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Northern leaders converged on Kaduna State, on Monday, for a meeting to address the ongoing power blackout and other critical challenges affecting the region.
Chairman of the Northern States Governors’ Forum (NSGF) and Governor of Gombe State, Muhammadu Inuwa Yahaya, led the meeting attended by the 19 Northern Governors and Traditional Rulers.
Issues such as insecurity, economy and sustainable development priorities were discussed at the meeting, according to a statement issued by Ismaila Uba Misilli, spokesman to Gombe governor.
Je said the NSGF, under Governor Yahaya’s leadership focused on charting a unified agenda to enhance regional cooperation and development, leveraging the north’s resources to promote long-term development.
The statement said Governor Yahaya raised concerns over the current power outage caused by vandalism of critical infrastructure, calling for investments in new transmission lines and energy diversification to prevent future disruptions.
He also stressed the need to move beyond symbolic meetings, urging the NSGF and the Northern Traditional Rulers Council to develop practical, results-oriented strategies tailored to the region’s unique challenges.
“The time to walk the talk is now,” he said, expressing confidence that unity, determination, and bold leadership would steer the region towards a more prosperous future.”
The governor also advocated for strengthening agricultural infrastructure, supporting farmers, and reviving agro-industries, like the textile sector to address food insecurity and drive economic revival.
Governor Yahaya also emphasized the importance of traditional institutions as tools for conflict resolution and community engagement.
In a welcome address, Governor Uba Sani of Kaduna State, emphasised the urgent need for a unified strategy to combat insecurity and other regional challenges.
According to him, without security, there will be no development in the region.
The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, who led the traditional rulers, emphasised the critical role of traditional institutions in promoting peace and stability in the region.
He highlighted the need for honest discussions about the root causes of insecurity, including poverty and unemployment, calling for decisive actions from political leaders to address these issues effectively.
Sultan commended Governor Yahaya for constantly engaging with stakeholders across multiple sectors and galvanising his colleagues towards implementing actionable strategies towards addressing the region’s numerous challenges.
[DailyTrust]
Global rights group Amnesty International has expressed concern over the escalation of mob violence which, it said, emboldens impunity in Nigeria.
In a new report, the rights group said at least 555 victims of mob violence were recorded in Nigeria in the last decade
Amnesty International said the upsurge in blasphemy killings was fueled by alleged incitement of clerics.
“The failure of the Nigerian authorities to protect lives has led to a growing escalation of mob violence over the last decade, as people increasingly take law into their hands and carry out so-called ‘jungle justice’,” said Amnesty International Nigeria in the new report.
The group said enforcement failures exacerbated the wave of mob violence in Nigeria as victims accused of theft, blasphemy, shoplifting and witchcraft are beaten, tortured and killed with impunity and suspected perpetrators almost always get away with it.
“Between January 2012 to August 2023, Amnesty International recorded at least 555 victims of mob violence, from 363 documented incidents across Nigeria.
“Over the period of this investigation at least 57 people were killed by violent mobs; 32 were burnt alive, 2 persons were buried alive, while 23 people were tortured to death. Many cases of mob killings in remote areas go unreported.
“The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria. The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to uphold and fulfil their obligation to protect people from harm and violence,” said Director Amnesty International Nigeria, Isa Sanusi.
“The failure of law enforcement agencies, especially the Nigeria Police Force, to prevent mob violence, investigate allegations of torture and killings, and bring suspected perpetrators to justice, is empowering mobs to kill. The problem is compounded by weak and corrupt legal institutions and systems.”
Amnesty International’s research detailed cases of victims of mob violence that include at least 13 women, six children, and two persons with actual or perceived mental health illnesses and/or psycho-social or intellectual disabilities.
Cases of mob violence were documented in each of Nigeria’s six geopolitical zones: South-South (82), South-East (43), South-West (98), North-Central (42), North-West (100), and North-East (26).
“The Nigerian authorities must urgently address the escalating cases of mob violence including by upholding and protecting the rights of everyone in the country to life and freedom from torture.
“Government must ensure prompt, thorough, impartial, independent, transparent and effective investigation of cases of mob violence and bring those suspected to be responsible to justice in fair trials. Authorities should also take appropriate and effective measures to prevent cases of mob violence across the country and ensure access to justice and effective remedies for victims. The police must be adequately equipped to prevent and respond to mob violence.” said Sanusi.
The President and Chief Executive of Dangote Group, Aliko Dangote, has expressed support for President Bola Tinubu’s energy transition drive from petroleum products to Compressed Natural Gas (CNG).
At a recent event, the billionaire businessman said the company’s investments in CNG are also in line with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which aims for net-zero emissions by 2060.
“In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation’s drive towards energy efficiency. This presupposes private sector intervention to support this noble idea initiated by the President,” Dangote said.
He noted that the company’s early adoption of CNG has made it the largest operator of CNG trucks in Nigeria, emphasising that the initiative is a boost to President Tinubu’s quest towards enhancing the nation’s energy independence and contributing to a more secure energy future.
“We are now using CNG vehicles, especially with the new policy of the Federal Government, launched under the Renewed Hope Agenda by His Excellency, President Bola Ahmed Tinubu. We are committed to a cleaner and greener future,” Dangote said.
Similarly, President Tinubu emphasised the urgent need for Nigeria to utilise its vast natural gas resources in the transportation sector. He stated that CNG transportation is an economic necessity for Nigeria, signalling a significant shift in the country’s approach to public transportation and energy use.
“Utilising natural gas to power Nigeria’s transportation industry is the next way to go,” he stated.
On its part, the Dangote Cement said its over $280m investment not only solidifies its leadership in the CNG sector but also reflects its dedication to mitigating climate change and supporting a transition to a low-carbon economy.
Group Managing Director of Dangote Cement Plc, Arvind Pathak, said the investment is aimed at acquiring 100% CNG trucks as part of a long-term plan to transition its entire fleet to CNG.
Pathak stated, “By mid-2026, Dangote Cement aims to operate a fleet predominantly powered by CNG. To facilitate this transformation, we are investing in expanding our CNG fuelling infrastructure, ensuring that our growing fleet has reliable access to CNG as our fuel.”
Pathak said that the company’s CNG infrastructure investments have positively influenced Nigeria’s transition to cleaner fuels.
He added that the CNG station at Obajana, capable of refuelling over 3,000 trucks, exemplifies this commitment, with a second station currently under development in Ibese to further support fleet operations.
The World Bank has said that the reports submitted by the Nigerian National Petroleum Company Limited (NNPCL) to the Federal Account Allocation Committee (FAAC) were inconsistent, and lacked necessary details on its operations.
This was revealed in the bank’s Accelerating Resource Mobilisation Reforms (ARMOR) Report for May 17, 2024.
According to the WB, in addition to reduced net oil revenues, the opaque governance of NNPCL has significantly undermined the transmission of oil revenues to the federation.
“Non-transparent reporting to the Federal Ministry of Finance (FMF) and the Federation Account Allocation Committee (FAAC), make it difficult for the authorities to oversee NNPCL’s performance, calculate anticipated oil and gas revenues and determine the difference between revenues received by the Federation and NNPCL’s total revenue.
“The reports submitted to FAAC by NNPCL are inconsistent and lack information such as details on pledged revenues, the tradeable value of crude oil, actual payments, and receipts from global trade, among others. As highlighted in the Nigeria Public Finance Review (2022),7 financial reporting is opaque due to quasi-fiscal activities such as in-kind revenues in the form of crude oil, and costs directly deducted from revenues that would have otherwise been transferred to the Federation Account,” the report said in part.
NNPCL is governed by the Petroleum Industry Act (PIA) 2021
The world’s apex bank cited a case where the NNPCL pledged 35,000 barrels of crude oil per day to the owners in exchange for a 20 per cent stake in the privately owned Nigerian Dangote Refinery.
WB said although the total value of the contractual investments for pledged oil revenues was estimated to be worth US$5.8 billion at end-2022, the amount eventually declared by NNPCL was below expectation.
“All production sharing contracts signed by NNPC state that all fiscal payments shall be made in-kind by allowing the NNPC to lift tax oil, royalty oil, and profit oil. In joint venture operations, in which the Federation owns 55 per cent or 60 per cent of the equity oil and gas, the NNPC handles crude oil and natural gas receipts on behalf of the Federation.
However, the share of oil production in these contracts amounts to more than two-thirds of the total oil production in Nigeria.
“Nigeria’s dependence on oil and gas revenue is a source of fiscal vulnerability. During the commodity-price boom of 1996-2014, the revenue-to-GDP ratio was 12 per cent, (albeit considerably lower than the Sub-Saharan Africa (SSA) average of 21.5 per cent at that time), while a decade later, revenue-to-GDP was just 7.7 per cent in 2023.
“ Despite a 116 per cent increase in international oil prices between 2020 and 2022-2023, net oil and gas fiscal revenues transferred to the Federation fell in the same period from 2 per cent of GDP to 1.8 per cent of GDP due to falling oil production and the retention of fiscal transfers to finance the gasoline subsidy.
“Oil production fell from 1.8 million barrels per day (mbpd) in 2020 to 1.4 mbpd in 2022-2023 due to insecurity and a lack of investment and adequate maintenance. The cost of the gasoline subsidy increased over this period from 0.9 to 1.6 percent of GDP, deducted directly by the Nigeria National Petroleum Corporation Limited (NNPCL)5 and reducing the net oil revenue transfers to the Federation Account.”
Additionally, WB said the NNPCL has retained oil and gas revenues for projects such as a gas pipeline to Morocco.
“NNPCL also entered contractual arrangements that pledge future oil and gas revenues to business partners in lieu of cash payments,” the report added.
FG Eyes Fresh $750m W’Bank Loan
The Federal Government is also pressing for a $750m loan from the World Bank.
This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations.
The other second part of the loan package was for the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project.
Already, an agreement for the loan has been signed between Nigeria (through the Ministry of Finance) and the World Bank.
The agreement document read in part, “The bank agrees to lend to the borrower the amount of $750,000,000 as such amount may be converted from time to time through a currency conversion (“Loan”), to assist in financing the programme described in Part 1 of Schedule 1 to this Agreement (“Programme”) and the project described in Part 2 of Schedule 1 to this Agreement (“Project”, and together with the Programme, hereinafter jointly referred to as the “Operation”).
“The borrower may withdraw the proceeds of the loan in accordance with Section IV of Schedule 2 to this Agreement. All withdrawals from the loan account shall be deposited by the Bank into an account specified by the Borrower and acceptable to the bank.”
According to the Disbursement Linked Indicators set out in the loan agreement, the loan will only be released upon achieving measurable progress in key areas.
These include raising VAT collection through improved regulations, increasing excise taxes on health and environmental products, and boosting corporate tax compliance through enhanced digital infrastructure.
Central to the ARMOR programme is the government’s plan to increase VAT rates and expand taxpayer compliance.
Some of the loan targets include increasing VAT collections to 1.8 per cent of non-oil Gross Domestic Product, unlocking $105m of the loan.
The WB said despite recent reforms, Nigeria’s non-oil tax revenues underperform due to low tax rates, poor compliance, a narrow tax base, and high tax expenditures.
Reforms introduced in 2020-2021 increased non-oil tax revenues from 2.3 per cent of GDP in 2020 to 3.7 per cent of GDP in 2023 due to a rise in Value-Added Tax (VAT) rates, improvements in tax digitalisation, and the unification of the exchange rate in 2023.
“Despite this increase, tax revenues in Nigeria remain very low compared to peers (Figure 2). Unlike most developing countries, Nigeria has yet to tap VAT (a federal responsibility to collect while sharing VAT revenues) as a significant source of revenue. In 2022, VAT revenues were only 1.2 per cent of GDP while VAT tax expenditures were estimated at 1.98 per cent of GDP in 2022 (latest available data).10 The current VAT rate of 7.5 per cent is the lowest rate in Africa, and well below the SSA average of 15.8 per cent. Under the VAT legislation, the tax operates like a sales tax, since firms are unable to recover input VAT on purchases of fixed assets, services, and general administration costs.
“Meanwhile, Corporate Income Tax (CIT) has a very narrow tax base, and although collections have increased in recent years, they represented just 1.6 per cent of GDP in 2023. By comparison, poorly designed and sometimes discretionary CIT expenditures were estimated to cost 0.4 per cent of GDP.11 Excise rates are exceptionally low by global standards, and revenues were less than 0.1 per cent of GDP in 2023.12 Personal Income Tax (PIT) is assigned exclusively to the States, where challenges persist in collection due to tax evasion and underreporting: only 13 per cent of the workforce is registered for PIT (2018) and only 2 per cent of those are reported as active.
The bank advised that the tax and customs administrations need modernising to improve efficiency.
The Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions (NASU) and the Senior Staff Association of Nigerian Universities (SSANU) is set to launch an indefinite strike starting today, effectively halting all activities in universities across Nigeria.
This action comes after the Federal Government’s failure to address the unions’ demands, which include the payment of four months’ withheld salaries, improved remuneration, earned allowances, and the implementation of the 2009 agreement.
A statement released on Sunday, signed by SSANU National President Mohammed Ibrahim and NASU General Secretary Prince Peters Adeyemi, highlighted that the ultimatum given to the government expired at midnight on Sunday.
The statement emphasized the importance of compliance, mandating all NASU and SSANU branches in both federal and state universities, along with inter-university centers, to participate.
The government’s “No Work, No Pay” policy, introduced in 2022, led to the withholding of salaries during previous strikes by university unions.
While President Bola Tinubu directed the partial release of these salaries earlier this year, only academic staff received payment, leaving non-teaching staff excluded.
The unions argue this selective approach is unjust and have repeatedly issued ultimatums, staged protests, and held warning strikes—all of which have yet to yield results.
Today’s action follows a series of unresolved protests and ultimatums.
During a peaceful protest in July, the unions warned the government of possible shutdowns if withheld salaries were not paid.
However, despite promises and approvals for payment, including a recent assurance from President Tinubu, no funds have been disbursed.
The unions assert that members, who handle critical campus services such as water, electricity, internet, and security, are essential to university operations.
In light of this deadlock, SSANU and NASU have instructed members to hold joint congresses on campus today to discuss and launch the indefinite strike.
Fuel Subsidy: You Are Behind Tinubu Govt Anti-people Economic Policies – NLC Slams IMF, World Bank
AFOLABI
The Nigeria Labour Congress (NLC) has slammed the International Monetary Fund (IMF), blaming the organisation for the removal of fuel subsidy and other anti-people economic policies by the Bola Ahmed Tinubu-led administration.
In a statement to journalists, the President of NLC, Joel Ajaero, has insisted that the IMF played a role in Nigeria’s economic woes.
The labour union stated that the IMF and its cousin in economic mischief – the World Bank remain the twin forces that have a longstanding pattern of recommending harsh and unworkable economic policies to developing nations.
According to the NLC, the World Bank and IMF must remove their knees from our necks so that we can breathe as a nation.
The union stated that it is too late to begin to deny complicity because they warned the government about the consequences of implementing IMF and World Bank-driven policies.
The statement reads: “Nigeria Labour Congress (NLC) believes that it is cynical and indeed typical of the International Monetary Fund’s (IMF) to recently deny responsibility for the Nigerian government’s removal of petroleum subsidy.
“IMF and its cousin in economic mischief – the World Bank remains the twin forces that have longstanding pattern of recommending harsh and unworkable Economic policies to developing nations. In their usual subterfuge, they have continued to present these advisories as growth strategies but which have unfortunately often led to increased socioeconomic hardship and stagnation in Nigeria and other nations that have had the misfortune of drinking their poisoned chalice.
“At a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, Abebe Selassie, IMF’s African Region Director, described the decision to remove fuel subsidy by Nigeria’s government as a domestic one.
“IMF’s recent statement is a display of subterfuge and evasion. This denial of involvement in Nigeria’s subsidy removal, coupled with the assertion that it was a “domestic decision,” disregards the extensive influence that the IMF wields in policy formation within many developing countries. Despite this assertion, the IMF’s policy dialogues often suggest subsidy cuts as necessary steps toward fiscal sustainability.
“For Nigeria, where successive governments have frequently yielded to these recommendations, the IMF’s disavowal rings hollow, as it underplays the fund’s direct impact on the nation’s economic policies.
“The NLC has become more worried over this denial at this time which is another signpost of the already disturbing policies by the Nigerian government at the behest of the IMF and World Bank and which IMF is now trying to distance itself.
“It shows that the institution is working very hard to stay away from the blame or the backlash that its policy directions will bring in the future. IMF must know that Nigerians are not fools and we are always aware of the destructive influences its awful policy paths for Nigeria and indeed Africa has been.
“It is pretentious and truly too late to begin to deny complicity because we warned the government about the consequences of implementing IMF and World Bank-driven policies.
“As IMF and World Bank continue to pretend not to know the apparent obviousness of the social costs of its policy recommendations another layer of concern is added to the entire denial.
“While the IMF acknowledges the “significant social costs involved,” it casually suggests that governments can mitigate these hardships through its idea of expanded social protections which is a system that beggars the people forcing them to dwell on handouts in this case RICE that never gets to the people. The reality in Nigeria has continued to reveal a profound disconnect – subsidy removal and price hikes have pushed essential goods beyond the reach of many, with government-provided social safety nets remaining woefully inadequate.
“This gap between IMF recommendations and the lived experiences of Nigerians highlights a fundamental and deliberate oversight in the fund’s approach to economic policy.
“In distancing itself from Nigeria’s subsidy removal, the IMF also demonstrates an unsettling inconsistency in its advice to developing nations. It has repeatedly pressured Nigeria to undertake austerity measures, only to distance itself from the results when these recommendations bring hardship to the populace.
“This shifting narrative not only undermines the IMF’s credibility but also raises questions about the sincerity and reliability of its economic prescriptions for third-world nations. The IMF’s insistence that Nigeria is in full control of its economic policies stands in stark contrast to its historical and continued influence, which has often been accompanied by economic turmoil and hardship.
“NLC emphasizes the need for Nigeria and other developing countries to reclaim their economic sovereignty, resisting externally imposed policies that fail to consider local contexts and the needs of the masses.
“The NLC’s stance reflects a broader frustration with the World Bank and IMF’s recurring interventions, which prioritize fiscal metrics over social welfare. By advocating for policies that genuinely benefit Nigerians, we challenge the IMF’s influence and underscore the importance of economic autonomy in building a just, sustainable future.
“This once again is a powerful reminder to our leaders of the impact of international financial institutions on our people and the need to be circumspect in walking their path.
“The IMF’s denial of involvement in Nigeria’s subsidy removal rings hollow, considering its decades-long history of recommending similar austerity measures.
“We hope that our Economic handlers have learnt or are learning the appropriate lessons to sufficiently know that when “shit hits the fan”, IMF and World Bank will wash its hands off and leave the Government carrying the burden and holding the wrong end of the stick.
“Nigeria must pursue policies that reflect the real needs of our citizens prioritize economic policies that drive growth, social welfare, and equity, not austerity measures that lead to further economic quagmire and social unrest.
“Once again, we call on the World Bank and IMF to remove their knees from our necks so that we can breathe as a nation. They have become the major problem we have as a nation and we may be forced to soon demand that they leave Nigeria entirely as their policies have continued to undermine our Economy and sabotage the people and the nation.
“IMF should not worry for we know that the Petrol price hike and the Electricity tariff hikes were domestic decisions but we also know that it is a case of “Esau’s Hands but Jacob’s voice”. IMF should not present itself cowardly but should stand up and own up! That is what is called honesty and transparency which is the bedrock of IMF’s much-vaunted institutional integrity!”
The Sokoto State Ministry of Health has cautioned residents that cases of Acute Hemorrhagic Conjunctivitis, commonly known as Apollo is on the rise in recent weeks in the state.
Commissioner for Health in the state, Hajiya Asabe Balarabe, who announced this said the symptoms of the disease include sudden onset of red eyes, swelling pain and watery discharge which spread rapidly through contact with infected individuals and contaminated surfaces.
Hajiya Balarabe said as part of effort to contain the spread of the disease, the ministry has been sensitizing the people on the need to strictly adhere to preventive measures.
She noted that such measures include ensuring good hygiene, avoiding sharing personal items, disinfecting common surfaces, keeping social distancing and avoiding touching the eyes.
The Commissioner added that the ministry was actively monitoring the situation and enjoined people to always report to outbreak of any disease to the ministry for prompt action.
[Leadership]
The Delta State High Court in Warri has issued an order restraining the Joint Admission and Matriculation Board from implementing its recent policy requiring a minimum admissible age of 16 years for university admissions in the country pending the hearing and determination of the motion on notice filed against the board.
JAMB, in a statement on October 16, stated that only candidates who will be 16 years old by August 2025 would be admitted to tertiary institutions.
This directive was a follow up to the new policy that the ministry of education introduced which states the adoption of 18 years as the minimum age for admission into tertiary institutions.
JAMB, however, made an exception for students seeking admission in the 2024/2025 session.
Dissatisfied with JAMB’s directive, John Aikpokpo-Martins, a former Nigerian Bar Association chairman, Warri branch, dragged the admission board to court.
The sole applicant, Aikpokpo-Martins (for and on behalf of all candidates born on the 1st of September 2009 to the 31st December, 2009, who wrote and passed JAMB exams in 2024), in a suit marked W/311/FHR/2021, sued JAMB and Edwin Clark University as 1st and 2nd respondents respectively.
In a ruling delivered on Thursday, Justice Anthony Akpovi granted all the reliefs sought by the applicant, as confirmed by a Certified True Copy (CTC) obtained by Sunday PUNCH.
The applicant had sought an order of the court restraining the respondents from taking further action on and/or giving effect to the directives contained in the circular of the 1st respondent dated the 16th October, 2024 and captioned “Admission of candidates with minimum Admissible age of 16 years” as signed by Mohammed A. Babaji to all Nigerian Universities pending the hearing and determination of the originating motion.
The applicant also prayed the court to issue “An order of interim injunction restraining the respondents from withdrawing the admission given to Angel Aikpokpo Martins and/or restricting her rights and privileges and/or preventing her access to school and all educational facilities of the 2nd respondent institution as a student pending the hearing and determination of the originating motion.”
In his ruling, Justice Olotu said, “Reliefs 1 and 2 are hereby granted to preserve and protect the respondents, which is the right of every Nigerian child born on the 1st of September 2009 to the 31st of December, 2009, who wrote and passed JAMB exams in 2024 to remain duly admitted by 1st respondent as it applies to all Nigerian Universities including 2nd respondent and the effect is that the 1st respondent’s circular to Vice Chancellors, Provost, Rectors dated 16/10/24 Ref: JAMB/ADMS/139/V.
“111 is put in abeyance and on hold and the status quo to be maintained is the admission list prior to this circular pending the hearing of the originating motion dated and filed 24/10/24. Reliefs 3(a) and (b) are hereby granted for substituted service by courier service as prayed. Relief 4 for accelerated hearing is also granted.”
[Punch]
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN) says consultations are ongoing “at the highest levels” for the country to exit the “grey list” – an anti-money laundering watchlist of the Financial Action Task Force’s (FATF).
The development comes 24 hours after the Nigerian Financial Intelligence Unit (NFIU) announced that FATF had approved the country’s fourth progress report since Nigeria was placed under watch.
The FATF had included Nigeria and South Africa on its grey list on February 24, 2024.
Countries on the list are often subjected to increased monitoring and need to intensify efforts to tackle money laundering and terrorism financing, according to the task force.
The FATF said the inclusion of a jurisdiction to its grey list means that the country has committed to resolve identified strategic deficiencies within agreed timeframes swiftly.
The organisation is an intergovernmental policy-making body that seeks to combat money laundering and the financing of terrorism.
Speaking to journalists in Washington DC on Saturday, Cardoso, said removing Nigeria from the grey list has been critical in his engagement during the annual meetings of the International Monetary Fund (IMF) and the World Bank.
“I would like to emphasise that we are consulting at the highest levels to remove Nigeria from FAFT grey lists, a key topic in our recent engagement,” he said.
‘WE’VE ACHIEVED INCREASED TRANSPARENCY, IMPROVED FX SUPPLY’
Speaking on ongoing monetary policy efforts, Cardoso said since his team assumed office a year ago, there has been a focus on addressing inflation, restoring investor confidence in the financial markets, and stabilising the exchange rate.
He said the apex bank also focused on enhancing financial systems provision, fostering financial inclusion, and enhancing transparency “in our monetary policy decisions and communications”.
“We embarked upon bold and necessary reforms to return to the path of monetary policy orthodoxy, as well as remove observed distortions in the foreign exchange market,” the CBN governor said.
“Our efforts have yielded significant progress as volatility in the foreign exchange market has abated immeasurably, and remittances have also increased significantly.
“We have achieved increased transparency and improved overall supply in the foreign exchange market, leading to reduced arbitrage and speculative activities and eliminated the fund loading of foreign exchange demand.”
On October 8, the CBN reaffirmed its commitment to maintaining a stablefinancial system while ensuring the safety of depositors’ funds.
The bank also announced the introduction of an electronic foreign exchange matching system (EFEMS) to reduce speculative activities, eliminate market distortions and “give the CBN improved oversight capabilities to effectively regulate the market”.
The system is expected to be implemented on December 1.
The New Nigeria Peoples Party (NNPP) has won all 44 chairperson seats in the LGA election held in Kano state on Saturday.
Sani Malumfashi, chairman of the Kano Independent Electoral Commission (KANSIEC), announced the results at the state capital.
“We are pleased to announce that the NNPP has won all the chairmanship and councillorship seats across the 44 local government areas,” he said.
“The election was conducted in a transparent and orderly manner and we did not receive any reports of violence.”
The process leading to the local government election was fraught with litigations.
On October 22, a federal high court in Kano restrained Malumfashi from conducting the October 26 LG polls.
In his ruling, Simon Amobede, the presiding judge, said Malumfashi was “unqualified” to conduct the elections because “he is a card-carrying member of the New Nigeria Peoples Party (NNPP)”.
The case was filed by Aminu Tiga, a member of the All Progressives Congress (APC).
Tiga had told the court that Malumfashi; Kabir Zakirai, secretary of the commission; and other members of KANSIEC; were members of the NNPP and do not meet civil service grade requirements for their appointments.
On Friday, a Kano state high court delivered a counter ruling, ordering KANSIEC to proceed with the conduct of the local government poll.
Sunusi Ado-Ma’aji, the presiding judge, ruled that the constitution empowers KANSIEC to conduct and supervise elections in the LGAs of Kano state.
The judgment was delivered following an ex parte application filed by the commission.
Abba Yusuf, governor of Kano state, had said the election would be held despite the court ruling prohibiting the process.
“We have satisfied all the conditions laid down by the law and we have completed all necessary preparations for the conduct of the elections on Saturday. As such, the polls must take place as planned,” Yusuf said.
The governor said “enemies of the state” were plotting to “truncate this election”.
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[PRESS RELEASE] Obi says, Prof Nwosu was an exceptional Electoral Umpire ready to die for Democracy
Admin![[PRESS RELEASE] Obi says, Prof Nwosu was an exceptional Electoral Umpire ready to die for Democracy](/media/k2/items/cache/1396ddd7ab0773c41d7e97bd21f29442_XS.jpg)
The Labour Party leader and Presidential Candidate in the party in 2023 polls, Peter Obi, has described the late National Electoral Commission Chairman, Prof Humphrey Nwosu, as an exceptional Electoral Umpire who was ready to risk his life for democracy.
In a short tribute to the former Chairman of the National Electoral Commission, NEC, who passed on during the week, Obi said he was a principled academic who brought to bear in his job the principle he taught in the classroom as a political scientist.
In his message titled "In Prof Nwosu, A True Democrat Exits," Obi wrote in X handle, "I have just received the sad news of the death of the former Chairman of the National Electoral Commission, NEC, Prof Humphrey Nwosu.
"Prof Nwosu was a true Democrat, an outstanding academician whose love for democracy and its values was copiously demonstrated in the way and manner he carried out his responsibilities as an electoral umpire between 1989 to 1993.
"His courageous defense of democratic principles, even under a non-democratic government, put him out as a man who was ready even to sacrifice his life for the sake of democracy and good governance.
"For his pivotal role in holding and upholding the 1993 presidential elections, Prof Nwosu’s name will remain indelible in the history of Nigerian democracy. He stood for the truth In Nigeria for standing for the truth and the best tenets of democracy when it was delicate and even dangerous to do so.
"It’s, however, disheartening to note that what Prof Nwosu did when the nation’s electoral commission was not even legally independent and when billions of taxpayers' money were not deployed as it is today with an accompanying updated technology could not be repeated in contemporary times in a supposed full democratic system.
"As an academic, Prof Nwosu brought to bear all the principles he taught in the classroom as an erudite professor of Political Science, unlike these days when professors are procured to aid electoral malpractices, including announcing results of elections they did not verify.
"For the new Nigeria we desire, the country needs more of Professor Nwosu, who will risk their lives for democracy.
"I pray God to forgive his shortcomings while on earth, grant his soul eternal repose, and his family and all lovers of democracy who mourn him the gratitude to bear the huge loss.
"May God Almighty grant Nigeria the likes of Professor Humphrey Nwosu in her future elections.
A new Nigeria is indeed POssible"
Signed
Ibrahim Umar
POMR SPOKESMAN
About 42.3 million litres of imported Premium Motor Spirit, popularly called petrol, are expected in the country next week, oil marketers stated on Friday, urging local refiners to ramp up production.
Dealers said petrol imports would continue until the production of the commodity in the country was enough to meet domestic demand.
They insisted that the local production of refined products from modular refineries and the multi-billion dollar Dangote Petroleum Refinery was insufficient, stressing that this was why diesel and petrol importation had continued.
On September 3, 2024, the Nigerian Midstream and Downstream Petroleum Regulatory Authority disclosed that the Dangote refinery would supply 25 million litres of petrol to the Nigerian market daily starting from September.
It added that this would rise to 30 million litres from September. In a short statement, the NMDPRA said it met with NNPC to agree on local crude supply to the refinery.
“At the NMDPRA headquarters in Abuja, NNPC reached an agreement to commence crude oil sales and supply the Dangote refinery with local currency.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September and will subsequently increase this amount to 30 million litres daily from October 2024,” the NMDPRA stated on its X page at the time.
But oil marketers stated on Friday that the $25bn Lekki-based refinery was not producing up to that volume, which was why dealers had to import petrol to augment local production.
“Some of our consignments of PMS imports came into the country last week, and we expect the remaining ones to arrive by next week. About 32,000 metric tonnes of PMS will be arriving next week,” a major marketer who spoke in confidence due to lack of authorisation to speak on the subject, stated.
About 1322.76 litres of petrol weighs one metric tonne. This implies that the 32,000 metric tonnes being expected next week would mean 42.3m litres of imported petrol by the dealers.
It was gathered that two major marketers were jointly importing this volume of PMS, as other dealers had earlier brought in products into the country.
“The consignments are jointly owned and are being imported into the country by major marketers. This does not mean that we will not buy from the Dangote refinery. But the fact is that since the market has been deregulated, everyone is now competing.
“So, it is up to you to decide on where to get the product that will enable you to compete effectively. Nobody is disputing that. So, the importation of PMS and other products is not against the fair business practice,” the marketer stated.
On Monday, it was reported that no fewer than four vessels carrying petrol arrived at seaports along the nation’s borders between Friday, October 18, and Sunday, October 20, 2024.
The report cited a document obtained from the Nigerian Port Authority, revealing that about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide.
The development confirmed an exclusive report by The PUNCH, which disclosed that oil dealers intended to import the commodity to supplement the supply from the $20bn Dangote Petroleum Refinery.
The dealers had stated that the supply from the Lekki-based plant was currently insufficient to meet domestic demand.
Also speaking on the issue on Friday, another dealer stated that a lot of marketers were gearing up to bring in more products, adding that some others who could not import refined products were already buying from the Dangote refinery.
“The market is free now. It is a deregulated market, so everybody can source their products from wherever is best for them. Also, our local refineries are not producing enough to meet domestic demand.
“That is why I laughed when it was revealed that an indeginous refiner went to court to sue marketers to stop importing products. That can’t work in a deregulated market. Everyone who can import now is currently doing so. Even NNPC is importing.
“The last consignment we got was from the imported PMS of NNPC, which we took about six days ago and which we finished selling before our own came in. Oil and refined petroleum products are the life-wire of the economy. If anything happens to them, every sector of the economy will be affected,” the marketer stated.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, earlier confirmed that though IPMAN members had yet to start importing PMS, the market had been liberalised and anyone with the capacity to import was free to do so.
[STATE HOUSE PRESS RELEASE] President Tinubu Commiserates With The NNPC Board And Families Of Victims Onboard The Helicopter In Port-Harcourt
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Commiserates With The NNPC Board And Families Of Victims Onboard The Helicopter In Port-Harcourt](/media/k2/items/cache/88786456113a2ac95e07a7e11ea48711_XS.jpg)
President Bola Tinubu has directed an intensification of search and rescue for passengers of the ill-fated helicopter that crashed into the Atlantic near Bonny Finima on Thursday in Port-Harcourt.
The helicopter, operated by East Winds Aviation and registered as 5NBQG, was hired by NNPC Limited to ferry some contract staff to the NNPC facility FPSO—NUIMS ANTAN.
President Tinubu urges military officers involved in various operations in the zone to join the rescue mission and provide all necessary support to the Nigerian Safety Investigation Bureau (NSIB), the Nigerian Civil Aviation Authority, and other relevant agencies.
The President condoles with the Board and staff of Nigerian National Petroleum Company (NNPC) and the families of all those who were confirmed to have passed away in the accident.
President Tinubu fervently prays that the Almighty God will grant eternal rest to the three departed souls and comfort their families.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
Former Nigerian President, Olusegun Obasanjo has decried the size of debt being owned by the country, years after he left office in 2007.
Obasanjo recalled he left the nation with about $70 billion, including a $45 billion reserve and $25 billion in a designated “excess crude” account.
The former President spoke on Thursday in an exclusive interview with Kayode Akintemi of News Central Television.
Obasanjo, who lamented the poor quality of leadership in the country, said his government met a debt overhang of close to $36 billion but reduced it to about $3.5 to $3.6 billion before leaving office in 2007.
His words: “I came in 1999 and met $3.7 billion in the reserve. And I have told you, we were spending $3.5 billion to service the debts. That’s what we had.
“By the time we left eight years later, with debt relief, when I came in, we had a debt overhang of close to $36 billion. By the time I left, with the debt relief and clearing what we had to clear, the quantum of debt that I left was about $3.5 to $3.6 billion from over or around $36 billion.
“At the same time, the reserve that was $3.7 billion when I came in went to $45 billion. At the same time, we had what we called “Excess crude”, which is what is in excess of what we budget and what we actually sell the crude. Normally, we are conservative in budgeting, we call it “Excess crude”. So, we had in it about $25 billion. When you add that to the reserve, we are talking about $70 billion.
“Now, the point is that I left in 2007. Today between 2007 and 2024, all that amount of money has gone; all of it. Not only that, but all the money they made all that period had gone. And today, we owe more than we owe when we came to government in 1999.”