President Bola Ahmed Tinubu has approved part payment of all power sector debts, estimated at N3.3 trillion.

Adebayo Adelabu, Nigeria’s Minister of Power, disclosed this at Thursday’s 8th Africa Energy Marketplace in Abuja.

He noted that the federal government’s N1.3 trillion debt to power-generating companies would be paid via cash injections and promissory notes, while about $1.3 billion (N1.994 trillion using the current official closing rate) owed to gas companies will be paid via cash and future royalties.

 

Adelabu stressed that the federal government had commenced payment of the cash part of the N1.3 trillion debt owed Gencos and concluded plans to settle the second part via promissory notes within two to five years.

“The debt for the power-generating companies is N1.3tn. I can also tell you that Mr. President has consented to pay on the condition of reconciling these debts between the government and the power-generating companies.

“It is true that I mentioned that Mr President has approved the submission of the Hon. Minister of State Petroleum (Gas) to defray the outstanding debts owed to the gas supplying companies to the power sector operators.

“The payments will be in parts. We have the legacy debt and the current debt. For the current debt, approval has been given for a cash payment of about N130bn from the Gas Stabilisation Fund, which the Federal Ministry of Finance will pay if it hasn’t already,” he said.

In March, the government paid $120 million out of the $1.3bn indebtedness to gas companies.

On different occasions, Adelabu has blamed indebtedness to gencos for the epileptic power supply in the country.

Recall that on April 3, the Nigerian Electricity Regulatory Commission approved a 230 per cent electricity tariff hike for band A customers, who receive a 20-24 power supply.

A month later, the government slashed the hike by N18.2 to N206.8 per kilowatt-hour from 225kwh.

However, the Nigeria Labour Congress, Trade Union Congress, and other Nigerians have kicked against the hike, calling for its complete reversal.

The National Chairman of the ruling All Progressives Congress, APC, Abdullahi Ganduje has said that the decisions, policies and programmes introduced by President Bola Ahmed Tinubu will take the country out of the woods to progress and prosperity.

He gave the assurance on Thursday night when he hosted officials at the Forum of APC Local Government Chairmen of Nigeria at the party’s national secretariat in Abuja.

While commending the leadership virtues of Tinubu, the APC Chairman noted that the President, unlike his predecessors, took bold decisions to give the country the push that will usher her into the next level of prosperity and development.

 

“I assure you that our President, Asiwaju Bola Ahmed Tinubu is also a grassroots politician, tested and trusted. He is great, because he is bold enough to take some decisions which the previous administrations could not take and very soon, you will start seeing the positive effects of the reforms that he’s introducing.

“Our refineries will soon be producing abundant fuel. It is all over the world now that the narrative is changing about the use of petrol, CNG vehicles will soon be on ground where transportation will be cheaper.

“The reforms Asiwaju is introducing will take Nigeria to the next level,” Ganduje said.

The Federal Government, through the Nigerian Education Loan Fund, on Thursday, announced May 24, 2024, as the official date for “the opening of the portal for student loan applications.”

The announcement was made in a statement by the media lead for the NELFund,  Nasir Ayantogo.

Ayantogo, in the statement, said the opening of the application portal marked a significant milestone in the commitment of President Bola Tinubu to “fostering accessible and inclusive education for all Nigerian students.”

On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. 

 

The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.

 

The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.

After receiving briefing from the NELFund team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President had directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

 

The portal, according to the statement, provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.

“Students can access the portal on www.nelf.gov.ng to begin application,” the statement said.

The details of the meeting between President Bola Tinubu and his Senegalese counterpart, Bassirou Faye have emerged.

Recall that the Senegal President arrived in Nigeria on Thursday and met with President Tinuhu at the Presidential Villa in Abuja.

A statement issued by the presidential spokesman, Ajuri Ngelale, quoted President Tinubu saying that countries in West Africa must unite to defeat the scourge of terrorism, human trafficking, and poverty in the region.

He urged leaders in the region to make the people the focal point of governance, noting that the essence of democracy is lost when citizens are not enjoying dividends.

The president emphasised that democratic values and constitutional order are sacrosanct and must be protected.

He added that critical institutions like the judiciary must be respected and obeyed for the sustenance of democracy.

He said: “Constitutional democracy is what Senegal proved to the rest of the world and Africa. It is a joy to have you here and to meet the hope and aspirations of our youths. You fit in perfectly well.

“A critical time it is in the history of constitutional democracy, particularly in West Africa. What you have embarked upon, a struggle couched in freedom, is remarkable.”

The president described Nigeria and Senegal as brotherly nations, recounting both countries’ long history of cooperation.

He added: “We are brothers. We have shared an interest in democracy. To make democracy sustainable in the interest of our people, we definitely must work hard.

“I am glad that you are a shining example of patience, perseverance, and commitment to democratic values.

“We must partner to make our people the focus of our democratic commitment. Your belief in the sovereignty of Africa is shared by all of us.

“But how can we work for our people and make them the focus of our democracy if we are violating the rule of law and promoting an unconstitutional takeover of government?

“As the chairman of ECOWAS, I am inviting you to collaborate and meet those other brothers. To persuade them to come back to the fold.

“We will continue to work together. We share good backgrounds, and we will continue to embrace and promote democratic governance.

“We must be able to partner and build the freedom we believe in – in economic growth, development, and other spheres of governance. It is left for us to provide assurance to our people and walk our talk.

“We must defeat human trafficking; we must defeat terrorism, banditry, and poverty in our society. That must be our focus and commitment.”

Speaking during the meeting, Faye acknowledged Nigeria and Senegal’s shared values and challenges, noting that both nations have always had good relations since the 1960s.

He called for the reactivation of the Nigeria-Senegal joint commission to strengthen bilateral relations across the areas of diplomacy, trade, and other spheres.

On ECOWAS, Faye said with Tinubu’s wisdom and experience, relations among member states can be strengthened for the advancement of the community.

He said: “The good relations we have and the relations between our private sectors should be beneficial to our countries.

“ECOWAS is the beacon of successful regional integration in Africa and globally. It is something we owe to the founding fathers of the community.

“I have no doubt that you want to continue this legacy of integration. The union is going through a rough patch, but not everything is lost.

“I know I can rely on your wisdom and experience, as the leader of this great African nation.

“Your wisdom and your democratic values should be an asset to that vision, and my youth and determination can also be an asset.

“If we come together, with all these assets and advantages, I am convinced we can open a window of opportunity to discuss.

“United, we are stronger. Faced with common challenges, such as human trafficking, migrant smuggling, and all other challenges, we need to show resolve to confront these challenges so that economically we can thrive and satisfy the wishes of our people.”

The Federal Government on Thursday denied an allegation that it intended to borrow the N20tn pension fund for infrastructure development.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in a statement in Abuja, said the government would comply with the established rules and regulations governing the pension fund.

The minister was reported to have told journalists, after a two-day Federal Executive Council meeting at the Presidential Villa on Tuesday, that the government would unveil a plan to harness local funds, including the fund, to finance infrastructure development.

However, in a statement in Abuja on Thursday, Edun noted that the pension industry, similar to other sectors in the financial industry, is strictly regulated by specific legal frameworks.


He said the Federal Government did not plan to exceed these legal boundaries, emphasising that the government was committed to protecting workers’ pensions.

“It has come to my notice that stories are making the round that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.

Highly regulated

“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.

“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers.

“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws; these funds could be used maximally to drive investment in key growth areas,” Edun clarified.

Furthermore, Edun clarified that the government had no intention of increasing the risk associated with the pension funds or allowing their investments to become less secure.

Earlier on Thursday, the Nigeria Labour Congress and the Trade Union Congress of Nigeria asked the Federal Government to refrain from tampering with the pension fund.

The NLC President, Joe Ajaero and the TUC Deputy President, Tommy Okon, in a joint statement on Thursday, advised the government not to risk the future of workers by borrowing the money to fund infrastructure development.

They stated, “Nigerian workers have entrusted their hard-earned savings for retirement security, not as a means for government projects. It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.’’


The unions demanded assurances from the government that workers retirement funds [b]“would not fall victim to further Federal Government borrowing, especially when the PENCOM Board has not been constituted as envisaged by the statutes,’’ [/b]arguing further that any plan to borrow the funds is not backed by the Pension Act.

Labour expressed regrets that despite the government’s assurances of widespread consultation with major stakeholders in the pension industry, the NLC and TUC, representing the owners of the entire pension fund contributions, had neither been consulted nor informed about the government’s intentions.

According to the unions, the lack of transparency undermined the sanctity of pension funds, which it said should always be treated with the utmost reverence and protection.

Similarly, the Head of Information, Nigerian Union of Pensioners, Bunmi Ogunkolade, urged the government to find an alternative source to fund its infrastructure development plan, noting that the pension fund did not belong to pensioners but to workers.

He said, “Simply put, we are not in support. We have told the government to go and look for where to get their money. We have appealed to them that they should please look for where to get money to fund infrastructure or whatever.

On its part, the Nigeria Union of Pension in Kaduna State also advised the Federal Government against using the money for infrastructure development.


The state Secretary of the Nigeria Union of Pensioners, Mallam Alhassan Balarabe Musa, who stated this in an interview with The PUNCH, said, “The Federal Government under former President Muhammadu Buhari attempted a similar thing but failed.’’

“For us we are not happy about that. As of now, our national headquarters are trying everything to ensure that the fund is not going to be accessible.

“Now, we have so many retirees under contributory pension who are unable to get their gratuities. So, why will the Federal Government take that kind of amount? I think it’s going to be unfortunate and unacceptable.”

The NUP Pensioners, Ogun State Council, gave a similar warning.

The Secretary of the union, Dr Bola Lawal, said “I am sure if you have the opportunity to ask every pensioner none will accept this move of the government. Where is the assurance that this money will be paid back on time?

Osun pensioners

When contacted, the Coordinator, Osun State Contributory Pensioners, Mr Toyin Ayinde, warned the government against tampering with the contributions of retirees.

He said, “The government must not touch our money. What exactly is the matter with them? We don’t want anyone to touch our money under any guise. We are not interested in any proposal from them.”

Speakers of the 36 Houses of Assembly across the country have endorsed ongoing work by the National Assembly to make provision for state policing in the nation’s constitution.

The speakers made their resolution known at the end of a meeting in Abuja on Thursday night.

Recall that the Inspector-General of Police, IGP Kayode Egbetokun, had rejected the call for state police.

According to him, Nigeria is not mature for state police.

Egbetokun stated this in April at a national dialogue on state police organised by the House of Representatives in Abuja.

The theme of the dialogue is ‘Pathways to Peace: Reimagining Policing in Nigeria’.

Egbetokun, who was represented by Ben Okolo, an Assistant Inspector-General of Police, said Nigeria is not ready for the establishment of state police.

“On the issue of state police, it is the submission of the leadership of the Nigeria Police Force (NPF) that Nigeria is not yet mature and ready for the establishment of state-controlled police,” he said.


The IGP also claimed that state governors were likely to abuse the privilege of state police by using it for political gains, leading to possible abuse of power and abuse of human rights.

“State governors could use the police forces under their control for political or personal gain and undermine human rights and security. There would also be a conflict of jurisdiction,” he noted.

The attention of the Governor of Ekiti State, Mr Biodun Oyebanji has been drawn to a misleading report by Sahara Reporters on his trip to the United States. 

There would have been no need to respond to the misleading report, because the itinerary of the Governor was well publicized before he embarked on the trip. However, this response is being made for the sake of the reading public who might be hoodwinked by the highly misleading report. 

It is on record that the itinerary of the Governor was made public through a statement signed his Special Adviser on Media, Yinka Oyebode on May 5, 2024. 

The statement, which was circulated in both the traditional and social media, indicated that Governor Oyebanji would, during the trip, participate in the 2024 US-Africa Business Summit in Dallas and the nineteenth session of the United Nations Forum on Forests (UNFF19) in New- York. The statement also indicated that the Governor was scheduled to hold talks with critical stakeholders, business leaders and development partners in furtherance of the shared prosperity agenda of the administration, before returning to the country. 

Highlights of the Governor’s engagements in the US are regularly communicated to the people of the state through media reports. These include his panel presentations, engagements with business leaders and development partners as well as the signing of the multi billion naira 100,000 hectares cassava farm with CAVISTA Holdings. The engagements continue till his return date. 

In line with the transparency and accountability policy of the administration, all local and international engagements and trips of the Governor have always been made public. And this current one is not an exception. 

It is on record that the current US trip of the Governor is the first outside the Continent since assuming office on October 16, 2022. The first trip outside the country was a UNDP sponsored induction programme for Governors held in Kigali; followed by the Afrexim Meeting in Cairo, where the state got a very significant infrastructure support from the bank. 

We urge Sahara Reporters to always conduct proper checks before going to the press. A call to the media office of the Governor or a click on the internet would have provided the needed information on the trip as well as outlined activities and prevented the news organization from publishing an obviously misleading and mischievous report.

 

Signed 

Yinka Oyebode

Special Adviser (Media) to the Governor, Ekiti State.

The 2023 Spokesperson of Labour Party presidential campaign council, Yunusa Tanko has shared his thoughts on the reason his principal, Peter Obi ate with Northerners during the Ramadan celebration.

Recall that Obi joined Muslims at the Central Mosque in Maraba-Nyanya in Abuja to participate in breaking the Ramadan fast.

Speaking on the incident during an interview on Arise TV, Tanko asserted that Obi is aware that he needs the north in the upcoming election and needs to make necessary alliance.

He explained that Obi is getting closer to the people so they would know who he is and he also would learn more about them.

 

He said, “You say we want to move away from politics of spaghetti and all of that but some critics will say that Peter Obi during Ramadan and even now was eating with Almajiris; and some of the boreholes we saw during the last election Obi had stronghold in the South and now he needs to make in-road in the North, so how much of this is politics and how much is governance because it’s easy to reduce this to governance but at the end of the day, Peter Obi knows he needs the North and he has to make the necessary alliances there, so how much of this is about governance?

“Getting closer to the people is not about politics. What I mean by getting closer to the people, is getting to know them and they also know him. It’s a different ball game entirely. When there was need for him to support them, he did support them. It’s the reason for the borehole, going to the Almajiri schools and all of that. Let me say this, just imagine, had it been that His Excellency didn’t do this or didn’t move from point A to point B, what will the people say? Now he is doing it and people are still talking. 

“He is doing it practically and even supporting practically. Is it when there is election that you expect him to go round? This is the best time to do it independently that even before the election, you will tell them, this is who I am. This is somebody who has been doing this humanitarian support even in Haiti, outside of this country. He has been doing it, it’s not his first time. People didn’t know that, he only brought it out to the public domain.”

[NaijaNews]

The Central Bank of Nigeria (CBN) said on Wednesday that it has granted 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP) in new effort to to double foreign-currency remittance inflows through formal channels.

The initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.

CBN’s thinking is really that increasing formal remittance flows which is one of the major sources of foreign exchange, accounting for over 6% of GDP would help ease the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

“This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” said Hakama Sidi Ali, CBN’s Acting Director of Corporate Communications, while announcing the new plan in a statement.

Olayemi Cardoso, CBN Governor had recently disclosed the apex bank’s target to double remittance flows into Nigeria within a year, which he firmly believed was possible.

“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” he had stated.

IMTOs in Nigeria, are companies or organizations which the CBN has authorized to facilitate the transfer of foreign currency funds from individuals or entities residing abroad to recipients back in Nigeria.

In 2023, the CBN increased the number of IMTOs from 47 to 62.

The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit which pulls together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.

The task force was established as a direct result of an executive learning session with IMTOs during the 2024 World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April.

The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.

[BusinessDay]

The Sultan of Sokoto, Alhaji Muhammadu Sa’adu Abubakar, and the vice president, Senator Kashim Shetima, have warned pilgrims departing Kebbi State via the Sir Ahmadu Bello International Airport, Birnin Kebbi, bound for Saudi Arabia for the 2024 Hajj, to adhere strictly to guidelines provided by the Saudi authorities.

Addressing the first batch of pilgrims as they embarked on their journey to the holy land, the Sultan emphasised that this marked Kebbi’s inaugural flight for the Hajj operation, underscoring the importance for pilgrims to remain focused on their Hajj obligations while in Mecca.

A total of 423 pilgrims hailing from two local government areas, Jega and Arewa, departed the state at the Sir Ahmadu Bello International Airport for the holy land on the inaugural flight.

“I urge you all to maintain focus, steer clear of any banned items during your time in the holy land, and represent Kebbi and Nigeria admirably,” the Sultan said.

Likewise, the vice president highlighted the spiritual significance of Hajj as an opportunity for believers to seek forgiveness for their sins.

He assured pilgrims that the presidency was fully aware of the prohibitions set in place by Saudi authorities for the safety of pilgrims and urged strict adherence to them.

Governor Nasir Idris expressed satisfaction that his administration had fulfilled all requirements to meet the standards set by NAHCON for the Hajj operation.

He particularly lauded the commencement of the first airlift of pilgrims for the 2024 Hajj at the Sir Ahmadu Bello International Airport in Birnin Kebbi, the capital of Kebbi State.

 

Kano commences vaccination for prospective pilgrims

The Kano State Muslim Pilgrims Welfare Board has started the medical screening and vaccination process for prospective pilgrims for the 2024 Hajj.

Alhaji Laminu Danbappa, the director general of the board, revealed this development to Daily Trust on Tuesday.

Danbappa, while supervising the process at Sheikh Muhammad Jidda General Hospital and the Hajj Camp clinic, explained that the screening aims to assess the health status of each pilgrim, aligning with the requirements for international travel and directives from the Saudi Arabian government.

Don’t compromise pilgrims’ welfare, Makinde tells officials

Meanwhile, Oyo State Governor Seyi Makinde has urged the state’s Muslim Pilgrims Welfare Board not to compromise the welfare of the 1070 pilgrims from Oyo while in Saudi Arabia.

He stated this yesterday during a ceremony for the state’s first batch of intending pilgrims who are scheduled to depart for Saudi Arabia on Saturday.

Makinde also encouraged the pilgrims to represent the state well as ambassadors in the holy land.

S/Arabia launches guides in Hausa, 15 other languages

In another development, the Saudi Ministry of Hajj and Umrah has launched comprehensive guides in 16 languages, including Hausa, aimed at assisting pilgrims from around the world during the Hajj and Umrah pilgrimage.

The guides provide easy-to-follow information covering all stages of the Hajj rituals, supporting the ministry’s efforts for the 2024 Hajj season.

“The guides address common questions from pilgrims in over 16 widely spoken languages, including Arabic, English, French, Urdu, Bengali, Indonesian, Hausa, Amharic, Persian, Spanish, Turkish, Russian, Sinhalese, Uzbek and Malaysian,” the ministry said in a statement on Wednesday.

[DailyTrust]