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The Central Bank of Nigeria (CBN) said it has sold $122.671 million dollars to to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.
A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, disclosed that $67 million was sold to 27 Authorised Dealers, while $2.5 million was bought from one Authorised Dealer on July 10, 2024. The range of the bid for the July 10, 2024 sales was N1,480/$ and N1,500/$, while the value date for the payments, going by the settlement cycle of two days (T+2), is July 12, 2024.
Similarly, on July 11, 2024, the sum of $55.171 million was sold to 19 Authorised Dealers at N1,540.0/$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.
The statement, therefore, urged all Authorised Dealers to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours.
While reiterating that the CBN supplies foreign exchange to the Foreign Exchange (FX) market to improve liquidity through FX spot sales to Authorized Dealers using two-way quotes, it assured that the Bank will continue to ensure stability in the FX market.
Senate Chief Whip, Ali Ndume, has commended President Bola Tinubu’s administration for securing financial autonomy for Local Governments, marking it as the president’s most significant achievement since his inauguration in May 2023.
The affirmation came in the wake of a Supreme Court ruling, initiated by Tinubu’s administration, which mandated the direct payment of Local Government allocations, thereby stripping state governors of their long-held control over these funds.
In a statement released to the press on Friday, Ndume praised the Supreme Court’s decision as a pivotal moment for grassroots governance in Nigeria.
“This judgment is not just a win for the administration but for the entirety of the grassroots level of governance across our nation,” Ndume stated.
For years, the autonomy of Local Governments had been undermined by state governors who managed their allocations, a practice Ndume criticized for stalling development at the local level.
He urged President Tinubu to ensure the immediate implementation of this landmark ruling to catalyze development and enhance governance at the local level.
Ndume said, “This court action instituted at the behest of President Bola Ahmed Tinubu is the biggest of his achievements. I’m very happy about the development, and I’m hoping that this will be the beginning of the liberation of local governments in Nigeria.
“I urge the President to immediately commence the implementation of the Court judgment. Local Government Councils need to start getting their monthly allocations immediately without any further delays. The people at the grassroots levels will begin to feel the impacts of good governance now.
“The National Assembly made several attempts to amend the 1999 Constitution and address this grey area. But governors didn’t allow the State Assemblies to give the constitutional concurrence. That was how the attempts failed.
“President Muhammadu Buhari also tried to intervene. Governors didn’t allow him. With this Supreme Court judgment, the issue has finally been resolved. No more unnecessary deductions from funds earmarked for local governments.
“The people can now hold the Council chairmen accountable for how they spend their monthly allocations. They’ll begin to demand true accountability and judicious use of the funds they’ll be getting. I salute the courage of President Tinubu.”
A former spokesman for the Atiku Abubakar/Ifeanyi Okowa presidential campaign in the 2023 presidential election, Daniel Bwala, says he is no longer a member of the Peoples Democratic Party (PDP).
Naija News reports that Bwala made this known on Friday, during an interview on Channels Television’s Politics Today.
The lawyer cum political analyst declared, “I am not a member of the PDP. Yes, I have left the PDP.”
When asked if he is now a member of the All Progressive Congress (APC), Bwala said, “I am very close.”
Recall that Bwala was a member of the APC prior to the 2023 election when he defected to the PDP.
Obidients Are IPOB Members And Apologists
Meanwhile, Daniel Bwala has claimed that most Obidients are members of the Indigenous People of Biafra (IPOB) and also their apologists.
Bwala stated that the 2023 presidential candidate of the Labour Party (LP), Peter Obi has no history or record of democratic credentials throughout his life.
He shared his thoughts while speaking on Channels Television’s Morning Brief on Friday morning.
According to him, he constantly attacks Obi and Obidients on social media platforms as a form of self-defence against alleged bullying by Obidients.
Bwala berated Obidients for always attacking and abusing those who don’t agree with them on issues concerning Peter Obi and the Nigerian Presidency.
Anambra State Governor, Chukwuma Soludo, has announced that the Nigeria Governors Forum (NGF) has scheduled an emergency meeting to review the Supreme Court’s recent decision granting autonomy to Local Government Councils.
Recall the apex court on Thursday, ruled that it is unconstitutional for state governors to withhold funds designated for local government administrations.
The landmark judgement, delivered by Justice Emmanuel Agim, emphasized that this practice contravenes the financial autonomy rights of local governments and has persisted for over two decades.
Following a closed-door meeting with President Bola Tinubu at the State House on Thursday, Soludo praised the court’s ruling as a democratic milestone. He emphasized the importance of respecting the judiciary’s authority and the rule of law.
Soludo stressed the necessity of ensuring resources reach the grassroots level and highlighted the importance of accountability and transparency in public resource utilization. He emphasized that public funds should benefit citizens at all levels—federal, state, and local.
Reacting to the ruling, he said, “That’s great. I mean, the Supreme Court is Supreme because it is the final authority and I am a Democrat. I believe in the rule of law. Once the Supreme Court has spoken it has spoken. I understand, I mean, tonight, I think the Governors Forum is meeting to review this.
“We’re yet to even… I mean, I haven’t seen the document myself. I’ve been extremely, very busy all through the day but I’ve seen snippets of it.
“But at a fundamental level, yes, we need resources to get down to the real grassroot and we need the people’s money to work for them at all levels, whether at the federal or the state and the local government.
“We need to promote accountability. We need to promote transparency in the utilization of public resources at all levels, to be able to lift the burden of the common man.“
President Bola Tinubu, on Thursday, appealed to organized labour to accept the ₦62,000 figure as the new minimum wage for Nigerian workers.
The Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, made this known in a post via X while sharing details of the meeting between the federal government and organized labour.
The Nigeria Labour Congress (NLC) president, Joe Ajaero; his counterpart at the Trade Union Congress (TUC), Festus Osifo, and other members of their delegation represented labour.
According to Onanuga, President Tinubu also questioned why wages have to be adjusted every five years and not two or three years.
The President, who led the government officials to the meeting, urged labour to accept the negotiated ₦62,000 as the first baby step in resolving the minimum wage issue. He suggested that further reviews can be done if the minimum wage law is reviewed.
‘Why must we adjust wages every five years? Why not two, why not three years? What is a problem today, can be eased up tomorrow“, he said.
Onanuga also confirmed that delegates for the meeting also received briefings on the state of the economy from the Coordinating Minister of the Economy, Wale Edun and the Group Managing Director of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari during the meeting.
The presidential media aide confirmed that labour is still insisting on a minimum monthly wage of N250,000.
The talks between the Federal Government and the central labour unions over the minimum wage were adjourned till next Thursday.
Governor of Sokoto, Ahmad Aliyu, signs chieftaincy bill stopping Sultan from making appointments
AFOLABI
Ahmed Aliyu, governor of Sokoto, has signed the bill stripping the Sultan of the power to appoint district and village heads in the state.
Speaking on Thursday after signing the bill and five others, Aliyu said the amendment was to ensure all inconsistencies with the country’s constitution were removed.
In recent weeks, the amended Sokoto local government and chieftaincy laws have generated controversies across the nation.
The governor said the state has amended the laws under previous administrations to ensure “peace and development”.
“It is well known that in every society, laws are enacted and amended to suit the needs of the time and the interests of the governed, in line with current circumstances,” NAN quoted Aliyu as saying.
“In Nigeria, we have witnessed a series of constitutional amendments to give the country laws that ensure peace, tranquility, and socio-political development.
“Some reactions were politically motivated, while others were made ignorantly without proper inquiry into the details and intentions of the amendments.
“I appreciate our Ulama for their concern, but remind them that they represent Allah’s Messenger. They should not allow lazy politicians to use them for political gains.”
He said the signing of the amended law shows that his administration is committed to following the rule of law and listening to the problems of the citizens.
“Whenever we encounter any law that does not serve the interests of our people, we will replace it with one that protects their interests,” the governor added.
He expressed appreciation to members of the state house of assembly for their patriotism in dealing with the issue.
The governor added that his administration is willing to collaborate with the traditional rulers and the Sultanate council for the good of the state.
The other amended bills are the Arabic and Islamic Board, Rural Roads and Land Tenancy, the Zakkat and Endowment Agency, the Prohibition of Discrimination against Persons with Disability, and the Local Government Consolidated Law 2009.
President Bola Tinubu says a new minimum wage will be fixed after reviewing the “structure” of the wage bill.
Tinubu spoke on Thursday while addressing the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) during a meeting at the State House, Abuja.
Tinubu told the labour leaders that his administration prioritises the welfare of workers, adding that “society depends on the productivity of happy workers”.
“You have to cut your coat according to the available cloth. Before we can finalise the minimum wage process, we have to look at the structure,” Ajuri Ngelale, presidential spokesperson, quoted Tinubu as saying in a statement.
“Why must we adjust wages every five years? Why not two? Why not three years? What is a problem today can be eased up tomorrow.
“There is much dynamism to this process if we are not myopic in our approaches.
“We can take a surgical approach that is based on pragmatism and a deep understanding of all factors.”
On his part, Joe Ajaero, NLC president, said things are difficult for Nigerian workers, adding that there must be a balance between the living wage and the minimum wage.
Festus Osifo, TUC president, said the rising inflation in the country has eroded the value of the naira.
BACKGROUND
Over the past few months, labour unions, federal and state governments, and the private sector have been deliberating on a new minimum wage.
On June 3, the labor unions grounded the nation’s economy over the minimum wage dispute.
The NLC and TUC had proposed N494,000 as the new national minimum wage, citing inflation and the prevailing economic hardship in the country, while rejecting the federal government’s proposed N60,000 minimum wage offer.
On June 7, state governors under the aegis of the Nigerian Governors Forum (NGF), said a N60,000 minimum wage would prove unsustainable.
At the last meeting of the tripartite committee, organised labour rejected the N62,000 proposed by the government and lowered its demand to N250,000.
The federal government had asked the labour unions to demand a more realistic and sustainable wage.
Tinubu had also directed Wale Edun, minister of finance, to present the cost implications for a new minimum wage.
Mohammed Idris, minister of information and national orientation, said the presentation would form the basis of further negotiations.
Inflation: We’re paying for consequences of ₦22.7 trillion Ways and Means loan by Buhari's govt - says Cardoso
AFOLABI
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has attributed the rising high interest rates to the excessive ₦27 trillion loan facility issued to the Federal Government.
Recall that the Senate approved a ₦22.7 trillion Ways and Means loan on May 23, 2023, thereby securitizing the debt. This approval followed a request by former President Muhammadu Buhari on December 28, 2022, asking the lawmakers to take this action
Speaking at a CEO forum organized by Business Day in Lagos on July 11, Cardoso emphasized the negative consequences of the surge in Ways and Means and intervention programs on the economy.
Cardoso pointed out that the interest rate, currently at 26.25 percent, coupled with inflation at 33.95 percent, has pressured commercial banks’ lending capacity, particularly affecting the manufacturing sector and businesses.
He noted that the CBN is aware of the adverse effects of these loan facilities and is working to prevent future occurrences.
Cardoso clarified that the Monetary Policy Committee (MPC), not the CBN governor, sets the interest rates based on data trends to manage inflation.
He stressed that the current high rates are a temporary measure until inflation moderates.
His words, ‘Nigerians indirectly paying for CBN’s unregulated lending to FG through high inflation’
“The MPC has made it very clear that for them the major issue is taming inflation and has also made it very clear that they will do whatever is necessary to tame inflation.
“Sadly, we have a situation where a lot of money supply went into the system. We all saw ways and means soared to N27 trillion. We saw interventions of N10.5 trillion. It has its consequences. In large respect, that is what we are paying for now,” Cardoso added.
Cardoso on Naira volatility
Speaking on the volatility of the Naira, Cardoso explained the measures taken to stabilize the currency since assuming leadership. Cardoso highlighted the discovery of systemic distortions, including illicit financial flows and non-compliance with regulations, which necessitated immediate intervention.
“We found that there were distortions within the system, such as illicit flows and rule violations, which we needed to address for a smoother and more efficient market,” Cardoso said.
He acknowledged that the process of correcting these issues sometimes met with resistance. “In the process of doing this, there are pushbacks. We believe that a portion of the volatility and wide swings in the exchange rate was due to these adjustments,” he noted.
Cardoso expressed confidence that stakeholders are now more comfortable with the CBN’s approach to managing the market. He observed that the need for speculative actions, such as frontloading, has diminished. “Even with portfolio investors, some left initially but returned when they saw that there was a clear plan being implemented in a direction they could understand”
According to Cardoso, the transparency introduced by the CBN is beginning to yield positive results, contributing to the stabilization of the Naira. “A lot of the wide swings we saw are gradually smoothing out due to the increased transparency in the market,” he concluded.
The CBN Governor’s remarks underscore the importance of regulatory compliance and market transparency in achieving currency stability and restoring investor confidence.
A federal high court in Abuja has remanded Saleh Mamman, a former minister of power, in the Kuje correctional facility pending the hearing of his bail application.
On Thursday, the Economic and Financial Crimes Commission (EFCC) arraigned Mamman on a 12-count charge bordering on money laundering up to N33,804,830,503.
The former minister pleaded not guilty to the charge.
After the plea, Adeyinka Olumide-Fusika, counsel to the EFCC, sought the date for the commencement of the trial.
Femi Ate, counsel to the former minister, told the court that his client had submitted his bail application.
Olumide-Fusika responded that he was served with the bail application around 12:30pm today.
Afterwards, the defence counsel pleaded with the court to allow the bail application hearing the next day.
The EFCC counsel did not oppose the request.
In his ruling, James Omotosho, the trial judge, adjourned the bail application to Friday.
MAMMAN COLLAPSED OUTSIDE COURTROOM
Before the court proceedings began, Mamman collapsed outside of the courtroom.
Mamman’s counsel informed the judge that his client had fainted due to ill health.
When the hearing resumed, the ex-minister entered the courtroom and the dock while his clothes were partly drenched.
The judge then asked Mamman why he was sweating or whether it was raining.
The former minister said water had been poured on him.
The former minister told the judge that he collapsed outside the courtroom due to the effects of some drugs administered to him without food.
He added that while waiting to be called, his blood pressure dropped.
Mamman told the court that he could take his plea after being asked by the judge if he was fit enough.
The judge, however, asked Mamman if he was fit enough to take his plea, and he responded in the affirmative.
His counsel asked the court to allow him to return the next day to argue the bail application.
The EFCC lawyer did not oppose the request, and the judge adjourned the matter until Friday for the hearing of the bail application.
THE CASE
Mamman was appointed minister by former President Muhammadu Buhari in August 2019. He was sacked in September 2021.
In May 2023, the former minister was arrested by the anti-graft agency over an alleged N22 billion fraud.
In the charge sheet seen by TheCable, the anti-graft agency alleged that Mamman conspired with officials at the ministry of power and some private companies to “indirectly convert” N33.8 billion, which was meant for the Zungeru and Mambilla Hydro Electric Power projects.
The EFCC alleged that Mamman was aided by one Samson Bitrus to make a cash payment of $655,700 without going through a financial institution.
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The Police Command in Lagos State says it has arrested a couple (name withheld) over an alleged attempt to sell their two-year-old son to travel to Canada.
The command’s spokesperson, SP Benjamin Hundeyin, confirmed this to the News Agency of Nigeria (NAN) on Thursday in Lagos.
Hundeyin said that the couple, aged 28 and 22, were arrested on Tuesday while attempting to sell the boy.
The spokesperson said that on Tuesday, at about 2.45 p.m., the Isolo Divisional Police Officer (DPO) received information that a couple went to Isolo General Hospital and declared their intention to sell their baby boy.
“Upon receipt of the information, operatives from the station moved swiftly to the hospital, where they were about to sell their child.
“The baby’s age is two, and he has been rescued. Upon interrogation, the couple confessed that they decided to sell the baby to enable the man to travel to Canada for a greener pasture.
“However, the investigation is ongoing,” he said. (NAN)
The House of Representatives has set up a nine-man committee to investigate the National Hajj Commission or NAHCON on how it spent the N90bn donated to it by the federal government and sundry financial receipts for the 2024 Hajj operation in Saudi Arabia.
The House condemned the performance of NAHCON and FCTA Muslim Pilgrims Welfare Board in the 2024 Hajj exercise describing their roles as abysmal.
Also to be investigated apart from NAHCON and the FCTA Muslim Pilgrims Welfare Board are their agents, and sub-agents in the 2024 Hajj exercise.
The resolutions emanated from the adoption of a ‘Motion of Urgent Public Importance moved by Hon Mohammed Omar Bio on the Urgent Need to Investigate the National Hajj Commission and FCTA Muslims Pilgrims Welfare Board, Their Agents, and Sun Agents Over The Shoody Arrangement And Treatment of Nigerian Pilgrims’ in the 2024 Hajj Exercise.
Omar Bio noted that the Hajj exercise is important in the life of every Muslim and is, in fact, one of the five pillars of Islam.
He said, “NAHCON was set up to provide efficient and effective services to the pilgrims through implementation of NAHCON Act;
“Seamless coordination in the states of the federation, each state has a Muslim Pilgrims Welfare Board and that of FCT is the FCTA Muslim Pilgrims Welfare Board.
“About 50, 865 Muslim Pilgrims across the states in Nigeria were under the care of NAHCON, and some of them were not taken care of in terms of welfare, organisation, guidance and monitoring as expected.”
The Lawmaker stressed that despite the “huge amount paid by the Pilgrims for the 2024 Hajj exercise, NAHCON’s 2024 Budget Allocation, intervention from the Federal Government to the tune of 90 Billion Naira, and support from the Government of Saudi Arabia, NAHCON and FCTA Muslim Pilgrims Welfare Board’s below performance in the 2024 Hajj Exercise especially in Makkah and Mina is unexpected.”
He said it’s disturbing that “if this poor performance of NAHCON is not investigated with a view to improve future performance,” further “Hajj exercise for Nigerian citizens may be more complicated and put the entire country in a bad light in the committee of nations.”
The house consequently set up the committee with a mandate to investigate and report back during a legislative day.
The House of Representatives has passed for a second reading, a bill seeking the creation of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo states from the Southeast geopolitical zone.
The piece of legislation which scaled through the debate stage at plenary on Thursday is titled; “Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Creation Of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo States and for Related Matters (HB. 1525).
Sponsored by Hon. Amobi Godwin Ogah (Abia), Hon. Miriam Odinaka Onuoha (Imo), Hon. Kama Nkemkama (Ebonyi) Hon. Princess Chinwe Nnabuife (Anambra) and Hon. Anayo Onwuegbu (Enugu), the bill seeks to address a longstanding issue of regional parity and administrative efficiency within the Southeast geopolitical zone.
It proposes an alteration to the Constitution of the Federal Republic of Nigeria, 1999, to accommodate the creation of Etiti State, thereby increasing the number of states in the Southeast geopolitical zone from five to six.
Leading the debate on the general principles of the bill, Hon. Ogah (LP, Abia) said the establishment of Etiti State was not just a matter of administrative convenience but a step towards ensuring balanced regional development and effective governance.
The lawmaker said it responded to the aspirations of the people of a very important region to the country and aligned with the principles of equity and inclusivity enshrined in the country’s democratic ideals.
“Mr Speaker, distinguished colleagues, it is not news that the current structure of the Southeast region with just five states—Abia, Anambra, Ebonyi, Enugu, and Imo—as against other regions of the country which have no fewer than six states, has been a subject of debate and advocacy for reconfiguration.
“The creation of Etiti State is a proactive step towards aligning the region with the structural realities of its other 5 sister regions in the country. Suffice it to say that is a long overdue step in the right direction to foster equitable representation, enhance governance efficiency, and promote socio-economic development within the region.
“Let us bear in mind that the Southeast, with its rich cultural heritage and strategic economic potential, deserves a governance framework that optimally serves its diverse communities.
“The creation of Etiti State will facilitate more targeted development initiatives, better resource allocation, and improved service delivery to the people. As we deliberate on this historic Bill, let us remain guided by the imperative of fairness, efficiency, and progress. The creation of Etiti State represents a unique opportunity to strengthen our federal structure, empower our communities, and foster national unity.
“I urge all Honourable Members to support this Bill, which promises to reshape the socio-political landscape of the Southeast for the betterment of all. Mr Speaker, Distinguished Colleagues, I therefore urge us all to thoughtfully consider and swiftly pass this important Constitution Alteration Bill. Let us seize this moment to make history and fulfil our mandate to serve the best interests of the Nigerian people,” he maintained.
Following the Supreme Court decision declaring unlawful the use of the funds meant for local governments by the Nigeria’s 36 governors, Socio-Economic Rights And Accountability Project has called on the governors and FCT minister to account for and return the funds they have collected, or face legal action.
Recall that the Supreme Court has barred the 36 governors of the federation from further retaining or utilizing funds that are meant for the 774 Local Government Areas, LGAs, in the country.
The apex court ruled that it is illegal and unconstitutional for governors to continue to receive and seize funds allocated to LGAs in their states.
It maintained that the “dubious practice” which has gone on for over two decades, was a clear violation of Section 162 of the 1999 Constitution, as amended.
In its lead judgement that was delivered by Justice Emmanuel Agim, the apex court held that no House of Assembly of any state has the power to make laws that could, in any manner, interfere with monies meant for the LGAs.
Stressing that the law mandated that LGAs must be governed by democratically elected officials, the Supreme Court ordered that forthwith, funds meant for the LGAs must be directly paid to them from the federation account.
“Demands of justice require a progressive interpretation of the law. It is the position of this court that the federation can pay LGA allocations to the LGAs directly or pay them through the states.
“In this case, since paying them through states has not worked, justice of this case demands that LGA allocations from the federation account should henceforth be paid directly to the LGAs,” the apex court held.
It further declared unconstitutional the appointment of caretaker committees by governors to run the affairs of the LGAs.
It held that the 36 states are under obligation to ensure democratic governance at the third tier of government.
The judgement followed a suit the Federal Government filed to secure financial autonomy for the LGAs.
Earlier, the court dismissed preliminary objections the state governors filed to challenge the competence of the suit.