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Says FX reforms already bearing fruit
Governor, Central Bank of Nigeria, CBN, Mr. Olawale Cardoso said the apex bank will continue to implement bold reforms that makes the economy works for everyone.
He spoke at the 2024 Annual Vanguard Economic Discourse with the theme: “Reform in an era of Global Economic Uncertainty: Whither Nigeria”, in Lagos.
According to Cardoso, the recent measures introduced by the CBN to reform are already bearing fruit.
He said: “The theme, Reforms in the Era of Global Economic Uncertainties: Whither Nigeria, embodies for me the tough challenges and the trade-offs that policymakers worldwide are having to make or are having to navigate in response to the terrible headwinds and economic turbulence we all face.
In this era that has been aptly captured as a vocal era, which is the era of volatility, uncertainty, is characterized by choppiness of the headwinds that are dreaming by the unending stream of shocks in the global and the regional sphere.
Global Uncertainty
This has led to what we tag today as an elevated level of global uncertainty. It is true.
There is an index called the World Uncertainty Index that measures how uncertain the world is today. And the last report of that index says that, and I like the way it summarizes it, so let me read it for you. It says, the shocks that have shaken the global economy in recent years have introduced a new normal for turbulence.
These episodes, the turbulence driven in some cases by political fragmentation between countries, these episodes also lifted uncertainty to exceptionally high levels, which in turn caused economic growth. And I think that’s the part that we are particularly interested in today. The uncertainties that we are seeing globally are having a significant impact on the economic growth and economic outcomes.
On its part, the IMF said recently that we are expecting a growth rate of about 3.2% globally. However, it was true to mention that there are clear risks to the achievement of this economic growth level, and it names those risks as including tight financial conditions, disruptions to global supply chains, geopolitical tension and economic fragmentations.
The economic market, or the financial market tightening that we have seen globally has been as a result of monetary authorities taking steps to rein in inflation. And as the market is tighten, that has had impact on developing the economy like ours because we have seen flights of investment leaving developing economy back to safety as they worry about risk and uncertainties.
Energy and financial markets as well as world trade foods have also been impacted significantly by conflicts especially the crisis in the Middle East and the conflict between Russia and Ukraine which we have seen impacting on trade and other markets. This impact has resulted in a drag on economic growth and has caused significant inflationary pressure.
In addition, we have also seen fragmentation that started during the COVID 19 where governments have resulted more in protectionism to keep more of what they produce to protect themselves.
These kinds of protectionism have created uncertainties in global trade.
Furthermore, the growth in global debt levels especially amongst developing countries that are also struggling to pay or to cover the debt repayment schedule has also created some additional uncertainty in the economic environment.
Domestic challenges
On the domestic front, we have been faced with uncertainty driven by high inflationary pressure, fx for volatility, rising debt burden and slowing economic growth.
The challenge of high inflation in Nigeria is driven largely by food inflation due to the rising cost of transport of farm produce, infrastructure related constraints, and security challenges of food producing areas and exchange rate pass through to domestic prices from imported goods.
All of these have created uncertainty for businesses and for homes.
Another concern that we face is the volatility in the foreign exchange market which over the years have been driven by market distortions and reduced supply of foreign exchange which have created opportunity for speculative activities that have impacted the price and the rate and the value of the naira.
In addition we’ve had concerns or more or less we’ve prioritized as one of the things that we need to do increasing the capacity of the banking system to be able to facilitate the size of transactions that will help us build and establish the one trillion dollar economy that Mr President has envisioned.
Distinguished ladies and gentlemen having identified some of the challenges versus the abundant human resources which is typified by the great talents and intellectual capacity that I see across the room this morning and the natural resources in our land we certainly deserve better outcomes than the current economic realities that we find ourselves in.
In responding to these uncertainties and indeed to any kind of uncertainties, the need for appropriate focus and unwavering reforms cannot be over emphasized
As the Governor of the Central Bank of Nigeria, I remain committed to reposition the bank to deliver meaningful data-driven and sustainable solutions with clear positive impact on the livelihood of all Nigerians.
However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities working in harmony.
I therefore wish to acknowledge the contribution of Vanguard Newspaper in organizing these very important summits as a platform for collaboration and synergy in the march towards our common goal of a larger and more resilient economy.
When I was being ushered in, I had the opportunity to greet the publisher and his adorable wife and I was want to whisper to them a big thank you for putting this together because we hope that at the end of this summit, we’ll be able to harvest many new and germane ideas that we would mix with available data to move our country forward.
Like you all know, we are always on the lookout for new ideas, for new collaboration, for new ways to add value to our economy, and to build our economy and make it work for all of us.
On our part, my team and I in the Central Bank of Nigeria are determined to continue to implement bold reforms to make the economy work for all Nigerians.
Monetary policy
We have embarked on tightening the bank’s monetary policy to address inflationary pressure in the economy and believe that the results will become evident in the near term.
Luckily, we are already seeing deceleration in inflation, evidenced by a decline in the month-on-month growth in the headline and food inflation rates, based on our March inflation numbers.
We remain committed to use all the Autonomous Monetary Policy tools available to us to address inflation.
FX measures
We have also embarked on major reforms to liberalize the foreign exchange market, which has enhanced transparency, reduced arbitrage opportunity, promoted stability, and improved liquidity in the market.
The settlement of all valid FX forwards, which was one of my commitments when I came as a Governor of the Central Bank of Nigeria, has also improved the confidence of stakeholders. We are already seeing the results of this reform in the growth of FX flows into the country.
In fact, the FX flows into the country in Q1 of 2024 was 136% of the total inflows that we had in the whole of 2023. I think that deserves a round of applause.
In addition, we are working to address the challenges in the BDC segment. To this end, we have developed and revised regulatory and supervisory guidelines for BDCs operation in Nigeria. This is aimed at ensuring that BDCs play the right role in the foreign exchange market.
In addition, we have also revoked the license of BDCs who have been involved in unwholesome practices.
Also, we continue to be focused on increasing the flows from diaspora remittances into the economy through official channels. We are working to improve liquidity in the foreign exchange market. We are working closely with key stakeholders in this segment. And recently, to push this forward, we licensed 14 new IMTOs, which are international money transfer operators to enhance competition, efficiency, and transparency in the foreign exchange market.
We continue to be committed to a transparent and functional FX market where price discovery is based on market-driven frameworks and we are confident that this will lead to long-term stability of the Naira, which I know is what all of us see.
Let us be able to know exactly what the rate of the naira is at any given time.
Banking recapitalization
Furthermore, the bank is in the process of implementing far reaching reforms in the in the banking system which includes increasing the capital requirement for banks to improve financial system stability and enhance the capacity of banks to support the one trillion economy envisioned by Mr. President.
Measures are also being taken to ensure good ethical and professional practices in the banks by enforcing compliance with enhanced corporate governance guidelines.
Distinguished participants, I am pleased to note that some of our bold actions are already bearing fruit, evidenced by the improvement in Nigerian foreign credit rating and the commendations from the World Bank and other multilateral institutions.
We are confident that the prudent implementation of our reform program will restore the economy to the path of inclusive and accelerated economic growth in the near term.
I would like to acknowledge that much more work is required to address our economic challenges. But let me assure you that the Central Bank of Nigeria is committed to and will continue to enhance its efforts to deliver on its mandate of promoting monetary and price stability in Nigeria.
The CBN will continue to strengthen its collaboration with other regulators as well as with fiscal authorities in order to deliver sustained and inclusive economic growth. In doing this, the Central Bank will pay attention to all the deliberations.
The Minister of Interior, Olubunmi Tunji-Ojo, on Thursday, said the government will initiate processes to possibly relocate Ikoyi prison and some other correctional centres from urban centres in the country to other areas.
Tunji-Ojo revealed this plan on Channels Television’s Politics Today programme on Thursday.
The minister said urbanisation has eaten into the setbacks that ought to be around correctional centres in the country.
Tunji-Ojo said, “Under this administration, we’ve not had any jail attack; what we’ve had was force majeure which was Suleja because that particular correctional centre was built in 1914. It’s about 110 years old.
“President Tinubu was not President a 110 years old. He inherited 256 correctional centres that needed attention. There is no way he would have completely overhaul it in one year.
“I must talk about urbanisation. Look at Suleja for example, the Suleja correctional centre that came down was only 7 metres away from the next house. Instead of what the law says which is a buffer space of 100 metres. So, urbanisation has eaten deep.
“Look at Ikoyi Correctional Centre sharing a fence with (another house). What’s (a) correctional centre doing in Ikoyi? This administration is looking at being able to initiate the process of possibly relocating some of these correctional centres.”
He said the government would soon commence an “inmate audit” across the country’s 256 correctional centres and sanitise them by freeing those who don’t have any business being there in the first place.
Tunji-Ojo said President Bola Tinubu inherited so many old correctional centres that need attention but the government has started the renovation and rebuilding of some of the prisons in Nigeria.
“We’ve renovated over 10 correctional centres under this administration,” he said, adding that the government has done “magic in the Kuje correctional centre.”
The presidential candidate of the Labour Party, LP, in the 2023 general elections, Mr Peter Obi, has dispelled rumours, making the rounds that he would leave the party.
Obi who reacted through his X platform noted that he remains a faithful, committed and loyal member of the Labour Party.
Recall that the National Chairman of the Labour Party, Julious Abure had announced a decision by the party’s National Working Committee to set up some Directorates among which was the “Obidient Directorate” to coordinate the seamless integration of members of the movement into the LP.
The party went further to name some individuals as directors. This move angered several members of the movement who issued a strongly worded statement denouncing the party and dissociating themselves from the new body.
However, reacting to the Julious Abure’s decision, Obi opined that the Obidient Movement, “is beyond a political party and cannot be cubbyhole into one.”
Having said that, rumours spread that Obi would leave the party.
On Thursday, the former Anambra State governor, said: “ I have just been confronted by a Journalist at Abuja airport wanting to know if my statement on Obidient Movement yesterday is a signal of my leaving the Labour Party. For the attention of all those holding such an impression and for the general public.
“I remain a faithful, committed and loyal member of the Labour Party. Indeed, as a Leader of the party, my aspiration, and desire working closely with other Leaders is to reconcile our valued members, and partner with like minds, and parties all over the country to build a strong and better Party that will catalyze and commence the rebuilding of a new Nigeria.
“My statement yesterday was intended to clarify some issues that are of concern to our teeming supporters some of whom are not members of any political party but are desirous for a new Nigeria. Our goal and aspirations remain that a new Nigeria is Possible”.
The Federal Government has debunked the online report that it has offered N105,000 as the new national minimum wage.
Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga made the denial via his X account (formerly Twitter).
The presidential aide said, “The Honorable Minister of Finance and coordinating minister of the economy, Wale Edun has not proposed N105,000 minimum wage. The contrary story being disseminated is false.”
There has been a report on some online platforms to the effect that the minister presented a proposal of N105,000 to President Bola Tinubu.
Recall that the Tripartite Committee meeting on the new national minimum wage was stalled on Wednesday due to the failure of the federal government team to present a new figure to the organized labour after the initial N60,000 offer was rejected by labour.
The minister of Finance alongside the Minister of Budget presented a figure to the President on Thursday which is expected to be presented at the Tripartite Committee meeting today.
The meeting involves the federal government, the organized private sector and the organized labour comprising the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC.
[STATE HOUSE PRESS RELEASE] President Tinubu to International Development Financiers: See Africa As A Destination For Growth And Prosperity
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu to International Development Financiers: See Africa As A Destination For Growth And Prosperity](/media/k2/items/cache/ee8f24eb9d4d4a65fa4d6d6acc61694c_M.jpg)
President Bola Tinubu on Thursday in Abuja called on international development financiers to see Africa as a destination for growth and prosperity.
Speaking at a meeting with a delegation of the International Finance Corporation (IFC), a member of the World Bank Group, led by its Managing Director, Mr. Makhtar Diop, President Tinubu urged global financiers to consider more strategic investments in agriculture, infrastructure, research, and development on the continent.
"The IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understands that the potential for growth, peace, stability, and prosperity is here.
"The world has to see us as a continent that can help the rest of the world, and not perceive us as backwards, unstable, and with leadership problems.
"The expectations of the rest of the world on Africa have to change. By looking at Africa as a potential opportunity and not a danger to the rest of the free world, we can stimulate growth and propel inclusiveness.
"You are at the helm now and in a position to change the perception. We are ready to change the narrative and work with you. Africa is open for business, regardless of whatever the perception may be.
"I am an African and proud to be and will maintain the strong position to collaborate with the rest of the world to see Africa as a destination for growth and prosperity," the President told the IFC delegation led by the Senegal-born Managing Director.
Acknowledging that Nigeria holds the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1 billion as of April 2024, President Tinubu highlighted the importance of some critical infrastructure projects embarked upon by his administration, such as the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.
"We have made various attempts in the past to create dams, but issues with reticulation and irrigation remain. When we consider the living conditions in rural areas where crops are produced, how much funding is allocated for rural roads to expedite transportation to consumer centres?
"The goal of the coastal road and the Sokoto-Badagry Highway is to address this," the President said.
In his remarks, Mr. Diop informed the President that during his working visit to Nigeria, the IFC had engaged in productive discussions with Nigerian partners to enhance agriculture, increase food production through irrigation farming, upgrade transport networks, and bolster regional integration.
Expressing IFC's long-term commitment to growing agribusiness in Nigeria, he announced that IFC has signed a $23.3 million loan agreement with Johnvents Industries Limited, a leading agribusiness for economic development and agricultural transformation, to develop the cocoa sector.
"We are supporting small and medium enterprises in the agricultural sector, and they are doing very interesting things. We need to bring in more big players into food production in the country," the IFC Managing Director said.
Mr. Diop said the Corporation is ready to partner the Nigerian government on new investments in irrigation, road infrastructure, and logistics around the airport under a Public Private Partnership.
He congratulated President Tinubu on his one year in office and commended his bold decisions to revamp Africa’s largest economy.
He pledged IFC's commitment to long-term investment in Nigeria, adding that its single largest investment in Africa is in Nigeria, where it has invested $1.2 billion in the fertilizer industry.
"We are here to support you. The world has been facing a lot of shocks and difficult situations which have affected many African economies," Mr. Diop said.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, held a meeting with President Bola Tinubu against the backdrop of ongoing discussions on a new national minimum wage.
The Minister of Budget and Economic Planning, Atiku Bagudu, was also in attendance at the meeting which held at the State House in Abuja.
It was gathered that during the meeting, Edun presented a new minimum wage template to President Tinubu, meeting the 48-hour deadline earlier issued to him.
According to sources quoted by WesternPost, the template proposes a new minimum wage of ₦105,000 (approximately $220 USD) per month for Nigerian workers.
The source added that Tinubu is currently reviewing the proposal, and an official announcement would be made soon.
Our correspondent gathered that the government team may unveil the new proposal during today’s meeting of the tripartite committee on minimum wage, which is made up of the government, organized labour, and the organized private sector.
The urgency of these orders underlines the government’s commitment to resolving the contentious minimum wage issue, which has repeatedly stalled negotiations.
Previously, the government and the Organized Private Sector had proposed a minimum wage of ₦60,000, which was outrightly rejected by organized labour representatives and resulted in the nationwide strike action which rocked the country on Monday and was eventually suspended on Tuesday after interventions in which some agreements were signed between the government and the labour.
Full List Of Corruption Allegations Levelled Against Ex-Kaduna Governor, Nasir El-Rufai Emerge
AFOLABI
The Kaduna State House of Assembly has indicted former Governor, Nasir El-Rufai and key members of his administration for alleged corruption linked to contract awards and the management of loans during his eight-year tenure.
This conclusion followed a thorough investigation by an ad hoc committee tasked with probing El-Rufai’s governance from May 2015 to May 2023.
The report, delivered to the Assembly by the committee’s chairman, Henry Danjuma, outlines multiple instances of alleged corruption within the state’s government, ministries, departments, and agencies.
The committee specifically scrutinized the handling of both domestic and foreign loans, finding significant discrepancies and mismanagement.
The committee’s key recommendation is the withdrawal of the Internally Generated Revenue (IGR) account currently held at Zenith Bank. This account had been used as security for a ₦20 billion loan guarantee in 2023.
The committee has asked Zenith Bank to refund all deductions made from this account, including accrued interest, citing the guarantee as illegal.
It also recommended that all the commissioners of finance of the state from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for a thorough investigation; and that all the accountant generals of the state from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for investigation.
The lawmakers also recommended suspending the commissioner of finance, Shizzer Bada, to allow for a proper investigation into the ministry’s activities from May 29th, 2015, to May 29th, 2023.
The House also recommended that El-Rufai breached his oath of office contained in the 7th Schedule to the Constitution of the Federal Republic of Nigeria (as amended and failed to exercise due discretion in the administration of the state.
It recommended that El-Rufai be referred to anti-corruption agencies for a thorough investigation and necessary prosecution for plunging the state into unwanted, unjustified, and fraudulent domestic and foreign debts, diversion of funds, and money laundering contrary to all extant laws and regulations.
Other recommendations included “That, the Chairmen of Kaduna State Internal Revenue Service (KADIRS) from 2018 to 2023 be referred to the appropriate Law Enforcement Agencies for a thorough investigation. That, the current Chairman of the State Universal Basic Education Board (SUBEB) do step aside to allow for a thorough and proper investigation into the activities of the Board from 29th May 2015 to 29th May 2023.
“That, the current Executive Secretary of the State Pension Bureau do step aside to allow for proper investigation into the activities of the Bureau from 29th May, 2015 to 29th, May, 2023.
“That, all the Managing Directors of the Kaduna Market Development and Management Company Ltd from 29 May 2015 to 29th May 2023 be referred to the relevant law enforcement agencies for a thorough investigation into their handling of the affairs of the company.
“That, the coordinator of the Kaduna State Government’s Irrigation Programmes for the cultivation of Wheat at Ruwan Sanyi, Kubau Local Government Area in 2016 or thereabout, be referred to the appropriate law enforcement agencies for a thorough investigation.
“That, Ms. Dolapo Popoola, the immediate past Managing Director of AlL KAPSCO whose where about is not known, be referred to the appropriate law enforcement agencies for an investigation into her handling of the affairs of the company and the recovery of all government properties in her possession.
“That, Mr. Muyiwa Adekeye, the Special Adviser to the Governor of Kaduna .. State on Media and Communication from 29th May 2015 to 29th May 2023 be referred to the appropriate law enforcement agencies for investigation on his involvement in the contracts in Kaduna State Media Corporation (KSMC).”
The house further recommended that all the managing directors of Kaduna Roads Agency (KADRA) from 11th October 2017 to November 2021 except for Engineer Amina Ja’afar Ladan who only spent a month in office, be referred to the appropriate law enforcement agencies for an in-depth investigation into their roles in the award and poor execution of contracts during their tenure, while management and senior staff of the agency be redeployed to other relevant ministries and agencies.
It also recommended that all loans (Domestic and foreign) obtained by the Kaduna State Government between 29 May 2015 and 29 May 2023 and found by the committee to have been obtained without due process are not binding on the State, and the State Government should henceforth stop honouring all limits and obligations arising from them.
It also directed some contractors to refund to the Kaduna State Government a total sum of ₦36,351,126,811.65, which was monies paid for work either not done, overpaid or diverted.
The House also indicted El-Rufai ‘s former senior Adviser—counsellor, Jimmy Lawal, who was saddled with coordinating the activities of government ministries and agencies, albeit without any constitutional role, for abusing the trust bestowed on him.
The House alleged that Lawal used the opportunity to introduce dubious companies to which he secured the award of several contracts at outrageous amounts, which contracts were abandoned after payment of substantial contractual sums, and diversion of funds meant for project execution. Therefore, the House referred him to the relevant law enforcement agencies for a thorough investigation and necessary action.
No Tariff Waivers, Import Duty Cuts Yet — FG Disclaims Leaked Documents On New Fiscal Policy
AFOLABI
The Federal Government has disclaimed two leaked documents circulating in the media purporting to contain details of President Bola Tinubu’s new fiscal policy proposals.
In a statement issued on Thursday by the President Bola Tinubu’s Special Adviser on Media and Strategy, Bayo Onanuga, the presidency urged the public and media to disregard the documents, saying they are not officially approved policies of the government.
One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) Order 2024” was being shared as if it were an executive order signed by President Tinubu.
The other was a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing suggestions on improving the Nigerian economy.
Earlier reports based on the leaked documents had claimed that President Tinubu was considering suspending import duties and tariffs on food, drugs and other basic commodities for six months starting May 2024.
The reports also said the purported order authorized rice millers to import paddy rice at zero duty and VAT for a period.
However, Onanuga stated that the documents are merely “policy proposals that are still subject to reviews at the highest level of government.”
He quoted the Coordinating Minister of the Economy, Wale Edun, as saying: “The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.
“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations”.
Edun also used the opportunity to reiterate that the Federal Government’s position on fuel subsidy has not changed from what President Tinubu declared on May 29, 2023 that the regime has ended.
He dismissed speculation of N5.4trn being provisioned for fuel subsidy in 2024 as untrue.
“It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed,” Edun affirmed.
Immediate past governor of Kaduna State, Malam Nasir El-rufai on Wednesday responded to his indictment of the State House of Assembly probing his 8-year administration in the state.
El-Rufai said he led a government of integrity and competent governance between May 29, 2015 and May 29th 2023 when he governed the state.
In an apparent reference to the his indictment by the ad hoc committee of the Kaduna State House of Assembly, El-Rufai’s Special Adviser on Media and Communication, Muyiwa Adekeye, affirmed his principal’s integrity while dismissing what he described as a “scandalous claims being aired as the report of the committee.”
El-Rufai’s reaction, made available to THE WHISTLER, read:”We are aware of news that the Kaduna State House of Assembly has adopted the report of the ad-hoc committee it asked to probe the El-Rufai government.
“We have not been availed a copy of the report, to which we would respond robustly whenever we obtain it. We affirm the integrity of the El-Rufai government and dismiss the scandalous claims being aired as the report of the committee.
“Malam Nasir El-Rufai is immensely proud of his record of governance and the legacy he left in Kaduna State. This record of consistently high performance in public and private office cannot be altered by any malicious effort to use the auspices of a state legislature for defamation and undeserved smears.
“Many of the officials who served in the El-Rufai government appeared before the ad-hoc committee because of their confidence in the quality of their service and the rectitude in which they served Kaduna State.
“They were under no illusion that they were participating in a fair process. It was obvious that the ad hoc committee was merely going through the motions of an inquiry just to give some gloss to predetermined conclusions.
“It is sad to see such a shameful departure from any notion of decency and fairness by a state legislature. We dismiss with contempt the claims being peddled in connection with the report.
“Malam El-Rufai wishes to assure discerning Nigerians that he has served Kaduna State with integrity and to the best of his capacity, assisted by a hardworking and patriotic team.
“He complied with all extant laws in all his activities while he was the governor. This jaundiced probe should be disregarded as the politically motivated hatchet job it is.”
Recall that the probe by the state Assembly was necessitated following the lamentation of the incumbent Governor of Kaduna State, Uba Sani, that El-Rufai left him a huge debt profile.
Sani, who spoke during a town hall meeting in Kaduna, said he inherited a lean treasury, adding that he could not pay workers’ salaries.
Sani said, “Despite the huge debt burden of N587m, N85bn, and N115bn contractual liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development.
“We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.”
The revelation by Sani had generated reactions from several quarters, including El-Rufai’s son, Bashir, who took to his social media handle and accused his father’s successor of shying away from his responsibility.”
Meanwhile, ad hoc committee set up by the Kaduna State House of Assembly to investigate all finances, loans and contracts awarded under the former governor, Nasir El-Rufai, on Wednesday, submitted its report to the House.
The Committee indicated the former governor saying that most of the loans obtained under El-Rufai’s administration between 2015 and 2023, were not used for the purpose for which they were obtained.
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The Committee led by Hon. Henry Zacharia, who’s also the Deputy Speaker of the House, recommended the prosecution of El-Rufai, some other indicted members of his cabinet by security and anti-corruption agencies for abuse of office and money laundering while in office as well as plaguing Kaduna State into heavy debt.
The House of Representatives on Thursday resolved to investigate the alleged fraudulent allocation of title documents to some real estate developers.
This followed the adoption of a motion of urgent public importance moved by the member representing Karu/Keffi/Kokona Federal Constituency, Nasarawa State, Mr Jonathan Gbefwi.
Moving the motion, Gbefwi, noted that before the appointment of Wike by President Bola Tinubu in August 2023, several title land documents in the FCT were issued to some real estate developers “In a highly suspicious manner.”
He said, “The House wonders if the Director of Lands or any official of the Federal Capital Territory Development Administration issued the Right of Occupancy, purportedly in the name of the Minister of FCT. at the period when the office of the Minister was vacant, have the legal right or authority to do so.
“The House is concerned that some of the lands affected were subject to litigations which were yet to be resolved
“We are disturbed that some of the beneficiaries of these alleged fraudulent allocations are already using them to forcibly grab disputed land which is a recipe for conflicts
“We are convinced that if the title document of any land is fraudulently issued or procured, whatever is built on it should not stand in the interest of the public.”
Following the resolution of the House, the Deputy Speaker, Benjamin Kalu who presided over plenary, directed the Committee on FCT to “Investigate all allocations of land in the name of the Minister of FCT. Abuja, given from January to August 2023.”
The House also resolved “That all such lands which are subject to litigation or multiple allocations, should be identified and their allocation withdrawn by the Minister pending the resolution of the matter.”
The committee is expected to report back to the House in four weeks.
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…says trial- and -error economics failing
Former Vice President, Atiku Abubakar, has urged President Bola Tinubu to stop deceiving Nigerians about his administration’s true position on fuel subsidy.
Atiku said this in a statement, in Abuja, yesterday.
He explained that contrary to the President’s public posturing about removing fuel subsidy, the Tinubu administration has been secretly paying trillions of Naira as subsidy on Premium Motor Spirit (petrol).
The former Vice President who was the Presidential candidate of the Peoples Democratic Party (PDP), in the 2023 election, noted that subsidy payments under Tinubu’s watch is likely to hit N5.4 trillion this year (2024).
Atiku said, “President Bola Tinubu, at his inauguration on May 29, 2023, announced the abolishment of the subsidy on PMS, popularly known as fuel.
“Ever since, it has been a bragging right of Tinubu and officials of his administration.
“I had in my statement reviewing the one year of the Bola Tinubu administration urged the government to come clean on the actual position of the subsidy policy.
“These were my exact words: “…provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.
“It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states.
“How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?”
“If the subsidy regime had been characterised by opaqueness, what would we say of a situation where the subsidy is still being paid under the cover without Nigerians in the know?
“Like millions of Nigerians, I was shocked to learn through media reports that
the “government is still supporting downstream consumption.”
“Now we know that expenditure on fuel subsidy may reach N5.4 trillion in 2024, compared to the N3.6 trillion spent in 2023, the same year that Tinubu claimed to have abolished fuel subsidy
“I wish to restate that Nigeria is not working, and what we have had in a little over a year is a cocktail of trial-and-error economic policies. Paying subsidies and lying about it is nothing to brag about. Nigerians deserve better than this deception. “
The Nigerian government has said the turnover of Binance, a cryptocurrency platform, surpassed $20 billion from activities in Nigeria, yet the firm paid zero tax to the country.
The Minister of Information and Orientation, Mohammed Idris disclosed this in a statement on Wednesday while reacting to the allegation that two Binance executives Tigran Gambaryan and Nadeem Anjarwalla were illegally held in custody in Nigeria.
The Minister clarified that the two executives, although one is currently at large, were held for fueling currency speculation and operating non-registered business activities in Nigeria.
“It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.
“In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guard rails to flag criminal activity”, he said.
Recall that on February 28, Gambaryan and Anjarwalla were arrested by the Nigerian government on the allegation of currency speculation.
Anjarwalla was confirmed to have escaped custody in March.
In April, the Nigerian government arraigned Gambaryan in court for tax evasion and other charges bordering on money laundering.
Anjarwalla, though on the run, was joined in the suit with Binance.
In the federal high court in May, Gambaryan was denied bail and was ordered to be kept in Kuje Correctional Centre pending the recommencement of his trial.
Meanwhile, in a recent unfolding of the trial, Aluko & Oyebode, the law firm handling the case of Binance Holdings Limited, said Mr Tigran Gambaryan may die in custody in Kuje prison and called for his release.
Negotiations on the new national minimum wage hit a snag yesterday as the Federal Government’s negotiating team failed to present a new offer beyond the previously stated ₦60,000.
This development follows President Bola Tinubu‘s directive on Tuesday to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to finalize the cost implications of the new minimum wage and submit an affordable, sustainable, and realistic proposal.
The President had emphasized the urgency of the matter, mandating that the government’s new offer be ready by Wednesday to serve as a basis for resumed negotiations with Organised Labour.
This instruction was part of a broader call to expedite all processes involved in the discussions to reach a timely conclusion.
However, during the negotiation meeting that resumed at 3:30 pm on Wednesday, it became apparent that the government team was not ready to present a new proposal.
Sources close to the negotiation table told Vanguard that the government’s absence of an updated offer limited progress in the talks.
A source at the meeting said: “The meeting was adjourned to give the Minister of Finance time to meet the deadline given to him by the President to present cost implications to him.
“We just deliberated generally and then they (the Federal Government team) said we needed to adjourn because they needed to get to the President. You know he (President Bola Tinubu) gave them an ultimatum to give him the cost implications.
“So we could understand that they did not have anything to give us since they had not given the President the cost implications. Those present at the meeting were the Minister of Finance, Minister of Budget and Economic Planning and the Minister of State for Labour. So, we will be resuming negotiation tomorrow (today) by 2pm.”
On whether the Finance Minister gave any assurance of getting the President’s mandate before today’s meeting, the source said: “They do not have a choice, we are not bothered about them. We do not think they have a choice because they cannot disobey the President.
“If they decide to disobey the President or if the President decides to renege on his promise, we all know the consequences.”
[NaijaNews]
Six people have been rescued while 14 other miners are still being trapped, two days after a mining pit collapsed in Galadima-Kogo, Shiroro Local Government Area of Niger State.
Daily Trust could not independently establish if the six people rescued were alive or dead.
The permanent secretary, Niger State Ministry for Mineral Resources, Alhaji Yunusa Mohammed Nahauni, blamed the management of the mining company for the collapse.
During a visit to the site of the tragedy where one person was reported dead on Tuesday, the commissioner said the collapse was due to lack of compliance and synergy between the mining company’s management and the community.
He said the governor earlier directed the suspension of all mining activities in the state and ordered a crackdown on illegal miners due to increasing security concerns.
He said, “The governor, through the ministry, had issued letters to all the emirates, instructing them accordingly,” warning that failure to adhere to his order would result in penalties.
He also urged the site engineer to consistently follow mining principles and operational guidelines to prevent future incidents, emphasising that safety should always be prioritised.
The ministry gave the names of the 14 victims being trapped as Abdullahi Yahaya, Ibrahim Mansir, Abubakar Isah, Friday Musa and Godwin Hussaini.
Others are Benjamin Ashafa, Zayyanu Ibrahim, Abdul Ali, Hamza Musa, Umar Abubakar, Joseph Madaki, Ibrahim I. Ishiaku Kuta, Abbas Musa and Yakubu Mamman
While the State Emergency Management Agency had earlier said that 30 people were trapped, one person was killed and seven others rescued but severely injured, some locals said the number of miners trapped were more than the figures given by the authorities.
The police public relations officer, Niger State command, SP Wasiu Abiodun, in a statement, attributed the difficulty in rescuing the victims to lack of equipment.
[DailyTrust]