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Governor Siminalayi Fubara of Rivers State has alleged that the failed attempt to detonate an explosive device at the Hotel Presidential, a five-star hotel in Port Harcourt, was a deliberate ploy to strengthen the call for a state of emergency by haters, who want to undermine the state to achieve their evil plans.
He clarified that he was not fighting anybody but rather defending the state against predators and protecting Rivers state against those who feel that they own the lives of others.
Meanwhile, the prime suspect in the failed detonation of the alleged explosive device outside the perimeter fence of Hotel Presidential, during a protest on Tuesday in Port Harcourt, has been nabbed, revived and is now receiving intensive care at the State University Teaching Hospital.
This came as the Movement for the Survival of the Ogoni People, MOSOP, warned politicians in Rivers State to shun violence and prevent the current political crisis from escalating, stressing that such a situation would work against the interest of the state.
In another development, a faction of the All Progressives Congress, APC, in the state has expressed concern over the possibility of an outbreak of guerilla warfare.
Governor Fubara, when he received on a courtesy visit, a delegation of the Senate Committee on Privatisation and Commercialisation, led by its Chairman, Senator Orji Kalu, to Government House in Port Harcourt, yesterday, said: “As a matter of fact, let me tell you, I know of everything that is happening. On Tuesday, they (protesters) were aware that you are in the state. So, there was an attempt to create serious problem.
“In fact, there was a plan to detonate dynamite at the Hotel Presidential because you people were there. But this God that we serve, it happened that the man, who was trying to do it, detonated it but just few seconds after, it blew his hands off.
“The plan was that as you were hearing of state of emergency, it will be such that by the time they finish, when you return to have your sitting on Thursday, the debate will be from somebody from this state, who called you to tell you not to come to Rivers State. He will now raise issue of state of emergency, and say after all, distinguished colleagues saw it happen while they were in Rivers State, that you saw what happened.
“But you see, when you are with God, even your child who is planning evil, will go and tell somebody that God is with this man because he is clean, this is what my father is planning. That is what is keeping us in this state.”
He wondered why it seemed that the law was silent or inactive to take its course over offenders as somebody appeared to be bigger than the law on the agitation, but there is nowhere in the country where tenure elongation for former local government chairmen has been an issue.
He pointed out that no governor in Nigeria can take 10 per cent of the abuse rained on him by former local government council chairmen.
Fubara said he had taken those insults and attacks in his strides without going hard on the purveyors because they planned to distract him, stressing that he had remained focused on delivering good governance and democratic dividends to Rivers people.
In his address, Chairman, of the Senate Committee on Privatisation and Commercialisation, Senator Kalu, said they were in Rivers State to carry out oversight duties on some projects under their purview.
Kalu, who is the member representing Abia North senatorial district, commended Fubara for his love for peace, determination to offer quality governance and keep pace with providing the right climate to engender economic growth to all residents in the state.
The Senate committee chairman also urged the Minister of the Federal Capital Territory, Nyesom Wike, to shealth the sword, and call his supporters to order as a commitment to fostering peace and putting the interest of the State above all considerations.
Prime suspect of explosion nabbed
Tuesday, a middle-aged man, yet to be named had blown up himself during a protest by some leaders of the Peoples Democratic Party, PDP, loyal to the Minister of the Federal Capital Territory in support of police occupation of the 23 local government area secretariats over the LGA leadership crisis in the state.
It was alleged that the suspect was among the protesters and that he had the suspected dynamite that went off in his hand.
It was gathered that the dynamite had exploded and shattered his hand as well causing panic in in the area.
According a source, Obinna (surname withheld) said the suspect was whisked away by other protesters as security agents trooped to the location where the explosion happened.
At press time, the Public Relations Officer of the state Police Command, Grace Iringe-Koko, who did not deny the report, had said she was yet to find out the full details of what transpired but promised to get by to our correspondent later.
But, the Commissioner of Police in the state, Olatunji Disu, while appearing on a television programme monitored in Port Harcourt, confirmed that a young man blew up himself with an explosive, noting that investigations were still on into development.
However, police have mounted tight security around the RSUTH with a mandate to secure law-abiding citizens, and particularly patients and staff of the facility.
The state Commissioner for Health, Dr Adaeze Oreh, said on getting information of the incident, the state government immediately alerted the Ministry of Health and all medical facilities in the state to be on the lookout for the patient(s) with suspected injuries arising from blasts.
Oreh said the severely injured patient was brought into the facility by some persons, who claimed that he was taken from a road traffic accident scene, adding that on close observation, it was discovered that the injuries were not related to any road traffic accident.
Oreh said the management of RSUTH and the state government were working in collaboration with the Police which has been duly notified and already playing its role in investigating the incident and the suspect.
MOSOP warns against violence, demands respect for rule of law
President of MOSOP, Fegalo Nsuke, who issued the warning in a statement in Port Harcourt, yesterday, also condemned calls for the declaration of a state of emergency in the state, noting that the situation in Rivers can be resolved if politicians respect the court and the constitution.
Nsuke said it was the constitutional duty of Rivers people to defend the state, by refusing to be tools for violence and by cooperating with the relevant security agencies to ensure that peace was maintained through “a strategic and honest management” of the crisis.
The MOSOP president urged the feuding camps to show maturity and decency in the interest of peace and stability and commended Rivers people, the police and other security agencies for preventing the crisis from escalation and bloodshed.
APC faction worries over guerilla warfare in Rivers
The party said the detonation of an improvised explosive device (IED) on Tuesday at the Hotel Presidential axis of Port Harcourt was worrisome, adding that the protest was organised against all advice and caution by a political group.
A statement by Darlington Nwauju, spokesman of the APC faction, yesterday, said: “The protests appear to be orchestrated and stage-managed to justify their call for state of emergency, even where no such situation ordinarily exists.
“We are miffed by the deployment of guerrilla warfare to our polity and wonder why this ugly narrative must always headline political activities in Rivers State.
“Regrettably, this shameful and unfortunate incident reminds us of the January 19, 2023, bombing of the APC campaign venue at Rumuwoji town hall, another suburb of Port Harcourt, which left six APC members injured, and all the signs point to the same group, which seem to have the privilege of getting away with whatever violent crime they launched.
“We challenge Police authorities in Rivers State to rise to the occasion this time by quizzing sponsors/leaders of the protest of June 25, 2024, who are not only known political honchos, but apostles and sympathisers of the call for a state of emergency in Rivers State.
“They seem to apply the notion that whatever you can’t get you destroy. Their modus operandi, which is now common knowledge, is that whatever they want to launch, they first raise public outcry and point fingers to the opposite direction to deceive the public.”
[Vanguard]
Orji Kalu, senator representing Abia north, says he will work with his colleagues in the red chamber to seek President Bola Tinubu’s intervention in the political crisis in Rivers state.
Kalu spoke on Wednesday when he led a delegation of the senate committee on privatisation and commercialisation on a visit to Siminalayi Fubara, governor of Rivers.
Rivers is engulfed in a political crisis over a power tussle between Fubara and Nyesom Wike, his successor, who is now the minister of the federal capital territory (FCT).
During the visit, Kalu said Fubara and Wike needed to end their feud to avert anarchy in the state.
“We should not derail democracy; we should support democracy because democracy needs to be supported. If we don’t support democracy, democracy will collapse,” he said.
“So, I would like to plead with you and the former governor that you people should take the interests of your people foremost in your hearts.
“Continue to be holding your people, because if your people demonstrate like other people, we will have a state of anarchy, and it’s not good to have anarchy.
“Few of us here have access to President Bola Tinubu, and we are also going to plead with him seriously to see how we can shorten everything happening here.”
In his remarks, Fubara said he is not to blame for the political crisis in Rivers.
“We should be bold enough to look at the faces of people to tell them the truth,” he said.
“I am not fighting anybody; if I am fighting, people will know, and my pattern will change.
“What we are doing is to defend ourselves. We can’t just fold our hands. It is only a tree that will be standing, only for some to come and chop it off.”
In October 2023, Tinubu intervened in the political feud, facilitating the signing of a peace pact agreement by both parties involved.
However, hostilities have continued between the governor and his predecessor as well as their supporters.
[TheCable]
Led by a top general vowing to “restore democracy,” armored vehicles rammed the doors of Bolivia’s government palace Wednesday in what the president called a coup attempt, then quickly retreated — the latest crisis in the South American country facing a political battle and an economic crisis.
Within hours, the nation of 12 million people saw a rapidly moving scenario in which the troops seemed to take control of the government of President Luis Arce. He vowed to stand firm and named a new army commander, who immediately ordered the troops to stand down.
Soon the soldiers pulled back, along with a line of military vehicles, ending the rebellion after just three hours. Hundreds of Arce’s supporters then rushed the square outside the palace, waving Bolivian flags, singing the national anthem and cheering.
The soldiers’ retreat was followed by the arrest of army chief Gen. Juan José Zúñiga, after the attorney general opened an investigation.
Armored vehicles rammed into the doors of Bolivia’s government palace Wednesday as President Luis Arce said the country faced an attempted coup, insisted he stands firm and urged people to mobilize.
Government Minister Eduardo del Castillo said that in addition to Zúñiga, former navy Vice Adm. Juan Arnez Salvador was taken into custody.
“What was this group’s goal? The goal was to overturn the democratically elected authority,” del Castillo told journalists in announcing the arrests.
Late Wednesday, Defense Minister Edmundo Novillo said “everything is now under control.” Surrounded by the new military chiefs appointed by Arce, Novillo said that Bolivia lived a “failed coup.”
The apparent coup attempt came as the country has faced months of tensions and political fights between Arce and his one-time ally, former leftist president Evo Morales, over control of the ruling party. It also came amid a severe economic crisis.
The clashes have paralyzed the government’s efforts to deal with the economic crisis. For example, Morales’ allies in Congress have consistently thwarted Arce’s attempts to take on debt to relieve some of the pressure.
Zúñiga referenced that paralysis during the rebellion, telling reporters the military was tired of the infighting and was seeking “to restore democracy.”
“We are listening to the cry of the people because for many years an elite has taken control of the country,” he said, adding that politicians are “destroying the country: look at what situation we are in, what crisis they have left us in.”
“The armed forces intend to restore the democracy, to make it a true democracy,” he said.
The rapidly unfolding crisis began in the early afternoon as the streets of La Paz started filling with soldiers. Arce tweeted that the troops deployment was irregular and soon he and other political figures warned of an attempted coup.
Still, the apparent attempt to depose the sitting president seemed to lack any meaningful support, and even Arce’s rivals closed ranks to defend democracy and repudiate the uprising.
In a twist, Zúñiga claimed in comments to journalists before his arrest that Arce himself told the general to storm the palace in a political move. “The president told me: ‘The situation is very screwed up, very critical. It is necessary to prepare something to raise my popularity’,” Zúñiga quoted the Bolivian leader as saying.
Zúñiga sajd he asked Arce if he should “take out the armored vehicles?” and Arce replied, “Take them out.”
Justice Minister Iván Lima denied Zúñiga’s claims, saying the general was lying and trying to justify his actions for which he said he will face justice.
Prosecutors will seek the maximum sentence of 15 to 20 years in prison for Zúñiga, Lima said via the social media platform X, “for having attacked democracy and the Constitution.”
The spectacle shocked Bolivians, no stranger to political unrest; in 2019 Morales was ousted as president following an earlier political crisis.
As the crisis unfolded Wednesday, Arce confronted Zúñiga in the palace hallway, as shown on video on Bolivian television. “I am your captain, and I order you to withdraw your soldiers, and I will not allow this insubordination,” Arce said.
Surrounded by ministers, he added: “Here we are, firm in Casa Grande, to confront any coup attempt. We need the Bolivian people to organize.”
Less than an hour later, Arce announced new heads of the army, navy and air force amid the roar of supporters, and thanked the country’s police and regional allies for standing by him. Arce said the troops who rose against him were “staining the uniform” of the military.
“I order all that are mobilized to return to their units,” said the newly named army chief José Wilson Sánchez. “No one wants the images we’re seeing in the streets.”
Shortly after, the armored vehicles roared out of the plaza, tailed by hundreds of military fighters as police in riot gear set up blockades outside the government palace.
The incident was met with a wave of outrage by other regional leaders, including the Organization of American States, Chilean President Gabriel Boric, the leader of Honduras, and former Bolivian leaders.
Gustavo Flores-Macias, a professor of government and public policy focusing on Latin America at Cornell University, said it’s important that world leaders and organizations keep up their condemnation of the coup attempt as developments unfold.
“If we allow the interruption of the constitutional order to take place in Bolivia, it could serve a demonstration effect,” Flores-Macias said from New York in an interview with The Associated Press. “It could send a signal that if this is OK to happen in Bolivia, it could happen elsewhere.”
Bolivia has seen intensifying protests in recent months over the economy’s precipitous decline from one of the continent’s fastest-growing two decades ago to one of its most crisis-stricken.
Arce and Morales have been battling for the future of Bolivia’s splintering Movement for Socialism, known by its Spanish acronym MAS, ahead of elections in 2025.
Following Wednesday’s chaos, reports on local media showed Bolivians stocking up on food and other essentials in supermarkets, concerned about what will come next.
But addressing supporters outside the presidential palace, the country’s vice president, David Choquehuanca, vowed: “Never again will the Bolivian people permit coup attempts.”
[apnews]
Dangote Group has released an official statement over the fire incident at its refinery on Wednesday.
A statement from Dangote Refinery described the fire as minor, adding that it has been contained.
“Dangote Refinery contains minor fire at its effluent treatment plant
“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June.
“There is no cause for alarm as the refinery is operating and there is no recorded injury or bodily harm to all our staff on duty,” the statement said.
DAILY POST reported earlier that explosions were heard on Wednesday after a major fire outbreak at the refinery located at the Ibeju-Lekki area of Lagos State.
The Lagos State Fire and Rescue Services (LSFRS) has announced plans to install a centralized generator in the Lagos Island market to help curb frequent market fires.
During the Lagos International Fire Safety Conference on Tuesday, Governor Babajide Sanwo-Olu highlighted the collective responsibility needed to prevent fire disasters.
He emphasized that many fire incidents in the state result from careless behavior and urged market traders to be more vigilant.
Speaking on the theme, “Stakeholders Collaboration: A Panacea to Incessant Fire Disasters in Lagos,” Sanwo-Olu called on market leaders to take proactive measures in their domains to mitigate fire risks.
He said, “Fire incidents in the state are largely due to irresponsible behaviour or carelessness. And because people don’t raise the alarm early enough, this government has built fire stations in five years.
“We have brought 64 fire engines. We have increased the capacity by recruiting over a thousand new fire service men. If it is about providing what is required, the government will actually do that, but it is about everybody understanding that we have a role to play.
“To the market, men and women, the responsibility lies with you. We have had a series of market fire incidents. People store petrol in the market and also place generators on the rooftops, and you keep looking at them.
“They will refuel a generator while it is working and complain that it is their village people. You saw what happened at Dosunmu and Mandilas. The latest one happened in a church. That is why you all need to caution those who are found culpable. Fire is a respecter of no one. Let us call ourselves to order and join hands to put a stop to this.”
Director of LSFRS, Margaret Adeseye, attributed many fire incidents to negligence and stressed the importance of stakeholders collaborating to find lasting solutions.
She revealed that the government plans to introduce a centralized generator to replace individual ones, reducing fire risks.
“Lagosians should come together as stakeholders because fire prevention and safety are everyone’s business.
“We are here to strategize and find holistic solutions to fire incidents. It’s not just the agency’s duty alone. Stakeholders will bring their diverse knowledge and experience to the table.
“By the end of the three-day conference, we aim to find lasting solutions to fire incidents. The government has set up a committee to reposition the Lagos Island market. The committee is working diligently, and at the end of the day, individual generators will be replaced with a centralized generator,” Adeseye said.
The state Commissioner for Special Duties and Intergovernmental Relations, Olugbenga Oyerinde, reiterated the administration’s commitment to fostering collaboration and partnerships with relevant organizations, corporate bodies, and experts in emergency management and fire disaster prevention, leveraging global technological approaches.
[NaijaNews]
G-60 Lawmakers Raise Alarm Over Alleged Move To Freeze Rivers LG Allocation With Exparte Order
Admin
A group of opposition lawmakers in the House of Representatives, known as the G60, has raised the alarm over alleged move by Pro-Wike former local government council chairmen in Rivers Sstes to freeze the LG allocations with exparte order.
The lawmakers, who made this known in a statement signed by their spokesperson, Hon. Ikenga Ugochinyere, said that the they received credible intelligence that some of the former local government chairmen whose tenure expired recently and their financiers were allegedly looking for a Federal High Court to give them an injunction that will seize the monthly allocations of the local governments because of their failed attempt to hang on to power after their tenure expiration.
They, therefore, called on the Chief Judge of the Federal High Court and Judges of State High Courts to be very careful and put their divisions on alert, so they won’t be used to issue exparte orders to people who are no longer elected local government chairmen.
The lawmakers said, “We received credible intelligence that some of the former local government chairmen that their tenure expired in Rivers and their financiers are looking for a federal high court to give them an injunction that will seize the allocation of the local government because of their failed attempt to hang on to power after their tenure expired. I want to use this opportunity to call on the Chief Judge of the Federal high court and judges of state high court, you never can tell they can go to Zamfara or ogoja or anywhere, I want to call on them to be very careful and put their divisions on alert, so they won’t be used to issue exparte applications to people who are no longer elected local government chairmen.
“There’s nothing like tenure extension in a democratic setting, it’s like a coup taking over constitutional governance. So we want to alert the general public that there’s move to pick exparte applications by these former local governments chairmen that their tenure has expired to seize the allocation of the local government so that workers and development in rural areas will suffer.”
[Leadership]
The State House spent a whopping sum of N244,654,350 for the purchase and supply of tyres in a single day, according to findings by Daily Trust.
Investigation and data gathered from govspend, a portal documenting the Presidential Villa expenditure, showed that the State House made payments for the supply of an unspecified quantity of bulletproof tyres and Westlake tyres, the week that the President Bola Tinubu government marked its first year in office.
Tinubu took over from his predecessor, Muhammadu Buhari, on May 29, 2023.
Documents showed that the sums of N200,583,390, N38,070,000, and N6,000,960, were respectively paid for these items, on May 21, 2024.
The documents revealed that two separate payments were made for the purchase and supply of tyres (no specified quantity) for bulletproof vehicles and another five armoured bulletproof tyres to Obi-Wealth Enterprises Nigeria Limited (RC-640684) for the sums of N200,583,390 and N38,070,000.
A quick search on the Corporate Affairs Commission (CAC) website revealed that the company is inactive.
Hommy & Fay Investments Limited, active on the CAC portal, handled the other part of the supply of an unspecified number of Westlake tyres (315/80R22) for N6,000,960.
Attempts to get reactions from the presidency over the tyre expenditure did not yield result as several calls made to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, did not go through.
The message sent to him had not been replied as of the time of filing this report.
24 hours after the tyre payments were made, Minister of Budget and National Planning, Atiku Bagudu, apologised to Nigerians over the nationwide hardship.
Speaking during the ministerial sectoral update, he said the policies of the Tinubu-led government were on track despite the currency crisis and inflation which has frustrated economic growth.
“So what’s the answer to all of these? It’s to restore macroeconomic stability that will ensure that investors, both domestic and international put their face in our economy once again. And we are all doing this without a blame game. And I apologize for the pain that they may occasion, but they are necessary… Is our strategy, right? Absolutely. We believe our strategy is right, but it requires occasional calibration. Put good money to use,” he had said.
Nigeria’s inflation has risen to a 28-year high, worsening the cost of living—a stance largely attributed to President Tinubu’s policies.
However, critics have accused the Tinubu administration of “frivolous spending” despite numerous pleas to the citizens over the current hardship.
There was a backlash the last time the president asked Nigerians to make sacrifice for the progress of the nation.
Tinubu had, while addressing journalists after observing the Eid-el Kabir prayer at Dodan Barracks, Lagos, stressed the need for the people to follow the path of sacrifice to make the nation great.
The comment had elicited reactions from Nigerians, civil society organisations, and the opposition Peoples Democratic Party (PDP), among others.
An economist and lecturer at Saadatu Rimi University of Education, Kumbotso, Kano, who is also the Director, Fiscal Discipline and Development Advocacy Centre (FIDAC), Dr. Abdulsalam Kani, said the government had failed to fulfil its part of the bargain, especially promises made to Nigerians.
“The government has removed fuel subsidy and increased electricity tariff, plunging many into difficulty. Nigerians were promised that Port Harcourt refinery will begin production in December last year, and that has not happened. Despite these and the failure of the administration to fulfil promises, they are making plans to buy new aircraft for the president and vice president,” he said.
He said the government had equally failed to address rising inflation which is above 33 per cent at the moment.
[DailyTrust]
Former Governor Nasir El-Rufai has sued the Kaduna State House of Assembly over claims that his administration embezzled N432 billion and left the state with significant debt obligations.
The former governor, on Wednesday, filed a fundamental rights enforcement case against the Kaduna State House of Assembly at the Federal High Court in Kaduna.
El-Rufai, who appeared in person to file the lawsuit, alleged that the committee denied him a fair hearing.
This was contained in a statement by the former governor’s media aide, Muyiwa Adekeye, posted on his X handle on Wednesday.
The lawsuit, filed by El-Rufai’s lawyer, Abdulhakeem Mustapha, contested the Kaduna Assembly Committee’s report, which accused El-Rufai of corruption.
Adekeye said, “His lawyer, AU Mustapha SAN, said that El-Rufai approached the court as a Nigerian citizen who is entitled to be given a fair hearing before his rights can be determined by a quasi-judicial or investigative body or courts in line with the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and the African Charter on Human and Peoples Rights.
“El-Rufai also asked the court to declare that by the provisions of Section 36 of the Constitution of the Federal Republic of Nigeria, 1999, the Report of the Ad-Hoc Committee on Investigation of Loans, Financial Transactions, Contractual Liabilities and Other Related Matters of the Government of Kaduna State from 29 May 2015 to 29 May 2023, as ratified by the Kaduna State House of Assembly, is unconstitutional and therefore null and void for violating his right to fair hearing as guaranteed under the Constitution.”
The state Assembly’s ad hoc committee had earlier in June submitted its investigative report on the El-Rufai administration’s financial dealings, loans, and contracts to the House
The chairman of the ad hoc committee, Henry Zacharia, said the loans secured during El-Rufai’s tenure were largely misused, and in some instances, proper procedures were not followed in obtaining them.
The Assembly Speaker, Yusuf Liman, alleged that El-Rufai’s administration misappropriated N423 billion, resulting in significant financial burdens for the state.
[Punch]
Despite sustained protests from thousands of citizens, Kenya’s national assembly has passed the controversial finance bill.
The lawmakers voted 195 against 106 to pass the bill on Tuesday in an exercise with no abstentions.
President William Ruto urged parliament to pass the bill last week after the protests gathered momentum.
The bill was adopted with amendments to drop controversial taxes on bread, financial services, and motor vehicles.
However, lawmakers agreed to higher tax measures, including increasing the rate of the railway development levy to 2.5 percent of customs value and 3.5 percent for the import declaration fee.
The bill is now headed for Ruto’s desk for assent.
Ruto had said he was ready to dialogue with youths who have sustained the protests.
But after demonstrations took a dramatic turn on Tuesday, the president said conversations around the bill had been “hijacked by dangerous people”.
Ruto said democratic expression and crime must be isolated and vowed that the state would respond fully to the situation.
So far, several people have been confirmed dead after police fired live rounds and lobbed tear gas at demonstrators in Nairobi in a bid to quell the uprising.
Kenyan police were also seen beating and arresting some paramedics who were helping injured protesters.
[TheCable]
The All Progressives Congress (APC), on Tuesday, reacted to the recent visits of ex-Vice President, Atiku Abubakar; former Kaduna State Governor, Nasir El-Rufai, and prominent northern politicians to the immediate-past President, Muhammadu Buhari.
The visit which has been termed as Sallah homage, has been received with mixed reactions.
There are claims that visits to Buhari’s residence in Daura, Katsina State is a plan to unseat President Bola Tinubu in 2027.
The Deputy National Organising Secretary of the APC, Nze Chidi Duru, in an interview with Punch, however, said the ruling party is not intimidated by the visit.
According to Duru, every Nigerian, including politicians, has a right to freedom of association as guaranteed by Nigeria’s Constitution.
He said, “Even though some people say there is always a political undertone in such engagement, we cannot continue to leave politics in the hands of other people. Even if it is, I believe that it is within the purview of every Nigerian to continue to exercise his prerogative. Nothing stops any Nigerian from visiting anybody.
“He can interface with the person in any manner so long as it includes the possibility of national development, and so long as it does not undermine national security. Nigerians are welcome to engage with anybody and share their views and sentiments, as much as they would like to. That is my view on the matter. It is very guaranteed in the Nigerian Constitution.”
More...
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.
Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.
He also said the financial regulator will continue to work hard, adding that it is a work in progress.
“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.
“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”
Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.
“We’re relatively pleased with where we are,” Cardoso added.
He also said the central bank needs to do more, adding that “it’s continuous work in progress”.
“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.
Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.
However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.
‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’
The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.
CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.
In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.
Cardoso said data will determine the stance of the MPC on inflation movement.
“Data will direct whether they see further hikes or not,” he said.
“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”
He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.
The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.
The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.
“We should have a diversity of sources,” he said.
Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.
...as FEC steps down memo
The federal executive council (FEC) has stepped down the memo on the new minimum wage for President Bola Tinubu to engage in consultations with state governors and the private sector.
Mohammed Idris, minister of information, announced the decision on Tuesday while speaking with State House correspondents at the end of the FEC meeting.
Idris said the final decision on the new national minimum wage will not only affect the federal government but also states, LGAs, and the private sector.
The information minister said Tinubu will make an informed decision after a wider consultation, adding that the new minimum wage requires input from all stakeholders.
“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.
“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.
“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.
“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.
“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.
“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”
BACKGROUND
Over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.
At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.
The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.
On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.
On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).
Wale Edun, minister of finance, says the federal government is not relying on Ways and Means to fund external debt service or other liabilities.
Edun spoke on Tuesday while briefing state house correspondents on his presentation at the federal executive council (FEC) meeting presided over by President Bola Tinubu.
“I can say quite categorically that under President Bola Tinubu, the federal government does not rely on ways and means in order to fund itself,” Edun said.
“At no time have we gone to Mr. President and requested permission to seek funding from Central Bank to pay anybody, be it external debt service, be it share capital cash calls, or any other of the liabilities that the government has.
“As we have all agencies, we are focused on ensuring that the revenue that is due to the federal government is collected robustly, using technology to avoid the blockages, which manual processing can cause and it has led to a very robust revenue effort and likewise, we are implementing expenditure controls, also very ably empowered by technology.
“So within that context, what we have is that we had legacy, Mr. President inherited a legacy of N22.7 trillion in outstanding ways and means, which have been securitised on the eve of the entry of President Tinubu’s administration.”
The minister acknowledged the inherited legacy of N22.7 trillion in outstanding Ways and Means which were securitised just before Tinubu’s administration began.
‘TOTAL DEBT STOCK IN DOLLAR TERMS FELL BY 15 PERCENT’
Edun said Nigeria’s total debt stock in dollar terms decreased by 15 percent, describing this as a very positive development that would be favourably received by rating agencies, creditors, and investors.
He, however, said that due to exchange rate movements, the total debt stock in naira terms increased by 25 percent, despite an N8 trillion increase in actual debt issuance.
“When we interrogate the figures over the first quarter of this year, starting end of December and end of March, if we want to be positive, all we will say is that the glass is half full, we are halfway there. If not, we can be negative and try and say the glass is half empty,” the minister said.
“Why do I say this? The debt stock, the total debt stock of Nigeria in US dollar terms fell by 15 percent. That is very positive, any rating agency, any creditor, any investor looking at that will see it as a positive move.
“We are a country that has petro-dollars. We have ability to earn in dollars. So it’s highly relevant, that we look at what is our exposure in dollar terms.
“On the other hand, given the exchange rate movements, even though there was like an 8 trillion increase in actual debt issuance, the total debt stock, when you count the total external debt and domestic debt in naira terms, it has increased by 25 percent.
“That is mainly due to the foreign exchange movement, which can change tomorrow, as we know.”
The minister said a forensic audit is being conducted to scrutinise this figure as it represents a liability on which interest must be paid.
Edun said the government collects operating surpluses from revenue-generating agencies in accordance with legal guidelines, and the amount owed to the government surpasses the N3.4 trillion in Ways and Means.
“Naturally, we are auditing, we are doing a forensic audit and interrogating that figure, because it’s a liability which we have to pay interest on, so any deficits that you might see, to the ways and means, to the consolidated revenue account, maybe automatic debits on a figure that is still being interrogated, but as a matter of fact, the current Ways and Means deficit is N3.4 trillion,” he said.
“As I said, we collect the operating surpluses of revenue-generating agencies by law under the Fiscal Responsibility Act and other legal guidelines and when we look at how much is outstanding, and how much is owed, we are actually we are actually positive.”
Edun said the salaries, external debt servicing, and other obligations are not paid through Ways and Means, adding that Nigeria’s finances have been revamped.
The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).
The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.
Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.
Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.
“We submitted three items to the council on NDLEA,” he said.
“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.
“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion
“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”