Latest News
The International Monetary Fund, IMF, has warned that Nigeria is experiencing a deepening economic crisis.
IMF expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity have further intensified the persistent cost-of-living crisis in Nigeria.
This was contained in its recently published report titled ‘Review of Nigeria’s Post Financing Assessment by the IMF Executive Board.’
In line with the report, the inadequate collection of revenue has impeded the delivery of services and the allocation of resources towards public investment.
According to the report, the observed inflation rate for October stood at 27 percent compared to the same period last year (with food inflation at 32 percent).
The growth was attributed to the removal of fuel subsidies, the depreciation of the exchange rate, and the negative impact on agricultural production in the country.
The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.
“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space. Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”
In the midst of Nigeria’s ongoing economic challenges, the report highlighted that on January 12, 2024, the Executive Board of the International Monetary Fund completed an evaluation of post financing and approved the Staff Appraisal without delay.
Additionally, it emphasized that Nigeria possesses sufficient capability to repay its debts to the IMF.
[DailyPost]
Federal civil servants in about 90 Ministries, Departments and Agencies (MDAs) are yet to receive their January salaries, Daily Trust can report.
The affected MDAs include the Office of the Head of Civil Service of the Federation (OHoCSF), the Ministry of Information and National Orientation, the Ministry of Education, the National Population Commission, the News Agency of Nigeria (NAN), the Voice of Nigeria, among others.
In separate interviews with Daily Trust and Premium Times, the workers lamented and said their December 2023 salary delay experience ought not to have been repeated.
“As I am talking to you, myself and three of my colleagues have not been paid. The situation is not fair not with the current situation of the daily increment of prices of food items and other things in the country,” one of the workers said.
Others alleged that the delay in the payment of their salaries was an indication that the government was insensitive to the sufferings of the masses.
The delay in the December salary payment had been attributed to technical issues relating to upload and harmonization of the Integrated Payroll and Personnel Information System (IPPIS).
The delay in the payment of January salaries was blamed on the technical glitch on the Government Integrated Financial Management System (GIFMIS) platform by the Office of the Accountant-General of the Federation (OAGF).
GIFMIS is an IT-based system for budget management and accounting put in place by the federal government to improve public expenditure management processes and enhance greater accountability and transparency across ministries and agencies.
A January 31 memo titled, ‘Delay in the Payment of January 2024 Salary’, from the bursary department of the National Mathematics Centre, Abuja, to all its staff, signed by the acting bursar, Pius Ukwah, said, “We wish to inform you that January 2024 salaries will be delayed beyond normal.
“As of today, the OAGF is still working on finalising the 2024 appropriation on the GIFMIS platform and as a result, the personnel warrant for January is yet to be released”.
The memo, which copied the Director/CE, the Registrar and pasted on all notice boards, stated further, “The same situation applies to all MDAs and not just the centre. We regret the inconvenience caused by this delay.”
In Ekiti State, some of the workers who spoke with Premium Times included staff of the Federal University, Oye Ekiti (FUOYE), Federal Polytechnic, Ado Ekiti; Federal Radio Corporation of Nigeria (FRCN); National Orientation Agency (NOA), and Federal Ministry of Information, among others.
An official of FUOYE, Wole Balogun, said with the hardship being faced by the people, it was inconceivable that salaries could be delayed longer than necessary.
Balogun, who blamed the delay on an unnecessary bureaucratic bottleneck associated with the payment platforms, urged the federal government to expedite action on the payment, “because the situation is becoming unbearable.”
A staffer of the Federal Polytechnic, Ado Ekiti, Folashade Daramola, also lamented the delay. She noted that many members of staff have loan obligations that they ought to have paid as at when due, which have remained pending.
Also, Owoeye Ilesanmi, who is a staffer of the National Orientation Agency (NOA), said that in addition to delay in the payment of January salary, the federal government has reneged on the payment of the wage award.
In Katsina State, many federal workers spoken to also said they had not been paid their salary and palliatives support from the government.
Some of the affected workers told Premium Time that the delay was affecting their work schedule, as they now find it difficult to go to work, especially those living in areas far from their offices.
“I work in a department that requires me to go to the office every day, but I’ve finished my savings and I’m finding it difficult to travel to Dutsin Ma to undertake my responsibility,” Faruk (surname withheld), who is an engineer with the department of Physical Planning and Works at the Federal University, Dutsin Ma, said.
Another non-academic worker of the Federal Polytechnic, Daura, who asked not to be named for fear of victimisation, said the delay in salary payment was affecting her activities, especially because she travelled daily from Katsina to Daura.
An official of the Nigerian Television Authority (NTA) in Edo State, Jude Abugu, described the delay in payment of salaries as commonplace in recent months.
A memo from the Accountant-General’s Office said work was ongoing towards finalising the 2024 budget on the GIFMIS platform.
When contacted last night, the Director of Press and Public Relations at the OAGF, Bawa Mokwa, told Daily Trust that about 90 offices across the MDAs were affected, including some universities and polytechnics.
He, however, said many of the workers had started receiving their salaries on Thursday; while others did on Friday and at the weekend.
“The issue was attributed to issue of uploading the 2024 budget and making it current because the salary was paid from the 2024 budget instead of the tradition where they overlap the budget,” he explained.
“All has been finalized on Friday. They are supposed to have started getting since yesterday (Saturday). If they don’t get, maybe it is from the banks, from tomorrow (Monday) morning, definitely they will get it”.
A top official in the Office of the Head of Civil Service of the Federation, who insisted on not being named, said the delay in salary payment was not a punishment for workers.
He confirmed receiving his salary, but said he was aware that some of his “superior officers and some junior workers are yet to receive theirs.”
[DailyTrust]
Going by the latest report by the Office of the Auditor-General of the Federation (OAuGF), many Ministries, Department and Agencies (MDA) violated extant laws and spent billions of naira that were not appropriated in 2020.
The OAuGF gave the detailed account of the infractions two years after its last report.
Section 80 (2) of the 1999 Constitution as amended States that “No moneys shall be withdrawn from the Consolidated Revenue Fund of the Federation except to meet expenditure that is charged upon the fund by this Constitution or where the issue of those moneys has been authorised by an Appropriation Act, Supplementary Appropriation Act or an Act passed in pursuance of section 81 of this Constitution”.
Also, Section 80(3) states that “No moneys shall be withdrawn from any public fund of the Federation, other than the Consolidated Revenue Fund of the Federation, unless the issue of those moneys has been authorised by an Act of the National Assembly”.
The 2020 Audited Report of government finances dated November 30, 2023, submitted to the National Assembly contained revelations of unbudgeted expenditure and unremitted revenue to government coffers in the 2020 financial year.
Constitutionally, the 2020 Auditor-General’s report ought to have been submitted to the National Assembly in 2021. It was submitted via a letter referenced AuGF/AR.2020/01 dated November 30, 2023.
The report contained 26 audit queries issued to the OAuGF detailing different infractions and abuse of the financial regulations and treasury circulars; 27 queries against the Security and Exchange Commission and 31 audit queries against the Ministry of Labour & Employment.
Last year, The Nation reported that the delay in the appointment of a substantive Auditor-General of the Federation was delaying the submission of an audited report of government finances to the National Assembly as the director over-seeing the office cannot sign any final audit report.
On October 21, 2023, President Bola Ahmed Tinubu appointed Shaakaa Chira as the substantive Auditor-General
In its Report, the said that 28 MDAs, including some Federal Pay Offices, Office of the Surveyor-General of the Federation, Airforce Institute of a technology among others had negative balances of cash and cash equivalents amounting to N13,955,069,757,335.20.
The report said: “The amount was presented in the Consolidated Statement of Financial Position as Current Portion of Borrowings/Cash & Cash Equivalent under Current Liabilities.
“There was no further information in the notes to the FGN CFS on what gave rise to the negative cash and cash equivalents recognised by the twenty eight MDA.
“The above anomalies could be attributed to weaknesses in the internal control system surrounding the consolidation process at the OAuGF.”
The report also indicted about 256 MDAs for engaging in extra budgetary expenditure amounting to N284, 316,170,124.34 in 2020, saying “the total expenditure disclosed for the affected MDA was N361,273,553,365.49, against the approved budget of N76,957,383,241.15, hence the extra budgetary expenditure.
According to the report, the sources of the extra spending were neither disclosed, nor the evidence of supplementary appropriation or approved virement provided, attributing it to failure of the accounting officers of the affected MDA to ensure that proper budgetary and accounting systems are established and maintained to enhance internal control, accountability and transparency.
It also attribute it to lack of due diligence from the Accountant-General of the Federation in ensuring that the release of the overhead costs was limited to approved estimates.
The accountant-general said in his management response to the issue that “GIFMIS is budget based software; it could not allow payments without a budget. The MDAs with waivers to spend 75 per cent of their revenue were allowed to add whatever they spent as a supplementary budget. Several of the affected MDAs have grants or aid, these is to be classified as supplementary budget. Those, with AIE, revenue & grants sources have had their budgets adjusted as supplementary budgets.
Another 18 MDAs incurred an overhead expenditure of N129,348,691,232.01 which were not supportes by budgetary provision as required by extant regulations, but the accountant-general, in a management response contained in the report said the MDAs involve ate “mostly those that had waivers to spend a percentage of their revenue to sustain themselves”.
The report said that 34 MDAs reported zero overhead expenditure despite having a total budget of N6,965, 100,151.00, adding that “no additional information was disclosed to enable users understand how the MDA operated without overhead costs”.
The AuGF report reported an extra budgetary expenditure of N342.916 billion on employee benefits and subsidiaries above the appropriated amounts, adding that while N7.027.nillion was budgeted for Employees Benefit the total expenditure was N335.657 billion was spent.
It also said that the sum of N14, 284,446,488.75 was spent on subsidies without budgetary provisions.
The report said that 72 MDAs exceeded their Employee benefits budget by N328,631,067,959.54 saying “the total expenditures of the 72 MDA were N335,657,780,939.50 while the total budget was 8’7,026,712,979.96, hence the reported extra budgetary expenditure.
The auditor-general reported that 106 MDAs exceeded their personnel costs budget by N78,761,272,804.54, saying “the total expenditures of the 106 MDA was N882.90 billion, while the total budget was N804.14 billion
“No information was disclosed thereon in respect to the authorisation of the expenditure by way of either supplementary appropriation or virement upon which the personnel budget was exceeded.”
About N1.23 trillion was recognised as Intangible Assets for 659 MDAs without the schedule showing the classification and nature of the Intangible assets contrary to the provision of IPSAS 31 and Summary of Significant Accounting Policies, while there was no disclosure to enable the audit confirm which category of the intangible assets has finite or infinite life.
According to the report, a review of the consolidated statement of financial performance shows that the gain of N244 ,326,407.50 from disposal of assets was disclosed in both Note 24 and Consolidated Statement of Financial Performance as Gain or Loss on Disposal of PPE.
The AuGF stressed that out of a total of One hundred and ten (110) MDA that were circularised, only twenty did not respond, adding that the balances recognised in the FGN CFS against the unresponsive MDA amounted to N1.721 trillion.
The Consolidated Statement of Financial Position showed a negative Net Assets of N33.34 trillions as at December 31, 2020, adding that the accountant-general should provide justification for the negative net assets balance reported in the FGN CFS to the Public Accounts Committees (PAC) of the National Assembly.
[TheNation]
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, on Sunday, said that the socio-economic as well as security challenges confronting the country require spiritual solutions.
The spiritual leader noted that the nation’s political leaders appeared to have tried their best to seek solutions but that Nigeria urgently needed divine intervention.
Adeboye stated these when he met the Kaduna State Governor, Senator Uba Sani, at the Sir Kashim Ibrahim Government House, Kaduna, the state capital.
He said, “I am delighted to be here again. I was here about two years ago with the former governor. At that time I came to pray for some of my members who were kidnapped and were miraculously rescued. I came to encourage their families to let them know that all will be well.
“I have come again this time around because it has become clearer to us that the problems our nation is facing is more than political. Our problems will require quite a bit of spiritual solution.
“We, as a country, are blessed. We are blessed with people with great intelligence. We are blessed with all manner of resources and yet we have so many problems.
“It is not as if people in authority are not trying their best. They are doing as much as humanly possible and then we found out that when you have problems that are beyond human ability to solve them, you call on the Almighty. The reason we call Him the Almighty is because He has the power to solve all problems.
“So, we have been going round in our own little ways to support the efforts of all the various governments and parastatals to call on the Almighty to come to our aid because we need help. We need help and we need it urgently.”
In his response, Governor Sani said President Bola Tinubu needed the prayers and support of clerics like Adeboye to put the nation on the path of greatness.
He said,“We also believe that from the remarks you made just now, our country, at this critical time, requires the intervention from people like you who are tested and who have in the past intervened and helped us to find solutions to our problems. We believe you won’t be tired. We also need an intervention at this critical time.
“Many Nigerians are losing hope and they have been very cautious about the future but like I said, we are going through difficulties because of what happened in the past and right now we have a President who is determined and focused and ready to take the country to a greater height and I have no doubt, with your intervention and prayers, that our President will certainly get it right.
“So far, Mr President has taken some very important steps towards moving our country forward but most of these steps are things that might be difficult at this critical time because they are major reforms we need; both economic reforms, as well as social reforms.
“And looking at some of the things that happened in the past hoping to connect them, we need some reforms that might be painful at this critical time but I have no doubt that in the near future, Nigeria will be better for all of us by the grace of God.
“So, we will continue to seek your advice, your wisdom, your support and most importantly, your prayers. We thank you for coming to Kaduna and we will continue to consult you for advice and wisdom, thank you.”
[Punch]
Power distribution companies overbilled about 7.1 million unmetered electricity consumers between January and September 2023, an analysis of the latest monthly number of overbilled customers showed.
In the various Regulatory Interventions for Non-Compliance with the Order on Capping of Estimated Billing to Unmetered Customers, issued to the 11 Discos by the Nigerian Electricity Regulatory Commission, an agency of the Federal Government, it was established that the power distributors raked over N105bn as a result of over-billing.
Figures computed by our correspondent indicated that Yola Disco overbilled about 42,902 customers to the tune of N541.9m during the review period, while Abuja Disco overbilled 1,823,218 customers by N17.9bn.
Benin Disco overbilled 754,849 customers underestimated billing by N10.5bn, as Enugu Disco overbilled a total of 1,011,402 customers to the tune of N11.9bn during the nine-month period.
Eko Disco overbilled 371,828 customers under the estimated billing category between January and June 2023, as the months of July, August and September were not captured in the report released by NERC. It overbilled these customers to the tune of N14.13bn.
Ibadan Disco made N333.68m from the overbilling of 143,465 customers underestimated billing between January and September last year, while Jos Disco overbilled 1,264,537 customers to the tune of N13.3bn.
Ikeja Disco overbilled 934,438 customers by N20.9bn, as Kaduna raked in N1.14bn from the overbilling of 126,071 power users under its franchise area during the review period.
Kano Discos overbilled 71,120 customers by N196.97m during the nine month period, while Port Harcourt Disco overbilled 605,621 customers to the tune of N14.2bn between January and June, as the number of overbilled customers in July, August and September were not captured.
It was reported on Saturday that the power sector regulator declared that it would deduct N10,505,286,072 from the annual allowed revenues of the 11 power distribution companies during the next tariff review as part of sanctions over their non-compliance with the capping of estimated bills for unmetered customers.
NERC stressed that the billing of unmetered customers by the power firms in their various franchise areas for 2023 revealed non-compliance with the monthly energy caps issued by the commission.
The regulator often issues orders stipulating the maximum amount that any unmetered customer is meant to pay to the distribution company that provides him or her electricity services.
The amount is continued until the customer is metered by the distribution company, according to NERC’s order to the power firms.
In its order, as reported on Saturday, the regulator said, “The public may recall that in 2020, the commission issued the order on Capping of Estimated Bills (Order No: NERC/197/2020) and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder.
“A review of the electricity distribution companies’ billing of unmetered customers for 2023 has revealed non-compliance with the monthly energy caps issued by the commission.”
In response to this and in a bid to safeguard unmetered customers from arbitrary billing by Discos, the commission stated that pursuant to Section 34(1)(d) of the Electricity Act 2023, it had issued the order on Non-Compliance with Capping of Estimated Bills (Order No: NERC/2024/004-01 4).
It said the order stipulates the following: “i. Credit adjustment to customers: Discos are to issue credit adjustments to all over-billed unmetered customers for the period January to September 2023 by the March 2024 billing cycle.
“ii. Public notice: Discos have been directed to publish the list of credit adjustment beneficiaries in two national dailies and on their website no later than March 31, 2024.
“iii, Regulatory sanctions: The commission shall deduct a sum of N10,505,286,072 from the annual allowed revenues of the 11 Discos during the next tariff review, to deter future non-compliance with the energy caps approved by the commission.”
Electricity consumers nationwide have continued to lodge complaints against excessive estimated bills by power distribution companies in Nigeria.
The PUNCH, for instance, exclusively reported on December 31, 2023, that power consumers lodged a total of 333,947 complaints bordering on metering, billing and service interruption to their various distribution companies within a period of three months.
According to the report, this was disclosed in the 2023 third quarter report of NERC, stating that the complaints were lodged in the months of July, August and September 2023.
The report stated that the customer complaints in the third quarter was higher than what was recorded in the preceding quarter by 8,049 cases.
It quoted the NERC report as saying that “the total number of complaints received across all Discos (distribution companies) in 2023/Q3 was 333,947; Ibadan Disco received the highest number of complaints (59,901), representing 17.93 percent of the total complaints received. Abuja Disco received the least number of complaints (1,919), representing 0.57 percent of the total complaints received.
“Compared to 2023/Q2, the number of complaints received, number of cases resolved, and average resolution rate changed by +2.47 percent (333,947 in 2023/Q3 vs. 325,898 in 2023/Q2), +1.19 percent (317,179 in 2023/Q3 vs. 313,442 in 2023/Q2), and -1.2 per cent (94.98 in 2023/Q3 vs. 96.18 in 2023/Q2) respectively.
“Benin (-47.85 percent), Jos (-26.21 percent) and Ikeja (-1.84 percent) Discos recorded decreases in the number of customer complaints received compared to 2023/Q2.
“Conversely, eight Discos recorded increases in the number of customer complaints with significant increases being recorded by Yola (+43.28 percent), Kano (+17.46 percent) and Port Harcourt (+16.05 percent).”
On the type of complaints, the report stated that “the most frequently reported issues among the 333,947 complaints received by Discos in 2023/Q3 were metering (57.31 percent), billing (12.88 per cent), and service interruption (8.07 percent).
“These three complaints categories cumulatively accounted for over 78 percent of the total complaints in the quarter. Out of the 333,947 complaints received in 2023/Q3, 317,179 were resolved, translating to a resolution rate of 94.98 percent.”
Meanwhile, the commission has reaffirmed its commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.
Consumers expressed optimism that the power sector regulator would ensure the enforcement of this latest sanction on Discos, with the hope that it would deter the power firms from overbilling electricity users on estimated billing.
[STATE HOUSE PRESS RELEASE] President Tinubu Hails the Super Eagles, Says Team Demonstrated the Great Resilience and Talent of The Nigerian People
AdminPresident Bola Tinubu salutes the Super Eagles of Nigeria for their tenacious performance in the final of the 2024 Africa Cup of Nations (AFCON) in Côte d'Ivoire.
President Tinubu commends the team, the coach, the crew, and the entire management team for their hard work, assiduity, and sacrifice to come this far in the tournament, acknowledging the hurdles they consistently surpassed with steadily improving performance as they pulled through to the finals.
The President urges Nigerians to be of good cheer, emphasizing that we won a great victory in the hearts of Africa and the world by our grit, rigour, and determination in the field of play.
"Let this passing event not dispirit us, but bring us together to work harder. We are a great nation bound as one by the green-white-green banner of resilience, joy, hope, duty, and untiring love. To those cherished Nigerian youths expressing their gifts in communities, drawing lines in the sand as they play football in their humble rectangles of play, you can be our heroes tomorrow, do not relent in your pursuit. My administration is here to make dreams come true," the President says.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
Former Central Bank of Nigeria (CBN) governor, Mohammed Sanusi, has said rather than blaming President Bola Tinubu for the present hardship in the country, accusatory fingers should be pointed at his immediate predecessor, Muhammadu Buhari, over the way he handled the economy.
The former emir of Kano, who spoke virtually on Sunday at a religious event in Abuja, maintained that the immediate past administration failed to properly manage its economic policies.
According to him, Buhari turned a deaf ear to reasonable advice on how to take Nigeria out of its economic woes.
He said he would, therefore, not be able to meet the expectations of a section of Nigerians who wanted him to criticize President Tinubu over the current economic difficulties in the country.
The former royal father stated: “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.
“The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.
“The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting president in Kaduna state, any politician who tells you that things will be easy, don’t vote for him because he is lying. People merely dismissed my advisory as a political statement.
“If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship; for eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 per cent.
“I can’t join other Nigerians criticising Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed. I will also speak if I see any wrong economic policy of the Tinubu administration in the future
“It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy. In the last eight years, the Central Bank continued to print more money, and the Naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint.
“The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.
“A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at so a rate and selling them.
“I can only plead with the people to endure the hardship, and those who have the means to help the downtrodden should do so.
“I am also pleading with commoners to live according to their earnings; we must not peg our lives above our earnings in this difficult situation where people are looking for what to eat.
The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria.
The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns.
The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’
According to the report, low revenue collection has hampered the provision of services and public investment.
It noted that headline inflation reached 27 percent year-on-year in October (food inflation 32 per cent), reflecting the effects of fuel subsidy removal, exchange rate depreciation, and poor agricultural production in the country.
The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.
“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space. Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”
Amid Nigeria’s current economic difficulties, the report noted that on January 12, 2024, the Executive Board of the International Monetary Fund concluded the Post Financing Assessment and endorsed the Staff Appraisal on a lapse-of-time basis. It added that Nigeria’s capacity to repay the IMF is adequate.
The IMF also expressed optimism that the new administration had made a strong start, tackling deep-rooted structural issues in challenging circumstances.
Immediately, it adopted two policy reforms that its predecessors had shied away-namely fuel subsidy removal and the unification of the official exchange rates.
It added, “The new CBN team has made price stability its core mandate and demonstrated this resolve by dropping its previous role in development finance. On the fiscal side, the authorities are developing an ambitious domestic revenue mobilisation agenda.”
According to data from the Debt Management Office, Nigeria currently owes the IMF the sum of $2.8bn. The Federal Government, in its 2024 budget plans to spend about N8.2tn on debt servicing.
Professional services firm, PricewaterhouseCoopers in a new report, warned that Nigeria’s rising debt service cost might affect the country’s debt servicing ability, credit rating outlook and borrowing cost.
PwC said debt service could rise from N8.25tn in 2024 to N9.3tn in 2025 and further to N11.1tn in 2026.
“With a high debt servicing to revenue ratio, the government aims to increase domestic debt in 2024 to meet its deficit funding requirements,” the report read in part.
United States authorities on Sunday said preliminary reports suggest that the chopper crash that killed Group Chief Executive Officer of Access Holding Plc, Herbert Wigwe, his Wife, son and others was because of wintry weather conditions.
Speaking during a media briefing Saturday (3 am Nigerian time, Sunday), a National Transportation Safety Board member, Michael Graham, said officials were on the scene to gather perishable evidence.
“Witness reports of the weather conditions during the accident suggest rain and a wintry mix.
“The helicopter was not equipped with a cockpit voice recorder or a flight data recorder. This helicopter was not required to be equipped with those types of recording devices,” Graham said.
Asked about more information on the passengers, Graham stated there were no details but added that “any names will be released through the coroner’s office” without specifying a time frame.
Meanwhile, Access Bank had confirmed the death of Wigwe and his family members in a statement on Sunday.
DAILY POST recalls that reports filtered in on Saturday evening announcing Wigwe’s death in California United States plane crash.
[PRESS STATEMENT] Shelve strike, key into Tinubu's mass housing scheme, Okechukwu appeals to NLC/TUC
AdminMr Osita Okechukwu, a member of All Progressives Congress (APC) has appealed to the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), to shelve their proposed strike and key into the Mass Housing Scheme of the Federal Government, and jointly structure long term finance and soft mortgage rates for affordable owner occupier houses for government and private workers nationwide.
Okechukwu also appealed to President Bola Ahmed Tinubu to as a matter of urgent national importance, utilise the monies he could have used for increase in salary to fund the new soft mortgage system; hence advancement of the long term finance of Mass Housing Scheme he launched recently with Federal Ministry of Housing and Urban Development.
“It is my considered view that arbitrary salary increase would definitely worsen the already spiked inflationary malaise in our dear country. Therefore, the provision of targeted one million owner occupier houses of long term finance and soft mortgage rates structured seamlessly is a Win-Win-Card for all Nigerians. It will be President Tinubu’s foremost legacy.” Okechukwu quipped.
He warned against a repeat of the mistakes of the Jerome Udoji Salary Commission of 1972, popularly called "Udoji award" which unwittingly railroaded Nigeria into dollarised economy.
Okechukwu argued that any arbitrary salary increase now, would spike unbearable inflation and eventually defeat the objectives of salary increase.
He noted that after careful scrutiny of the MOU between the Federal Government and Labour Unions, he couldn’t locate any mention of shelter among the fifteen items; shelter one of 1943 Abraham Maslow’s paper on hierarchy of deficiency needs which actualisation is Rent-Safety-Net for millions of our citizenry.
The former Director General of Voice of Nigeria (VON) lamented that since some state governments and private firms have been unable to pay the N30,000 minimum wage engraved in law books; what is the guarantee that they have the capacity to pay the new salary increase?
Accordingly, he proposed that the Federal Ministry of Housing and Urban Development, Federal Ministry of Labour, Federal Mortgage Bank of Nigeria, Nigeria Labour Congress, Trade Union Congress, Nigeria Employees Consultative Association and other relevant agencies should work out long term finance and new soft mortgage rates for affordable owner occupier houses which will draw funds from the savings accruals of the withdrawal of fuel subsidy, plus contributions from banks as stipulated in the National Fund Act and foreign direct investment.
He highlighted the multifaceted Win-Win-Card gains in view of the long term finance and soft mortgage rates of affordable owner occupier houses; among which are attraction of foreign investors, Rent-Safety-Net, unprecedented mass employment, lifting of millions out of poverty, change of work ethics,climate change and curbing insecurity via the immediate transformation of the whole country into busy construction site.
“My take is that immediately the cumbersome nature of accessing mortgage finance is watered down and cheap mortgage rates in place; it will be a new dawn for family’s comfort as the over 20 million housing deficit will be drastically reduced to single digit.” Okechukwu submitted.
Okechukwu once more appealed to NLC and TUC to consider this soft mortgage rates of affordable owner occupier houses and shelve the impending strike for the collective interest of workers nationwide and for peace and unity of our dear country.
More...
Implementing code of ethics and conduct in Civil Service is crucial to providing guidelines for both workers and elected officials, while its effectiveness lies in complementing such with training and leadership abilities of different categories of officers for effective service delivery.
The Chairman, Civil Service Commission, Engr. Tokunbo Odebunmi, stated this during a symposium organised by the Commission for its management staff with the theme, ‘’Strict Adherence to the Rules and Regulations in Treating Issues in Civil Service’’, at the Conference Hall, Obas’ Complex, Ministry of Local Government and Chieftaincy Affairs, Oke-Mosan, Abeokuta.
Engr. Odebunmi, in a statement signed by Mrs. Funmi Onafowope, Press Officer, Civil Service Commission, explained that drifting from the concept and principles of the public service by civil servants as compared with the past, just as the real foundations in Civil Service should begin from Grade Levels 12 and 13 officers, who would cascade the training, necessitated the choice of topic and participants for the symposium, stressing that it was imperative to ensure that the workforce is improved upon, in order to enhance workers’ performance.
‘’The Commission agreed on a symposium where interactive sessions would take place and lead to a better understanding of the subject matter compared to regular in-house training by it in the past where lectures were only delivered to participants’’, he said.
While highlighting some ethical violations that could occur in the Civil Service of Ogun State to include, nepotism, corruption, conflict of interests and misuse of official resources, the Chairman urged participants to make the best out of the event.
Also speaking, the Special Guest of Honour, who doubled as the moderator of the symposium, Princess Iyabo Odulate, noted the rules and regulations guiding the Civil Service were written to be studied, observed and implemented by the Civil Servants, advising participants to be diligent and upright in the course of discharging their duties.
In his remarks, the Head of Service, Mr. Kolawole Fagbohun (HoS), represented by the Permanent Secretary, Bureau of Public Service Reforms, Mr. Jola Oyeneye, emphasised on the need for training the workers, disclosing that the HoS had secured several approvals that would facilitate capacity building for the workforce.
The interactive sessions had Permanent Secretaries from Bureau of State Pensions, Mr. Soji Adewuyi; Permanent Secretary and Accountant-General, Mr. Tunde Aregbesola and representative of the Permanent Secretary, Ministry of Justice, Mr. Olumuyiwa Ogunsanwo, who spoke on Public Service Rules (PSR), Financial Regulations, Procedures and Process in the Civil Service and Law, Discipline and Consequences in the Course of Discharging Duties, respectively.
Other dignitaries at the event were former Head of Service, Elder Olusola Adeyemi; Commissioners in the Commission, Hons. Adebowale Ojuri, Nike Osoba, Gabriel Falola and Yusuf Adegbemiro; Permanent Secretary in the Commission, Mrs. Roseline Jacobs, among others.
President Bola Tinubu on Saturday urged the Nigerian Army to shun actions that could truncate Nigeria’s democracy.
The president made this plea at the Diamond Jubilee of the Nigerian Defence Academy (NDA) in Kaduna on Saturday, according to his spokesperson, Ajuri Ngelale.
“I urge you to continue to play your constitutional role of safeguarding the territorial integrity of Nigeria, our fatherland,” said Mr Tinubu.
Mr Tinubu added that the army “must shun any acts that are inimical to the well-being of our nation and acts which can destroy the gains of democracy which we have enjoyed in the last 20 years.”
While celebrating fallen heroes who lost their lives protecting the country’s territorial integrity, Mr Tinubu said, “The war against the enemies of Nigeria is not over.”
He charged the Nigerian Army to “upscale the fight against insecurity, which has robbed us of peace and progress.”
The president’s plea to the Nigerian Army to shun actions that are capable of truncating democracy comes as the continent witnessed a series of coup d’états.
In the past three years, several African countries such as Mali, Burkina Faso, Guinea, Sudan, and most recently, Niger Republic and Gabon have been controlled by military juntas who cited corruption, insecurity and increased poverty as the bases for the takeover from democratic governments.
From 1966 to 1993, Nigeria experienced several coups, excused by military regimes on widespread corruption, electoral fraud and violence, poverty, and insecurity. The country returned to democracy in 1999.
The Central Bank of Nigeria, CBN, under President Bola Ahmed Tinubu, increased the Customs duties exchange rate for the third time in 2024.
Import duties have been reviewed upward to N1,417.63 per US dollar from N1,413.62.
With the upward review, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.
This represents an increase of N4.015 and a percentage increase of 0.28 per cent, as the official exchange traded at N1,469.97 per US Dollar at the foreign market on Friday.
DAILY POST gathered that the current upward review of the exchange rate for calculating customs import duty is the third in one week and the third in 2024.
It is also the seventh time the apex bank has adjusted the exchange in eight months since President Tinubu’s administration commenced the floating naira policy, a reform to stabilise the forex market.
Recall that the Customs had on June 24, 2023, adjusted the exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, in December it was adjusted to N951.941/$, on February 2 it was moved to N1, 356.883/$ and on February 3, it was raised to N1, 413.62/$ and now it has been raised to N1,417.635/$.
Experts warned that the continued hike in import duty portends a rise in the prices of imported goods and services in the country.
Bisiriyu Fanu, the former chairman of the Association of Nigeria Licensed Customs Agents at Seme Border, said the hike in Customs duty through high FX rates will affect all goods in the market because every commodity in the market has imported input in them.
Earlier, the Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, lamented that increased import duty would further impoverish Nigerians.
South Africa coach, Hugo Broos has reacted to his team winning the 2023 Africa Cup of Nations, AFCON, third-place final against DR Congo on Saturday.
Broos watched as Bafana Bafana defeated Congo 6-5 via penalty shoot-out after the match ended in a 0-0 draw.
Speaking to reporters after clinching the third-place final in Abidjan, Broos heaped praises on his players, saying they showed great mentality.
He said, “I said after the Nigeria match that I was proud of this team, and I think today people can see why I say I am proud of this team.
“We were not fresh but when you see the mentality in that group, it is impressive.
“The boys did very well. They showed great mentality.”