Latest News
President Bola Tinubu acted in the best interest of Nigeria with his decision to remove subsidy on petrol on his inauguration day, the presidency has said.
The presidency said Tinubu’s removal of subsidy was geared towards saving the country from economic collapse and monumental financial mess.
Secial Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made this known in a chat with TheCable.
Onanuga said Nigeria was in a bad place financially and the situation compelled the president to act quickly before things got worse.
The presidential aide said this in reaction to an interview granted by a former Secretary to the Government of the Federation, SGF, Mr Babachir Lawal, who said the announcement of subsidy removal by Tinubu a few minutes after his inauguration was haphazard and fuelled by arrogance without due consultations with relevant stakeholders.
While justifying Tinubu’s action, Onanuga said Buhari did not make provision for subsidy in the 2023 budget, adding that the country was in dire financial straits.
Onanuga said: “Is Babachir still talking? Well, that is his opinion that the subsidy was hastily removed. The truth is, the subsidy was meant to be removed by the end of June 2023 according to what former president Muhammadu Buhari left behind.
“President Tinubu only announced it on May 29 on the day he was sworn in. That is to show you that something is wrong somewhere and that the nation had a problem at that time.
“What I find out is that Nigerians easily forget things, we have a short memory about things. They should cast their minds back to what happened at that period. The NNPCL was saying the government owed them N4tr of subsidy money. NNPCL was the only importer of fuel and towards the general elections; fuel scarcity was all over the country.
“Due to the scarcity, in some places, fuel was selling for about N700 – N800 before President Tinubu was sworn in. NNPCL didn’t have money to import fuel because they were being owed over N4tr by the federal government. People have easily forgotten about that.”
Onanuga said the country would have been in deeper problems if Tinubu did not act swiftly to address the situation.
“Tinubu knew the problem and that was why he made the announcement on the day of his inauguration. The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it.
“I will challenge journalists to go and check that budget, when you look at that budget made by Buhari before leaving office, you will find out that aside no provision for subsidy, 97 percent of our income will be spent on servicing debts. If 97 percent of budget is used to service debts, what is left for Nigerians to spend?
“That 97 percent budgeted for debt servicing does not include the money the Federal Government owes the NNPCL. There were serious problems then and Tinubu just needed to do something quickly to arrest the deterioration.
“You can see what has happened in the last nine months with those measures he took. Yes, those measures are painful but they are needed to reset the economy and financials of this country. Otherwise, we would have ended into a much more disastrous situation.”
Lagos Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration's commitment to providing a friendly environment for investors, particularly multinationals from the United States and Africa, to invest in the State.
He said Lagos is open and ready for investments and therefore urged foreign and local investors to see the State as an investment attractive destination, noting that his administration is willing to do what is expected of the government to create a conducive environment for business to thrive.
Governor Sanwo-Olu spoke during a courtesy visit by the Corporate Council on Africa led by its President/CEO, Ms. Florie Liser at the Lagos House, Marina, on Saturday.
He said: “The world is actually moving and it is moving very fast. And it is no longer news that if the world wants to move, Africa is where that movement can happen. For us in Lagos, we are ready and our government is open.
“We have a city to run, a massive subnational that’s bigger than some other African countries. We are striving to make the city livable, resilient and equally competitive with other cities in the world and when we see ratings and outcomes of global rankings, we are excited. What it does for us is that it makes us also work harder because nobody is slowing down.
“This government is certainly committed. We are pushing on all the verticals of our economic agenda. We are trying to make life more meaningful for our citizens. We are trying to galvanize all the opportunities that are here. Lagos is open; it is ready and it is really for people to see it, smell it, and make the right call. The call is to see it as an investment attractive destination. And whatever you want us to do as a government, we are always willing to do it.
“We are happy that you have come on a courtesy visit. We are willing to grow the partnership. My government is open and willing to engage further in whatever form that can make your members feel confident that the government is helping and willing to help investments. The number is here, people are here and the environment is here. Let us create a mutual government-to-business and business-to-government relationship.”
Speaking about his administration's achievements in line with the THEMES+ developmental agenda, Governor Sanwo-Olu said his government has intervened and created several intentional opportunities in critical areas such as public transportation, health, education, technology and entertainment.
Governor Sanwo-Olu also expressed his excitement about the Red Line rail, which is expected to be inaugurated by President Bola Tinubu on Thursday. He said he is excited that his administration, which started the project, is going to hand over the infrastructure to the public.
He said the train service, which is expected to carry hundreds of thousands of Lagosians from one destination to another, is one of the ways his government can make Lagos livable for the residents of the State.
Speaking earlier, Ms. Liser, said the Corporate Council on Africa, which is a business association with members of both United States and African multinationals, is willing to partner with Lagos State Government in energy, power, infrastructure, agro-business, technology, trade and finance, among others.
Liser, who disclosed that they are excited to be in Lagos for a trade and investment mission, commended Governor Babajide Sanwo-Olu's administration for his laudable achievements in the State, especially the Red Line project.
She also praised the State Government for focusing on fintech, health and driving investment into Lagos State.
Liser also invited Governor Sanwo-Olu to the CCA Africa business summit holding in Dallas, Texas on May 6-9 for him to address the summit on what he has done as the Governor of Lagos State.
SIGNED
GBOYEGA AKOSILE
CHIEF PRESS SECRETARY
25 FEBRUARY 2024
Governor Babagana Zulum of Borno State on Sunday, says he has done his best for internally displaced persons and vulnerable residents threatening to join terrorists in the forests.
Earlier in the week, some IDPs who lamented over the widespread hardship in the land, said they were considering joining the sect wooing them.
But while addressing some IDPS, at Mafa, on Sunday, Zulum expressed displeasure over the action, warning that those who intend to go back to the forest to realise that there is no second chance.
“Yesterday, I received a report that some IDPs in Dikwa have protested that they will return to the bush because we could not provide food to them. This afternoon, others in Mafa have also done the same,” Zulum said.
“In the last couple of years, we have consistently provided food to internally displaced and vulnerable people. Believe me, what we are doing is even beyond our capacity. In the last four years, the Government of Borno State spent nothing less than N40bn to provide food and non-food items to the people of the State.”
“No government, be it state or federal, has the capacity to provide food to everyone and let me categorically state that I cannot do more than this. The hardship we are facing is not only in Borno State, but all over Nigeria. There are economic crises in all parts of the world. No state in Nigeria is doing better in the distribution of palliative than Borno.
“We distributed food to IDPs and vulnerable communities every quarter. However, with the improvement in the security situation, we decided to reduce the number of our distribution because people have started earning their livelihood.
“Most of you here (more than 80%) now have access to agricultural land, and I believe you have cultivated your farmlands and harvested your farm products.
“Both State and Federal governments spend huge amounts of money on security. We have realised substantial progress in terms of development and terms of security. Let me be frank with you that we will not condone mischievous activities. If you think life in the bush is better than living here, you can go.”
The Governor expressed gratitude to the federal government for providing the needed support to attain substantial peace in Borno State.
A former Member of the House of Representatives, Dr Usman Bugaje, has said President Bola Tinubu’s loyalists who served with him when he was Lagos governor misled him on the post-Niger coup crisis.
Some of Tinubu’s loyalists from Lagos who are also in the presidency have been dubbed ‘Lagos Boys’.
Bugaje, who represented the Kaita/Jibaya Federal Constituency of Katsina state from 2003 to 2007 said the Lagos Boys exhibited arrogance and failed to consult experts before advising Tinubu to threaten Niger after the coup.
Recall Nigeria’s neighbouring nation, Niger experienced a coup that ousted President Mohamed Bazoum on July 26, 2023.
Gen. Abdourahamane Tchiani, who served as the commander of the Nigerien presidential guard has taken over since then.
President Tinubu, the Chairman of the Economic Community of West Africa (ECOWAS) sent a delegation to the Niger’s junta seeking the return of the democratically elected government but efforts put abortive.
The ECOWAS chair also issued threats of using military force to end the military takeover but Tchiani did not bulge.
Tinubu, after several efforts failed, closed the Niger-Nigerian border, and cut electricity, medicine, and others.
Speaking about how the Nigerian government handled the Nigerien crisis, Bugage who just returned from the coup-hit nation said Tinubu acted beyond the ECOWAS brief.
Bugaje, former House Chair on the Foreign Affairs Committee disclosed this in an interview with Trust TV.
“The social media says that ‘Lagos Boys’ know everything. So, maybe this is the arrogance they came with. They think and don’t consult; whatever it is,” Bugaje said.
“I want us to see that as a country we have violated the norms, we have done things that are far beyond the ECOWAS brief, and that has created a lot of negative reactions from Niger.”
Based on his interactions with Nigeriens when he visited their country, the ex-federal lawmaker said, “Niger is taking these things with a lot of humility and decorum; and they are still saying that despite what you people have done to us, we still see Nigerians as our brothers, we still see these colonial boundaries as artificial, not barriers.”
After the meeting over the weekend, ECOWAS has lifted sanctions imposed on the three Sahel junta-led nations – Niger, Mali and Burkina Faso.
Says Claims Are Speculative & Protests Legally Questionable
The Nigeria Labour Congress (NLC) has alleged that the government has perfected plans to launch attacks against the two-day nationwide peaceful rallies it scheduled for 27 and 28 February.
NLC President Joe Ajaero made the allegation in a statement he signed and made available to journalists on Sunday in Abuja.
In a swift response, however, the federal government has denied the allegation describing it as “speculative.”
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said by raising the allegation, “NLC is feeling guilty in hatching its hidden agenda influenced by partisan considerations.”
Mr Onanuga who spoke to the News Agency of Nigeria (NAN) on the alleged attack, said the planned protest is illegal as it is against a subsisting order of court.
He said the NLC had a hidden agenda because most of the issues raised by labour for embarking on the protest had been addressed by the government.
Mr Ajaero in his statement titled, “As the State Prepares to Unleash Violence on us” alleged that one of the groups being primed to attack the peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF).
“NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by government to cause violence against our members for electing to peacefully protest against the hunger in the land.
“We would want the State to know that the solution to our horrible economic situation and hunger is not by suppressing peaceful dissent or inflicting violence on peacefully protesting citizens,” he said.
Mr Ajaero insisted that the NLC and its civil society allies were moving ahead with the protest rallies against economic hardship and insecurity in line with the decision of the National Executive Council.
“As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of State-engineered violence.
“In light of this, we advise the State to put on its thinking cap and find solutions to the pains it continues to cause the people instead of further dehumanising them,” he said.
Mr Onanuga, however, insisted that the issues raised by the labour union had been addressed by the government, including the payment of a wage award of N35,000 monthly for six months.
He said the money had been paid to civil servants up till January 2024 and only that of February is outstanding.
The president’s aide said the federal government had inaugurated a 37-member Tripartite Committee on National Minimum Wage to review and come up with an acceptable and sustainable Minimum Wage for Nigerian Workers.
He said the government had made substantial financial commitments on the provision of CNG Buses and Conversion Kits.
According to Mr Onanuga, the buses will be rolled out very soon to alleviate the transportation challenges being faced by Nigerians.
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the anti-graft agency received over 5,000 fraud petitions and recovered N60bn loot.
Of the 5,000 petitions, he said the EFCC had approved 3,000 for investigation.
President Bola Tinubu appointed Olukoyede EFCC chairman on October 12, 2023.
He replaced Abdurasheed Bawa, an appointee of ex-President Muhammadu Buhari, who was suspended, detained, and booted out of office by Tinubu.
Olukoyede, speaking on Saturday in Lagos as the guest lecturer at the 20th-anniversary lecture of the Human and Environmental Development Agenda Resources Centre, said the EFCC had recovered over N60bn and $10m, in less than four months since he assumed office.
He said, “When we set out to investigate, people see it as a fight between EFCC and the rest of us. It should not be so. How much will the EFCC do?
“How much will the ICPC do with its staff strength? I have less than 4,800 staff. I am talking of an agency that is serving people who are over 150 million.
“All we have to do is investigate and present the facts before the court. I will not be the one to give judgment. That is where we have collective responsibility. When you see something, you say something
“The issue is we are working as if we are not working. Upon my assumption of office between then and now, I have received over 5,000 petitions. I am not talking of just the one we received, but the one that we have checked and we discovered that there was substance in it. That is just for one agency, the EFCC.
“As I am talking to you I have approved the investigation of over 3,000 cases in less than four months, but what is our capacity? How many staff do we have? What resources do I have access to?
“In less than four months, we secured convictions of 700 and recovered over N60bn and over $10m.
“If I am able to recover over N60bn in less than 100 days, you can imagine how much has been stolen.
“I can tell you that for the billion that has been recovered, a trillion has been stolen.”
On his part, the Chairman of HEDA, Mr. Olanrewaju Suraju, noted that the anti-corruption fight had been challenging and urged all Nigerians to join the fight.
“We need an effective policing system with integrity, then the court must not continue to discharge persons with corruption cases still hanging on their necks,” Suraju said.
The Nigeria Customs Service (NCS) has launched an investigation following reports that a stampede during its discounted rice sale in Lagos left numerous people dead.
Eyewitnesses said chaos erupted on Friday at the Customs zonal office in Yaba as huge crowds scrambled to purchase bags of seized foreign rice being sold at N10,000 each, significantly below market cost.
In the ensuing stampede, no fewer than 7 persons were said to have been trampled to death while dozens more were injured. Customs authorities admitted the scenes were chaotic but blamed lack of patience by the crowds.
The Lagos chapter of the All Progressives Congress (APC) confirmed that one of its female members, Comfort Funmilayo Adebanjo, died in the incident while trying to buy the subsidized rice.
The rice sale was flagged off across NCS offices by the Customs boss, Col. Adewale Adeniyi (Rtd.) last week to ease economic hardship brought on by rising food costs. But the exercise has been marred by poor crowd control, casting doubts on its continuity.
Lagos Customs says it has kicked off an investigation to determine what led to the deadly stampede in Lagos to forestall a repeat as the rice sales continue in other locations.
Media
Baseless To Say NNPC Will Repay $3.3bn At $12bn — Afreximbank Says It Has 6% Interest, One Of The Best Rates
Admin
The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) has debunked claims that the $3.3b loan that the Nigerian National Petroleum Corporation Limited (NNPCL) acquired from the bank will be repaid with an interest rate of 12%. He said the loan is one of the best priced loans on the market with 6% margin.
Oramah revealed this in an exclusive interview with ARISE NEWS anchor, Ojy Okpe, describing the allegations of repaying the $3bn Loan with $12bn as ‘ridiculous’. He said the loan was very effective in helping FX shortage and stabilise the financial system.
During the interview, Oramah was asked about the nature of the loan, of which the NNPC has received $2.25 billion of the agreed $3 billion in a bid to stabilise Nigeria’s foreign exchange. He replied, “Well, the interest rate on the loan carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR) that is the base rate which governs the cost of funds, so to say. So, if Afreximbank wants to lend money, any other person wants to lend some money, dollars, you start from there and it stays, then you add your margin. And the margin we have I think is 6%, and this loan is a seven year loan. Actually, it is one of the best priced loans in the market today.
“We’re not talking about three years ago, four years ago. We’re talking of today where interest rates have gone up, and we’re just hoping that inflation will go down globally so that rates can start going down. And in fact, if those rates start going down, the interest rate of this loan will start also going down. So that’s what I thought about it, about the pricing of the loan.
“And it’s transparent, there’s nothing to hide about it, and anybody who wants to compare it can compare it against the yields on the Nigerian bonds trading today.
Responding to Nigerians questions and misgivings regarding the loan, Oramah clarified that the loan is effective as he said, “It actually helps acute FX shortage. And you know there are things people do not know, maybe government will not be saying it, but I’m at liberty because we have a justification for doing what we did. It actually helps us stabilize the financial system.”
He went on to say, “It’s the job of government to do what they know is right actually. Of course, it’s good for the people to criticise ask questions and all that. But I just think that sometimes, people who are criticizing also have to be reasonable. You don’t have to go to the municipal and start telling stories, because if you genuinely want an explanation and you asked, for example, for us, we never got anybody right to us saying explain this to us.
“We’re not hiding anything. If anybody came and we thought we should, if it’s not a confidential matter, because everything we do is confidential. And by the way, we are not the only lender, there are other lenders. So, if it’s something that we believe we should explain, we explain.
The Afreximbank President then spoke about the Memorandum of Understanding he had signed with the Nigerian Health ministry to provide a $1 billion facility that would finance a contribution pool for private investors who want to invest in Nigeria’s health sector value chain.
Giving his reasoning behind this, he said, “I always believed that health care is human right. Every person on this earth should have access to good health care, because that is what makes you to live a wholesome life. It is not what we should just reserve for the very rich and mighty.”
‘Comparing Dire Situation In Argentina To Nigeria Wrong’ – Tinubu’s Aide Replies Atiku On State Of Economy
AdminThe Senior Special Assistant to President Bola Tinubu on New Media, O’tega Ogra, has faulted the 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, for comparing the economy of Nigeria to Argentina.
Naija News reported that Atiku had urged President Bola Tinubu to learn from the approach to economic reform taken by Argentina’s President, Javier Milei, for Nigeria’s economic reforms.
In a statement on Sunday, Atiku emphasized that Tinubu and Milei inherited a disoriented economy, but each applied different measures for recovery.
Reacting to Atiku’s statement in a post via his official X handle on Sunday, Ogra said Nigeria is not Argentina and President Tinubu is not President Milei, stating that both nations are incomparable.
The presidential aide said the economic situation in Argentina is gloomy and berated Atiku for criticizing the Tinubu administration while glorifying the dire situation in the South American country.
He asserted that President Tinubu is working hard to address the economic hardship in the country and diligently working towards a prosperous, stable, and inclusive Nigeria.
He wrote: “Respectfully, VP Atiku (1999 – 2007) sir, I come again.
“I would like to start by first saying – respectfully, that Nigeria is not Argentina, and President Tinubu is not the President of Argentina.
“To those who may be enchanted, just like our former VP, by the ‘Argentina Miracle’ he quoted, see below the January data of the situation Alh. Atiku praised and says he would have put on Nigerians – had he been 7th time lucky at his shot at the presidency which wasn’t successful.
“I, therefore, advise a closer look at the data—lest we forget that even a broken clock is right twice a day:
– Argentine Inflation Rates: Jumped to 254% in January 2024 – the highest level since 1990.
– Industrial and construction output in Argentina dropped by 12.8% and 12.2% year-on-year in December, respectively.
– Economic activity in Argentina fell 2.5% year on year according to a Reuters survey.
– Car registrations in Argentina declined by 33% year-on-year in January.
– Retail sales in Argentina fell by 25.5% year-on-year in January.
– Construction activity in Argentina decreased by 28.2% in January.
– Cement deliveries and motorcycle registrations also saw significant declines.
– Halting all public works, freezing public sector salaries and pensions, and eliminating many public subsidies, including for energy and public transportation.
– Tax Increases: Sharp rise in taxes, including import taxes.
– Real Salary Collapse: The real salary of registered private-sector workers in Argentina experienced the largest monthly drop in at least 30 years, with January’s real salaries potentially falling below the levels of the 2001 crisis
– National taxes linked to economic activity across Argentina fell between 15% and 25% annually on a real basis.
– Food sales in retail stores fell 37.1% year-on-year in January.
– Minimum Wage: The current Minimum Living and Mobile Wage (SMVM) is 156,000 pesos per month ($184), with no increase despite high inflation. At least Nigeria is reviewing its own.
– IMF Forecast for Argentina: Predicted a 2.8% recession in 2024.
“This gloomy situation above is the situation former VP Atiku says in his statement that he would have put on Nigerians – had he won. Thank you, sir, for finally telling the Nigerian people what your true plans were. Now we know – stopping salaries, a recession, > 250% inflation, no investment in social security or infrastructure was your plan for Nigerians all along.
“Koko Of The Matter: I honestly appreciate former VP Atiku’s attempt to contribute to the economic discourse, albeit through a remarkably flawed lens. As for my principal – @officialABAT President Tinubu’s administration, we will continue to roll up our sleeves, not to play the fiddle as Rome burns, but to diligently work towards a prosperous, stable, and inclusive Nigeria.
“Alhaji Atiku, your statement is perplexing. Your critique of President Tinubu’s administration, while glorifying Argentina’s dire situation, is akin to applauding the captain of the Titanic for its speed, ignoring the iceberg dead ahead I understand the allure of sensational headlines and the temptation to draw parallels where none exist, but let’s be clear: Nigeria is not Argentina, and President Tinubu is not President Milei.
“Let me be clear: President Tinubu will continue to prioritize the well-being of Nigerian citizens over the theatrics of austerity masquerading as reform.
“Thank you for indulging me once again, sir @atiku.”
[NaijaNews]
Amid the planned protest by the Nigeria Labour Congress (NLC) over the hardship faced by Nigerians, a Senior Advocate of Nigeria (SAN), Femi Falana, has asked the Attorney General Of the Federation, Lateef Fagbemi, to provide security for the demonstrators.
Barring any last-minute change, the NLC will on Tuesday, February 27 and Wednesday, February 28 protest following the dramatic hike in the prices of goods and services due to the removal of fuel subsidy and the free fall of the naira, among others.
The human rights lawyer in a letter dated February 24 and addressed to the Attorney General of the Federation said Section 83(4) of the Police Establishment Act empowers the Minister of Justice to provide security cover for the protesters.
He also called on the organised labour to conduct their scheduled rallies peacefully void of violence.
“While we have advised the members of the NLC to conduct the rallies scheduled for February 27-28, 2024 in a peaceful manner, we urge you to use your good offices to direct the Inspector-General of Police to provide adequate security to the conveners and participants in the protest in line with the provisions of Section 83(4) of the Police Establishment Act,” the letter read in part.
“Finally, while awaiting your favourable reply to this letter, please accept, as usual, the assurance of our highest esteem.”
[NaijaTimes]
More...
The removal of subsidy on petroleum that was expected to take more Nigerians out of poverty through higher revenue accrual to both the federal and sub-national governments seems to be ineffective with almost all the states of the federation having very little or nothing to show for the huge revenues that have come in for them since May 29 when President Bola Tinubu announced the subsidy removal.
LEADERSHIP’s findings showed that aside from their internally generated revenue that runs into billions of naira, the states put together got over N5.108 trillion in revenues from the Federal Account Allocation Committee (FAAC) in eight months – from July 2023 (when the proceeds of the subsidy removal started coming in) and February 2024.
The overall revenue of N5,108,219,000,000 (N5.1 trillion) received by the states includes the N2,690,391,000,000 (N2.69 trillion) that came in directly from the federation account and N1,975,899,000,000 (N1.975 trillion) disbursed to the local government’s account that is controlled by the state governors, and another N441.929 billion as 13 percent solid minerals derivation revenue shared to some of the states.
While the subsidy removal increased the average monthly disbursement from FAAC to about N1.09 trillion against the previous average figure of N620 billion, the governors of the states have failed to raise the standard of living and the per capita income of their residents.
At the last count, only about 10 states had started the implementation of the N30,000 labour/government-agreed minimum wage benchmark for public workers. Despite the increase in revenue, most states are yet to implement the old rate even when labour is already demanding an increase of over 200 percent.
A breakdown of the FAAC allocation to the states in the period under review showed that in July when the first post-subsidy income was received, a total distributable revenue of N907.054bn was shared among the three tiers of government, with the states taking a total of N561.49 billion from the federation account.
In August when the total revenue comprising Value Added Tax, exchange rate gains and electronic money transfer fee approved for sharing rose to N966.110 billion, the states got N591.624 billion.
An increase was recorded in September when a FAAC communique stated that from the N1.1 trillion total distributable revenue where the federal government received a total of N431.245 billion, the 36 states received N361.188 billion, while the local government areas got N266.538 billion. A total sum of N26.473 billion (13 percent of mineral revenue) and N14.657 billion (13 percent of savings from NNPCL) were shared with the relevant states as derivation revenue.
Also, from the N903.480 billion total revenue distributed in October 2023, the state governments received N287.071 billion and the local governments received N210.900 billion. A total sum of N84.966 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue, bringing the total revenue from the federation account to the states to N582.937 billion.
On November 22, FAAC approved the disbursement of N307.717 billion to the states, while the LGAs received N225.209 billion. N50.674 billion (13 percent of mineral revenue) was shared among relevant states as derivate+ ion revenue.
FAAC also shared N1.1 trillion revenue for December to all the tiers of government as revenue from the previous month. The communique issued at the end of the monthly meeting revealed that while the federal government received a total of N402.867 billion, the state governments received N351.697 billion and the local government areas received N258.810 billion. A total of N75.410 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue, again, increasing their share of the federal revenue.
In January 2024 when the first FAAC meeting of the year was held, N1.127 trillion which came in from December revenue was shared. In the breakdown, the federal government received N383.872 billion, the states received N396.693 billion, local government areas received N288.928 billion, and the oil-producing states received N57.915 billion as Derivation (13 percent of mineral revenue).
In the final analysis, the state governments received N379.407 billion, and N278.041 billion on behalf of the local governments, with the sum of N85.101 billion (13 percent of mineral revenue) also coming into the benefiting states as derivation revenue.
All this is apart from the billions each state received from the federal government to distribute palliatives to the vulnerable segment of society in the wake of the fuel subsidy and the cost of living crisis that followed.
However, these increased funds available to the governors has hardly translated to any kind of reprieve to the residents of the states, with hunger protests and raiding of truckloads of foodstuff recorded in parts of Nigeria, as well as the Nigeria Labour Congress planning a national protest in the coming days due the unabating hardship confronting workers and other Nigerians.
Labour warns FG against attack on protesters
Nigeria Labour Congress (NLC) has accused the government of planning to attack its nationwide peaceful protest scheduled for February 27 and 28, 2024.
According to a statement in Abuja, NLC president, Comrade Joe Ajaero, claimed that a group called the Nigeria Civil Society Forum (NCSF) is being used by the government to orchestrate violence against the forthcoming protesters.
The labour leader also called the attention of the international human rights body, the African Union and the United Nations to the threat posed by the Nigerian state to the right of the people to peacefully protest and demand for freedom from economic slavery and hardship.
Ajaero insisted that the government has failed to address the hunger and poverty in the land, and has instead resorted to suppressing peaceful protest and inflicting violence on citizens.
The labour centre cited the recent incidents in Minna and other cities, where Nigerians were tear-gassed and beaten up by security agents for raising their voice against hunger.
Ajaero however said such actions will not deter NLC from exercising its fundamental right to peaceful protest, which it said it has always done in the past, except in instances of state-engineered violence.
NLC warned that if the government set on the path of violence against it and other peace-loving Nigerians, it will be making a costly mistake, as it will trigger a total shutdown of the country through the withdrawal of services by workers.
The statement reads, “We would like to inform Nigerians that the state has perfected plans to attack our peaceful rallies across the country.
One of the groups being primed to attack our peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF). NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by the government to cause violence against our members for electing to peacefully protest against hunger in the land.
“The pangs of hunger cannot be cowed by bullets or tear gas… we at the Nigeria Labour Congress and civil society allies are moving ahead with our protest rallies against economic hardship and insecurity in line with the decision of the National Executive Council.
As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of State-engineered violence”.
“We advise those waiting in the wings to unleash violence on us that this is not about the NLC but about Nigerians who are saying “enough is enough”, about a people who have resolved not to be further pushed into the pit of misery and hopelessness, while a few live in obscene luxury at our collective expense.
We however remain resolute, determined and prepared to express our pain and grief in a peaceful manner as Nigerians come 27th and 28th of February 2024″.
[Leadership]
The uncertainty in the Nigerian economy prompted an emergency meeting between President Bola Tinubu and members of the business community on Sunday.
Prominent among those who attended the meeting at the Presidential Villa Abuja, were the Chairman of Dangote Group, Aliko Dangote, Chairman of BUA Group, Abdulsamad Rabiu, current governor of Anambra State, Charles Soludo, and Chairman of Heirs Holdings, Tony Elumelu, among others.
The host, President Tinubu, told the participants that all stakeholders must look at “what we’re doing right and what we’re doing wrong to bring life back to the economy.”
Tinubu said: “We are very concerned, from students to mothers and fathers, farmers, and traders, and realising that every one of us will have to fetch water from the same well.
“We’re looking for additional efforts that might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our Marshall Plan in place and fashion out the best economic future for this country.”
Emerging from the meeting, Dangote told reporters that it was quite fruitful, as issues bedevilling the Nigerian state, including food, insecurity and the economy, were deliberated upon during the meeting.
He said: “I think we had a very, very good meeting and what we discussed was generally about the economy, food security and security of the nation.
“We discussed everything in detail. And there is the economic Presidential Advisory Committee, which has been set up and I think this will look at all the issues and address them, coming from job creation and food security.
“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”
Also reacting, Abdulsamad Rabiu said it was an open and frank talk about national issues affecting the country.
“It was open, it was frank and it was exhaustive. And some of the issues we discussed for example, like the foreign exchange rate, which we know has always been the problem for the past two or three months.
“We discussed how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial; it is manipulative and thank God the CBN is doing quite a lot.
“Now, the exchange rate has come down from N1800 to maybe N1600 and N1500 now, and as you all know, everything in Nigeria is indexed to the foreign exchange, especially when it comes to stuff that we import into the country,” the BUA chief executive stated.
“I left this meeting with a lot of enthusiasm, excitement and optimism about the future of our country. I believe that implementing the decisions we arrived at today will propel our economy, help alleviate poverty in the land, help create employment and help put food on the table,” Elumelu added.
On his part, Charles Soludo said it was a tripartite meeting designed to put heads together and think together.
He said Nigeria has one national economy, and it’s the responsibility of the 225 million Nigerians to work together to make it great. We have all the potential and all that it takes to make Nigeria ride through these turbulent times and put the economy back on a sustainable level.
“I think there is unity of purpose, determination, a sense of patriotism and determination by all to make it happen and by the special grace of God, it’s now execution. And this is a standing committee that will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well,” Soludo added.
[DailyPost]
- Ex-VP urges Tinubu to adopt Argentina model
Former Vice President Atiku Abubakar has urged President Bola Tinubu to emulate his Argentine counterpart, Javier Milei, for accelerated economic growth in Nigeria.
In a tweet posted last night on X, following a report by Reuters International news agency on Argentina’s market optimism, Atiku called for a decisive action to tackle Nigeria’s economic challenges.
“I read a recent report in the Reuters, titled: Argentina’s market double down on Milei as investors ‘start to believe’; I took a keen interest in reading the report because I know quite well that Argentina and Nigeria closed the last quarter of the Year 2023 on a similar path of economic downturn.
“In the case of Nigeria, a new government was installed at or about the middle of 2023; for Argentina, the new government came on board in December; both leaders inherited a disoriented economy, but both applied different measures to recovery.
“President Javier Milei of Argentina was sworn into office on December 10, 2023; he inherited a worse condition than Nigeria’s. But what he did to return his country to a place where investors are ‘starting to believe’ should serve as a lesson to Nigeria’s Bola Tinubu.
“Nigeria is where we are today simply because of what Tinubu has done or did not do; his shifting the blame on the opposition and, even ridiculously, his predecessor is needless and myopic; market forces don’t play politics, they respond to your actions and inactions.
“President Milei’s major campaign promise was to re-position the Argentine economy after years of slow growth, high debt levels, triple-digit inflation (160 per cent when he took over the Presidency in December 2023) and 40 per cent poverty rate; his first task was to begin implementing measures to achieve greater macroeconomic stability and promote higher global competitiveness.
“He came into the office with a comprehensive stabilisation plan, which seeks to implement far-reaching measures within the context of a market-oriented economy; he started off cutting government expenditure by cutting the size of government and wastages; blocked stealing of government funds, and attracted Foreign Direct Investment (FDI) through concessions, tax holidays, and improved ease of doing business.
“President Milei flies regular business class for all his travels and does not offer the presidential fleet of Argentina for his son’s birthday; likewise, there is no settlement for his hangers-on and political allies through unwieldy and burdensome appointments to public offices,” Atiku stated.
The former Vice President drew further contrast between Nigeria and Argentina, saying he has a sure recipe for Nigeria’s economic restoration.
Atiku added that he was willing to discuss his solutions with the Federal Government.
The former Vice President expressed his liking for the Argentine economic turnaround, saying: “I am attracted to the reforms in Argentina because Javier Milei’s stabilisation plan bears a similar emblem with my Recover Nigeria Plan; it is a plan that I am more than willing to disclose details of its workings with the current government in order to take Nigeria out of the depth of hunger and anger that we find ourselves.
“The plan includes strategic steps we must take to recover the economy and make it stronger, dynamic, resilient, and competitive; we had outlined plans to relax the fiscal constraints facing us to include:
• Improving spending efficiency and blocking leakages
• Saving money through:
a. A review of fiscal support for non-performing government enterprises and the privatization of those that cannot sustain themselves.
b. Steps to improve spending efficiency through a gradual reduction in government recurrent expenditures, ensuring that those expenditures reflect higher levels of service delivery. Over the medium term, recurrent expenditures should not exceed 45 per cent of the budget.
c. A review of government procurement processes to ensure high levels of transparency, competitiveness, and value-for-money and eliminate all leakages.
“Unless, and until there are clear-cut policies and pathway to economic rejuvenation predicated on a leadership led sacrifice, there will be discontentment, especially among the youths, which may find expression in protests and for which it will be silly to continue to blame the opposition for,” Atiku said.
[TheNation]
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the anti-graft agency received over 5,000 fraud petitions and recovered N60bn loot.
Of the 5,000 petitions, he said the EFCC had approved 3,000 for investigation.
President Bola Tinubu appointed Olukoyede EFCC chairman on October 12, 2023.
He replaced Abdurasheed Bawa, an appointee of ex-President Muhammadu Buhari, who was suspended, detained, and booted out of office by Tinubu.
Olukoyede, speaking on Saturday in Lagos as the guest lecturer at the 20th-anniversary lecture of the Human and Environmental Development Agenda Resources Centre, said the EFCC had recovered over N60bn and $10m, in less than four months since he assumed office.
He said, “When we set out to investigate, people see it as a fight between EFCC and the rest of us. It should not be so. How much will the EFCC do?
“How much will the ICPC do with its staff strength? I have less than 4,800 staff. I am talking of an agency that is serving people who are over 150 million.
“All we have to do is investigate and present the facts before the court. I will not be the one to give judgment. That is where we have collective responsibility. When you see something, you say something
“As I am talking to you I have approved the investigation of over 3,000 cases in less than four months, but what is our capacity? How many staff do we have? What resources do I have access to?
“In less than four months, we secured convictions of 700 and recovered over N60bn and over $10m.
“If I am able to recover over N60bn in less than 100 days, you can imagine how much has been stolen.
“I can tell you that for the billion that has been recovered, a trillion has been stolen.”
On his part, the Chairman of HEDA, Mr. Olanrewaju Suraju, noted that the anti-corruption fight had been challenging and urged all Nigerians to join the fight.
“We need an effective policing system with integrity, then the court must not continue to discharge persons with corruption cases still hanging on their necks,” Suraju said.
[Punch]