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President Bola Tinubu’s government is targeting $10 billion in revenue generation to increase foreign exchange liquidity and stabilize the naira, Vice President Kashim Shettima disclosed on Tuesday.
Addressing the inaugural Public Wealth Management Conference in Abuja, Shettima outlined the administration’s plans to optimize management of federal assets and investments towards unlocking their revenue potential.
The event was organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.
According to the president, his administration will generate millions of jobs by leveraging Nigeria’s extensive public assets to maximize and double the nation’s Gross Domestic Product (GDP).
What the President is Saying
Reading the President’s Keynote address, VP Shettima stated:
“The Federal Government set a goal to raise at least $10 Billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the Naira and grow the economy.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
However, Tinubu pointed out that years of mismanagement and underutilization have affected Nigeria’s assets, both within and beyond its borders, resulting in revenue losses that have impeded economic growth.
Meanwhile, he assured that the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the center stage.
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will significantly increase returns.
What you should know
President Tinubu’s government’s move to merge the forex windows in mid-2023 triggered a significant drop in the Naira’s value, with its exchange rate against the Dollar escalating from roughly N700/$1 to an unprecedented level of over N1,500/$1.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has partly attributed the significant foreign exchange challenges facing Nigeria to the absence of inflow of foreign exchange into the country due to lack of confidence from investors.
To address these challenges, the CBN revised the operations of International Money Transfer Operators (IMTOs), restricting them to inbound transfers only and mandating that international transfers be paid out in Naira.
This policy impacts major IMTOs, including Western Union and MoneyGram, and is part of broader efforts to stabilize the foreign exchange market.
In a presentation to the Senate two weeks ago, Cardoso revealed that around $1 billion has been invested in the FX market over the past couple of weeks, adding that CBN’s recent policies have contributed to this positive trajectory.
Arising from a stakeholder meeting on February 20, the Nigerian Association of Road Transport Owners (NARTO) confirmed that it has resumed operations after down tooling for two days.
Its national president, Alhaji Yusuf Lawal Othman, broke the news in Abuja after a meeting with the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri; the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); representatives of the Major Energy Marketers Association of Nigeria (MEMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and others.
The NARTO boss also confirmed that the marketers have increased the freight rate of the Premium Motor Spirit (PMS) from N32.
He said since the marketers were still calculating the actual figure, he could not state a particular amount of the new freight rate.
He noted that the association would direct its members to start lifting petrol immediately.
During a Senate session on Tuesday, President of the Senate Godswill Akpabio stated that many of the recent protests over Nigeria’s economic hardship have been sponsored campaigns.
“You can see a lot of sponsored protests here and there. Most of those sponsored protests are not aware of the kind of efforts being made by this Senate to tackle the situation,” Akpabio declared.
“There is no father that wants to see his child sleep in the night without food, with their stomach grumbling. So we must provide.”
The Senate President did not provide evidence to back up his claim that the protests have sponsors behind them.
The comments come amid widespread demonstrations and civil actions across Nigeria over surging costs of living, unemployment, and hunger.
Nigerian customs announces plan to distribute seized food items nationwide to reduce economic hardship
AdminThe Nigeria Customs Service (NCS) has announced plans to distribute seized food items to Nigerians to curb the worsening hardship being witnessed in the country.
Recall that many Nigerians had taken to the streets in some parts of the country to protest the current hardship and the high cost of food items.
Responding to the critical challenges of food security and the soaring costs of essential food items in Nigeria, Comptroller General of Customs, Bashir Adewale Adeniyi, in a statement issued by the service National Public Relations, CSC Abdullahi Maiwada, expressed readiness to dispose of food items forfeited to the Federal Government.
The Comptroller General said the distribution will be done after all the food items have been certified fit for human consumption.
According to him, the commitment is deeply rooted in the Service core mandate of serving Nigeria’s best interests and fostering economic stability.
He said the urgent imperative fuels the need for a proactive stance to safeguard food availability within Nigeria and alleviate the detrimental effects of scarcity on citizens.
He added, “Furthermore, to alleviate the hardships faced by Nigerians and improve access to essential food items, the Nigeria Customs Service will facilitate the direct disposal of food items forfeited to the Federal Government. These items will be certified fit for consumption by relevant agencies and made available to ordinary Nigerians nationwide through equitable distribution in our Areas of Operations.
“The modalities for the disposal will be communicated through NCS formations nationwide, with a firm commitment to transparency, fairness, and public safety. It is our pledge that this exercise will be managed diligently to ensure that the benefits reach those most in need.
“The NCS remains resolute in its dedication to safeguarding the nation’s food security and advancing the economic well-being of all Nigerians. With the unwavering support and cooperation of the public, we will surmount these challenges and pave the way for a more prosperous future for our beloved nation.”
The Tinubu-led Federal government has reacted to the hike in the cost of cement in the country.
The government threatened to open the borders to force down the price of the product.
The Minister of Housing and Urban Development, Ahmed Dangiwa, who dropped the warning on Tuesday, said key components of cement manufacturing were locally sourced and the recent increase in the price of the product was unreasonable and unacceptable.
He threatened that the government might open the borders for cement importation if manufacturers of the product failed to heed the pleas for a price reduction.
According to him, major input materials for cement production, such as limestone, clay, silica sand, and gypsum, are available and sourced within Nigeria, and hence, the final price of cement should not be dependent on the dollar.
Dangiwa made this known in Abuja at an emergency meeting held with cement and building materials manufacturers.
He said the price of gas that manufacturers are using as an excuse should not be because gas is a raw material found within the country, and the excuse of an increase in mining equipment should not come up because equipment bought by these manufacturers has been used for decades and not just purchased every day.
The Minister who called on the manufacturers to be more patriotic said BUA cement for instance, has been willing and is still willing, as at the last time he spoke with them to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.
In his words, “The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.
“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough. Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment, and it takes years, and you are still using it.
“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.
“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”
President Bola Tinubu is yet to give Nigerians any information weeks after he suspended the Minister of Humanitarian Affairs, Betta Edu and ordered her probe.
Recall that she was alleged to have engaged in financial impropriety within her ministry.
Despite the gravity of the allegations and the initial swift action taken by the presidency, updates on the investigation’s progress remain scarce.
The suspension, announced on January 8, was prompted by public outcry over two controversial memos and a consultancy contract linked to Edu’s ministry.
One memo revealed an appropriation of N72,374,500 for air travel to Kogi State—a location without an airport—for the minister’s “advance team”.
Another document requested the transfer of N585 million to the private account of a government official, further intensifying scrutiny on Edu’s financial dealings.
Additionally, the discovery of a N438 million consultancy contract awarded to New Planet Project Limited, a company founded by the Minister of Interior, Tunji-Ojo, complicated matters.
Despite Tunji-Ojo’s assertion of having resigned from the company in 2019, his continued shareholding raised concerns about potential conflicts of interest, prompting the Code of Conduct Bureau (CCB) to invite him for questioning.
In response to the escalating controversy, President Tinubu tasked the Economic and Financial Crimes Commission (EFCC) with delving into the financial transactions of Edu’s ministry.
A panel led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun was also established to conduct a diagnostic on the financial architecture of the social investment programmes overseen by Edu’s ministry, with the aim of initiating comprehensive reforms.
Despite these measures, the silence from the presidency on the investigation’s findings or any steps taken thereafter has left many Nigerians in the dark.
Attempts to obtain updates from presidential spokespersons have been met with no response, raising questions about the transparency and outcome of the probe.
The bill to introduce state police has scaled second reading before the House of Representatives.
The bill, sponsored by 13 members of the House, received overwhelming support from the majority of lawmakers who prioritized addressing the current state of insecurity in the country over concerns of political victimization by state governors.
Recall that President Bola Ahmed Tinubu and 36 state governors had met earlier to deliberate on state police as a viable solution to the prevalent security challenges such as kidnapping and banditry.
Despite being a controversial subject since the Seventh National Assembly, state police have finally made progress in the amendment phase.
Governors from the Peoples Democratic Party (PDP) have reiterated their stance on state policing as the key to improving the country’s deteriorating security situation, warning that Nigeria is heading towards a situation similar to Venezuela.
Furthermore, various regional socio-political organizations, including Afenifere, Ohanaeze Ndigbo, Middle Belt Forum, and the Northern Elders’ Forum, have consistently advocated for the implementation of state police as a viable solution to the escalating security challenges faced by the nation.
Moreover, states within the South-West geopolitical zone have already established the Amotekun, while their counterparts in the South-East have created their own state-owned security outfit called Ebube Agu.
Additionally, the Benue Guards has been actively operating in Benue State located in the North Central region. Similarly, states like Katsina, Zamfara, and other areas prone to banditry have also introduced similar state-established security initiatives.
Nevertheless, these attires have proven to be ineffective as expected due to the lack of support from the Federal Government or the Presidency.
States are persistently requesting permission for groups like Amotekun, Ebube Agu, and others to be authorized to carry assault rifles such as AK-47s in order to combat dangerous armed attackers.
The Tinubu-led Federal government has disclosed that it has uncovered 32 routes through which food items are smuggled out of the country.
Vice President Kashim Shettima disclosed this while addressing a conference on Public Wealth Management held in Abuja on Tuesday, February 20.
He said on the midnight of Sunday, February 18, 45 trucks loaded with maize were intercepted while making their way to neighbouring countries.
“Just three nights ago, 45 trucks of maize were caught being transported to neighboring countries. Just in that Ilela axis, there are 32 illegal smuggling routes. And the moment those food stuff were intercepted, the price of maize came down by N10,000. It came down from N60,000 to N50,000. So, there are forces that are hell-bent on undermining our nation but this is the time for us to coalesce into a singular entity,” he said.
Shettima, who acknowledged that Nigeria is passing through turbulent time, assured the people of the country that the pain will not last forever.
He, however, condemned a situation whereby some persons fuel the embers of division and violence because of the current situation.
“We have to make this country work. We have to move beyond politics. We are now in the face of governance. Sadly, some of our countrymen are still in the political mode. They are the practitioners of violence, advocating that Nigeria should go the Lebanon way. But, Nigeria is greater than anyone of us here. Nigeria will weather the storm. Forces are hell-bent on plunging this country into a state of anarchy. Those who could not get to power through the ballot box, instead for them to wait till 2027, are so desperate,” he said.
The Nigerian Government has disclosed that the N23 trillion Ways and Means debt that has now stuck in its throat like the proverbial fish bone will be reviewed and audited.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made the disclosure on Tuesday at the ongoing Public Wealth Management Conference organized by the Ministry of Finance Incorporated.
Edun ststed the Federal Government would soon send a bill to the National Assembly that would authorize the removal of “all taxes and levies that constitute nuisance from the country’s tax system”.
This he said was a measure to free the government from future Ways and Means indebtedness.
According to the minister, the government will vigorously pursue policies that will allow it to harvest revenue in real time from Government Owned Enterprises and Corporate entities
Tinubu cannot speaking on hardship, hunger because Buhari, APC caused our problems – Gbenga Daniel
AdminThe Senator representing Ogun East senatorial district, Gbenga Daniel, has said the myriad of problems Nigeria is grappling with today are caused by the ruling All Progressives Congress (APC) and the administration of former president, Muhammadu Buhari.
He said Tinubu can’t speak on these challenges, especially the hunger and hardship ravaging the nation, because his political party is the one responsible for the country’s woes.
He said he wished President Bola Tinubu could tell Nigerians about the already failed economy that was bequeathed to him and what he’s doing and has done to salvage the situation.
Speaking during his tour of Ijebu Ode Local Government Area of Ogun state on Monday, the senator appealed to Nigerians to be patient and preserve, expressing confidence that this administration would turn things around.
Daniel, who admitted hardship in the country, hinted that the menace was caused by the past government but hoped for better days.
“Our president Bola Ahmed Tinubu has done a lot. I wish he could talk now but he can’t talk because this is the same party he stood for, so he can’t, but from what I know we just have to praise his courage. We know things are very difficult but we need to encourage Mr President, we urge our people to be patient, by the special grace of God everything will be alright.”
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Nigerian singer, Flavour, has issued a public advisory regarding people using his name and photos to defraud unsuspecting victims.
He disclosed via his official X account that fraudsters are still impersonating him online and noted that he will never ask fans for money.
The ‘Nwa Baby’ crooner said anybody who has come in contact with such impersonators should report them to the appropriate authorities.
Flavour wrote;
“Scammers are still in the business of impersonating me online. Please be aware that I will NEVER ask fans for money or any personal information.
If you’re contacted by someone claiming to be me, DO NOT engage with them and please report the account to the appropriate authorities.”
In a similar post in 2023, a scammer impersonating popular actor, IK Ogbonna was arrested and charged to court after defrauding unsuspecting victims.
Also actor Frederick Leonard reacted to the arrest of a scammer who impersonated him and scammed a woman of N104m.
The imposter identified as Kelvin Aisosa Orhue was arrested by the EFCC and arraigned before the FCT High Court in Kuje.
Abia State Governor, Dr. Alex Otti, has declared his administration’s dedication to establishing tuition-free schools across the three senatorial zones, with a focus on providing skills currently lacking in the state.
Prince Okey Kanu, the Commissioner for Information and Culture, revealed this after the state executive council meeting in Umuahia on Monday.
The one-year residential program will encompass skills like solar power assembly, POP designing, painting, masonry, tiling, and more. Graduates of the program will receive financial empowerment to kickstart their businesses, aligning with the government’s emphasis on self-sufficiency.
Kanu also announced the suspension of the monthly sanitation exercise due to the commissioning of a geometric power plant on February 24, urging residents to clean their immediate surroundings on that day.
Furthermore, the information boss also disclosed that the government has banned “One way traffic” across the state, warning that driving against traffic would now be considered a serious offense, aligning with efforts to enhance road safety and discourage reckless driving practices.
“A special task force would be established to enforce traffic regulations and crackdown on traffic violations in the state
“This is in keeping with the culture of doing things right as being preached by this government.
“We don’t like people who engage in unwholesome acts, people who revel in impunity and drive against traffic causing accidents and all kinds of confusion on the roads.
“Going forward, driving against traffic will be a very serious offence in the state, and like I informed you not too long ago, some special taskforce is being set up.
“It’s a one-stop task force that will handle every form of enforcement in the state.
“So in the days and weeks ahead, those of us who are in the habit of driving against traffic should be prepared to face the full wrath of the law,” the Commissioner noted.
[PRESS RELEASE] IREP Documentary Film Festival 2024: Righting the Future March 21-24 | Lagos: Freedom Park & Alliance Francaise & Virtual
AdminThe 2024 edition of the iREPRESENT International Documentary Film Festival will hold March 21st – 24th at its primary home, Lagos. The prime project of the Foundation for Promotion of Documentary Film Festival in Africa (FPDFA), the leading platform for documentary film promotion in Nigeria and West Africa, will also be hosted in virtual format.
Founded in 2010, the iREP Festival has the founding generic theme Africa in Self-Conversation, which encourages cross-exchanges of ideas and developmental aspirations among the diverse peoples of Africa and the global black family.
iREP 2024, the 14th edition of the annual ritual, will feature conversations, screenings, workshops, networking sessions, and other related activities.
Over 45 films are expected to be screened at the two venues hosting the festival this year vis: Freedom Park, 1 Hospital Road, Lagos Island, and Alliance Francaise, Mike Adenuga Centre, Ikoyi. The films – short are long features -- have been drawn from largely Nigerian filmmakers and their counterparts from 25 countries in four continents, who submitted their entries via Filmfreeway. However, there are alsosome specially curated films selected for the festival, some of which have made the round of international festival circuits and have won awards around the world.
Theme
The 2024 edition’s theme, RIGHTING THE FUTURE, is deliberately chosen to instigate conversation between the present and the future of the continent, as well as encourage deeper dialogue between the young people and their elders. The provocative theme is set in the context of happenings in this season of political anomalies and leadership failures in many countries of the continent.
The SOYINKA Edition
IREP 2024 is designated as “The SOYIKA edition” to commemorate the 90th birthday anniversary of the distinguished global cultural icon, poet, playwright, essayist, polemicist and Africa’s first Nobel laureate for literature, Professor Oluwole Akinwande Soyinka. He embodies the virtues of the quintessential ‘citizen activist’ with the clarity of vision and passion for the betterment of our collective humanity needed to hold power accountable to the people. Over the past six decades and more, he has consistently deployed his intellectual acumen and personal resources to defend human values and the fundamentality of the freedom of the individual to resist oppression. He is renowned for having also displayed a high degree of patriotic zeal to clamour for good governance and participatory democracy by citizens of the country, even at grave risks to his personal comfort and career. For his tenacious hold to his convictions, he has sometimes run into problems with consecutive state authorities and certain sections of the society. But he remains steadfast in his self-imposed battles to always right the wrongs he perceives in his social, cultural and political environments. These are the values and virtues, iREP hopes to spotlight and celebrate at the 2024 festival with the intention to assure members of the social milleu that they can hold on to their beliefs and convictions without being herded by the mob.
The Soyinka section will cover two days of the festival and will be staged at the Alliance Francaise, Mike Adenuga Centre, the day one keynote on RIGHTING the FUTURE: Soyinka & His Engagements will be delivered Prof Manthia Diawara, writer, filmmaker, cultural theorist, scholar, art historian, and distinguished Professor of Comparative Literature and Film at the New York University. He is the writer and director of “Negritude: A Dialogue between Wole Soyinka and Leopold Senghor.” The second day keynote on the humanistic ideals of Soyinka as reflected in his works will be delivered by Professor Awam Amkpa, Dean of Arts and Humanities, & Vice Provost at the New York University, NYUAD, and Global Network Professor of Drama, Social and Cultural Analysis, NYU New York. Each keynote will be followed by a panel discussion and screenings of films related to Soyinka’s career.
About iREP:
The iREP International Documentary Film Festival serves as an educational and cultural platform, harnessing the influence of film and related industries to encourage public engagement in the developments of their sociocultural and political environments. The overarching objective of the iREP aims to raise awareness about the documentary format's potential to deepen and share social and cultural education, while also fostering participatory democracy in our societies.
Femi Odugbemi, fta
Executive Director, iREP
+234 803 425 1963
NIGERIA’S foreign exchange and inflation have combined to push the prices of prepaid meters year-on-year, YoY by 80 percent to N147, 610.43 (Single phase) in February 2024, from N81, 975 in the corresponding period of 2023. Similarly, the price of the double phase meter also surged YoY by 80 per cent to N259, 002.43 in February 2024, from N143, 836.10 in the corresponding period of 2023.
This is even as the Abuja Electricity Distribution Company, AEDC, has issued a notice of disconnection of power supply to the Presidential Villa, also referred to as Aso Rock and Federal Government’s Ministries, Department and Agencies over a N47 billion their indebtedness.
Manufacturers, suppliers stop importation
However, checks by Vanguard, weekend, indicated Meter Service Providers (MSP) and Meter Asset Providers (MAP) have not been able to produce or import to replenish depleted stocks. It indicated that many customers, who paid for meters have not been supplied and installed, thus increasing the population of those under estimated billing in Nigeria. In apparent response to the situation, the federal government has liberalised the metering market, meaning that the Nigerian Electricity Regulatory Commission, NERC, would no longer peg or fix meter prices in Nigeria.
Rather, prices of meters would be determined by market forces, including foreign exchange and inflation, targeted at ensuring that commercial stocks are produced, supplied and installed for consumers.
NERC working on modalities
A source in the Federal Ministry of Power, who confirmed the Liberalization of Metering Services, weekend, said: “NERC is currently working on the modalities, targeted at efficient operations.
This involves removing price controls while maintaining regulatory guidelines to safeguard consumer interests and ensure fair competition. By eliminating metering price control, a competitive meter market can be fostered, attracting private sector investments, stimulating innovation, and creating job opportunities.”
According to him, the measure was proposed by the MSP and MAP and endorsed by NERC, after proper consideration, adding that before now, the meter manufacturers had called for the upward review of meter prices to reflect current forex and inflation rates within seven days to prevent market shutdown.
He said: “The manufacturers also called for establishment of a joint committee comprising NERC, Nigerian Electricity Management Services Agency, NEMSA, Electricity Distribution Companies, DisCos and MSP and MAP to review recommendations and develop robust framework for a transition to a liberalized metering services market within 30 days.”
He also noted that the transitioning to a liberalized metering services market provides a sustainable pathway for Nigeria’s Electricity Supply Industry (NESI) to serve customers efficiently while achieving financial viability. According to him, “By eliminating metering price control, the selling price would be determined by input costs and market dynamics. This shift creates incentives for a competitive meter market, attracting much-needed private sector investments into the sector.
“Moreover, it alleviates the burden on Distribution Companies’ (DisCos) balance sheets, stimulates innovation, and fosters local manufacturing, thereby generating employment opportunities. “The objectives of Liberalization of Metering Services with Light Regulation aim at eliminating estimated billing by accelerating meter deployment in the NESI. Support a coordinated metering strategy to enhance collections and reduce Aggregate Technical, Commercial, and Collection (ATC&C) losses swiftly.
“Minimize the financial impact on DisCos’ balance sheets while advancing the goals of accelerated meter deployment, improved collections, and reduced ATC&C losses. Ensure price transparency and cost reflectivity, while ensuring a reasonable rate of return for metering service providers. Stimulate innovation and foster fair competition in metering services provision within NESI.” He noted that the transition to a liberalized metering services market in NESI represents a strategic policy initiative, stressing that it offers a viable and sustainable pathway to achieving stated objectives while addressing the needs of industry stakeholders and customers.
The source explained that the Liberalisation aims at eradicating the uncertainty and financial burden associated with estimated billing, providing them with transparent and fair billing practices while fostering trust and confidence in the electricity supply system, ultimately enhancing customer satisfaction. He said the liberalized market will also promote efficiency and innovation in metering technologies and services, capable of leading to the development of tailored solutions that meet the diverse needs of consumers and utilities alike, driving overall sector performance and reliability.
The source said the liberalized market creates opportunities for local businesses to thrive, particularly in the manufacturing, assembly, and ongoing management of meters while supporting economic growth and job creation, contributing to broader socioeconomic development objectives. However, the Chairman/CEO of NERC, Chairman/CEO, Sanusi Garba, could not be reached for comments, yesterday. But the Ministry of Power source said, “I can confirm that NERC is currently working on the details of the liberalisation before making it public.