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President Bola Tinubu has approved the National Construction and Household Support Programme during the National Economic Council meeting on Thursday in Abuja.
According to a statement issued by the presidential spokesman, Ajuri Ngelale, the programme is aimed at boosting agricultural productivity, strengthening the economy, and providing immediate economic relief for Nigerian households.
Ngelale added that the programme, which was supported by the NEC, includes financial allocations and infrastructure projects across all geo-political zones in the country.
He added that a key component of the programme is the approval of the N50,000 uplift grant to be distributed to 100,000 families per state for three months.
Ngelale revealed that another N155 billion was earmarked for the purchase and distribution of assorted foodstuff across the nation to address concerns about food security and affordability.
He disclosed that the programme will also cater to infrastructure projects, including the Sokoto-Badagry Highway, which will traverse seven states and is considered key for agricultural sustainability. He added that the states along this axis form the food belt of the nation.
Other infrastructure initiatives include the ongoing Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. Tinubu also approved full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway.
In addition to the projects, Ngelale said the NEC approved the allocation of N10 billion to each state and the Federal Capital Territory for the procurement of buses and implementation of the Compressed natural gas uplift programme.
According to the presidential spokesman, provisions were also made for labour unions and civil society organizations.
During the NEC meeting, Tinubu urged state governors to collaborate in meeting the needs of citizens and boosting food production in the country.
He said, “Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.
“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.
“We are prepared to provide solar-powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).
Nigeria Governors’ Forum or NGF, after its meeting that ended on Thursday morning failed to agree on minimum wage, unlike the proposition from the federal government.
Instead, the NGF pleaded with Labour for more time for expanded consultation to arrive at what would be payable to all.
The federal government had said it was willing to pay N62,000 as minimum wage for workers but deferred a final resolution on the wage it would pay at the last federal executive meeting.
Although the organised labour said it would only take N250,000 as the minimum, it was agreed at the last FEC meeting chaired by President Bola Tinubu that more consultation was needed.
It was expected that NGF would make its position known with the least likely being an endorsement of the Federal government proposition of N62,000.
However, rising from its meeting on Thursday morning, the forum via a communique signed by NGF acting Director, Media, Ahmed Salihu, equally said more time was needed for consultation to arrive at a payable wage.
The communique read, “The Forum received a presentation from the Minister of Women Affairs on the World Bank-Nigeria for Women Project Scale-Up, along with other activities of the ministry.
“Members noted the importance of the project and emphasised the need to implement it at the state level as initially conceived, as the states are the primary obligors of the project.
“The governors acknowledge the work and contributions of the Ministry of Women Affairs in promoting gender equality, empowering women, and advancing social development across Nigeria.”
On the issue of the wage, it said, “The Forum discussed the new National Minimum Wage. The governors agreed to continue engaging with key stakeholders to reach a mutually agreeable solution.
“We remain dedicated to the process and assure that better wages will result from the ongoing negotiations.”
The 36 state governors highlighted the significance of the World Bank-Nigeria for Women Project Scale-Up and stressed the necessity of implementing it at the state level as originally intended, given that the states are the primary entities responsible for the project.
“We, members of the Nigeria Governors’ Forum (NGF), at our meeting held today, deliberated on issues affecting the country,” it added.
It stated further that, “Members received the Acting Country Director of the World Bank, Mr Taimur Samad, and his team to discuss the bank’s various programmes currently being implemented in the states, including HOPE Series of Projects: Nigeria Human Capital Opportunities for Prosperity and Equality, Food and Nutrition Security, NFWP-SU: Nigeria For Women Project Scale Up, NG-CARES: Nigeria Community Action (for) Resilience and Economic Stimulus Programme SABER: State Action on Business Enabling Reforms Program, SPIN: Sustainable Power and Irrigation for Nigeria Project.
“Members expressed willingness to continue to provide the much-needed support to ensure programme effectiveness across the country.
“Members received a briefing from Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. He highlighted the progress made regarding the ongoing Fiscal Policy and Tax Reforms. He sought the input and support of their excellencies on a number of proposals which would directly impact the subnational level of government.
“Members pledged their support for the Committee to ensure the successful implementation of these reforms and to collaborate closely to address any challenges that may arise.”
A new report by the International Monetary Fund (IMF) has revealed that Nigeria and some other developing countries lack digital infrastructure for the deployment of Artificial Intelligence (AI) technology.
This is despite the fact that Nigeria recently unveiled its AI strategy and also launched its first Multilingual Large Language Model (LLM) in April.
IMF disclosed this in its new ‘AI Preparedness Index’ where it tracks 174 economies based on their digital infrastructure, human capital, labour policies, innovation, integration, and regulation. According to the report, most developing economies are lagging in the area of digital infrastructure for AI and are the least prepared for the technology.
The interactive map for the Index shows that most African countries, except Namibia, Botswana, and South Africa, have little preparedness and are marked yellow, while the countries with substantial preparedness are marked in blue.
Global inequality
While noting that wealthier economies tend to be better equipped for AI adoption than low-income countries, the IMF said AI may further worsen the inequality that already exists in the world.
“Under most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers can work to prevent. To this end, the dashboard is a response to significant interest from our stakeholders in accessing the index.
“It is a resource for policymakers, researchers, and the public to better assess the AI preparedness and, importantly, to identify the actions and design the policies needed to help ensure that the rapid gains of AI can benefit all,” the IMF said in the report.
Highlighting the benefits of AI for economies, the IMF said AI could complement worker skills, enhance productivity and expand opportunities.
“In advanced economies, for example, some 30% of jobs could benefit from AI integration. Workers who can harness the technology may see pay gains or greater productivity—while those who can’t, may fall behind.
“Younger workers may find it easier to exploit opportunities, while older workers could struggle to adapt,” it added.
Policy directions
To be better prepared for AI, the IMF said the policy priority for emerging markets and developing economies should be to lay a strong foundation by investing in digital infrastructure and digital training for workers.
It added that policymakers in advanced economies should expand social safety nets, invest in training workers, and prioritize AI innovation and integration.
According to the IMF, countries globally would need to coordinate with one another to strengthen regulation to protect people from potential risks and abuses and build trust in AI.
What you should know
As part of its AI preparation initiatives, the Ministry of Communications, Innovation, and Digital Economy, recently organized a 4-day co-creation with over 120 ArtificiaI Intelligence experts.
The workshop culminated in the country’s National AI Strategy. At the end of the workshop, the Communications Minister, Dr. Bosun Tijani, announced the launch of Nigeria’s first Multilingual Large Language Model (LLM).
According to him, the AI tool was launched through a partnership between a Nigerian AI company, Awarritech, a global tech company, DataDotOrg, the National Information Technology Development Agency (NITDA), and the National Centre for AI and Robotics (NCAIR).
[Nairametrics]
President Bola Tinubu has forwarded letters of request to the Senate seeking the confirmation of certain individuals for fresh appointments.
The President, in one of his letters, read during plenary on Thursday, urged the Senate to consider and confirm the nomination of Dr Olatunji Bello for appointment as the Chief Executive Officer/Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC).
President Tinubu also forwarded the names of three nominees for consideration and confirmation for appointment as chairman, secretary, and member of the Police Service Commission (PSC), respectively.
The nominees are the Retired Deputy Inspector General of Police (DIG), Hashim Argungu (chairman), Chief Onyema Uche (Secretary), and Retired DIG Taiwo Lakanu (member) of the PSC, respectively.
The letters were read on the floor during plenary by Senate President Godswill Akpabio.
Bello’s nomination was thereafter referred to the Senate Committee for Trade and Investment, while that of Argungu, Uche and Lankano was referred to the Senate Committee on Police Affairs for further legislative work.
The committees are to report back to the Senate in one week.
[NaijaNews]
The Guinness World Records (GWR) has recognized Nigerian woman Chidinma Modupe Okafor as the new holder of the record for the longest crocheting marathon.
According to the British reference book, Chidinma broke the previous record of 34 hours and 7 minutes set by Alessandra Hayden of the United States in 2021 by crocheting a white dinner gown constantly for an astounding 72 hours.
Chidinma had to crochet continuously for the entire marathon in order to record the longest crocheting marathon.
She would start working on the next ball of yarn as soon as she had finished the previous one. Her extraordinary passion and endurance were exhibited by her unwavering effort.
Speaking on her accomplishment, Chidinma said she wanted to draw attention to the patience and expertise needed to master the craft of crocheting.
“I aim to showcase the artistry and perseverance involved in this craft and promote awareness about crocheting and its benefits,” she said.
Chidinma also shared insights into her rigorous preparation for the marathon attempt, which included extensive training and mental conditioning.
“My preparation for the record attempt involved rigorous training and mental conditioning. It also required physical endurance and strategizing to maintain a consistent pace while minimizing fatigue,” she explained.
“Additionally, logistics such as arranging for sufficient yarn with support staff were crucial for the uninterrupted progress of the attempt.”
Chidinma is one of several Nigerians who’ve broken a world record following Hilda’s famous cook-a-thon, including Helen Williams (longest wig and widest wig), Ewa Cole (longest marathon singing Christmas songs), Clara Chizoba Kronborg (longest interviewing marathon), and Tonye Solomon (most steps climbed on a ladder while balancing a football on the head).
[OpinionNigeria]
There was a heated debate at the House of Representatives on Thursday over the request by President Bola Ahmed Tinubu to extend the implementation period for the capital component of the N21.83trillion 2023 budget and those of the N2.17trillion 2023 supplementary budgets to December 2024.
Daily Trust reports that the letter to that effect was read by Speaker Abbas Tajudeen after which the executive bills requesting the extension were introduced.
However, when the Leader of the House, Prof Julius Ihonvbere, moved for the second reading of the bills, the House Minority Leader, Kingsley Chinda, raised concerns over the request for extension of the two budgets.
Chinda, while voicing opposition against the request, said it will be morally wrong for the country to running three to four budgets concurrently.
He said the 2024 budget is currently being implemented and the executive is still requesting for extension of the 2023 main budget and supplementary budget at the same time.
He said rather than extension, important projects in the supplementary budget should be moved to the main budget.
Former leader of the House, Alhassan Ado Doguwa in his contribution also supported the position of the Minority Leader, saying it will be morally wrong to have three budgets running at the same.
Speaker Abbas Tajudeen while intervening, appealed to members to support the extension of the budget implementation, saying most of the items on the supplementary budget were security related issues.
Despite his pleas, majority of the lawmakers appeared not comfortable with the request for extension of the budgets as they kept on shouting “No!”No!”
Following the development, Speaker Abbas Tajudeen asked that the House go into an executive session for members to iron out issues before resuming consideration of the bills.
The House is currently in an executive session.
[DailyTrust]
Kenya President William Ruto has been given a 48-hour ultimatum by the public to step down, as citizens demand a new government committed to “transparency, accountability, and good governance.”
The call for resignation has gained significant traction on social media, with a viral Twitter statement asserting, “We no longer recognise William Ruto as the President of Kenya. We recall his presidency and urge him to immediately resign and surrender his office to the Kenyan people.”
This statement has garnered thousands of engagements, reflecting widespread discontent.
Despite President Ruto retracting a controversial finance bill that proposed tax increases, public outrage continues to simmer.
The bill, which was intended to address Kenya’s debt of approximately 10 trillion shillings ($78 billion), or roughly 70% of GDP, faced fierce opposition.
Ruto highlighted that without the tax increases, there would be a significant funding shortfall for critical development programmes, including those supporting farmers and teachers.
However, the economic challenges under Ruto’s administration have been profound. Kenyans have struggled with economic instability, rampant corruption, and governance issues, leading to escalating living costs and high unemployment rates.
The public’s frustration has culminated in protests and a fervent demand for change.
Dozens of protesters took to the streets, expressing their dissatisfaction with the administration, which they describe as plagued by “incompetence, mismanagement, and a persistent failure to address the nation’s pressing needs.”
The demonstrations in Nairobi were met with a heavy police response.
According to AFP journalists, Kenyan police fired rubber bullets and tear gas at demonstrators, while soldiers were deployed and roads leading to Ruto’s office at State House and parliament were blocked by police in anti-riot gear.
Rivers state governor, Siminialayi Fubara has declared that the Peoples Democratic Party (PDP) has failed the state.
The governor said that Rivers was currently relying on a mass movement based on truth and consistency instead of party politics.
The governor spoke while receiving a delegation from the Senate Committee on Privatisation and Commercialisation, led by Senator Orji Uzo Kalu, at Government House in Port Harcourt.
He said the state would no longer be held back by party affiliation, but would instead stand firm on its own soil to defend democracy.
Fubara said: “In our state today we are no longer doing party. We are doing a movement, so you don’t blame me if I don’t go to the side of the party too much.
“The party has failed us here, so what we are doing here is to stand with our two legs on the soil of Rivers State, so that we can defend democracy.”
An endless political war between Fubara and his estranged benefactor, Nyesom Wike, who is the Minister of the Federal Capital Territory (FCT), Abuja, has enveloped Rivers.
The crisis escalated following the collapse of the peace deal President Bola Ahmed Tinubu, brokered for the warring parties.
The governor was reportedly disappointed at the silence of his party on the crisis.
[TheNation]
The Senate has extended the life cycle of the 2023 supplementary budget from June 30 to December 31, 2024.
The Red Chamber on Thursday suspended all its rules and gave an expeditious passage to a bill seeking the extension in less than 20 minutes.
Earlier before the passage of the bill, the lawmakers went into a closed-door session for two hours.
In December 2023, both Chambers of the National Assembly extended the implementation period for the capital component of the budget from December 31, 2023, to March 31, 2024, along with the N2.17 trillion 2023 supplementary budget passed in November 2023.
Earlier in March, following requests made by President Bola Tinubu, both the Senate and the House of Representatives extended the implementation period for the budgetary appropriations from March 31, 2024, to June 30, 2024.
With just four days remaining until the June 30, 2024, deadline for the affected 2023 budgetary appropriations, the two chambers cut short their recess to hold separate sessions for Thursday (today) to consider further extensions ahead of their previously set resumption date of July 2, 2024.
[Punch]
The immediate past Governor of Kogi State, Alhaji Yahaya Bello, who is facing a 19-count charge, has written a letter to the Chief Judge of the Federal High Court, Justice John Tsoho, pleading to be allowed to face his trial in Kogi.
Ex-governor Bello, in the letter he wrote through his team of lawyers led by Mr. Abdulwahab Mohammed, SAN, maintained that only Lokoja Division of the high court has the territorial jurisdiction to entertain the allegations that were raised against him by the Economic and Financial Crimes Commission, EFCC.
At the resumed proceeding in the matter on Thursday, Bello, failed to appear before the Federal High Court in Abuja to enter his plea to the charge against him.
However, a lawyer that announced appearance for him, Mr. Adeola Adedipe, SAN, brought the attention of trial Justice Emeka Nwite to the letter his client wrote to the CJ.
Addressing the court after the matter was called, Adedipe, SAN, said, “My lord, after the proceedings of the last adjourned date, I went back and gave a report of what happened in court to our team.
“However, I was made to understand that a letter had been written on behalf of the defendant to the honourable Chief Judge of the Federal High Court requesting in substance, that this matter be administratively transfered to the Federal High Court, Lokoja Judicial Division, which we believe have territorial jurisdiction to handle this matter.
“That letter was received at the Chief Judge’s Chambers and the office of the of honourable CJ wrote the prosecution team through Mr. Iseoluwa Rotimi Oyedepo, SAN, on June 13, notifying him that administrative steps has been activated, whereof he was directed to provide a response to the request for transfer of the matter.
“My lord, as of this morning, I am not aware whether there has been a response by the prosecution team in compliance to the directive of the CJ.
“We are also not in receipt of any decision that has been made on this request by the CJ.
“I am also aware that this administrative directive of the CJ has been formally communicated to this court.
“We have filed an affidavit wherein we attached two documents referencing the details that I have just highlighted.
“My duty is first to the court. As of the moment, I am not urging anything from the court, but just to present the facts as they were,” Adedipe, SAN, added.
On his part, the EFCC, through its counsel, Mr. Kemi Pinhero, SAN, urged the court to compel the defence lawyer to explain why the defendant was not in court, despite an undertaking he made on June 13 to ensure his presence in court for arraignment.
He prayed the court to dismiss “the story of the defence lawyer as dilatory and a further attempt to treat this court with scorn.”
The EFCC counsel argued that the letter to the CJ did not discharge the undertaking that were made by the senior lawyers representing the defendant.
Pinhero, SAN, further argued that even where a petition is forwarded against a judge to the National Judicial Council, NJC, it does not stop proceedings on cases pending before the judge.
Consequently, he applied for the court to invite the two senior lawyers representing the former governor to show cause why they should not be dealt with for contemptuous conduct.
Bello, who piloted affairs of Kogi state for eight years, is facing a charge bordering on his alleged complicity in money laundering, breach of trust and misappropriation of public funds to the tune of about N80.2billion.
EFCC alleged that the former governor, alongside his nephew Ali Bello and two others, Dauda Suleiman and Abdulsalam Hudu, were complicit in money laundering.
Though the ex-Kogi governor previously failed to appear before the court for his arraignment, however, he briefed lawyers to file an application to set aside an arrest warrant that was issued against him on April 17, as well as to challenge the jurisdiction of the court to try him.
The former governor maintained that the EFCC acted in breach of a subsisting judgement of a High Court in Kogi State when it entered the charge against him and also applied for a bench warrant to be issued for his arrest.
Even though the court, in a ruling it delivered on May 10, declined to vacate the arrest warrant, it, however, gave the defendant the opportunity to voluntarily present himself for arraignment.
[Vanguard]
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Details have emerged from Wednesday’s closed-door meeting between representatives of the Federal Government and the Academic Staff Union of Universities (ASUU).
Naija News reports that the two bodies met and commenced meeting today at approximately 4:30 pm at the Education Ministry headquarters in Abuja.
After more than two hours of deliberations, both parties agreed to settle their differences in a peaceful manner to avoid a strike.
The meeting featured the presence of two Education Ministers, Prof. Tahir Mamman and Dr Yusuf Sununu, along with other senior officials from the ministry representing the government’s position.
ASUU President, Prof. Emmanuel Osodeke, informed reporters following the meeting that the discussions had just started with hopes that the government would take action on the agreements reached.
“We have discussions on all the issues and we have given assignments to some people to look at and agree on the way forward,” he said.
Speaking on the two-week ultimatum issued by the union, Osodeke said they would go back and give the details of the meeting to their union members.
He said: “What is important is that we have started the process and our prayers is that we resolve it for the interest of our young men and the interest of the nation.
“The government has spent one year in office and we have not been called for any formal meeting. Today we are having the first formal meeting. There is a process we have started and we are going to set deadlines. We are going to meet to look at what has been done on those issues and we hope the process will continue.”
A Lot Of Consultation Will Continue
On his part, Mamman told journalists that consultations would commence immediately to address the lingering challenges in the education sector.
He said: “We’ve had a very good meeting and a very productive one. We’ve discussed progress on how to ensure that the system works well, and lots of the issues we talked about are those that we inherited and some that are ongoing. We discussed them all without exception and we have a consensus on the way forward.
“A lot of consultations will continue on some information we don’t have, which is beyond the scope of the ministry and which will require us to connect with our colleagues in other ministries.
“But the most important thing is that we had a very good meeting and agreed to continue with the consultations to overcome the problems bedevilling education in Nigeria.”
Naija News reports that ASUU had earlier warned that it might launch a country-wide strike due to the federal government’s inability to fulfill its promises.
The union has directed the government to fulfill all pending requests within a fortnight.
Key areas of dispute include being dropped from the IPPIS, redoing the terms of the 2009 agreement between FGN and ASUU, settling all unpaid Earned Academic Allowance (EAA) backlogs, and addressing all outstanding pay issues, among other matters.
[NaijaNews]
Many Nigerians are curious as to why the government has not yet implemented the recommendations of the Oronsaye Report.
There are rumours of political manoeuvring and lobbying by some powerful individuals who stand to lose from the proposed merger of ministries, departments and agencies of government (MDAs).
Others speculate that the government may face logistical and financial challenges in the mergers. However, the delay is causing anxiety among civil servants and citizens alike, who are eager to see a leaner and more efficient government.
They say the government must provide clear and transparent communication on the progress of the mergers and address any concerns or obstacles hindering the implementation.
LEADERSHIP reports that the Federal Executive Council (FEC) had approved the merging, scrapping, and subsuming of some MDAs in February this year in line with its policy of reducing the cost of governance.
The president’s special adviser on policy coordination, Hajiya Hadiza Bala-Usman, said the decision was based on the Steve Oronsaye Report on Civil Service Reforms inaugurated under former President Goodluck Jonathan’s administration in 2014.
According to the report, the Federal Radio Corporation of Nigeria will be merged with the Voice of Nigeria, while the National Commission for Museum and Monuments will be merged with the National Gallery of Acts.
The National Theatre will merge with the National Troupe of Nigeria, while the National Meteorological Development Centre will merge with the National Meteorological Training Institute.
National Agency for Control of HIV/AIDS (NACA) is to be merged with the Centre for Disease Control in the Federal Ministry of Health, while National Emergency Management Agency (NEMA) is to be merged with the National Commission for Refugee Migration and Internally Displaced Persons.
The Directorate of Technical Cooperation in Africa will be merged with the Directorate of Technical Aid to function as a department under the Ministry of Foreign Affairs.
Infrastructure Concession Regulatory Commission is to be merged with the Bureau for Public Enterprises. The Nigerian Investment Promotion Commission will merge with the Nigerian Export Promotion Council, while the National Agency for Science and Technology and Science and Engineering Infrastructure will merge with the National Centre for Agricultural Mechanisation and the Project Development Institute.
The special adviser further revealed that the National Biotechnology Development Agency will be merged with the National Centre for Genetic Resource and Biotechnology, while the National Institute for Leather Science Technology will be merged with the National Institute for Chemical Technology.
The Nomadic Education Commission will merge with the National Commission for Mass Literacy, Adult Education, and Non-formal Education.
The Nigerian Army University will be merged with the Nigerian Defence Academy to function as a faculty within the latter.
Similarly, the Air Force Institute of Technology also will be merged with the Nigerian Defence Academy to function as the faculty of the Nigerian Defence Academy.
The Border Communities Development Agency will be subsumed to function as a department under the National Boundary Commission.
The National Salaries Income and Wages Commission is to be subsumed into the Revenue Mobilisation and Fiscal Allocation Commission while the Institute for Peace and Conflict Resolution is to be subsumed under the Institute for International Affairs.
The Public Complaints Commission is to be subsumed under the National Human Rights Commission while the Nigerian Institute for Trypanosomiasis is to be subsumed into the Institute for Veterinary Research.
On the agencies to be relocated, Hadiza Bala Usman said the Niger Delta Power Holding Company is to be relocated to the Ministry of Power while the National Agricultural Land Development Agency will be relocated to the Federal Ministry of Agriculture and Food Security.
Meanwhile, a director in the Office of the Head of Civil Service of the Federation, who pleaded anonymity while speaking on the expiration of the 12 weeks given to the presidential committee to develop a workable plan for implementing the merger of MDAs, said it was wise to give the committee this week to see what they will come out with, since the deadline just expired.
Responding on whether he was aware of the preparedness of the MDAs for the merger, he said the Office of the Head of Service does not have such information, and that it is the Office of the Secretary to the Government of the Federation that is in charge of the merger because MDAs are under the SGF, not the Head of Service.
“The 12 weeks given to the presidential committee to implement the merger just expired, and today is Monday; you people should be patient and hold forth. Let us see what this week brings out. It is too early to ask what is happening.
“On if the MDAs are prepared, I would not know how prepared they are, because MDAs are under the Secretary to the Government of the Federation. They are in charge of parastatals, not the Head of the Civil Service of the Federation,” he said.
[Leadership]
The Debt Management Office (DMO) Wednesday clarified that Nigeria’s fresh borrowing was N7.71 trillion in the first quarter of 2024.
It explained that the fresh borrowing includes N2.81 trillion as part of the new domestic borrowing of N6.06 trillion provided in the 2024 Appropriation Act and N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly.
The DMO made the clarification in a statement titled, “Explaining the Q1 2024 Public Debt Data,” saying the N24.33 trillion increase in the total debt was a result of a combination of fresh borrowing and naira devaluation.
The DMO noted that the exchange rate shifted from N899.39/$1 in Q4 2023 to N1,330.26/$1 in Q1 2024 which represents a depreciation of 32.39%, causing the naira value of external debt to rise sharply despite the actual dollar-denominated debt remaining relatively stable.
In Q1 2024, the total public debt in naira terms stood at N121.67 trillion, up from N97.34 trillion in Q4 2023.
The DMO explained that while the total external debt stock remained almost flat in dollar terms, the naira value surged due to the devaluation.
Since about N7.71 trillion was fresh borrowing, it means that about N16.62 trillion increase in total debt was due to naira devaluation.
This N16.62 trillion increase, combined with new domestic borrowing of N7.71 trillion, accounts for the total spike in Nigeria’s public debt stock.
The statement read: “Returning to the trend in the Total Debt Data between Q4, 2023, and Q1, 2024, the increase in Naira Terms of N24.33 trillion is being misinterpreted as New Borrowing. The amount actually represents New Borrowing of N2.81 trillion as part of the New Domestic Borrowing of N6.06 trillion provided in the 2024 Appropriation Act, New Domestic Borrowing of N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly, as well as, the depreciation in the official Naira Exchange Rate from USD/899.39 in Q4, 2023 to USD/N1,330.26 in Q1, 2024.
“Consequently, whereas, the Total External Debt Stock was relatively flat at USD42.50 billion and USD42.12 billion in Q4, 2023, and Q1, 2024 respectively, the Naira values were significantly different at N38.22 trillion and N56.02 trillion respectively, representing a difference of N17.8 trillion. This explains the perceived sharp increase of N24.33 trillion in the Total Debt Stock in Q1, 2024. The difference in the Exchange Rate for the two (2) periods also explains why in US Dollar Terms, the Total Debt Stock actually declined in Q1, 2024 (USD91.46 billion) when compared to Q4, 2023 (USD97.34 billion).”
[DailyTrust]
Governor Siminalayi Fubara of Rivers State has alleged that the failed attempt to detonate an explosive device at the Hotel Presidential, a five-star hotel in Port Harcourt, was a deliberate ploy to strengthen the call for a state of emergency by haters, who want to undermine the state to achieve their evil plans.
He clarified that he was not fighting anybody but rather defending the state against predators and protecting Rivers state against those who feel that they own the lives of others.
Meanwhile, the prime suspect in the failed detonation of the alleged explosive device outside the perimeter fence of Hotel Presidential, during a protest on Tuesday in Port Harcourt, has been nabbed, revived and is now receiving intensive care at the State University Teaching Hospital.
This came as the Movement for the Survival of the Ogoni People, MOSOP, warned politicians in Rivers State to shun violence and prevent the current political crisis from escalating, stressing that such a situation would work against the interest of the state.
In another development, a faction of the All Progressives Congress, APC, in the state has expressed concern over the possibility of an outbreak of guerilla warfare.
Governor Fubara, when he received on a courtesy visit, a delegation of the Senate Committee on Privatisation and Commercialisation, led by its Chairman, Senator Orji Kalu, to Government House in Port Harcourt, yesterday, said: “As a matter of fact, let me tell you, I know of everything that is happening. On Tuesday, they (protesters) were aware that you are in the state. So, there was an attempt to create serious problem.
“In fact, there was a plan to detonate dynamite at the Hotel Presidential because you people were there. But this God that we serve, it happened that the man, who was trying to do it, detonated it but just few seconds after, it blew his hands off.
“The plan was that as you were hearing of state of emergency, it will be such that by the time they finish, when you return to have your sitting on Thursday, the debate will be from somebody from this state, who called you to tell you not to come to Rivers State. He will now raise issue of state of emergency, and say after all, distinguished colleagues saw it happen while they were in Rivers State, that you saw what happened.
“But you see, when you are with God, even your child who is planning evil, will go and tell somebody that God is with this man because he is clean, this is what my father is planning. That is what is keeping us in this state.”
He wondered why it seemed that the law was silent or inactive to take its course over offenders as somebody appeared to be bigger than the law on the agitation, but there is nowhere in the country where tenure elongation for former local government chairmen has been an issue.
He pointed out that no governor in Nigeria can take 10 per cent of the abuse rained on him by former local government council chairmen.
Fubara said he had taken those insults and attacks in his strides without going hard on the purveyors because they planned to distract him, stressing that he had remained focused on delivering good governance and democratic dividends to Rivers people.
In his address, Chairman, of the Senate Committee on Privatisation and Commercialisation, Senator Kalu, said they were in Rivers State to carry out oversight duties on some projects under their purview.
Kalu, who is the member representing Abia North senatorial district, commended Fubara for his love for peace, determination to offer quality governance and keep pace with providing the right climate to engender economic growth to all residents in the state.
The Senate committee chairman also urged the Minister of the Federal Capital Territory, Nyesom Wike, to shealth the sword, and call his supporters to order as a commitment to fostering peace and putting the interest of the State above all considerations.
Prime suspect of explosion nabbed
Tuesday, a middle-aged man, yet to be named had blown up himself during a protest by some leaders of the Peoples Democratic Party, PDP, loyal to the Minister of the Federal Capital Territory in support of police occupation of the 23 local government area secretariats over the LGA leadership crisis in the state.
It was alleged that the suspect was among the protesters and that he had the suspected dynamite that went off in his hand.
It was gathered that the dynamite had exploded and shattered his hand as well causing panic in in the area.
According a source, Obinna (surname withheld) said the suspect was whisked away by other protesters as security agents trooped to the location where the explosion happened.
At press time, the Public Relations Officer of the state Police Command, Grace Iringe-Koko, who did not deny the report, had said she was yet to find out the full details of what transpired but promised to get by to our correspondent later.
But, the Commissioner of Police in the state, Olatunji Disu, while appearing on a television programme monitored in Port Harcourt, confirmed that a young man blew up himself with an explosive, noting that investigations were still on into development.
However, police have mounted tight security around the RSUTH with a mandate to secure law-abiding citizens, and particularly patients and staff of the facility.
The state Commissioner for Health, Dr Adaeze Oreh, said on getting information of the incident, the state government immediately alerted the Ministry of Health and all medical facilities in the state to be on the lookout for the patient(s) with suspected injuries arising from blasts.
Oreh said the severely injured patient was brought into the facility by some persons, who claimed that he was taken from a road traffic accident scene, adding that on close observation, it was discovered that the injuries were not related to any road traffic accident.
Oreh said the management of RSUTH and the state government were working in collaboration with the Police which has been duly notified and already playing its role in investigating the incident and the suspect.
MOSOP warns against violence, demands respect for rule of law
President of MOSOP, Fegalo Nsuke, who issued the warning in a statement in Port Harcourt, yesterday, also condemned calls for the declaration of a state of emergency in the state, noting that the situation in Rivers can be resolved if politicians respect the court and the constitution.
Nsuke said it was the constitutional duty of Rivers people to defend the state, by refusing to be tools for violence and by cooperating with the relevant security agencies to ensure that peace was maintained through “a strategic and honest management” of the crisis.
The MOSOP president urged the feuding camps to show maturity and decency in the interest of peace and stability and commended Rivers people, the police and other security agencies for preventing the crisis from escalation and bloodshed.
APC faction worries over guerilla warfare in Rivers
The party said the detonation of an improvised explosive device (IED) on Tuesday at the Hotel Presidential axis of Port Harcourt was worrisome, adding that the protest was organised against all advice and caution by a political group.
A statement by Darlington Nwauju, spokesman of the APC faction, yesterday, said: “The protests appear to be orchestrated and stage-managed to justify their call for state of emergency, even where no such situation ordinarily exists.
“We are miffed by the deployment of guerrilla warfare to our polity and wonder why this ugly narrative must always headline political activities in Rivers State.
“Regrettably, this shameful and unfortunate incident reminds us of the January 19, 2023, bombing of the APC campaign venue at Rumuwoji town hall, another suburb of Port Harcourt, which left six APC members injured, and all the signs point to the same group, which seem to have the privilege of getting away with whatever violent crime they launched.
“We challenge Police authorities in Rivers State to rise to the occasion this time by quizzing sponsors/leaders of the protest of June 25, 2024, who are not only known political honchos, but apostles and sympathisers of the call for a state of emergency in Rivers State.
“They seem to apply the notion that whatever you can’t get you destroy. Their modus operandi, which is now common knowledge, is that whatever they want to launch, they first raise public outcry and point fingers to the opposite direction to deceive the public.”
[Vanguard]