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Inflation: We’re paying for consequences of ₦22.7 trillion Ways and Means loan by Buhari's govt - says Cardoso
AFOLABI
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has attributed the rising high interest rates to the excessive ₦27 trillion loan facility issued to the Federal Government.
Recall that the Senate approved a ₦22.7 trillion Ways and Means loan on May 23, 2023, thereby securitizing the debt. This approval followed a request by former President Muhammadu Buhari on December 28, 2022, asking the lawmakers to take this action
Speaking at a CEO forum organized by Business Day in Lagos on July 11, Cardoso emphasized the negative consequences of the surge in Ways and Means and intervention programs on the economy.
Cardoso pointed out that the interest rate, currently at 26.25 percent, coupled with inflation at 33.95 percent, has pressured commercial banks’ lending capacity, particularly affecting the manufacturing sector and businesses.
He noted that the CBN is aware of the adverse effects of these loan facilities and is working to prevent future occurrences.
Cardoso clarified that the Monetary Policy Committee (MPC), not the CBN governor, sets the interest rates based on data trends to manage inflation.
He stressed that the current high rates are a temporary measure until inflation moderates.
His words, ‘Nigerians indirectly paying for CBN’s unregulated lending to FG through high inflation’
“The MPC has made it very clear that for them the major issue is taming inflation and has also made it very clear that they will do whatever is necessary to tame inflation.
“Sadly, we have a situation where a lot of money supply went into the system. We all saw ways and means soared to N27 trillion. We saw interventions of N10.5 trillion. It has its consequences. In large respect, that is what we are paying for now,” Cardoso added.
Cardoso on Naira volatility
Speaking on the volatility of the Naira, Cardoso explained the measures taken to stabilize the currency since assuming leadership. Cardoso highlighted the discovery of systemic distortions, including illicit financial flows and non-compliance with regulations, which necessitated immediate intervention.
“We found that there were distortions within the system, such as illicit flows and rule violations, which we needed to address for a smoother and more efficient market,” Cardoso said.
He acknowledged that the process of correcting these issues sometimes met with resistance. “In the process of doing this, there are pushbacks. We believe that a portion of the volatility and wide swings in the exchange rate was due to these adjustments,” he noted.
Cardoso expressed confidence that stakeholders are now more comfortable with the CBN’s approach to managing the market. He observed that the need for speculative actions, such as frontloading, has diminished. “Even with portfolio investors, some left initially but returned when they saw that there was a clear plan being implemented in a direction they could understand”
According to Cardoso, the transparency introduced by the CBN is beginning to yield positive results, contributing to the stabilization of the Naira. “A lot of the wide swings we saw are gradually smoothing out due to the increased transparency in the market,” he concluded.
The CBN Governor’s remarks underscore the importance of regulatory compliance and market transparency in achieving currency stability and restoring investor confidence.
A federal high court in Abuja has remanded Saleh Mamman, a former minister of power, in the Kuje correctional facility pending the hearing of his bail application.
On Thursday, the Economic and Financial Crimes Commission (EFCC) arraigned Mamman on a 12-count charge bordering on money laundering up to N33,804,830,503.
The former minister pleaded not guilty to the charge.
After the plea, Adeyinka Olumide-Fusika, counsel to the EFCC, sought the date for the commencement of the trial.
Femi Ate, counsel to the former minister, told the court that his client had submitted his bail application.
Olumide-Fusika responded that he was served with the bail application around 12:30pm today.
Afterwards, the defence counsel pleaded with the court to allow the bail application hearing the next day.
The EFCC counsel did not oppose the request.
In his ruling, James Omotosho, the trial judge, adjourned the bail application to Friday.
MAMMAN COLLAPSED OUTSIDE COURTROOM
Before the court proceedings began, Mamman collapsed outside of the courtroom.
Mamman’s counsel informed the judge that his client had fainted due to ill health.
When the hearing resumed, the ex-minister entered the courtroom and the dock while his clothes were partly drenched.
The judge then asked Mamman why he was sweating or whether it was raining.
The former minister said water had been poured on him.
The former minister told the judge that he collapsed outside the courtroom due to the effects of some drugs administered to him without food.
He added that while waiting to be called, his blood pressure dropped.
Mamman told the court that he could take his plea after being asked by the judge if he was fit enough.
The judge, however, asked Mamman if he was fit enough to take his plea, and he responded in the affirmative.
His counsel asked the court to allow him to return the next day to argue the bail application.
The EFCC lawyer did not oppose the request, and the judge adjourned the matter until Friday for the hearing of the bail application.
THE CASE
Mamman was appointed minister by former President Muhammadu Buhari in August 2019. He was sacked in September 2021.
In May 2023, the former minister was arrested by the anti-graft agency over an alleged N22 billion fraud.
In the charge sheet seen by TheCable, the anti-graft agency alleged that Mamman conspired with officials at the ministry of power and some private companies to “indirectly convert” N33.8 billion, which was meant for the Zungeru and Mambilla Hydro Electric Power projects.
The EFCC alleged that Mamman was aided by one Samson Bitrus to make a cash payment of $655,700 without going through a financial institution.
The Police Command in Lagos State says it has arrested a couple (name withheld) over an alleged attempt to sell their two-year-old son to travel to Canada.
The command’s spokesperson, SP Benjamin Hundeyin, confirmed this to the News Agency of Nigeria (NAN) on Thursday in Lagos.
Hundeyin said that the couple, aged 28 and 22, were arrested on Tuesday while attempting to sell the boy.
The spokesperson said that on Tuesday, at about 2.45 p.m., the Isolo Divisional Police Officer (DPO) received information that a couple went to Isolo General Hospital and declared their intention to sell their baby boy.
“Upon receipt of the information, operatives from the station moved swiftly to the hospital, where they were about to sell their child.
“The baby’s age is two, and he has been rescued. Upon interrogation, the couple confessed that they decided to sell the baby to enable the man to travel to Canada for a greener pasture.
“However, the investigation is ongoing,” he said. (NAN)
The House of Representatives has set up a nine-man committee to investigate the National Hajj Commission or NAHCON on how it spent the N90bn donated to it by the federal government and sundry financial receipts for the 2024 Hajj operation in Saudi Arabia.
The House condemned the performance of NAHCON and FCTA Muslim Pilgrims Welfare Board in the 2024 Hajj exercise describing their roles as abysmal.
Also to be investigated apart from NAHCON and the FCTA Muslim Pilgrims Welfare Board are their agents, and sub-agents in the 2024 Hajj exercise.
The resolutions emanated from the adoption of a ‘Motion of Urgent Public Importance moved by Hon Mohammed Omar Bio on the Urgent Need to Investigate the National Hajj Commission and FCTA Muslims Pilgrims Welfare Board, Their Agents, and Sun Agents Over The Shoody Arrangement And Treatment of Nigerian Pilgrims’ in the 2024 Hajj Exercise.
Omar Bio noted that the Hajj exercise is important in the life of every Muslim and is, in fact, one of the five pillars of Islam.
He said, “NAHCON was set up to provide efficient and effective services to the pilgrims through implementation of NAHCON Act;
“Seamless coordination in the states of the federation, each state has a Muslim Pilgrims Welfare Board and that of FCT is the FCTA Muslim Pilgrims Welfare Board.
“About 50, 865 Muslim Pilgrims across the states in Nigeria were under the care of NAHCON, and some of them were not taken care of in terms of welfare, organisation, guidance and monitoring as expected.”
The Lawmaker stressed that despite the “huge amount paid by the Pilgrims for the 2024 Hajj exercise, NAHCON’s 2024 Budget Allocation, intervention from the Federal Government to the tune of 90 Billion Naira, and support from the Government of Saudi Arabia, NAHCON and FCTA Muslim Pilgrims Welfare Board’s below performance in the 2024 Hajj Exercise especially in Makkah and Mina is unexpected.”
He said it’s disturbing that “if this poor performance of NAHCON is not investigated with a view to improve future performance,” further “Hajj exercise for Nigerian citizens may be more complicated and put the entire country in a bad light in the committee of nations.”
The house consequently set up the committee with a mandate to investigate and report back during a legislative day.
The House of Representatives has passed for a second reading, a bill seeking the creation of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo states from the Southeast geopolitical zone.
The piece of legislation which scaled through the debate stage at plenary on Thursday is titled; “Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Creation Of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo States and for Related Matters (HB. 1525).
Sponsored by Hon. Amobi Godwin Ogah (Abia), Hon. Miriam Odinaka Onuoha (Imo), Hon. Kama Nkemkama (Ebonyi) Hon. Princess Chinwe Nnabuife (Anambra) and Hon. Anayo Onwuegbu (Enugu), the bill seeks to address a longstanding issue of regional parity and administrative efficiency within the Southeast geopolitical zone.
It proposes an alteration to the Constitution of the Federal Republic of Nigeria, 1999, to accommodate the creation of Etiti State, thereby increasing the number of states in the Southeast geopolitical zone from five to six.
Leading the debate on the general principles of the bill, Hon. Ogah (LP, Abia) said the establishment of Etiti State was not just a matter of administrative convenience but a step towards ensuring balanced regional development and effective governance.
The lawmaker said it responded to the aspirations of the people of a very important region to the country and aligned with the principles of equity and inclusivity enshrined in the country’s democratic ideals.
“Mr Speaker, distinguished colleagues, it is not news that the current structure of the Southeast region with just five states—Abia, Anambra, Ebonyi, Enugu, and Imo—as against other regions of the country which have no fewer than six states, has been a subject of debate and advocacy for reconfiguration.
“The creation of Etiti State is a proactive step towards aligning the region with the structural realities of its other 5 sister regions in the country. Suffice it to say that is a long overdue step in the right direction to foster equitable representation, enhance governance efficiency, and promote socio-economic development within the region.
“Let us bear in mind that the Southeast, with its rich cultural heritage and strategic economic potential, deserves a governance framework that optimally serves its diverse communities.
“The creation of Etiti State will facilitate more targeted development initiatives, better resource allocation, and improved service delivery to the people. As we deliberate on this historic Bill, let us remain guided by the imperative of fairness, efficiency, and progress. The creation of Etiti State represents a unique opportunity to strengthen our federal structure, empower our communities, and foster national unity.
“I urge all Honourable Members to support this Bill, which promises to reshape the socio-political landscape of the Southeast for the betterment of all. Mr Speaker, Distinguished Colleagues, I therefore urge us all to thoughtfully consider and swiftly pass this important Constitution Alteration Bill. Let us seize this moment to make history and fulfil our mandate to serve the best interests of the Nigerian people,” he maintained.
Following the Supreme Court decision declaring unlawful the use of the funds meant for local governments by the Nigeria’s 36 governors, Socio-Economic Rights And Accountability Project has called on the governors and FCT minister to account for and return the funds they have collected, or face legal action.
Recall that the Supreme Court has barred the 36 governors of the federation from further retaining or utilizing funds that are meant for the 774 Local Government Areas, LGAs, in the country.
The apex court ruled that it is illegal and unconstitutional for governors to continue to receive and seize funds allocated to LGAs in their states.
It maintained that the “dubious practice” which has gone on for over two decades, was a clear violation of Section 162 of the 1999 Constitution, as amended.
In its lead judgement that was delivered by Justice Emmanuel Agim, the apex court held that no House of Assembly of any state has the power to make laws that could, in any manner, interfere with monies meant for the LGAs.
Stressing that the law mandated that LGAs must be governed by democratically elected officials, the Supreme Court ordered that forthwith, funds meant for the LGAs must be directly paid to them from the federation account.
“Demands of justice require a progressive interpretation of the law. It is the position of this court that the federation can pay LGA allocations to the LGAs directly or pay them through the states.
“In this case, since paying them through states has not worked, justice of this case demands that LGA allocations from the federation account should henceforth be paid directly to the LGAs,” the apex court held.
It further declared unconstitutional the appointment of caretaker committees by governors to run the affairs of the LGAs.
It held that the 36 states are under obligation to ensure democratic governance at the third tier of government.
The judgement followed a suit the Federal Government filed to secure financial autonomy for the LGAs.
Earlier, the court dismissed preliminary objections the state governors filed to challenge the competence of the suit.
Former Minister of Power, Saleh Mamman, collapsed outside the courtroom on Thursday, moments before his arraignment trial were set to begin.
Mamman, who served under former President Muhammadu Buhari, is facing a 12-count money laundering charge filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleges that Mamman committed money laundering offenses to the tune of N33bn. As he was about to take a plea, Mamman suddenly collapsed, forcing the court to pause proceedings.
The EFCC’s lawyer, Adeyinka Olumide-Fusika, SAN, informed the court that there was a development outside the courtroom, and Ate confirmed that Mamman collapsed “upon being brought into the court premises and had to be resuscitated by the Federal High Court’s medical personnel”.
Ate requested an adjournment for the arraignment to be done on Monday, but the judge fixed it for September ending due to the court’s workload.
Olumide-Fusika had filed an amended charge earlier in the morning, correcting an error in Mamman’s name, but the judge declined to read the fresh charge to Mamman.
After receiving treatment, Mamman told the court that he was fit to continue with the arraignment despite the health issue, explaining that he collapsed due to taking drugs on an empty stomach, which caused his blood pressure to drop. The judge however acknowledged that such incidents can happen to anyone.
The court has adjourned the case to a later date, pending further developments.
LG Autonomy: Cross River, Kano, Rivers, 17 Other States That Will Not Receive LG Allocations From July
AFOLABI
The Federal Government will from July withhold local government allocations to Cross River, Enugu, Kano, Rivers, and 16 other states in compliance with the Supreme Court judgement.
The apex court on Thursday delivered a judgment in the local government autonomy suit filed by the Attorney General of the Federation, AGF, Lateef Fagbemi, SAN, on behalf of the Nigerian Government, barring the Federal Government from releasing allocations to local governments governed by unelected officials appointed by the state governors.
In the judgment, Justice Emmanuel Agim barred the Federal Government from further paying LG allocations through the state governments, noting that the practice had been abused by the governors.
Justice Agim accused the state governors of retaining allocations and utilising them as they please, to the detriment of the local government councils.
Following the judgment, 20 states that have no elected local government chairmen stand barred from receiving local government allocations from July until they conduct elections.
THE WHISTLER reports that in June, the government of Jigawa State dissolved the elected council chairmen of the 27 local governments after the state house of assembly amended the local government law.
Similarly, the Governor of Rivers State, Siminalayi Fubara, appointed caretaker chairmen, dissolving those appointed by his predecessor Nyesom Wike following their political tussle.
In June, Anambra State governor, Charles Soludo, through the state’s House of Assembly, also appointed transition committee chairmen and councillors for the 21 local government areas of the state.
By implication, these states will not receive further allocations per the Supreme Court judgment.
The 36 states and the FCT received N293.82bn from the federal government on behalf of the 774 local government areas in the country for the month of July.
OPEC Lists Dangote Refinery Among Top Diesel, Jet Fuel Suppliers That Will Disrupt Europe’s Oil $ Gas Industry
AFOLABI
The Organization of Petroleum Exporting Countries said supplies from Nigerian-based Dangote Refinery and Petrochemicals will put pressure on the performance of North West Europe (NWE) Gasoil.
OPEC said this in its monthly Oil Market Report for June 2024.
“Upside potential for higher production levels from Nigeria’s Dangote refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term,” OPEC said.
Europe is one of the world’s largest purchasers of refined petroleum products and relied on imports from Asia and the US after the European Union banned the use of Russian diesel in the bloc.
However, the 650,000-capacity refinery which is owned by Africa’s richest man, Aliko Dangote, is eyeing the wider European market after International Oil Companies stopped supplying it crude oil
Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin announced the company has exported its first jet fuel cargo to Europe as it rapidly scales production.
The refinery has exported 90 per cent of its 3.5 billion litres of jet fuel and diesel to Europe over alleged lack of support from the government.
“It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported,” Edwin said.
BP is currently transporting its first jet fuel cargo to Rotterdam from Dangote, after being awarded part of a 120,000 metric tonnes tender offered for the end of May, according to S&P Global.
OPEC said, “In June, the jet/kerosene crack spread in Rotterdam against Brent showed a slight decline, influenced by supply-side dynamics. Despite signs of improving air travel activities, subdued jet fuel demand from the aviation sector weighed on the product market.
“Going forward, European jet/kerosene demand is expected to see upward pressure as consumption levels from the aviation sector continue to pick up in the coming months.”
President Bola Tinubu, on Wednesday, 10th July, presided over the Federal Executive Council (FEC) meeting at the Aso Rock Villa in Abuja.
According to details of the meeting shared on X by presidential media aide, Bayo Onanuga, the council meeting took off with the swearing-in of eight new permanent secretaries. Thereafter, council members congratulated President Tinubu on his re-election as chairman of the Economic Community of West African States for another one-year term.
The meeting, among other things, deliberated on the Procurement Act, Samoa Agreement, separation of universities from the Integrated Personnel and Payroll Information System (IPPIS) platform, the establishment of a University of Technology in Abuja as well as the new Ministry of Livestock Development.
Here are the takeaways:
PROCUREMENT ACT
The council deliberated on the need to align project costs with the budget heads and avoid augmentation after the awards of contracts. Council learnt that the augmented contracts are those inherited by the Tinubu Administration, with most of them awarded more than 10-15 years ago.
The Council decided that the Attorney-General of the Federation should review the Procurement Act in operation since 2007 to bring it in line with contemporary demands.
Henceforth, ministries were urged to reconcile project costs with budget provisions and where extra funding is needed, get the clearance of the Minister of Budget and Minister of Finance. The two ministers will now serve as a clearing house for capital projects, requiring extra-budgetary spending.
SAMOA AGREEMENT
The Minister of Budget and Economic Planning and the Minister of Information and National Orientation reported to the council about the misinformation being disseminated by a Nigerian newspaper against the EU-ACP agreement to sow disaffection against the Tinubu Administration.
The Minister of Budget reiterated that there is no issue of LGBTQ in the international agreement signed by the Nigerian government. He and the Attorney General also reported that the agreement does not contain any clause that conflicts with our laws and the Constitution, citing the position of the Nigerian Bar Association. Minister of Information reported on the complaint filed against the newspaper with the Ombudsman of the Newspaper Proprietors Association of Nigeria.
ASUU AND IPPIS
The council asked the Secretary of the Government of the Federation to expedite the implementation of the council decision made months ago, separating the universities from the IPPIS platform.
NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY ABUJA
The Council ratified the anticipatory approval given on 28 May 2023 by former President Muhammadu Buhari to establish the university in the Federal Capital. The university is the first of the network of Pan African Institutes of Science and Technology dedicated to teaching African scientists and technologists.
MINISTRY OF LIVESTOCK DEVELOPMENT
Council decided that the Ministry be excised from the Ministry of Agriculture and Food Security and developed along the lines suggested by the Presidential Livestock Development Committee, now headed by Professor Attahiru Jega.
Although many contract memos were stepped down, the FEC approved some others. Among them were:
1. Facility Maintenance Service submitted by EFCC, in favour of Julius Berger at a cost of N392 Million. The contract sum was less than the N533m approved in 2018 for the yearly maintenance of the headquarters of the EFCC in Abuja.
2. Procurement of 2000 tractors, 4000 disc ploughs, 1000 disc ridges, 1200 tractor trailers and assorted spare parts. The items to be supplied are for the National Agricultural Mechanization Programme (NAMP) to strengthen national food security. Aftrade DMCC, which has done a similar job in Zimbabwe, Kenya, South Africa and Togo, will supply all the equipment and will also set up a plant to assemble the machinery, in the second stage of the contract.
3. Contract for the engineering audit of upstream measurement equipment and facilities in the Nigerian Oil and Gas Upstream Sector in favour of Messrs. PE Energy Limited. Completion will be 180 days.
4. Contract for the procurement of pre-field development studies for advanced declaration solution Technology in the Nigerian Oil and Gas Upstream Sector, in favour of Messrs. P-Lyne Energy Limited. Completion will also be in 180 days.
5. Two Contracts for the supply of SUVs and other operational vehicles to the Nigerian Upstream Petroleum Regulatory Commission. The contracts are in favour of Elizade Nigeria Limited, Lanre Shittu Motors and Vinicius Global Link Ltd.
6. Contract for the procurement of low and high-voltage substation connectors in favour of Messrs. Maglous Enterprises Limited. The connectors are for the Transmission Company of Nigeria.
At the end of Wednesday’s meeting, the council adjourned till Monday 15 July.
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The Chief Whip of the 10th Senate, Mohammed Ali Ndume, has asserted that President Bola Ahmed Tinubu is not aware of events happening outside the Presidential Villa, in Abuja.
According to him, the Nigerian leader has been trapped and confined by specific groups.
Lawmaker representing Borno South senatorial district made this remark during a press conference on Wednesday at the National Assembly Complex in Abuja.
Ndume expressed his frustration that President Tinubu’s administration has not taken significant steps to address the ongoing security issues plaguing the nation.
He stated that the public’s dissatisfaction stems from the government’s inability to effectively address the issues of poverty, insecurity, and hunger, among others, which have severely impacted the nation.
Ndume said: “Mr President is not in the picture of what is happening outside the Villa. He has been fenced off and caged. So many of us won’t go through the backdoor to engage him.
“Now they have stopped him from talking, and he doesn’t have public affairs managers, except his spokesman, Ajuri Ngelale, who writes press statements. Nigerians are getting very angry.
“The government is not doing anything about the food scarcity and it needs to do something urgently. We don’t have a food reserve. There is an unavailability of food. The food crisis is the worst crisis that any nation can encounter. If we add that to the security crisis, it will be severe.
“The President should wake up; it seems he isn’t in the picture of what is happening because he has been caged off. He has been fenced off by plutocrats. He should open his doors and meet those who will tell him the truth.
“Unfortunately, the people who will tell him the truth won’t struggle to meet him. I am very worried not only for the President himself but myself.”
Regarding the crisis involving farmers and herders, Ndume mentioned that those involved have not shown genuine commitment to tackling the problem, pointing out that efforts have consistently been influenced by ethnic feelings.
During a conversation with BBC Hausa on Wednesday, Ndume highlighted the federal government’s struggle to deal with these problems as a significant obstacle, further stating that certain ministers find it difficult to have discussions with President Tinubu about the issue.
He had said: “The major problem with this government is that its doors are closed, to the extent that even some ministers cannot see the President, not to mention members of the National Assembly, who do not have the opportunity to meet with him and discuss the issues affecting their constituencies.”
The Federal Government has declared that the ongoing food crisis will subside in the next one hundred and eighty days.
The Minister of Agriculture and Food Security, Sen Abubakar Kyari, announced this via his social media platform on Wednesday, July 10.
This announcement comes at a time when Nigerians are expressing frustration over the hardship and hunger in the country.
Kyari, however, has outlined the strategies that will be put in place during this period to address the issue.
He said: “Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days.”
His publication reads: “150-Day Duty-Free Import Window for Food Commodities:
“Suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.
“Imported food commodities will be subjected to a Recommended Retail Price (RRP). We understand concerns about the quality of these imports, especially regarding their genetic composition. The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.
“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.
“Engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to restock the National Strategic Food Reserve.”
It added: “Ramp-Up of Production for the 2024/2025 Farming Cycle:
“Continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; Strengthening and accelerating dry season farming nationwide;
“Embarking on aggressive agricultural mechanization to reduce drudgery, lower production costs, and boost productivity.
Collaborating with sub-national entities to identify irrigable lands and increase land under cultivation; Working closely with the Federal Ministry of Water Resources and Sanitation to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
“Developing strategic engagement for youth and women for immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper to increase production volume, stabilize prices, and address food shortages; Fast-tracking ongoing engagements with the Nigerian Military to rapidly cultivate arable lands under the Defence Farms Scheme and encouraging other para-military establishments to utilize available arable lands for cultivation.
“Renewed Hope National Livestock Transformation Implementation Committee; This committee was inaugurated on Tuesday, July 9, 2024, to develop and implement policies prioritizing livestock development in alignment with the National Livestock Transformation Plan, and a ministry of Livestock Development has been created.
- Enhancement of Nutrition Security
- Promoting the production of fortified food commodities.
- Supporting the scale-up of the Home Garden Initiative by the Office of the First Lady of the Federal Republic of Nigeria.”
Kyari also explained that “Over the next 14 days, in close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT), we will convene with respective agencies to finalize the implementation frameworks. We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country.”
According to him, the success of these measures hinges on the cooperation and collaboration of all relevant MDAs and stakeholders.
“As our nation confronts this critical food security challenge, I reiterate President Tinubu’s unwavering commitment to achieving food security and ensuring that no Nigerian goes to bed hungry.
“My team and I will work swiftly and diligently to actualize these crucial policies, ensuring food security for everyone in the immediate term while continuing our strategies for long-term interventions to address underlying causes and ensure sustainable and resilient food systems in Nigeria,” the Minister added.
![Seven New States Proposed By Lawmakers In The National Assembly [Full List]](/media/k2/items/cache/87862c1b3c5bddfda8cc44283e0cacac_XS.jpg)
The National Assembly have commenced moves to make significant changes to the Nigerian constitution.
One of such changes is the creation of new states in some parts of the country.
Seven new states have been proposed at the National Assembly, both in the Senate and the House of Representatives.
Below are the list of proposed states:
Oke-Ogun State
The proposed Oke-Ogun state will be carved out of the present Oyo state. It comprises 12 local government areas, which are: Olorunsogo, Irepo, Oorerelope, Ogbomosho North, Ogbomosho South, Saki-East, Saki-West, Atisbo, Itesiwaju, Iwajowa, Kajola, and Iseyin.
The bill for the creation of the Oke-Ogun, Ijebu and Ife-Ijesha states was sponsored by Honourable Oluwole Oke, a lawmaker representing the people of Obokun/Oriade federal constituency in Osun state.
Etiti State
The new state is in the southeast region.
The bill was proposed on Tuesday, July 2. The House held the first reading of the bill seeking to establish the new state, which was sponsored by five lawmakers: Miriam Onuoha, Chinwe Nnabuife, Amobi Ogah, Anayo Onwuegbu, and Kama Nkemkama.
According to the bill, the proposed Etiti state will be carved out of the five southeast states, namely Ebonyi, Enugu, Anambra, Abia, and Imo.
Ijebu state
Like, Oke-Ogun state, Ijebu state was also sponsored by Honourable Oke in the lower chamber.
Ijebu state, as proposed, will be carved out of the present Ogun state.
It comprises nine local government areas: Ijebu East, Ijebu North-East, Ijebu Ode, Ikenne, Odogbolu, Ogun Waterside, Remo North, Sagamu, and some parts of the Ogun state capital, Abeokuta (partially).
The proposed Ijebu state is situated in southwestern Nigeria, bordering Lagos State to the west and Ondo state to the east. The region is known for its rich cultural heritage, historical significance, and economic importance.
Ife-Ijesha
Another state the Osun lawmaker proposed is Ife-Ijesha, which would be carved out of the present Osun state.
The proposed state comprises nine local government areas: Atakunmosa East, Atakunmosa West, Boluwaduro, Ife Central, Ife East, Ife North, Ife South, Ilesa East, and Ilesa West.
Adada state
The bill for the creation of Adada State passed its first reading on July 2. It was sponsored by Senator Okey Ezea.
The state is to be created from the existing Enugu North senatorial district.
The proposed Adada state would comprise six local government areas: Igbo-Eze North, Igbo-Eze South, Udenu, Nsukka, Igga, and Uzo-Uwani. Nsukka, a major urban centre in Enugu state, would serve as the new state’s capital.
Orlu State
The proposed state is in the southeast region. Orlu will have 28 local government areas.
Anioma State
The state is also in the southeast region.
Anioma will have nine local government areas.
Nigeria’s external reserves increased to $35.05 billion on July 8 — the highest since May 30, 2023.
According to data from the Central Bank of Nigeria (CBN), the foreign reserves rose by $280 million from $34.77 billion on July 5.
TheCable Index observed that the country’s foreign reserves recorded steady increases in July — reaching the highest so far in the year.
The foreign reserves rose from $34.34 billion to $34.43 billion, 34.55 billion, and $34.66 billion from July 1 to 4, respectively.
The latest data is also the first time Nigeria’s external reserves would reach such levels since May 30, 2023 (at $35.09 billion) — a day after the present administration took office.
Since President Bola Tinubu assumed office, the federal government, through the CBN, has introduced several policies to improve the foreign exchange (FX) market and strengthen the naira.
One of the latest interventions is the apex bank’s directive to banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.
“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank,” CBN had said.
“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”
Olayemi Cardoso, governor of CBN, on June 25, said the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.
Meanwhile, despite the positive movement in foreign reserves, the naira weakened at the close of Wednesday, trading at N1,561 against the dollar in the official window.