Latest News
In a bid to stem the rising cost of cement and other building materials and enhance the delivery of affordable housing in Nigeria, the Minister of Housing and Urban Development, Ahmed Dangiwa has called for a meeting with manufacturers of Cement and other building materials in the country.
The move is aimed at better understanding the challenges in the sector, sharpening measures to mitigate the rising cost of building materials in the country and finding sustainable ways to address them.
The minister in a statement by the special adviser on media, Mark Chiese, on Thursday, lamented the high cost of building materials despite the abundance of its raw materials in the country.
Checks by our correspondent revealed that a 50kg bag of cement sold at N9,000 along the airport road, an increase of N3,500 or 38.8 per cent from the N5,500 it was sold the previous week.
He also queried the recurring disproportionate increase in the price of cement in particular, especially considering that cement producers in the country source virtually all their raw materials locally.
The minister said this during a courtesy call by a delegation of the Federal Mortgage Bank of Nigeria, Nigeria Labour Congress, Trade Union Congress, and the Nigeria Employers Consultative Association to discuss the progress of the collaboration between the FMBN and the labour centres, especially as it concerns the National Affordable Housing Delivery Programme for Nigerian Workers, which he initiated during his time as Managing Director of the FMBN.
Dangiwa said, “It is disheartening to see how much Nigerians have to pay for essential building commodities like cement, with the prices rising almost on a daily basis. I don’t understand the reason for this increase, and it is not acceptable.
“I am going to be meeting with these manufacturers soon so that they can explain to Nigerians their reasons for such incessant hikes. I know that the cement producers source their raw materials in Nigeria; limestone, clay, silica sand, gypsum, iron ore, and the rest. These minerals abound in Nigeria and these manufacturers get them here, so there is no justification to try and blame it all on the rise of the dollar”, he said.
Dangiwa further assured the delegation of the commitment of the administration to providing decent and affordable shelter and liveable communities to low- and medium-income earners, as well as the vulnerable in society.
He said the government will create a conducive environment for the private sector to thrive, including through ensuring building materials are affordable and accessible.
Recall that the ministry in January inaugurated the Building Materials Reform Task Team as part of efforts to develop the building materials industry through the creation of Building Materials Manufacturing Hubs in each of the six geopolitical zones of the country.
The Minister said while the hubs are yet to come on stream, there is a need to continue to interface with players in the industry such as building materials manufacturers in a bid to promote affordability.
Speaking on the partnership between the FMBN and organised labour, Dangiwa emphasised the need for the FMBN to reform and innovate its operations, calling on the NLC, TUC, and NECA to see the Bank and the National Housing Fund Scheme as their own that they must encourage and support the institution to do better towards delivering decent shelter to their members.
“The truth is that despite FMBN’s inadequacies, which we are working to address, there is no other home ownership platform that can provide housing to the segment of Nigerians whom you represent at the terms and conditions that the FMBN provides.
“From the single-digit interest rate on loans ranging from 6 – 7 per cent versus the commercial rates of 18-24 per cent in commercial housing loans, to long tenors of 30-years versus 5-to-10-year commercial tenors, zero to maximum 10 per cent equity versus 30 per cent equity for commercial loans, FMBN is an institution that requires the support of all stakeholders so that it works. There is absolutely no alternative”, he said.
The presidential candidate of the Peoples Democratic Party, PDP, in the 2023 election, Atiku Abubakar has revealed the cause of massive hunger and hardship in the country.
He accused President Bola Tinubu of being the cause of the hunger.
Atiku, who stressed that Nigeria is in a dire situation, likened Tinubu to a quack doctor trying to treat a cancerous patient.
In a statement by his Media Aide, Phrank Shaibu, Atiku said: “The fallout of the shambolic policies of President Bola Tinubu-led APC administration is killing Nigerians even as there are no efforts to stem the tide.
“The unprecedented hunger, poverty, and hardship in Nigeria were part of Tinubu’s ultimate plan to decimate Nigerians and pauperise them until they have no shred of dignity left.
“Tinubu is like a quack doctor trying to treat a cancerous patient. But the quack doctor is likely to kill the patient even faster than the cancer itself.”
The former Vice president berated Tinubu for blaming ex-President Muhammadu Buhari for the current hardship.
“Rather than get to work, he continues to blame his predecessor, President Muhammadu Buhari, for handing him an empty treasury and a weak economy and the opposition for instigating mass protests.
“He talks as if Buhari was not a member of their diseased All Progressives Congress. He also forgets that his own kabukabu policies and its fallouts are what is instigating the mass protests across the country,” he said.
Atiku also accused Tinubu of playing politics with the appointment of ministers, stressing that most of them should not have been appointed.
He lamented that the President’s economic perspective was limited by the fact that he had surrounded himself with his “Lagos circle”, putting loyalty ahead of competence.
Atiku insisted that the President knew little about Nigeria’s economy and nothing about security or building a national economy.
The Presidential Candidate of Labour Party (LP), Peter Obi, on Thursday called for a thorough investigation of the alleged financial impropriety against the National Chairman of the party, Julius Abure.
Obi made the call at a media briefing where he rendered account of the 2023 Obi-Datti Presidential campaign organisation funding, on Thursday.
He said, “For the party (LP), I am a member of the party and they have chosen to say that I am the leader. What we need to do in the party and I have discussed it with the leadership is that we must now appoint a reputable audit firm to audit and be able to deal with the account of the part.
“When I am involved in money, it must be transparent. So the allegations and counter allegations now must be thoroughly investigated and verified and we would reconcile it and know what exactly to do.”
Naija News had earlier reported that the National Working Committee (NWC) suspended the National Treasurer of the party, Oluchi Oparah, for six months.
The party disclosed the decision during a press conference at the party secretariat on Wednesday in Abuja.
The National Publicity Secretary of LP, Obiora Ifoh, during the media briefing described Oparah as a mole who was being used by dissidents to cause disaffection in the party.
He said the party decided to sanction her after she failed to honour an invitation by the party’s NWC to resolve the crisis.
At the Thursday’s briefing, Obi also appeal to various support groups or individuals or parties that received funding to support the campaign, for which they were grateful, to account to those they received it from.
He said, “Because there are some people, like support groups, there are some people even abroad who collected monies that they are going to use it in the north and everywhere. We were not stringent that everything you collect must come to us, but we want whatever is collected to be accounted for. This is why we are appealing to the public to let us know.”
President Bola Tinubu, in the company of Vice President Kashim Shettima, met with the 36 state governors of the Federation on Thursday.
Naija News earlier reported that the President, on Thursday, met with the governors inside the Council Chamber of the State House in Abuja to address the insecurity, economic situation and general hardship in the country.
The meeting also had in attendance the Minister of the Federal Capital Territory (FCT), Nyesom Wike; the Minister of Information and Orientation, Mohammed Idris; the Minister of Agriculture and Food Security, Abubakar Kyari; the Director of the Department of State Service (DSS), Yusuf Bichi, and the Inspector General of Police, Kayode Egbetokun.
In a statement issued after the meeting, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the meeting agreed on common ground to address some of the challenges currently facing the country, especially the rising cost of food and insecurity.
He said after extensive deliberations the President and Governors agreed to work together to solve the problems and tackle the economic pressure being faced by the citizens.
Below are the key takeaways from the meeting:
1. On addressing insecurity which is also affecting farming and food production, President Tinubu made 3 key pronouncements.
A. More police personnel to be recruited to strengthen the force.
B. President Tinubu informed the Governors that the Federal Government will work with them and the National Assembly towards putting in place a mechanism that will engender state police instead of the vigilantes that are being used in some states.
C. The President charged the Governors to strengthen their Forest Rangers and arm them to keep all the forest safe from criminals.
Modalities for State Police and addressing security issues to be discussed further at National Economic Council.
2. On rising cost of food: The President directed that the State Governments and Federal government should collaborate to increase local food production. The President advised against the idea of food importation and price control when local food producers should be encouraged to produce more food.
3. President advised Governors to follow the example of Kano State in dealing with hoarding of food for profiteering by commodities merchants. He directed the Inspector-General of Police, National Security Adviser, Department of State Security Services to monitor warehouses hoarding food items across the country and stop profiteering by merchants.
4. President charged Governors to pay attention to livestock development in their states and increase production most especially poultry and fishing products.
5. President pleaded with Governors to ensure all salary arrears to workers, gratuities to retired workers and pensioners are cleared as a way to put money into the hands of the people since states are now getting more monthly FAAC revenue. Spend the money, don’t spend the people, he urged the governors.
6. President Tinubu implored Governors to create more economic opportunities for the youths in their states to keep them more productively engaged.
Nigeria’s inflation increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023 amid rising food prices.
The National Bureau of Statistics, NBS disclosed this on Thursday in its latest Consumer Price Index.
According to the bureau, the figure is 0.98 per cent points higher compared to the 28.92 per cent recorded in December 2023.
Similarly, NBS said, on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.
”It said on a year-on-year basis, the headline inflation rate in January 2024 was 8.08 per cent higher than the rate recorded in January 2023 at 21.82 per cent.
In addition, the report said, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the rate recorded in December 2023 at 2.29 per cent.
”This means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.”
The report said the increase in the headline index for January 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others are furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The bureau said the percentage change in the average CPI for the 12 months ending January 2024 over the average of the CPI for the previous corresponding 12-month period was 25.35 per cent.
“This indicates a 5.99 per cent increase compared to 19.36 per cent recorded in January 2023.”
The report said the food inflation rate in January 2024 increased to 35.41 per cent on a year-on-year basis, which was 11.10 per cent higher compared to the rate recorded in January 2023 at 24.32 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, coffee, tea, and cocoa”.
It said on a month-on-month basis, the food inflation rate in January was 3.21 per cent, which was a 0.49 per cent increase compared to the rate recorded in December 2023 at 2.72 per cent.
“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of potatoes, yam and other tubers, bread and cereals, fish, meat, tobacco, and vegetables.”
The report said, “All items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.59 per cent in January on a year-on-year basis.
“This increased by 4.71 per cent compared to 18.88 per cent recorded in January 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of passenger transport by road, medical services, actual and imputed rentals for housing, pharmaceutical products, accommodation service, and passenger transport by air, etc.
The NBS said on a month-on-month basis, the core inflation rate was 2.24 per cent in January 2024.
“This indicates a 0.42 per cent rise compared to what was recorded in December 2023 at 1.82 per cent.”
“The average 12-month annual inflation rate was 21.15 per cent for the 12 months ending January 2024, this was 4.74 per cent points higher than the 16.41 per cent recorded in January 2023.”
The report said on a year-on-year basis in January 2024, the urban inflation rate was 31.95 per cent, which was 9.40 per cent higher compared to the 22.55 per cent recorded in January 2023.
“On a month-on-month basis, the urban inflation rate was 2.72 per cent in January representing a 0.30 per cent increase compared to December 2023 at 2.42 per cent.”
It also said on a year-on-year basis in January 2024, the rural inflation rate was 28.10 per cent, which was 6.97 per cent higher compared to the 21.13 per cent recorded in January 2023.
“On a month-on-month basis, the rural inflation rate was 2.57 per cent, which increased by 0.40 per cent compared to December 2023 at 2.17 per cent.’’
On states’ profile analysis, the report showed in January, all items’ inflation rate on a year-on-year basis was highest in Kogi at 35.79 per cent, followed by Oyo at 34.58 per cent, and Akwa Ibom at 33.16 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.57 per cent, followed by Taraba at 24.83 per cent, and Benue at 26.64 per cent.
The NBS, however, said in January 2024, all items inflation rate on a month-on-month basis was highest in Ondo at 3.79 per cent, followed by Osun at 3.77 per cent, and Jigawa at 3.58 per cent.
“Bayelsa at 0.45 per cent, followed by Yobe at 1.10 per cent and Ogun at 1.35 per cent recorded the slowest rise in month-on-month inflation.”
The bureau said on a year-on-year basis, food inflation was highest in Kogi at 44.18 per cent, followed by Kwara at 40.87 per cent, and Rivers at 40.08 per cent.
“Bauchi at 28.83 per cent, followed by Adamawa at 29.80 per cent and Kano at 30.08 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
The NBS, however, said on a month-on-month basis, food inflation was highest in Ondo at 4.69 per cent, followed by Osun at 4.59 per cent, and Edo at 4.58 per cent.
“In Bayelsa it was at 0.24 per cent, followed by Yobe at 0.97 per cent and Ogun at 1.44 per cent, recording the slowest rise in inflation on a month-on-month basis.”
Pan-Yoruba socio-cultural and political organisation Afenifere has lauded the National Assembly for waking up to the reality of the need to cut governance costs and restructure Nigeria’s political system.
The organisation, in a press statement issued by its National Publicity Secretary, Jare Ajayi, however, added that while the proposed change in the political system from presidential to parliamentary is welcome, the country needs more than ‘just a shift from one system of government to another.’
“There is a fundamental need to have the country return to the type of arrangement we had before the military incursion in 1966,” Ajayi stated.
DAILY POST recalls that a bill seeking to effect a change in Nigeria’s governance system from the present presidential to parliamentary system passed through the first reading on the floor of the House of Representatives on Wednesday.
The bill was sponsored by 60 members of the House of Representatives, led by Wale Raji (APC) representing Epe Federal Constituency in Lagos State.
Reacting, Afenifere posited that Nigeria’s socio-political problem is beyond the system of government being run.
“It weighs more heavily on the structure. This is why we are insisting that the country be restructured. Anything tinkering with the Constitution that fails to tinker with the present structure would be cosmetic,” Ajayi said.
The Afenifere Publicity Secretary applauded the lawmakers for recognising the fact that Nigeria was better governed in the First Republic.
The Nigerian Upstream Regulatory Commission is in the process of relocating certain departments from Abuja to Lagos, three years after moving its headquarters to the nation’s capital.
Formerly known as the Department of Petroleum Resources, the NUPRC oversees the oil and gas industry, ensuring compliance with regulations and laws, and manages safety regulations for the import and export of products into the country.
In a memo titled “Movement to Lagos”, dated February 14, the relocation is driven by the commission’s desire to reduce operational costs and to also utilise its assets in Lagos.
“In line with our objectives of improving organizational efficiency. ctiving industry growth, and managing office accommodation in Abuja, we are ‘exploring the possibility of relocating certain units to Lagos.
“This initiative is driven by the need to enhance our service delivery and reduce operational costs. and make adequate utlisation of our assets in Lagos,” the memo stated.
Already, heads of departments have been asked to submit a list of units that can perform independently in preparation for the relocation.
A senior management staff told Daily Trust that about 200 staff members are expected to be affected by the move.
Recall that the Central Bank of Nigeria recently transferred of some its staff from Abuja to Lagos.
The Federal Airport Authority of Nigeria also relocated its headquarters from the country’s capital to Lagos.
The move at the time caused disaffection from some stakeholders including a Senator representing Borno South in the 10th Senate, Ali Ndume, who cautioned President Bola Tinubu to be wary of the political consequences of such a decision.
The Federal Government is seeking to raise N2.5tn in its second FGN bonds auction of the year.
Debt Management Office in a circular issued on Wednesday, stated that the offerings consisted of N1.25tn with a maturity date of February 2031 and N1.25tn with a 10-year tenor.
FGN savings bonds are part of the domestic borrowing plan of the Federal Government.
Last year, the Federal Government raised about N7.06tn from the fixed income market.
This year, the Federal Government has projected its new borrowings to hit N7.83tn.
President Bola Tinubu had sought approval from the National Assembly for about $8.69bn and €100m as part of the external borrowing plan for 2022 to 2024.
The latest FG bonds have a face value N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000.
Interest payments on FGN bonds are usually semi-annually.
In January, the FG had offered a two-year FGN Savings bond due January 17, 2026 at 11.033 per cent per annum and another three-year FGN Savings Bond due January 17, 2027 at 12.033 per cent per annum.
It allotted N603.42bn for the two-year tenor bond and N1.394tn for the three-year bond.
..Adeboye, Sanwo-Olu, others visit deceases banker’s parents
A United States of America aviation lawyer, Robert Clifford, has said the tragic helicopter crash that claimed the lives of the Group Chief Executive Officer of Access Holdings, Herbert Wigwe, and other prominent Nigerians in California on Friday could have been averted.
Clifford, who is the Founder and Senior Partner of Clifford Law Offices in Chicago, disclosed this in a press statement posted on the company’s website on Wednesday.
Wigwe, his wife Doreen, his son Chizi, and a former Group Chairman of the Nigerian Stock Exchange, Abimola Ogunbanjo, lost their lives in a fatal crash.
The Airbus Helicopter EC130B4, carrying six occupants, including two crew members, crashed at a border town between California and Nevada.
Clifford’s statement came amid an ongoing investigation of the chopper crash by the US National Transportation Safety Board.
Already, investigators from the agency have transferred the aircraft wreckage to another location in the US for comprehensive laboratory examination and analysis.
The preliminary report of the crash is expected to be ready in four weeks, according to NTSB.
The statement, posted on Clifford Law Offices website read in part, “The crash of a helicopter that killed six people including a top Nigerian banker and his family along the California-Nevada border Saturday night immediately strikes one as a tragedy that may have been avoided given the known weather conditions at that time.”
Clifford was the Lead Counsel in the crash of a Boeing 737 MAX8 plane in Ethiopia which killed all the 157 souls on board from 35 countries on March 10, 2019.
The US attorney, who claimed to have also represented victims of many helicopter crashes questioned the decision of the pilots and others to allegedly take off in what was described as difficult weather conditions.
There were media reports that during the crash at 10pm on Friday, residents of the area reported rain and wintry weather conditions.
However, Clifford expressed hopes that the US National Transportation Safety Board would unravel if the crash was avoidable or not after its ongoing investigations.
“The National Transportation Safety Board investigators will thoroughly examine all aspects of what led up to the crash and ultimately will use their expertise to determine the probable cause of this crash to see if it was avoidable,” Clifford said.
He added, “It is always a horrific tragedy when innocent lives are lost in an aviation disaster.”
The NTBS has commenced an investigation, gathering crucial company information, including pilot records, flight dispatch records, and aircraft maintenance records.
The US agency had disclosed plans to transfer the wreckage to a secure location on Tuesday for an in-depth examination and analysis scheduled. However, the NTBS has yet to communicate what it found out from the examination.
While a preliminary report on the crash is expected to be released within four weeks, in March, a full NTSB investigation will last 12 to 24 months before the final report is issued.
Earlier in a press conference on Sunday, the NTSB revealed that witnesses reported “wintry mix” weather conditions, including rain, at the time of the crash.
A Board Member, NTSB, Michael Graham stated, “We currently have a meteorologist working on our team and we were working to analyse and get the exact weather conditions at that time.
“Of course, that’s out in the middle of the desert so we’ll have to find the closest reporting stations nearby to be able to give any accurate report,” he said.
The PUNCH reported that investigators mentioned that the helicopter was not equipped with a cockpit voice recorder or a flight data recorder, even though the aircraft was not required to have it, according to Graham.
Meanwhile, the NTSB in a statement on Wednesday urged the Federal Aviation Administration to mandate the retrofitting of all existing airplanes equipped with a cockpit voice recorder and a flight data recorder.
This call for action by the NTSB was in response to the Alaska Airlines accident on January 5, 2024, where crucial data was overwritten.
The proposed upgrade involves enhancing these devices to record 25 hours of audio, a significant increase from the current standard of two hours.
Since 2018, at least 14 NTSB investigations have been hampered because cockpit voice recorder, or CVR, data were overwritten, including seven serious runway incursions that occurred in early 2023.
NTSB Chair Jennifer Homendy said “In the recent Alaska Airlines door plug blowout accident, our investigators don’t have the CVR audio to fully understand all of the challenges the flight crew faced in response to the emergency.
“Any investigation in which the CVR audio is overwritten and unavailable to us means that we may miss opportunities to address safety issues identified on recordings. And that’s unacceptable.”
Adeboye, Sanwo-Olu, others visit
Meanwhile, the General Overseer of the Redeemed Christian Church, Enoch Adeboye, Lagos State Governor, Babajide Sanwo-Olu, visited the residence of Herbert Wigwe’s parents in Lagos on Wednesday.
Adeboye got to the Wigwe’s company shortly after Sanwo-Olu. Both of them met the elderly parents of the late Group Chief Executive Officer of Access Holdings Plc, Wigwe.
Seen at the family house of the Wigwes were Africa’s richest man, Aliko Dangote, the former Group Managing Director of Access Bank, Mr. Aigboje Aig-Imoukhuede, who are both repeat visitors.
Others were the founder of Guaranty Trust Bank (GTBank Plc), Mr. Fola Adeola, and Chairman of Access Bank Plc. and former President of the Nigerian Bar Association Mr. Paul Usoro.
Speaking on the late Access Holdings GCEO, a former Minister of Health, Julius Adelusi-Adeluyi said, “Herbert was one of our children, and we say to ourselves in him, a star was born, and that star developed into a gem. And now we are witnessing a situation that the star that was born that has turned into a gem that is gone.
“It needs a lots of careful patience to be able to cope. It’s a big tragedy. We don’t know the way of God, there is nothing that he does that is not for the good of mankind. So we say, may his soul rest in peace.”
Director-General of the Securities and Exchange Commission, Lamido Yuguda, in his comments said, “We pray for the soul of the departed. May God comfort all those left behind.”
Speaking, Mr. Norrison Quakers SAN described Wigwe as tenacious goal-getter, who was committed to the work of God.
He said, “Herbert was hospitable, unpretentious, and one who made sure that his wealth went round. He was tenacious, purposeful, determined, and a goal getter. Did he achieve all that he set out to achieve? Well, one can say, with the short life that he had lived, one can say that a lots of the goals that he set for himself, he was able to achieve them.
“He has impacted lives. And you can see the number of people who have come around and the compliments, messages that the family has been getting. It shows the kind of person he was while he was yet alive. This is a lesson for many of us. That while you are alive, make use of the talent that God has given to you and also your resources.”
Also, a former Super Eagles goalkeeper, Idah Peterside, wrote in the condolence register, “Chie Herbert, Na so?”
The first female Chief Judge of the federal Court, Justice Rose Ukeje said “Dear lord you know it all. Nothing happens without your consent. Please Lord comfort Pa Pastor Wigwe and lady Stella. We commit them to your care, may your abiding grace see them through this tragedy. We pray and we believe thou will grant our prayer. Amen.”
A former Minister of Petroleum Resources and chieftain of the All Progressives Congress in Akwa lbom state, Don Etiebet wrote “May the soul of my friend, wife and son rest in perfect peace. I shall miss you Herbert.”
The crisis rocking the leadership of the Labour Party took a deeper dimension on Wednesday when the National Working Committee of the party slammed a six-month suspension on its National Treasurer, Oluchi Opara.
The suspension was officially announced at a media parley held at the party secretariat in Abuja.
Opara had on Monday challenged the LP National Chairman, Julius Abure, at a press conference to account for an alleged N3.5bn raised from the sale of nomination forms and fundraising activities in the build-up to the 2023 general elections.
While speaking on Arise TV’s “Good Morning Show” on Tuesday, Opara again claimed that the Abure-led NWC was secretary working for the Peoples Democratic Party in Edo State ahead of the September 21 governorship election in the state.
Reacting to her weighty allegations on Wednesday, the National Publicity Secretary of LP, Obiora Ifoh, labelled Opara a mole who was being used by dissidents in the party.
Ifoh told journalists that the decision to sanction Opara was taken after she failed to honour an invitation by the party’s NWC to resolve the conflict.
He said, “After the 2023 general elections, the Labour Party was marked for total annihilation by the system for daring to upstage the status quo of the political class. Little did we know that the fumigation was far from complete until late last year when signs emanated that our National Treasurer, Ms Oluchi Opara, a key member of the executive, turned out to be a mole in the house and has continued networking with the expelled members of the party leadership.
“Convinced that the treasurer is on a mission to stifle life out of our very cherished party, an emergency NWC was summoned on February 13. Arising from the meeting, the NWC set up a disciplinary committee to try Opara for bringing the party to disrepute. To exercise its powers as contained in the party’s constitution with the intention of a fair hearing, the NWC extended an invitation to her to appear before it today, February 14, by 10am to discuss the development. The party regrets that the treasurer shunned the invitation by the disciplinary committee to clear herself.
“We see this as an affront to the party leadership and millions of our members who are watching how their party’s image, which they have laboured hard to build. The disciplinary committee has, however, recommended to the National Executive Council of the party through the NWC that Ms Oluchi Opara be suspended from Labour Party for a minimum of six months. This suspension is with immediate effect.
“We sincerely regret this development. We however urge our teeming members to understand that this is a price to pay for success. We will continue to reform the party until we achieve the best, good enough to drive our New Nigeria agenda.”
Efforts made to get Opara to react to her suspension proved unsuccessful.
As of the time of filing this report, her line was unreachable.
More...
UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.
Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.
According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.
The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.
In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.
“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.
Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).
Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.
The Federal government has said it cannot continue to subsidise electricity for Nigerians.
The Minister of Power, Adebayo Adelabu, stated this on Wednesday while briefing State House correspondents in Abuja.
Adelabu said the poor electricity supply situation in the country was caused by numerous issues including outstanding subsidy debts.
The minister said the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of 1.3 trillion naira to generating companies (GenCos) and 1.3 billion dollars owed gas companies.
According to the minister, over N2 trillion needed for subsidy, only N450 billion was budgeted this year, adding that state governments will now be allowed to generate power independently to supply power to their states.
On the grid that has collapsed for about six times between December 2023 and now, he said this was caused by shortage of gas, ageing machines in the grid value chain, low capacity to evacuate generated power, and destruction of power stations in some parts of the North-East geopolitical zone of the country.
He said the Transmission Company of Nigeria has over 100 abandoned projects due to variations on contract figures as a result of the fluctuations of the forex, hence the company will not award any new contracts till all such projects are completed.
The minister also said over 50 billion naira has been earmarked in the 2024 budget to build mini grids to supply power to remote areas.
He said electricity distribution companies (DisCos) should sit up otherwise anyone found wanting will have his licence withdrawn.
The minister also said he has reached out to the National Security Adviser, Nuhu Ribadu, to help provide security for power infrastructure.
The Chairman of Federal Inland Revenue Service (FIRS) , Zaccheus Adedeji, yesterday faulted the N2.59trillion Tax Credit Scheme introduced by former President Muhammadu Buhari’s administration in 2021.
The scheme was meant for road construction across the country.
He stated this when the executors of the Tax Credit Scheme the Nigerian National Petroleum Company Limited (NNPCL) gave details of the $3.3billion loan facility secured for the Central Bank of Nigeria (CBN) for stabilization of Naira in the foreign exchange market.
The FIRS Chairman was not impressed with the N2.59trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari-led government.
He spoke when he appeared before the Senate Committee on Finance along with the Chief Finanancial Officer of NNPCL, Umoru Ajiya .
The Committee chaired by Senator Sani Musa, had invited the FIRS and the NNPCL management to shed more light on the implementation of the scheme especially the terrible state of the Federal Roads across the country.
The NNPCL Chief Financial Officer, in his presentation, raised the hope of the committee members that the schene was being properly implemented.
He said it was helping the Federal Government to fix elapidated roads across the six geo political zones in the country with N664billion spent so far.
When asked to speak on the scheme, the FIRS boss condemned it descring it as unlawful.
He urged the Federal Government to discontinue it.
He said, “The Mandate of FIRS lumped with execution of Tax Credit Schene for road construction , is to access , collect tax and remit it into the federation account and not to appropriate it for any purose through executive order .
” It is not the duty of FIRS and NNPCL to be paying contractors .
“The Ministry of Works should be in line with its core mandate , be allowed to award road contracts and pay for them.
” The scheme to many people, serves as a faster way for road reconstruction or rehabilitation across the country , but we should stop increasing speed towards wrong direction .
” As a way of stopping the wrong approach, FIRS and the Central Bank of Nigeria are holding meeting with the Ministry of Works Friday this week.
“At the meeting, we are going to take stock of what had been done through the scheme and thereafter we will toe the right path .
” We should in a nutshell, not continue in the wrong trajectory “, he said .
The Chairnan of the Committee , Senator Sani Musa , expressed satisfaction with the FIRS boss presentation.
He said relevant provisions of the 1999 constitution (as amended) ,are against the scheme.
Musa said this was because monies that the NNPC and FIRS are being made to spend on the roads through tax credit , supposed to be remitted into the consolidated revenue fund .
” We are waiting for outcome of meeting of the three agencies involved in the scheme , before deciding on how to help the present government to correct mistakes of the past ‘, he said.
On the $3.3billion loan facility , NNPCL informed the Committee members that it was secured to support CBN to suppress FOREX Volatility .
The agency said $2.2billion had already been secured for the apex bank while the balance of $1.05billion , would be credited the apex bank before the end of the month
About 60 members of the House of Representatives are currently seeking amendments to the 1999 Constitution to transition from the current presidential system to the parliamentary system of government.
Led by a lawmaker representing Lagos State under the All Progressives Congress, Wale Raji, the lawmakers identified the need for reducing the cost of government, and robust policy debates among others as some of the reasons for demanding a return to the parliamentary system.
Titled, ‘The Bills proposing constitutional alterations for a transition to parliamentary system of government,’ the bill was sponsored by the House Minority Leader, Kingsley Chinda, and 59 others and read for the first time on the floor of the House during Wednesday’s plenary session in Abuja.
The lawmakers – drawn from different party affiliations, anchored their positions on the need to adopt a parliamentary system at the Federal, State and Local Government levels.
Addressing a press conference at the National Assembly Complex on Wednesday, the spokesman for the sponsors and member representing Kebbe/Tambuwal Constituency, Sokoto State, Abdulssamad Dasuki said that when passed, it would significantly impact the national political landscape.
He said, “Our founders in their wisdom and in a political atmosphere devoid of compulsion, and having considered the interests of their native peoples and their desire to live together in a country where truth and justice reign, where no man is oppressed, and where all citizens live in peace and plenty, adopted the parliamentary system of government.
“That was the governance system of the First Republic, a period when legislative and executive powers were exercised by the representatives of the people in parliament and in the executive, and by the nature of the system, these representatives were accountable to the people.
“For six years while it was in operation, the system worked for the country.”
He added, “The collapse of the First Republic and the long stretch of military rule culminated in the adoption of a new system of government, theoretically fashioned after the presidential system of the United States but in practice, imbibed the uttermost attributes of military rule.
“No wonder the Nigerian President appears to be one of the most powerful presidents in the world.
“Over the years, the imperfections of the presidential system of government have become glaring to all, despite several alterations to the constitution to address the shortcomings of a system that has denied the nation the opportunity of attaining its full potential.
“Among these imperfections are the high cost of governance, leaving fewer resources for crucial areas like infrastructure, education, and healthcare, and consequently hindering the nation’s development progress, and the excessive powers vested in the members of executive, who are appointees and not directly accountable to the people.
“The bills presented today (Wednesday) seek a return to the system of government adopted by our founders, which made governance accountable, responsible and responsive, and ultimately less expensive.”
Following the presentation of the bills, the lawmakers said they intend to “ignite, provoke a national conversation about the future of the Nigerian governance system, ensure robust public debates, stakeholder consultations, expert analyses, and a thorough and informed decision-making process and raise awareness about this significant development and encourage constructive dialogue on the potential implications of these proposed constitutional alterations.”
While noting that the future of Nigeria’s governance rests on informed public engagement and responsive and responsible leadership, the sponsors of the bill noted that under the parliamentary system, the President will be replaced with a Prime Minister to serve as the Head of Government and establishing the office of the President as a ceremonial leader, stressing that “these elective offices are to be chosen from the elected members of the legislature.”
Legislative elections
Dasuki added that under legislative election, there would be a shift “in the process of electing governors and Chairmen of Local Governments from general election to voting within their respective legislative bodies.”
Streamlined administration
The parliamentary system, according to Dasuki, will potentially reduce “bureaucratic hurdles and foster closer collaboration between the executive and legislative branches.
“Our conviction is that a streamlined executive branch, which replaces the President and Vice President with a Prime Minister and Cabinet chosen from the legislature, could lead to a smaller central government, reducing salaries and administrative expenses.
“We also hold strongly that shifting the election of Governors and Local Government Chairmen from general election to votes within their respective legislative bodies could save billions spent on state and nationwide campaigns.
“Because ministers, commissioners (at the state level) and supervisors (at the local government level) emerge from parliament, there is greater coordination between the executive and the legislature, just as there will be increased legislative scrutiny, which would make cabinet members responsive to the yearnings of the people and more accountable.”
Conclusively, the lawmakers said as proponents of the constitutional alteration, they place national interest above any other consideration.
“Our hope is that the national conversation that would be ignited by these bills would lead to a system of government that works and our dear nation would attain her full potential,” they stated.
Leader of the sponsors of the bill and the lawmaker representing Epe Federal Constituency, Lagos State, Wale Raji, said though the road to the actualisation of the bid is a fairly long one, he noted that they hope to achieve their dream at a date not later than 2031.