accepted the highest call to duty any Nigerian could take up.

He added that as soldiers, they had joined the unique league of exceptional Nigerians who had elected to abide by the requirements of exceptional discipline, loyalty, integrity, and dedication to duty.

Lagbaja, therefore, charged them not to disappoint the Nigerian Army and the country’s expectations of them.

He commended and congratulated the commandant and instructors of Depot NA for the successful training and graduation of the recruits.

The Army boss assured the commandant of the Army headquarters’ support towards realising the training objectives of the institution.

The Ministry of Solid Minerals Development on Saturday vowed to revoke the titles of owners of licensed land that are being used for illegal mining operations.

The government said this in response to development at a mining site located in Shirley Niger State which had swallowed over 50 miners during the collapse.

Weeks after the Shiroro incident was reported, another site Bazakwoi, Adunu Community, in the Paikoro Local Government Area in Niger state was reported to have collapsed on Thursday, June 13, 2024, resulting in the death of three men.

Responding to the frequent occurrences in the state, the Minister of Solid Minerals Dele Alake in a statement signed by his Special Assistant on Media, Segun Tomori, said preliminary investigations showed that the collapsed mine was in the area under Exploration Licence 43113 of Jurassic Mines Limited in Adunu Village, Paikoro Local Government Area, Niger State.

He said, “At the time of the visit, work had stopped at the site, and only onlookers were seen. The coordinates of the site were taken, and officials returned to Minna at about 8.30 pm.

“The owners of the company were contacted by phone, but they claimed ignorance of happenings on the site. They were then summoned to the office in the state capital.

“Owners of licenced units of land mined by illegal miners will lose their titles”.

The statement noted that the men killed in the accident had since been buried.

The minister further warned land title owners with mining licenses to desist from illegal operations, as those caught or found guilty would face the law.

The Nigeria Labour Congress said the government must accede to its demands on minimum wage based on practical realities in the country.

The NLC also faulted a statement by President Bola Tinubu during a meeting with some governors and members of the National Assembly on the occasion of the nation’s 25th Democracy Day anniversary.

Tinubu had said that the government would only be able to pay its workers what the country can afford.

“Senate president, deputy senate president, you will get a notice from me if I have changed my mind on minimum wage. We are going to do it — what Nigeria can afford, what you can afford, what I can afford. They ask you to cut your coat according to your size if you have size at all,” Tinubu had said.

But in his reaction, the spokesperson of the NLC, Benson Upah, in an interview with our correspondent, described the president’s statement as a contradiction of his promise to pay a living wage.

“This will be in breach of his promise to pay a living wage which is superior to a minimum wage. Moreover, there is unanimity of opinion that government accede to the demand of Labour based on practical realities,” he stated.

Disagreements between the government, Labour, and the Organised Private Sector have continued to brew over the new minimum wage.

During his nationwide broadcast to commemorate the 25th anniversary of Nigeria’s democracy on Wednesday, June 12, Tinubu announced that a consensus had been reached on the long-debated new minimum wage between the Federal Government and the Organised Labour.

In the national broadcast, the President revealed that an executive bill would soon be sent to the National Assembly to formalise the new minimum wage agreement.

He stated, “In this spirit, we have negotiated in good faith and with open arms with Organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”

However, in a swift reaction, the Organised Labour stated that it had not reached any agreement with the Federal Government Tripartite Committee on the new minimum wage as claimed by the President.

In a statement on Wednesday, the acting President of Nigeria Labour Congress, Adewale Adeyanju, said there was no agreement reached by the Tripartite Committee on the National Minimum Wage when negotiations ended on Friday, June 7, 2024.

Adeyanju stated that at the last meetings, the demand remained N250,000 from the Organised Labour and that anything to the contrary won’t be accepted. He said, “Our demand remains N250,000 only, and we have not been given any compelling reasons to change this position which we consider a great concession by Nigerian workers during the tripartite negotiation process.

“We are, therefore, surprised at the submission of Mr President over a supposed agreement. We believe that he may have been misled into believing that there was an agreement with the NLC and TUC. There was none and we must let the President, Nigerians, and other national stakeholders understand this immediately to avoid a mix-up in the ongoing conversation around the national minimum wage.”

However, the state governors have vehemently opposed the offers and demands so far made by the Federal Government, OPS, and Organised Labour on the new minimum wage.

Speaking under their umbrella forum, the governors had maintained that compelling them to pay the minimum wage proposed by both the Federal Government and Labour would have adverse consequences on their delivery of critical infrastructural projects for their states.

Rwanda head coach, Thorsten Frannk Splitter, says he will be relying on Gernot Rohr for essential information to claim the scalp of the Super Eagles in their 2026 World Cup CAF Qualifying Group C match day 5 fixture on March 17, 2025, PUNCH Sports Extra reports.

After four rounds of matches, Rwanda are surprisingly topping the group with seven points, the same as South Africa in second place due to an inferior goal difference, and the East Africans can now fancy their chances at maiden World Cup qualification by adding Nigeria to their conquest list.

Rohr led Benin to a historic 2-1 win over Nigeria at Stade Félix Houphouët-Boigny, Abidjan, on June 10, and Splitter feels the Franco-German, who coached Nigeria for almost six years before being appointed by Benin, is the right man to advise him on how to beat Nigeria.

“I am very sure we (me and Gernot Rohr) will have a phone call before; it may be two or three, and if he can tell me something, I will be stupid not to take it. For that, we will try to be in contact; if possible, we can help each other; for sure, we will do it,” the Belgian tactician told Brila FM on Saturday.

Rohr was carried shoulder-high by Cheetahs players after Jodel Dossou scored on 37 minutes to cancel out Raphael Onyedika’s 27th-minute opener for Nigeria, and Steve Mounié scored the decider three minutes into added time of the first half to give Benin their first victory against their illustrious neighbours in Ivory Coast.

Nigeria are stuck in fifth spot on the log with miserly three points in for matches, and the three-time African champions will look to revive qualification hopes when the series resumes early next year, which will see them host Zimbabwe on March 24 on the back of the Rwanda trip.

This will be under a new coach following the resignation of Finidi George on Saturday, June 15, shortly after the Nigeria Football Federation announced its decision to hire an expatriate technical adviser to boss him.