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There are indications that the nation’s currency has come under fresh demand pressure in the parallel market with significant depreciation recorded in the past week.
Yesterday, parallel market dealers traded at N1,705/ $1.00 down from N1,655/$1.00 a week ago, with sustained day-to-day slide.
Vanguard’s Naira watch indicates the steady slide is happening for the first time in several weeks unlike the daily fluctuation within a narrow band of between N1645 and N1,655/$1.00 recorded in the past two months.
Dealers in the parallel market told Vanguard that there was an indication of supply shortfalls in the past two weeks which may have sparked the depreciation in the market.
The development may have also affected the official market segment as data from FMDQ, shows the indicative exchange rate for Nigeria Autonomous Foreign Exchange Market, NAFEM, depreciated to N1541.94/$1.0 yesterday from N1540.78/ $1.0 over the weekend, indicating a 96 kobo depreciation.
The exchange rate development in the third quarter of 2024, Q4’24, also indicated a reversal of the positive trend recorded towards the end of last year.
In a surprising positive trend, the Naira closed last year in the parallel market at N1,215/$1.00, after it had previously hit N1,800/$1.0 quarter average in the third quarter of 2023.
The local currency further resumed the new year 2024 in a positive trend with an appreciation at N1,220/$1.0.
However, the trend reversed in the second quarter of the year with steady depreciation to a quarterly average of N1,620/$1.00 at the end of the second quarter, 2024.
After two months of stability at N1,630/$1.00 in most parts of the third quarter, the latest round of depreciation may have now started, with the fears that the high point of depreciation in Q4’23 may be underway for a repeat.
However, stakeholders in the economy have projected further rises in prices due to the continuous depreciation of the naira against the dollar especially in the parallel market.
Commenting on the development, the President Bank Customers Association of Nigeria, BCAN, Dr. Uju Ogubunka said: “The depreciation of the naira can be associated with demand chasing limited supply. It is the result of FX Supply gaps.
“The implications can be many but it shows the level of confidence or lack of it in the capacity of the country to meet the FX requirements in the market.
“Generally, it will impact on the cost of imported goods into the country and the prices at which such goods will eventually be sold on arrival.
“So, we should be prepared to complain more about high prices of goods in the market.”
Meanwhile, the volume of dollars traded (turnover) in the NAFEM rose year-on-year (YoY) by 61 per cent to $33.7 billion in the first nine months of 2024 (9M’24) from $20.9 billion in 9M’ 24.
The Deputy Controller of the Nigerian Correctional Service, NCoS, Michael Anugwa, has denied his suspension by the service.
Anugwa is the officer in charge of the Medium Security Custodial Centre, Kirikiri, Lagos State, where popular crossdresser Bobrisky served his jail term.
DAILY POST reports that Bobrisky was sentenced to a four-month jail term in April 2024 over misuse of the naira.
Popular social media critic, VeryDarkMan, leaked an audio recording of Bobrisky narrating how he bribed the officials with N15 million to spend his jail term in a private apartment close to the Lagos correctional centre.
Bobrisky further stated that singer Falz contacted him about obtaining a presidential pardon for him through his father, human rights lawyer Femi Falana, for N10 million.
Following the controversy generated by the audio, the Minister of Interior, Dr Olubunmi Tunji-Ojo, during a press briefing in Abuja on Friday, announced the suspension of Anugwa alongside Sikiru Adekunle, Deputy Controller of Corrections in charge of the Maximum-Security Custodial Centre.
However, addressing members of the House of Representatives committee investigating the bribery allegation against the anti-graft agency and the NCoS on Monday, September 30, 2024, Anugwa stated that his suspension was a social media report.
“I wasn’t served a letter,” he said.
A former Vice President and the presidential candidate of the Peoples Democratic Party in the 2023 general elections, Atiku Abubakar, has written to the National Assembly, requesting an amendment to the Constitution to allow for a six-year single term for the President and state governors.
In a memorandum to the Senate Committee on Constitutional Review, Atiku also proposed that the presidency be rotated between the North and South.
It is noteworthy that during Chief Olusegun Obasanjo’s presidency, he advocated for a six-year single term for the presidential seat.
Following the 2023 general elections, Atiku has continued to support this tenure proposal.
He stated, “The office of the President shall rotate among the six geopolitical zones of the federation on a single term of six years, flowing between the North and South on the single term of six years respectively.”
Atiku urged the National Assembly to “amend Section 135(2) to read: ‘Subject to the provisions of subsection (1), the President shall vacate his office at the expiration of a period of six years.’”
Additionally, he proposed the “substitution of an aspirant” in Section 285(14)(a) with “a voter.”
The former Vice President also suggested that the minimum educational qualification for a person to run for election should be the Ordinary National Diploma instead of the Senior Secondary School Certificate Examination. He proposed an amendment to Section 65(2)(a) to read: “He has been educated up to at least Ordinary National Diploma in any recognised academic institution.”
Furthermore, he recommended the insertion of a paragraph in Section 65(2)(a)(i) to read: “Evidence of certificates of all educational qualifications of a candidate shall be submitted to the Independent National Electoral Commission or an affidavit by the candidate in the event of loss of his/her educational certificates, qualifications obtained, and dates, stating the schools attended.”
Atiku also advocated for political parties to have more power in the candidate selection process. He proposed an “amendment to Section 65(2)(b) to read: ‘He is a member of a political party whose name is in the register to be made available by his political party to the Independent National Electoral Commission 30 days before the conduct of the political party’s primary and he is sponsored by that party.’”
Ahead of the planned nationwide protests on Tuesday, October 1, pan-Yoruba socio-cultural organisation, Afenifere, has said the planned demonstration is within the right of Nigerians.
DAILY POST reports that some Nigerian youths are planning to stage a nationwide protest on the day the nation is celebrating its Independence Day anniversary.
The protest is birthed by the growing hunger and other economic hardship bedevilling the citizens.
Speaking on the matter, the Leader of Afenifere, Chief Reuben Famuyide Fasoranti, said in a statement by its National Publicity Secretary, Comrade Jare Ajayi, that “it is the right of the people to do so.”
The organisation, however, pleaded that such should be done peacefully without looting or causing any damage to property and without harming anybody.
The statement called on the federal government under President Ahmed Bola Tinubu to do more in the areas of security, agriculture, education, and the economy and increase its efforts at ensuring that available infrastructure functions while also working on providing more.
“State governments are also urged to do more in infrastructure and service delivery, particularly in those areas where there is no constitutional inhibition for them.
“The local governments too should be alive to their responsibilities now that they are having fiscal autonomy so that people’s welfare can improve tremendously,” he said.
According to the statement, Afenifere also commended the enduring spirit of Nigerians, expressing optimism that things should take a better shape soonest.
The Afenifere leader opined that although the country is going through a challenging moment, there is a need to acknowledge the modest progress made since independence.
The newly-inaugurated Chief Justice of Nigeria (CJN), Justice Kudirat Motomori Olatokunbo Kekere-Ekun, vowed on Monday in Abuja that obedience to court orders will not be negotiable under her watch.
She said that no individual or institution, irrespective of their standing, would be permitted to treat judgments of the court with levity or disregard.
The CJN spoke on the occasion of the commencement of the 2024/2025 legal year and the inauguration of the 87 new Senior Advocates of Nigeria (SANs) held at the Supreme Court.
Justice Kekere-Ekun stated that the judiciary stands resolute in ensuring that the sanctity of legal decisions is upheld in line with the rule of law.
To achieve this new narrative, the CJN canvassed that all hands must be on deck in fostering an unwavering commitment to the full enthronement of the rule of law.
“Disobedience to court orders or non-compliance with judicial directives is a direct affront to democracy and an invitation to anarchy.
“As such, it is critical that we respect and observe all the features of an enduring democracy, for in doing so, we maintain the delicate balance that sustains our society.”
“Let us, therefore, work together collectively and tirelessly to ensure that Nigeria continues to abide by the rule of law, upholds the best democratic practices, and remains vigilant in the protection of citizens’ rights.
“The rights of every Nigerian must be valiantly safeguarded against oppression and impunity, utilizing the full array of legal instruments at our disposal.”
Maintaining that a new dawn and a new era in the Nigerian judiciary has come with her appointment, Justice Kekere-Ekun assured Nigerians of her commitment to work diligently to improve public perception of the judiciary.
According to her, “Over the years, various factors have contributed to the negative image of the judiciary. However, we are determined to change the narrative and make the judiciary a source of pride for all Nigerians.”
“When the legal compass of a nation falters, everything suffers, including public and international perception.”
“The attitude of some of us in the justice sector is sometimes less than salutary, and that has contributed to the current image deficit of the country’s legal system.”
The CJN condemned the forum shopping by some lawyers, which she claimed has led to the emergence of conflicting orders by courts of coordinated jurisdiction.
To address this ugly trend, the CJN vowed that there will be consequences for any act of indiscretion that could bring the judiciary to disrepute.
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has sent a message of hope to Nigerians ahead of the country’s 64th Independence Day.
Nigeria is observing a public holiday Today Tuesday, October 1, commemorating the country’s Independence from British rule.
In his message celebrating Nigeria’s 2024 independence, Ajaero urged Nigerians not to give up their hope for a better Nigeria.
However, the NLC president called upon citizens to hold their government accountable at all levels.
He praised Nigerian workers’ determination and sacrifices while addressing the ongoing issues of betrayal and corruption within the nation’s political framework.
He noted that for many years, Nigerians, especially those in the working class, have suffered from unfulfilled promises and exploitation.
Ajaero stressed that the marginalized citizens, who continue to endure the consequences of these broken commitments and corruption, should maintain their hope for a better future in their country.
Furthermore, the NLC President advocated for change, encouraging Nigerians to engage in lawful protests against injustices and the undermining of democratic values. He asserted that only through persistent advocacy can the political elite be motivated to prioritize the welfare of the nation.
The NLC President’s statement reads:
“THE BEGINNING OF A NEW ERA
“Being the text of the goodwill mesage by the President of the Nigeria Labour Congress, Comrade Joe Ajaero on the occasion of Nigeria’s 64th independence anniversary.
“On the ocassion of Nigeria’s 64th independence anniversary celebration, we congratulate all Nigerians, especially workers for their sacrifice, resilience or robust spirit in spite of serial acts of betrayal of monumental proportions by the political leadership at various times and levels.
“We urge the downtrodden Nigerians who bear the marks or burden of these broken promises, exploitation and corruption to not give up hope on their country.
“In light of the fact that their sacrifice has been taken for granted for so long, they should learn to protest within the limits of the law against injustices and subversion of democratic norms, culture and values by the dominant political elite.
“It should be apparent to the citizenry that the leading political elite are not ready to do the right thing except they are compelled to do so.
“In the same vein, we would like to sound a note of caution to our political elite whose preoccupation is to circumvent the principles and practice of popular democracy that undermining of our democratic institutions can no longer be business as usual.
“The consequences of their acts of commission or omission brought us this far. It is time to turn a new leaf. Let it be the beginning of a new low.”
![[PRESS RELEASE] Obidient Movement Flag Off Advocacy Campaign For Registration In Kano State](/media/k2/items/cache/bb25392ca50dbbd9c4e7ce5e7fef109c_S.jpg)
I will like to say a huge Thank you, for the warm welcome, and show of solidarity. Indeed our founding fathers were right when they said "Kowa yabar gida, gida ta barshi"….which further emphasizes the African proverb "when the hair is fully grown, the trimming must be done at home”.Permit me to start with this background; After the 2019 General Elections and the unprecedented hardship and incompetence wrought upon the Nation by the APC led administration, Some well-meaning Nigerians, myself included, who were totally dissatisfied with the poor governance and lack of direction , decided to forge a common front, and save this country from the malady and tyranny that had been unfolding.
These collective efforts, midwifed the emergence of His Excellency Peter Gregory Obi and Dr. Yusuf Datti-Baba Ahmad, two people of impeccable integrity and well proven track record, to champion the movement that is now known as the Obidient Movement. For the first time in our national history , Nigerians, especially the Younger generation, came together with one voice, in their millions , irrespective of their ethnic origin, social background and political affiliation. And so, Stretching far and wide across the country and equally as strongly, globally, across the diaspora, this unprecedented movement of organic and passionate joint purpose, was born. With 12.5m Obidients, registered in a few weeks and growing by the hour.
The movement from inception, faced numerous challenges, among which was coordination. However, with the 2023 elections at hand, we proceeded with our best efforts, overwhelming our opponents convincingly, despite the unfortunate, official outcome.
Now, at this time, with the same dire situation of directionless governance and extreme hardship persisting, it was time for us to leverage on our gains, to consolidate our organization. This has precipitated in the creation of the National Coordinating Council of The Obidients Movement, and my endorsement as the Interim National Coordinator of the Movement, world wide. After some consultation from the length and breathe of the Ntaion, we decided to start this consolidation process, from the North West, which, incidentally, is also my home zone.
Comprising of the seven (7) states of Kano, Jigawa, Kaduna, Katsina, Kebbi, Zamfara and Sokoto which make up the North West zone with 22,672,373 registered voters, out of the national total of 96,303,016, making it the most populous zone in Nigeria But in spite of these prospects and voting strength, the Zone continues to be left behind, in terms of infrastructural development and adequate social amenities, giving rise to untold poverty and deadly insecurity, thus this deterioration must be checked. Fellow Obidients , today being 30th September 2024 marks a new chapter in our collective journey as a Nation, and our objectives and collective will, remain stronger than ever before. As a son of this ancient city, I pledge to unite our diverse voices, foster inclusivity, and promote equity for all.. For these are norms and values, well entrenched in our tradition and education, and are the orientation and legacy, we must pass on, to our children and generations, in perpetuity .
Today, dear brothers and sisters, I stand here not only, as the National Coordinator of the Obidient Movement, but also as an unflinching advocate for Good Governance, Justice and equity. As a firm believer, in equal rights and social justice, I vow to prioritize by the special grace of God the needs and views, of every individual, regardless of background, religion, or socio-economic status.
Let us all today renew our resolve , that in our quest to create opportunities for all, ensuring everyone has a stake in our collective success, we must put aside our differences, and work towards a common goal which is a better future for our nation. By harnessing our strength and our commitment, we can, in our diversity, unlock the potential for growth, innovation, and progress. We must continue to live for one another, in order to thrive together, which is what the Obidient Movement represents;That movement that aims to emancipate you and i. That Movement that will be a major rallying force in bringing change, and overcoming the conspiracy of corruption and incompetence.
I have no doubt that we can achieve this, by addressing the systematic inequalities that have held us back for too long. Our policies will promote fairness, justice, and equal access to resources and opportunities. The Obidient Movement aims to rekindle the spirit of patriotism, encouraging every citizen to take ownership of our nation's progress. And by fostering social cohesion, we will build a society, where everyone feels valued, respected, and protected. In conclusion, Let me call on every Nigerian, at home or abroad, to join us in this journey towards a united, inclusive, and equitable society.
Social Media and the internet, provides us veritable platforms for communication, networking, enlightenment and Organisation and we must use this, relentlessly and responsibly, in furthering our objectives. Let us work together to check this drift of cluelessness, end this cycle of hardship, and build a brighter future for ourselves, our children, and generations to come.
We expect every Obidient, indeed, every patriotic and passionate Nigerian to get registered as an Obidient, regardless of your political affiliation, as long as you share our desire for a New Nigeria, the registration you are about to make, is for efficient coordination and enhanced impact, not only for the sake of the present, but for the future of our Children, The protection of our Women, The progress of our Men, for our generations unborn, And Indeed, for the future of our Nation. It's Time to Register. May God Bless the Obidient Movement May God bless NigeriaDr Yunusa TankoInterim National CoordinatorOBIDIENT MOVEMENT
Russian President, Vladimir Putin has vowed that his country will accomplish ‘all goals set’ in Ukraine.
Putin released a video message to mark the second anniversary of “Reunification Day”, two years since Russia formally claimed the regions of Donetsk, Luhansk, Zaporizhzhia and Kherson as its own.
Russia held a referendum in the four regions on 30 September 2022 with Putin signing a document with the Russian-installed leaders of the occupied regions to unilaterally incorporate them into the Russian Federation, despite Moscow not fully controlling the territories.
Since Russia’s full-scale invasion was launched in February 2022, Kyiv has stepped up its pursuit of Nato and EU membership
Putin said when he started the war that his aim was to demilitarise and “denazify” Ukraine.
“The truth is on our side. All goals set will be achieved,” Putin said in his video message on Monday.
He went on to criticise “western elites” who he claims “turned Ukraine into their colony, a military base aimed at Russia” and who fanned “hate, radical nationalism … hostility to everything Russian”.
“Today we are fighting for a secure, prosperous future for our children and grandchildren,” Putin said.
[DailyPost]
The Nigerian Air Force (NAF) says the Air Component of Operation Whirl Punch (OPWP) has destroyed the terrorist logistics base at Yadi Forest in Giwa Local Government Area of Kaduna state.
This is contained in a statement by the deputy director, public relations and information, NAF, Group Capt. Kabiru Ali, on Monday in Abuja.
Mr Ali said the operation was executed following credible intelligence indicating huge presence of terrorists and their weapons cache in the Yadi Forest.
He said the intensive intelligence, surveillance, and reconnaissance confirmed the consistent presence of terrorists and their motorcycles at the location.
According to him, additional intelligence revealed that the logistics base belonged to the notorious terrorist kingpin, Kadade Gurgu, a close ally of Dogo Gide.
He added that available intelligence at the disposal of the NAF revealed that Kadage Gurgu had been providing shelter for notorious terrorist kingpins following the aggressive military operations in Sokoto and Zamfara States.
Mr Ali said the air component dispatched an aircraft, supported by an Intelligence, Surveillance and Reconnaissance (ISR) platform, to attack the target.
According to him, the target area initially appeared uninhabited but as the aircraft approached, some of the terrorists were seen emerging from under the shrubbery and running away from the area.
“Subsequently, the targets were engaged, recording successful hits on the logistics facility, which was engulfed in flames with thick black smoke seen.
“Reports from independent sources, including local informants around the general area, later confirmed that the logistics base was totally destroyed and scores of terrorists were killed as a result of the attack.
“The NAF, in collaboration with surface forces, will continue to dominate the battlespace through extensive situational awareness, constant patrols, and targeted interdiction of bandits’ safe havens within its area of responsibility and neighbouring states.
“This aims to decimate and flush out terrorism and criminal activities within the North-West and North-Central region,” he said.
(NAN)
A Federal High Court in Abuja on Monday once again stopped the Independent National Electoral Commission (INEC) from providing the voters’ register to the Rivers State Independent Electoral Commission (RSIEC) for the upcoming local government elections scheduled for October 5, 2024.
In addition, the court prohibited the Inspector General of Police and the Department of State Services (DSS) from offering security for the poll.
Justice Peter Lifu delivered the ruling following a lawsuit filed by the All Progressives Congress (APC).
The APC’s legal team, led by Senior Advocates of Nigeria Joseph Daudu, Sebastine Hon, and Ogwu James Onoja, argued the case.
Justice Lifu ruled that the RSIEC acted prematurely in setting the October 5 election date, stating that it did so without adhering to the necessary legal requirements.
Specifically, the court found that the Rivers State electoral body had failed to comply with provisions of the local government election law, particularly the requirement to publish a 90-day notice prior to the election.
Additionally, Justice Lifu emphasized that the updating and revision of the voters’ register must be completed before a legally valid election date could be set.
As a result, the court ordered INEC not to provide the certified voters’ register to RSIEC until all legal stipulations were met.
RSIEC was similarly instructed not to accept or use any voters’ register from INEC for the October 5 local government elections.
[NaijaNews]
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There is tension at the Edo State Government House in Benin City over alleged plans by Philip Shaibu to resume in his office as Deputy Governor.
DAILY POST reports that security has been beefed up within the premises of Government House located at Dennis Osadabey Avenue, Benin City.
It was gathered that the security beef up is aimed at stopping Shaibu from resuming office.
As part of security measures, the state government has banned vehicles including those of Government House staff from entering Osadebe Avenue.
During a visit to the area on Monday, DAILY POST observed that visitors and civil servants parked their vehicles by the roadside and walked long distances to their offices.
Men of the Nigeria Police and the state-owned Police Constabulary mounted a roadblock at the entrance gate.
DAILY POST recalls that on July 17, a Federal High Court in Abuja, presided over by Justice J. K. Omotosho, reinstated Shaibu as the Edo State Deputy Governor.
The court had also last week, rejected a motion filed by the Edo State Government and the House of Assembly for a stay of execution of the reinstatement order.
The State House of Assembly had on March 18, 2024, impeached Shaibu as the deputy governor of the state, and in his stead, Governor Godwin Obaseki appointed and swore-in Engineer Godwins Marvellous Omobayo as the deputy governor.
Speaking to DAILY POST on Monday, some civil servants who spoke on condition of anonymity described the security beef up at the Government House as surprising.
“We were surprised to see heavy security in and around the Government House on resumption at the office.
“Election has ended and we expected to see a very more peaceful state,” they said.
The Edo State Government had on Sunday, in a statement, alleged that Shaibu had perfected plans to invade the Government House on Monday, September 30, to enforce his purported reinstatement despite the fact that a stay of execution appeal has been filed challenging Justice J. K. Omotosho’s ruling.
The statement by Mr Crusoe Osagie, the Special Adviser to the Edo State Government on Media Projects, called on the Inspector General of Police and all well-meaning Nigerians to prevail on Shaibu to refrain from his alleged plot.
Osagie opined that the plot was a clear recipe for chaos, given the fact that a policeman was killed the last time Shaibu attempted such action.
“We want to draw the attention of the Inspector General of Police to the intelligence we have gathered regarding a planned move by Shaibu to forcefully enter the Edo State Government House to purportedly enforce the ruling of Justice J. K. Omotosho.
“The stay of execution is still pending at the court of appeal and we appeal to the Inspector General of Police to ensure that the state does not descend to anarchy because of the ambition of one man.
“The last time Shaibu attempted to do this, it led to the death of a police officer. We believe that is one death too many and it is only wise for us to prevent a repeat of such,” he stated.
Reacting to the statement, Shaibu denied the allegation, saying the reality was yet to dawn on Obaseki that he and his followers have been rejected by Edo people.
Shaibu, who reacted through his media aide, Mr Ebomhiana Musa, noted that unlike Obaseki, he (Shaibu) is a peace-loving man who firmly believes in the rule of law and would not want to shed innocent blood for whatever reason.
“We want to put it clearly here that, unlike Governor Godwin Obaseki, Philip Shaibu is a peace-loving, who firmly believes in the rule of law and would not want to shed innocent blood for whatever reason.
“In the eyes of the law and in the eyes of the good people of Edo State and Nigerians, Philip Shaibu is the de jure and de facto Deputy Governor of Edo State.”
He called on the public to ignore the allegation, describing it as fake news spread by Obaseki’s spokesperson.
[DailyPost]
President Bola Tinubu, on Monday, 30th September, swore in Justice Kudirat Kekere-Ekun as the substantive Chief Justice of Nigeria (CJN).
Kekere-Ekun was sworn in as the 23rd CJN at the Council Chambers of the Presidential Villa in Abuja.
It would be recalled that the Nigerian Senate last Wednesday, confirmed Justice Kudirat Kekere-Ekun, the highest-ranking justice of the Supreme Court, as the new Chief Justice of Nigeria (CJN).
She received confirmation following a rigorous two-hour question-and-answer session with senators.
She had been serving in this role on an acting basis since August, when Justice Olukayode Ariwoola retired from the post.
Her confirmation follows a request to the lawmakers by President Tinubu.
Speaking during her screening, Kekere-Ekun, vowed to ensure that petitions are dealt with speedily to foster integrity within the judiciary.
Justice Kekere-Ekun, a 1974 Queens College Alumnus and a Life Bencher, pledged to do her best and uphold the integrity of the judiciary, the rule of law and defend the Constitution of Nigeria.
She also advocated for better legislation to boost the country’s autonomy, while highlighting the need to limit the volume of cases that terminates at the Supreme Court.
She specifically recommended that all cases related to elections conclude at the Court of Appeal.
She believed that improving behaviour during elections is crucial to eliminate the necessity of constantly going to court.
The Federal Capital Territory Police Command said it has commenced deployment of personnel and equipment ahead of the Independence celebration slated for October 1.
The command, which is without a Commissioner of Police, however, was silent over its preparation for the protest scheduled for the same day.
In a statement on Monday, the Police command spokesperson, Josephine Adeh, said the deployment included Explosive Ordnance Disposal personnel, anti-riot equipment, and visibility policing, among others.
She added that this was to ensure FCT residents have a peaceful Independence Day celebration.
She said,” The FCT Police Command, in anticipation of the upcoming October 1st Independence Day celebration, has strategically deployed adequate personnel and equipment throughout the FCT.
“These proactive deployments aim to ensure that residents of the FCT enjoy a hitch-free Independence Day celebration. The deployment will include Explosive Ordnance Disposal personnel, anti-riot equipment, and visibility policing, among others.”
She also said there would be traffic diversion in areas likely to witness large crowds, especially Eagles Square.
Adeh said, “Traffic diversions will be implemented in areas expected to experience large crowds, including Central Area and Eagle Square.
“While celebrating Independence Day, residents of the FCT are encouraged to remain vigilant and report any suspicious movements or activities to the FCT Police emergency lines: 08032003913, 08028940883, 08061581938, 07057337653, PCB: 09022222352, CRU: 08107314192.”
[Punch]
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria.
The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme.
Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly for some years now but this hasn’t been achieved.
At the recent 79th session of the United Nations General Assembly (UNGA) in New York, President Bola Tinubu, represented by Vice President Kashim Shettima, pushed for reform of the international financial system to include “comprehensive debt relief measures, to enable sustainable financing for development”.
Asked whether any of the multilateral or bilateral loans obtained by Nigeria was cancelled at this year’s UNGA, the foreign minister said, “Under President Obasanjo, we benefited from debt forgiveness. It’s a process; it’s not just an event, it takes time but you have to be there, you have to be present, and then these things happen, they don’t happen overnight.
“The effect that we felt the last time we had debt forgiveness did not just happen with one UNGA.”
According to the Debt Management Office (DMO), Nigeria’s external debt stock as of March 2024 was N56trn ($42bn) while domestic debt stood at N65trn ($46.29).
China is one of the lenders of Nigeria. Asked whether Nigeria is in talks with Beijing for debt relief considering that Tinubu met with his Chinese counterpart, Xi Jinping of late, the minister said that was not the case.
Tuggar said, “No, that is not what we are discussing with China. And when it comes to the issue of debt, look at the debt-to-GDP ratio of Nigeria, we are not even among the critically indebted nations.
“When you talk about the debt of a developing country, Nigeria is not in that sort of precarious situation. As a matter of fact, China is prepared to lend more, China is prepared to invest more in Nigeria in terms of infrastructure development and other things.”
The minister also said Nigeria would join BRICS+, a nine-member economic and political force, at the right time.
As of December 2004, Nigeria owed a total of $36bn (which amounted to N4.8trn at the exchange rate of N134/$1). $30.84bn of the country’s external debt at the time was borrowed from the Paris Club, alongside other bilateral and multilateral facilities.
The Paris Club is an official group of money lenders formed in 1956 with headquarters in Paris, France. Nigeria borrowed funds for developmental projects from members of the group such as the UK, US, France, Germany, Japan, Netherlands and eight other countries. Some of the funds borrowed were long before Obasanjo’s administration.
President Olusegun Obasanjo’s debt relief campaign in 2005 saw the Paris Club grant Nigeria a debt relief of $18bn out of the $30.8bn outstanding. As an exit strategy, Nigeria paid Paris Club creditors $12.4bn which represented $6.3bn regularisation of arrears and a balance of $6.1bn.