Former lawmaker, Senator Daniel Bwala, has claimed that Mr Peter Obi, presidential candidate of the Labour Party, LP, in the 2023 election, only stands the chance to become Nigerian president from 2039.
Bwala said President Bola Tinubu will have to finish his two terms, with power returning to the north for another eight years.
The former lawmaker, in a post on his Social media handle on Monday, said power will only return to the south in 2039.
He wrote: “@PeterObi only stands the chance to be Nigerias president from 2039 when he will clock 79, or above 79 years. By then his message would no longer be “vote me because I am the younger of the candidates” but it will be “vote me because age doesn’t matter but capacity”
“The reason is @officialABAT will finish his two terms, then power would come to the north for another 8 years, before it goes to the south. The e-rodents who keep shouting “we are the youth” by then would be saying “we are the elders”. Blessed week ahead.”
The Federal Government has announced plans to commence a nationwide official groundbreaking for phase 1 of the Renewed Hope Cities and Estates project across the country.
In a statement on Sunday, the Minister of Housing and Urban Development, Ahmed Dangiwa said the project will begin with 1,250 housing units in four states in northern Nigeria.
He said the groundbreaking event is scheduled to begin on May 22 in Katsina State and conclude on May 25 in Gombe State.
Dangiwa said the completion of the contracting process and the mobilisation of reputable developers marked the commencement of this significant development.
The minister said the exercise follows the programme’s official launch by His Excellency, President Bola Ahmed Tinubu, GCFR, with a 3,112-housing unit project in Karsana, Abuja, in February 2024.
He emphasised the commitment of the current administration to turning the country into a huge construction site and unlocking the potential of the housing sector to create jobs, catalyse economic growth and contribute to the economy.
The statement read in part, “The minister will officially flag off construction activities at the project sites as follows: 250 housing units at Renewed Hope Estate in Katsina on Wednesday, May 22, 2024, 500 housing units at Renewed Hope City in Kano on Thursday, May 23, 2024, 250 housing units at Renewed Hope Estate in Yobe on Friday, May 24, 2024, 250 housing units at Renewed Hope Estate in Gombe on Saturday, May 25, 2024
“We are committed to our promise to His Excellency, President Bola Ahmed Tinubu, GCFR, to turn the country into a huge construction site and unlock the potential of the housing sector to create jobs, catalyse economic growth, and contribute to the $1 trillion economy while boosting national development. The 1,250 units that we are breaking ground for in Katsina, Kano, Yobe, and Gombe are only a start. After this, we shall be proceeding to other parts of the country.”
The minister noted that under the 2023 supplementary budget, the ministry awarded contracts for 3,500 housing units in 13 states since December 2023.
This includes 500 housing units in Kano, and 250 housing units in 12 other states including Katsina, Sokoto, Yobe, Gombe, Nasarawa, Benue, Osun, Oyo, Abia, Ebonyi, Delta and Akwa Ibom.
It added: “The Renewed Hope City in Kano comprises 100 units of 1-bedroom (semi-detached bungalows), 300 units of 2-bedrooms (semi-detached bungalows), 100 units of 3-bedrooms (semi-detached bungalows)
“The Renewed Hope Estates in Katsina, Yobe, and Gombe each comprises 50 units of 1-bedroom (semi-detached bungalows), 100 units of 2-bedrooms (semi-detached bungalows), 50 units of 3-bedrooms (semi-detached bungalows).
“To enhance affordability and ease of offtake, we used organic designs where one bedroom can be expanded to two bedrooms and three bedrooms as the income of beneficiaries increases over time.”
The minister said the housing projects also seek to address social inequality by providing a broad range of affordable ownership options.
He said this includes single-digit and up to 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, Rent-to-Own options where beneficiaries can move in and pay towards homeownership monthly, quarterly, or annual instalments and Outright Purchases for high-income earners.
Dangiwa added that the 1,250 housing units are being funded under the N50bn 2023 Supplementary Budget of the Federal Ministry of Housing and Urban Development.
President Bola Ahmed Tinubu is scheduled to receive the performance evaluations of his cabinet members this week.
As the Administration approaches its one-year anniversary next week, the ministers will have served nine months in office by tomorrow, having taken their oaths on August 21, 2023.
The performance evaluations of special advisers and heads of key departments and agencies are also expected to be presented to the President.
The President initially inaugurated 48 ministers, but the count has dropped to 46.
Minister of Labour and Employment, Simon Lalong resigned on December 20 after winning his Court of Appeal case to take his Senate seat.
Minister of Humanitarian Affairs, Dr. Betta Edu, has been suspended since March 6 to facilitate an investigation into allegations of misconduct within her ministry.
The cabinet is on edge, fearing that the assessment report could result in a reshuffle or the removal of specific ministers.
The report, compiled by Hajiya Hadiza Bala-Usman, who serves as the Special Adviser on Policy and Coordination and the Head of the CDCU, is subject to the President’s final approval.
The criteria for assessing the ministers’ performance were outlined following the retreat that took place after their inauguration.
This assessment is based on the deliverables of the Federal Executive Council (FEC) members across the administration’s eight priority areas, which include:
• Reforming the economy to deliver sustained and inclusive growth;
• Strengthening national security for peace and prosperity;
• Boosting agriculture to achieve food security;
• Unlocking energy and natural resources for sustainable development;
• Enhancing infrastructure and transportation as enablers for growth;
• Focusing on education, health, and social investment as essential pillars of development;
• Accelerating diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation; and
• Improving governance for effective service delivery.
The CDCU has been conducting quarterly performance evaluations of the ministers. While an interim report has been submitted, the first-year assessment is deemed “critical” in determining the trajectory for the remaining 36 months of the President’s first term.
At the commencement of the evaluation process, Hajiya Bala-Usman said: “For each of these priority areas, we agreed on specific deliverables and developed Key Performance Indicators (KPIs), which formed the basis for the Performance Bond which all ministers and permanent secretaries signed with the President in November 2023.
“These parameters will guide the Quarterly Assessments and Annual Scorecards, which the CDCU is mandated to present to the President.”
A top source, who spoke in confidence to The Nation, said: “The President may receive the first year performance evaluation of the ministers, advisers and even strategic departments/agencies.
“The CDCU has subjected the ministers and others to a quarterly assessment.
“From the outset, the ministers signed a performance bond. And the bond will determine their fate.
“There was also a Citizens’ Delivery Tracker App used to monitor the performance of the ministers and their portfolios. Nigerians’ verdict may also count too.
“But whatever is the eventual decision on the ministers, it is the prerogative of the President.”
The source revealed that the ministers’ ratings will align with the President’s eight priority areas, with the relevant key indicators already communicated to them.
The launch of the Dangote Petroleum Refinery is anticipated to drastically reduce Nigeria’s fuel import costs, which currently stand at about ₦6.2 trillion annually.
Recall that Aliko Dangote, the chairman of the Dangote Group, confirmed at the Africa CEO Forum Annual Summit in Kigali, Rwanda, that the refinery will start distributing premium motor spirit next month.
This marks a significant shift towards self-sufficiency in fuel supply for Nigeria and potentially West Africa.
The Dangote Refinery, representing a $20 billion investment, aims to fulfil domestic demands and possibly extend its supply across the West African region, covering petrol, diesel, and aviation fuel needs.
Dangote expressed confidence in the refinery’s capacity, stating, “By sometime in June, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”
This development aligns with the Nigerian government’s strategy to reduce dependency on imported fuel, especially following the removal of fuel subsidies by President Bola Tinubu, which significantly cut the country’s petrol import to an average of one billion litres monthly.
The operation of the refinery is expected to offer considerable economic relief by slashing the hefty sum spent on importing fuel.
With Nigeria currently spending an average of about ₦520 billion on petrol imports, the commencement of local production could save the nation billions of naira annually.
The difference between the landing cost and pump price of petrol highlights the financial inefficiencies associated with importation.
Local refining is projected to eliminate these costs, providing cheaper fuel to Nigerian consumers and stabilizing market prices.
The reduction in fuel imports is likely to bolster Nigeria’s foreign exchange reserves and strengthen the naira.
A source from the Central Bank of Nigeria (CBN) told Punch Newspaper that this shift would decrease the demand for foreign currency, improving the country’s economic position and potentially leading to a stronger national currency.
“As the dollar demand reduces, the naira will rebound and that is good for the economy,” the CBN source said.
As the Dangote Refinery gears up for operation, the potential impacts on the Nigerian economy are profound.
This move could significantly reduce the national import bill and transform Nigeria into a key energy supplier in the region, promising economic benefits that extend beyond mere cost savings.
The President of the Nigeria Labour Congress, Joe Ajaero, has said the congress was not aware of merger talks involving the Labour Party with some political parties in the country.
The LP, which is a socio-democratic political party, was founded by the organised labour.
There have been speculations about the possibility of a merger between the LP and the Peoples Democratic Party, following the meeting between the 2023 presidential candidate of the Labour Party, Peter Obi, and the presidential candidate of the PDP in the election, Atiku Abubakar.
Obi also reportedly met with some PDP stalwarts in Abuja, including a former Senate President, Bukola Saraki, and a former governor of Jigawa State, Sule Lamido.
In 2019, both Atiku and Obi ran on the PDP joint ticket but were defeated by former President Muhammadu Buhari of the All Progressives Congress.
However, due to internal conflict within the PDP, Obi left the party in 2022 and contested the 2023 presidential election as the candidate of the Labour Party.
Speaking after the meeting with Obi on Monday, May 13, 2024, Atiku said party members would decide their fate in the 2027 general elections, adding that if the PDP decided in 2027 that it was the turn of the South-East to field the presidential candidate and selected Obi, he would readily offer his support.
The former vice president mentioned that his recent meeting with Obi might indicate a possible alliance leading up to the 2027 general elections.
When asked if the NLC would support merger talks that would make the LP cease to exist or if the organised labour would be involved in any merger talks involving the party, Ajaero said, “We are not aware of such talks.”
In less than ten days, 20 governors will be celebrating their one year in office.
Some of them emerged as governors through the endorsement of their predecessors who paved the way for them among several other interested politicians.
In Nigeria, fights between godfathers and godsons are very popular.
Some of the most notorious recently would be Rabiu Kwankwaso vs Umar Ganduje, Peter Obi vs Willie Obiano, Udom Emmanuel vs Godswill Akpabio, Adams Oshiomhole and Godwin Obaseki, Rauf Aregbesola and Gboyega Oyetola, and others.
On the other hand, President Bola Tinubu is perhaps the most successful godfather in this return to democracy. Between 2007 and now, he has installed three governors in Lagos State but still controls the political structure.
Fast forward to this period, the fight between Governor Similayi Fubara of Rivers State and his predecessor, ex-governor Nyesom Wike has dominated reportage.
In Kaduna, there is an ongoing fight between former governor Nasir El-rufai and Governor Uba Sani. Also, in Benue State, Governor Alia and ex-governor George Akume are in a supremacy battle for the control of the structure of the party.
However, there are some states where it has all been quiet between the incumbents and their successors. Even though there may be fights, it has not gotten to the pages of newspapers.
Enugu State
Former Governor Ifeanyi Ugwuanyi of Enugu State and a member of the famous G5 group, endorsed Peter Mbah ahead of the primaries in 2022, and despite the push by the Labour Party during the election, the PDP was able to retain the state.
However, Ugwuanyi lost his bid to go to the senate. He suffered a heavy defeat against Okechukwu Ezea of the Labour Party.
The ex-governor appears to have his focus on the G5 struggle for the control of the PDP at the national level, while Mbah appears to have control of governance and the PDP in Enugu State. The former governor has not uttered a word about governance in the state since he left office, indicating a good relationship between him and his successor.
Kebbi State
Former Governor Atiku Bagudu backed Nasir Idris during the primaries to defeat former Majority Leader of the Senate, Yahaya Abdullahi.
Bagudu’s support for the former President of the Teachers’ Union caused heavyweights like former Attorney General of the Federation, Abubakar Malami not to join the race for the party ticket.
One year into the administration, Bagudu, a top minister in the Bola Tinubu government and his successor appear not to have started any fight over the control of the structure of the party in the state.
Kano State
After surviving eight years of political humiliation at the hands of his former lieutenant, Rabiu Kwankwaso, the former governor of Kano State, appears to have finally gotten the hang of being a godfather.
In 2015, he reluctantly supported his then deputy, Umar Ganduje for the governorship seat. That decision almost cost him his political terrain.
In 2019, Kwankwaso decided to keep it in the family by backing his son-in-law, Abba Yusuf but he was defeated in controversial circumstances.
The same ticket was repeated in 2023 and it worked. So far, both Kwankwaso and his son-in-law appear to have their energy focused on the same foe, Ganduje.
Jigawa
The Minister of Defence and former Governor of Jigawa State, Abubakar Badaru and his successor Umar Namadi are another classical case of quiet relationship.
Like most other governors, Badaru picked his deputy as successor.
It would be recalled that Namadi did not start the administration with Badaru in 2015, he joined in 2019 after Ibrahim Hadejia was dropped.
Hence, it appears that the succession plan was carefully planned in 2019.
Delta
In 2023, for the first time, a candidate endorsed by James Ibori did not win the governorship election in Delta State.
The former governor endorsed Emmanuel Uduaghan as his successor and according to multiple sources, he also paved the way for Ifeanyi Okowa.
“Before the 2015 elections, I received a call from our leader (Ibori), and I asked him the direction. He (Ibori) told me Okowa should be supported.
“I was then the Deputy National Chairman. I gathered all my people; I said I have received an order from our leader. Your Excellency, I am grateful that your decision was right. That is how we supported Dr Okowa because the leader spoke to us,” Uche Secondus, a former PDP National Chairman revealed in 2018.
However, Okowa put a halt to the trend when his candidate Sheriff Oborevwori defeated Ibori’s David Edevbie.
According to Okowa, he refused to back Edevbie who dared to challenge him for the seat in 2015.
“David Edevbie is my friend. We were with the former governor in his tenure together as commissioners, but in 2014, when it became obvious that it was the turn of the Delta North — Delta Central and Delta South had had their turns — I heard that David was going to run and he was indicating interest.
“I went from Abuja with three of my friends to visit him in Lagos — and I said ‘David, please, it’s only fair, I know that there are so many people competing but I’m coming to you as a friend. It will not be fair if you run. Governor James Ibori has been there, Governor Uduaghan has been there, it’s obviously the turn of the Delta North; why don’t you allow us to have our space so that we can all be said to be part of the state? Thereafter, we can all work for you to become governor’.
“And then suddenly, the next thing we heard was that they had endorsed David but this same David had committed himself to me,” Okowa told journalists in 2023.
However, all have been quiet in Delta State since the election, with the incumbent and his predecessor keeping it cool.
Sokoto
Aliyu Wamakko has been involved in all leadership tussles in Sokoto State since 1999 when he emerged as deputy governor to Attahiru Baffarawa.
His endorsement of Aminu Tambuwal in 2015 and the fallout left him in a political wilderness for some time, but he made a comeback last year by backing Ahmad Aliyu.
So far, the two have been quiet, which could mean the political arrangement is suitable for all sides.
Akwa-Ibom
Udom Emmanuel, the immediate past governor of Akwa-Ibom State, fought a tough battle against his then-godfather, Godswill Akpabio, and emerged victorious.
Governor Udom did not just win the battle, he dominated the entire structure of the party. In 2022, he backed Umo Eno as his successor.
The former governor had earlier promised not to endorse anyone but made a U-turn that Eno was revealed to him by God as the preferred candidate.
“The governor announced that he (Eno) was the one God has revealed to him as the next governor of the state and he was unveiled to all the stakeholders from the three senatorial districts of the state by the former governor, Obong Victor Attah, who then commended the choice,” Ekerete Udo, the then press secretary to the Governor said in 2022.
Mr Udom refused to go to the Senate like many of his other colleagues and has been quiet aside from his appearance at the last NEC meeting of the PDP.
The two have not openly clashed for control of the state.
Ebonyi
Dave Umahi, the former Governor of Ebonyi State, fought a tough battle to become governor of the state.
From party chairman to deputy governor, he subsequently emerged as the governor despite not getting the support of Martin Elechi, the then-governor.
Umahi who has a reputation for being a hardliner, single-handedly nominated Francis Nwifuru as the candidate of the APC and ensured his emergence as governor.
So far, Umahi, the Minister of Works, appears to focus on his work as federal minister, while the governor is focused on the home front.
Cross River
Governor Bassey Otu and his predecessor, Ben Ayade appear to have a cordial working relationship since the last election.
Ayade had endorsed Otu as the governorship candidate but the endorsement was challenged by John Enoh. The fight was so fierce that it took the intervention of President Bola Tinubu before calm was restored.
However, Ayade has been in political irrelevance since he lost the senatorial election and was not appointed minister like others.
It appears as though the former governor has ceded the political structure to his successor.
- Deliverables based on Administration’s eight priority areas are criteria
President Bola Ahmed Tinubu is expected to receive the scorecard of members of his cabinet this week.
The Administration will be one year old next week, but the ministers will clock nine months in office tomorrow, having been sworn in on August 21 last year.
The scorecard of special advisers and heads of key departments and agencies will also likely be delivered to the President.
Forty-eight ministers were inaugurated by the President but they are now reduced to 46, following the departure of Minister of Labour and Employment Simon Lalong, who resigned to take up his seat at the Senate following his victory at the Court of Appeal.
He left the government on December 20.
Minister of Humanitarian Affairs Dr. Betta Edu has been on suspension since March 6 to allow a probe into allegations of misdeed in her ministry.
There is anxiety in the cabinet over whether the assessment report will lead to a reshuffle or removal of some ministers.
Although the report was compiled by Special Adviser on Policy and Coordination/ Head of Central Coordination Delivery Unit (CDCU) Hajiya Hadiza Bala-Usman, the President has the final say on it.
The criteria for the performance assessment of the ministers were spelt out after the retreat which followed their inauguration.
This is based on deliverables of the Federal Executive Council (FEC) members on the eight priority areas of the Administration. These are:
• Reforming the economy to deliver sustained and inclusive growth;
• Strengthening national security for peace and prosperity;
• Boosting agriculture to achieve food security;
• Unlocking energy and natural resources for sustainable development;
• Enhancing infrastructure and transportation as enablers for growth;
• Focusing on education, health, and social investment as essential pillars of development;
• Accelerating diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation; and
• Improving governance for effective service delivery.
The ministers have been undergoing quarterly performance appraisals by the CDCU.
Although the unit had submitted an interim report, the first-year assessment was said to be “crucial” to shaping the focus of the 36 months left in the first tenure of the President.
A top source, who spoke in confidence, said: “The President may receive the first year performance evaluation of the ministers, advisers and even strategic departments /agencies.
“The CDCU has subjected the ministers and others to a quarterly assessment.
“From the outset, the ministers signed a performance bond. And the bond will determine their fate.
“There was also a Citizens’ Delivery Tracker App used to monitor the performance of the ministers and their portfolios. Nigerians’ verdict may also count too.
“But whatever is the eventual decision on the ministers, it is the prerogative of the President.”
On how the ministers will be rated, a top source said: “It has been based on the eight priority areas of the President. They are already aware of the key indices.”
At the commencement of the evaluation process, Hajiya Bala-Usman said: “For each of these priority areas, we agreed on specific deliverables and developed Key Performance Indicators (KPIs), which formed the basis for the Performance Bond which all ministers and permanent secretaries signed with the President in November 2023.
“These parameters will guide the Quarterly Assessments and Annual Scorecards, which the CDCU is mandated to present to the President.”
The Central Bank of Nigeria has retracted its directive asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
The apex bank announced this in a revised circular dated May 17, 2024.
The circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa, was addressed to commercial banks, payment service providers (PSPs), non-interest banks, and others.
The circular obtained by PUNCH Online on Sunday was titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy.”
It read, “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.
“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
The directive for the collection of the levy was met with nationwide backlash which prompted the Presidency to suspend the implementation.
The Federal Executive Council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.
New Taiwan President Lai Ching-te on Monday vowed to defend the island’s democracy, as he called on China to end its military intimidation of the self-ruled island.
In an inauguration speech, Lai also directly addressed the threat of war following years of growing pressure from China to bring Taiwan under mainland rule.
Lai said a “glorious era of Taiwan’s democracy has arrived” and thanked citizens for “refusing to be swayed by external forces, for resolutely defending democracy”.
“In face of the many threats and attempts of infiltration from China, we must demonstrate our resolution to defend our nation and we must also raise our defence awareness and strengthen our legal framework for national security,” said Lai, 64.
China has described Lai as a “dangerous separatist” for his past comments on Taiwan’s independence — rhetoric that he has moderated in recent years.
On Monday, he said his government will “neither yield nor provoke, and (will) maintain the status quo” — a balance that preserves Taiwan’s sovereignty while not declaring formal independence.
“I also want to call on China to cease their political and military intimidation against Taiwan,” Lai said.
He urged Beijing to “share with Taiwan the global responsibility of maintaining peace and stability in the Taiwan Strait… and ensure the world is free from the fear of war”.
Lai has made repeated overtures to resume high-level communications with China, which Beijing severed in 2016 when his predecessor Tsai Ing-wen took power.
On Monday Lai said he hoped China would “choose dialogue over confrontation”.
Experts have said Lai’s overtures are likely to be rebuffed.
– US support –
Taiwan has been self-governed since 1949 when nationalists fled to the island following their defeat by communist forces in a civil war on mainland China.
For more than 70 years, China has considered Taiwan as part of its territory and has long threatened to use force to bring the island under its control.
The United States switched diplomatic recognition from Taiwan to China in 1979 but remains the island’s most important partner and biggest arms supplier.
Lai is expected to further boost defence ties with Washington during his four-year term.
US Secretary of State Antony Blinken on Monday congratulated Lai, saying he was looking forward to Washington and Taipei deepening ties and maintaining “peace and stability across the Taiwan Strait”.
As Lai took office, Chinese state media reported Beijing imposed sanctions on three US defence companies over their sales of weapons to Taipei.
Chinese social media Weibo also blocked hashtags referencing the inauguration, preventing them from trending on the platform used by hundreds of millions in China.
Ahead of the inauguration, Beijing’s Taiwan Affairs Office said that “Taiwan independence and peace in the strait is like water and fire”.
Chinese warplanes and naval vessels maintain a near-daily presence around the island, but in the days leading up to the inauguration, there has not been a significant uptick in the numbers.
Lai and Vice President Hsiao Bi-khim — Taiwan’s former top envoy to Washington — are both part of the Democratic Progressive Party (DPP), which has championed Taiwan’s sovereignty.
China has dubbed them an “independence duo”.
– ‘Expand investment’ –
With only 12 formal allies, Taipei lacks diplomatic recognition on the world stage.
Eight heads of state who recognise Taiwan attended Lai’s inauguration ceremony.
More than 40 other countries, including the United States, Japan and Canada, also sent delegations.
Taiwan has its own government, military and currency, and the majority of the 23 million population see themselves as having a distinct Taiwanese identity, separate from the Chinese.
“I think it is better not to be too close to China or too far away from China — it is better to maintain a neutral feeling,” said Shen Yujen, 24, who is part way through his four-month military service.
Domestically, Lai faces another challenge after his DPP lost its majority in the legislature in the January elections, meaning it will be hard for him to push through his policies.
Many Taiwanese are less worried about the threat of conflict than they are about soaring housing prices, rising cost of living pressures, and stagnating wages.
Lai on Monday vowed to “expand investment in society” and ensure the island becomes a “force for global prosperity”.
AFP
Organisers of the Nigerian Diaspora Direct Investment Summit, NDDIS, have confirmed that the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, will be special guest of honour at its forthcoming summit holding in London May 24.
The summit, themed ”Invest Nigeria, Invest Africa”, will also have the governor of Kaduna State, Uba Sanni, as keynote speaker.
Other notable personalities attending the summit are the Senior Special Adviser to the President on Job Creation and MSMEs, Temitola Emitola Adekunle Johnson, and Chairman, Nigerians in Diaspora Commission, Abike Dabiri Erewa.
According to a statement by the media manager of the group, Lady Doyin Ola, the event, expected to have Diaspora business leaders as well as African, British, Commonwealth and other international investors and funders, will be declared open by the Acting High Commissioner to the United Kingdom, Ambassador Cyprian Heen.
In an earlier release, the founder, NDDIS, Prince Bimbo Roberts Folayan, announced a breakthrough in the organisation’s discussions with philanthropic funders who will provide 100% funding on a forgivable loan/grant basis.
“I am particularly excited about this year’s summit because for the first time, we will be directly involved in screening home-bound projects and will also help push projects that meet SDG goals to get grants.
” It is the first time we have been given this opportunity since we started attracting projects into Nigeria and Africa,” he said.
The event is in partnership with the African Diaspora Direct Investment Summit, supported by the Nigerian High Commission, Nigerians in Diaspora Commission, NIDCOM, Providus Bank and other partners.
[Vanguard]
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Agora Policy, an Abuja-based think tank, says Nigeria needs a temporary dollar liquidity bridge for the orthodox reforms by the Central Bank of Nigeria (CBN) to take effect.
The think tank made the recommendation in a report titled ‘Orthodox Monetary Policy Restored, But Price Stability Remains Elusive,’ released on Monday.
Liquidity bridge is a trading platform that connects multiple liquidity providers with traders to aid transactions.
On May 13, Olayemi Cardoso, CBN governor, said the country had returned to an orthodox policy regime.
Orthodox reforms are traditional policies implemented to tighten spending until business confidence and profit levels are restored.
Agora Policy said despite strong action on the monetary policy front, Nigeria’s key macroeconomic variables have yet to respond favourably to the populace.
According to the think tank, the fundamental cause of the current divergence is policymakers’ lack of a coordinated effort to address the foreign exchange (FX) liquidity issue that is at the root of exchange rate volatility.
“Specifically, the absence of a tractable source of USD liquidity to fill the shortfall from oil flows, which remain largely encumbered, continues to hinder CBN’s efforts to manage the foreign exchange situation,” Agora Policy said.
“Without tangible progress on the front, the persistent weakness of the naira will continue to drive higher inflation, necessitating even higher interest rates and leaving a precarious outlook for non-oil sector growth.”
Quoting CBN data, the think tank said looking at the shortfall between the “current account (9M 2023 surplus: $2.7 billion) and the financial account (9M 2023 deficit: $7.7 billion),” Nigeria’s external sector gap stood at $5 billion as of October 2023.
“This shortfall is largely driven by negative trends in foreign net flows and ongoing domestic financial outflows, reflecting the negative impact of the Emefiele-era policy of negative real interest rates,” Agora Policy said.
To close last year’s gap, the organisation said Nigeria would have needed total flows of $7 billion to $10 billion to prevent significant external reserve drawdowns.
While a return to orthodox policies has partially addressed the issue, Agora Policy said a full restoration to historical trend levels will take time.
“In short, Nigeria needs a temporary dollar liquidity bridge to allow reforms to take effect. Beyond the rhetoric of orthodox reforms, Nigeria’s economic managers need to directly address the forex illiquidity problem by exploring optimal solutions,” the think tank said.
AGORA POLICY SUGGESTS SELLING OF ASSETS, EUROBONDS TO RAISE FX
Advising the financial regulator, Agora policy said eurobond issuance, assets sale, and engaging multilateral agencies, could boost dollar inflows into the country.
“These options include a possible Eurobond sale in the $5-10 billion range, though this might be challenging to execute without commercially punitive terms (e.g., double-digit dollar interest rates),” the organisation said.
“Asset sales have been suggested as a way to raise dollar flows, including the sale of certain strategic public corporations. However, outside the oil sector, Nigeria lacks assets of sufficient strategic value to raise large sums quickly.”
Another option, the think tank said, is the possibility of sovereign placements, similar to “Egypt’s receipt of large foreign dollar deposits from the UAE, alongside support from the EU, UK, and Western donors”.
However, Agora Policy said such flows depend on international diplomacy and Nigeria lacks a strong history of focused international relations to unlock capital flows.
“Alternatively, engaging multilateral agencies like the IMF for financing options within the context of a reform programme is a viable route,” the organisation said.
“Given the difficult reforms undertaken over the last twelve months (hikes in fuel and electricity prices and a shift to a flexible exchange rate system), Nigeria is in a position to negotiate a favourable financing package.
“While these are fiscal decisions, not within the monetary policy remit, they are crucial for the CBN to stabilise the Naira exchange rate. Success in this area would stabilise exchange rate trends associated with portfolio flows and build confidence to unlock private and foreign USD flows.”
‘NIGERIA MUST FOCUS ON RESTORING ORGANIC DOLLAR FLOWS’
Over the medium term, Agora Policy said Nigeria must prioritise restoring organic dollar flows from oil exports by clearing the backlog of encumbrances.
“Transparency regarding the nature and size of these liabilities will improve confidence about potential timelines for reserve recovery,” the think tank said.
“Beyond the immediate forex liquidity problem, there is a pressing need for a credible basis for conducting monetary policy over the medium term.
“While various Nigerian central bank governors have considered inflation targeting, these have largely been declarative positions without the empirical groundwork for setting achievable inflation targets and the policy leeway to attain these goals.”
Agora Policy said the importance of the exchange rate in anchoring inflationary expectations has been highlighted by the crisis of the past 12 months.
The report said monetary policy must strike a balance between exchange rate stability — which is crucial for near-term inflation — and non-mineral export competitiveness in a small open economy like Nigeria.
“This boils down to achieving a Naira Real Effective Exchange Rate (REER) level that anchors inflationary expectations sustainably,” Agora Policy said.
“Additionally, there is a need to clarify monetary policy implementation in light of Nigeria’s regime of fiscal liquidity dominance. Nigeria’s fiscal petrodollar-to-Naira monetisation generates surplus Naira liquidity, complicating the execution of monetary policy.
“Unlike other oil-exporting countries that use fiscal rules to determine the rate of export USD monetisation, Nigeria injects transformed export dollars to Naira at a fiat exchange rate, leading to excess financial system liquidity.”
Also, Agora Policy said actual monetary policy drives significant costs associated with curbing the impact of the excess naira liquidity on inflation and dollar demand.
“Recalibrating Nigeria’s monetary policy implementation toolkit to address monthly government liquidity transformations is central to improving monetary policy transmission,” the report said.
“Ideally, this would require a fiscal rule, which is outside the scope of this paper and requires political capital to reform.”
Agora Policy said if the status quo persists, the default monetary policy posture will be to constantly curtail financial system liquidity to manage the fallout of excess liquidity on dollar demand.
[TheCable]
It was a day of glory and celebration of achievements at the American University of Nigeria ( AUN ) Yola,as it marked its 15th Commencement ( Graduation ) activities between between 16th and 18th of May, 2024. Prof Mike Ozekhome, SAN,CON, OFR Ph.D was on hand to deliver the Commencement lecture.He was also conferred with the prestigious degree of Doctor of Humane Letters ( DHL ) ( Honoris Causa) by the highly rated university whose curriculum is modeled after the American system of universities that include Harvard, Howard,Yale, Princeton, etc. Shortly after the confermement,Prof delivered the keynote lecture which spanned 44, on "The Role of the university in creating a legacy and impact on the world:AUN as a casestudy".
Ozekhome had also,a day earlier, interacted with AUN law students at the magnificent School of Law and also also attended the Honors Society events. He was also taken round on a guided tour of the amazing university whose topnotch facilities compare with any of those in the best of ivy leagues in the United States of America and the Western world.Present at the events were the founder and promoter of AUN, Alhaji Atiku Abubakar GCON,Waziri of Adamawa, the President of the University, Prof Dewayne Frazier and the Governor of Katsina State,....Amongst the dignitaries were traditional rulers,foreign envoys such as the Canadian High Commissioner, Ambassador Christoff James; the Indian High Commissioner,Ambassador Balasumbramanian; and the Ambassador of Rwanda, Christoph Bazivamo; graduating students and their joyous parents.
A member of the Northern Elders Forum, NEF, Prof Usman Yusuf said the Renewed Hope Agenda of President Bola Tinubu has turned to hopelessness.
Yusuf, a former Executive Secretary of the National Health Insurance Scheme (NHIS) stated this in an interview Channels Television’s Sunday Politics.
According to him, rather than inject the Nigerian people with some hope capsules, the Tinubu administration has made Nigerians more hopeless in the last one year.
He said, “People have lost hope. It pains me to see our people lining up to collect cups of palliatives. Renewed Hope has turned into hopelessness. People have lost hope.
“The last one year has been a year of nothing but deception, destitution and hopelessness.
“From next week, they will start telling us their propaganda. What have they done to benefit the ordinary people? In a span of one year, they have brought millions of people back into multidimensional poverty, they have pushed millions more children out of school because their parents cannot pay their school fees.”
Yusuf described the economic management team of the President as “tax collectors” rather than “economists”.
“The economic team, to me, looks more like tax collectors than economists. Taxation does not grow economy; only production does,” he said.
Recall that President Tinubu campaigned on the mantra of the ‘Renewed Hope.’
The President was sworn-in on May 29, 2023 after a keenly contest election in the February 2023.
Since inception, the President Tinubu administration has introduced some reforms such as petrol subsidy removal and the unification of the foreign exchange windows.
The labour has also told the government to be serious with the negotiations on the issue of workers wages, insisting that it used the lowest minimum in arriving at the N615,000 as new minimum wage.
Recall that the organised labour comprising the Nigeria Labour Congress, NLC and the Trade Union Congress of Nigeria, TUC, pulled out of the negotiation meeting last week Wednesday when the government offered N48,000 as the new minimum wage.
However, Chairman of the Tripartite Committee on the National Minimum wage, Alhaji Bukar Goni in a letter to the organized labour for a meeting tomorrow indicated interest that the government will shift ground and asked the organised labour to also shift ground.
Speaking to Vanguard in Abuja, the NLC Head of Information and Public Affairs, Benson Upah, said that the organised labour would honour the invitation tomorrow but he advised the government to be serious.
He said, “Our expectations are that the government should be serious this time around. We expect them to take more seriously the issue of wages of workers.”
On whether labour would accept N100,000 as being insinuated, he said, “Well, it will not be fair and these are the reasons. The first reason is that when we demanded for N615,000, we broke that down. In fact, we used the barest minimum.,
“For instance we put accommodation for N40,000, we also use for feeding N500, tell me where you are going to get food for N500 with a family of six. As I said, we used barest estimate but beyond that, government hiked electricity tariff by two hundred and fifty percent after we made our demand and that has introduced new cost and expenses. So if government is serious, it should not be thinking about a hundred thousand naira.
“You know that when you create poor citizens, you create a poorer county.” On his part, a member of the NLC delegation on the Tripartite Committee, Prof Theophilus Ndubuaku, said it would not be kind of the government to offer N100,000.
He said, “I don’t think one hundred thousand naira is a kind of thing we want because it’s far below expectation, we will accept something that can at least keep somebody alive. I don’t think a hundred thousand naira will keep a worker alive in this country a man with a family of six because our computation is based on the size of family.
“So, if they come up with that kind of amount, I don’t think we will appreciate it. In the private sector even artisans are not taking one hundred thousand a month. Whatever we accept we will look what is the income, what are they collecting, what is available to government because if government is collecting one trillion naira, we cannot ask them to pay two trillion.
“We are responsible people but the same government should know that people are suffering they will have to agree with us that there is crisis, that something needs to be done to create wealth, that something needs to be done for Nigeria to be a producing country and not a consuming nation.
Something needs to be done to reduce the cost of governance. We are supposed to be partners in governance, after all we are the labourers.”
Asked to give reason why labour may not accept one hundred thousand, he said, “If we see that that hundred thousand is affordable, if we see that they can afford more, we will reject it. They have to tell us why they cannot pay N615,000, the onus is on them to tell us why, then we will sit down and say okay you don’t have the money but we will also know why you don’t have the money because Nigeria is a country that is naturally endowed but something is wrong, how do you make sure you get the money so that when we come again in two years time, you won’t tell us the same story?
“What are you doing to create wealth, how are you going to partner with us to create wealth instead of being wasteful, how are you going to partner with us to reduce cost of governance. If a father comes home and says the only money he has is one thousand naira and you know that the father is not wasting the money, you will manage but if it is when the father comes and he is eating food bought from the fast food joint and it cost N10,000 and he gives one thousand to the entire family to go and look for food and cook for themselves, he may be beaten up, the family may refuse it.
“The letter they wrote to us they said that both parties should shift ground, that means they will shift ground and they are expecting us to shift ground but the question is, what ground are they shifting, are they going to shift ground by two naira or two thousand naira to make it N50,000 or are they going to shift ground by N62,000 to make it N100,000 or by N150,000 or N200,000 to make it N300,000 plus.
“The point here is, this thing we are doing is not rocket science, the government should sit down and calculate how much it will cost, what is a befitting wage for an average Nigeria? They should breakdown what they are giving us because even in salaries, you break everything down. So when you break it down, they will tell us whether they are going to put one thousand naira per month for transport and two thousand naira per month for food.
“That N48,000 they are offering, they should have broken it down so if there are certain things they don’t want to make provision for, for instance health, if they say if any worker is sick they person should go and die or they don’t want to make provision for food, let them just put standard things.
“The problem here is that, you asked someone to tighten his belt, you said there is no money but you removed subsidy. Since they removed subsidy, FAAC has been collecting almost three times of what they were collecting before subsidy. That money you are collecting, what are you doing with it?
“You now said you want to build coastal highway when the existing roads to the same location are not passable, you are budgeting trillions of naira, you want to build Lagos-Sokoto brand new Highway, you want to put billions for hajj subsidy, you bought 200 vehicles for Customs and this is somebody that is complaining that naira is having issues but you now want to spend hundreds billions to import Toyota cars for Customs, why can’t you buy made-in Nigeria vehicles?
“This whole thing doesn’t make any meaning, we don’t even understand it. They are behaving as if they have money but they don’t know what to do with it like General Yakubu Gowon said in the 70s. You bought 200 Toyota Jeeps for Customs, it means you really do have the money but you don’t know what to do with it. But one thing you don’t want to do with the money is to feed Nigerians, feed your workers, make your workers comfortable.
“And as you can see, they are not even giving anybody hope. There is no programme for agriculture, government is not declaring emergency on power, food security, transportation.
“So what we are expecting is that, if they tell us they cannot pay N625,000, they should tell us why they cannot pay, this is negotiation. If we have told them to pay N615,000, what we expect government to calculate how many workers that are expected to receive this minimum wage.
“We did our research, you now say each state has this workforce, this is what they are now getting as revenue forget the fact that some of them are not doing anything to increase their IGR. Whatever they are getting now from the money coming from the federal revenue account, the federal government should say, this is the number of workers that we have, this is how much that you are asking, at the end of the day, this is how much we are expected to spend as salary and this is how much we have.
“So, NLC please look at it, we don’t want to spend this percent on salary, we will then sit down and ask, if you don’t want to spend it on salary, you want to spend it by importing vehicles for Customs when you have locally manufactured vehicles that won’t cost capital flight.”
He, however said that if the government comes out with something”relevant “, the organised labour will shift ground as asked.
“We must discuss with them that the figure presented is realistic and based on facts and statistics as the organised labour has done,” he said.
He said, “For provision of food for one person, we put N500 but there is a survey carried out by the National Bureau for Statistics covering all parts of the country, NBS is the custodian of statistics and it came out with that in today Nigeria, the average you can spend for a meal is N900.
“But we went low, we took the minimum. Their average is N900 but we took the minimum of N500, that is you cannot go below the N500. So you can see how realistic we are. So we will insist that government breakdown every item. Food, hospital, accommodation, transportation etc.
“We don’t want anyone to come and say that the NLC and the TUC presented arbitrary figure.”