Vice-President Kashim Shettima says President Bola Tinubu ended petrol subsidy and multiple exchange rates in the official market because they were producing billionaires overnight.

Shettima spoke during a courtesy visit by a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by Gabriel Idahosa, president of the chamber, in Abuja on April 18.

Tinubu declared the end of petrol subsidy during his inaugural speech as president on May 29, 2024.


A month later, the Central Bank of Nigeria (CBN) unified the multiple exchange rates in the official markets.

Also, Shettima expressed optimism about the performance of the naira.

He said the naira will continue to appreciate in the foreign exchange (FX) market.

After a consecutive appreciation trend from March 20, the naira depreciated by 17.14 percent to N1,230 per dollar on April 19.

He said the naira will strengthen in the coming days.

“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend,” he said.

“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Meanwhile, Shettima said the present administration is making every effort to address challenges in the power sector because it is aware that power is crucial.

“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal,” he said.


Shettima said Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.

The Nigerian Immigration Service (NIS) has made state of origin certificate a compulsory requirement for passport renewal and fresh application.

Immigration made this known to the public in a post on its X handle on Saturday morning.

It said passport applicants do not necessarily need to go to their states of origin to get the “indigenship document”.


NIS added that it is aware that most states have liaison offices in other states.

“For example, Anambra state has liaison offices in Lagos (Eti-Osa) and Abuja (Asokoro),” NIS said.

According to Immigration, these liaison offices are empowered to issue such documents.

NIS said every document that the it requires from passport applicants to produce/submit/upload was carefully thought through.

It further stated that each document is backed by certain laws and policy documents.

“They are approved by the Federal Government through our supervising ministry – in this case, the Ministry of Interior,” Immigration said.

“It is quite important, especially based on certain intel that we have (but cannot disclose publicly), that ANYONE, a Nigerian of course, who wishes to obtain a Nigerian passport – a document of authority for identification and travel – MUST prove beyond reasonable doubt, that he/she is a Nigerian citizen.”

NIS stated that for one’s claim of being a Nigerian citizen to hold water, there has to be a document that “ties” an individual to a local government (indigenous area) within the country.

This document is what NIS requests that an applicant presents to them, amongst others, to authenticate one’s claim of being a citizen.

Immigration has urged passport applicants to read up the particular part of the Nigerian Constitution that bothers on citizenship.

The basic requirements for first-time passport applicants are as follows: completed passport application form, a recent passport-style photograph and a copy of your National Identification Number (NIN).

Others requirement include a copy of applicant’s birth certificate, letter of consent from your parents or guardian and payment of N5,000 for the passport application fee.


The requirements for renewal passport applicants are as follows: completed passport application form, a recent passport-style photograph, a copy of old passport and payment of N2,000 for the passport application fee.

Following the decision of the National Executive Committee (NEC) of the Peoples Democratic Party (PDP) to retain Ambassador Umar Damagum as Acting National Chairman, the battle for the soul of the party has now shifted to the forthcoming State congresses.

Sunday Vanguard gathered that Damagum’s survival, in what appeared to be a coordinated attempt to replace him, has opened new frontiers for the battle to control the party’s structure ahead of the 2027 general elections.

Loyalists of the Minister of the Federal Capital Territory (FCT), Nyesom Wike, who are the main backers of Damagum are celebrating his retention as a victory over loyalists of former Vice President, Atiku, who wanted Damagun replaced.

The battleground for the soul of the party has now shifted to the usually contentious Ward, Local Government and State congresses.

Governors, who have powerful predecessors or party stalwarts, will be battling to either retain or take control of the party structure at the state level to enhance their chances of political survival.

Dispute

At the height of the political dispute between Wike and his successor, Similaye Fubara, the FCT Minister had told all who cared to listen “We will not allow anybody to tamper with our structure in Rivers State.”

But Fubara appears determined to do just that in order to consolidate his position as governor.

A member of the PDP National Executive Committee (NEC), who spoke in confidence for fear of retribution, explained that politics begins at the grassroots hence the decision of party leaders whose political relevance is at stake to return to the drawing board.

The party stalwart, who is sympathetic to Atiku, said, “This (the Damagum debacle) was just one battle, there are several ahead. We are going back to plan for state congresses.

“We will work with friendly governors in states where our party have them. In states where we don’t have a government in place, we will work with leaders to stabilize the party.

“As you are probably aware, these are areas where the battle is likely to be fierce. The state executives have a crucial role to play in organizing the party and the election of delegates for crucial elections”.

Gains

In the same breath, Wike’s loyalists are not leaving anything to chance as they are said to have set in motion a machinery to consolidate on recent gains.

Those familiar with the plan confided in Sunday Vanguard, “This group is not taking anything for granted. What is next is to ensure that the committees to be set up to conduct ward, local government and state congresses do not take us by surprise.

“To Wike’s credit, he has built a lot of bridges in the party over the years.

“He has a sizable number of loyalists nationwide. He remained and kept the party together when Atiku and his friends abandoned the party in 2015”.

An Imo State chieftain of the party, Dr. Katch Onanuju, whose sympathy lies with Wike, while speaking on the issue, said, “We have issues in our party no doubt, but we will sort ourselves out.

“All the noise about Wike doing anti-party is lacks basis. Whatever he did in 2023 is nothing compared to what the five northern governors and Rotimi Amaechi did to the party in 2015. Wike never left our party, he remained and has been helping to rebuild it ever since.

“The party will surmount its problems if there is sincerity of purpose. The congresses are coming up, there will be fresh crisis if some people think they can sit in Wadata Plaza and impose leaders on the states and write lists where people who never participated in the electoral process are named as leaders.”

[Vanguard]

President Bola Tinubu congratulates Mr. Tunde Onakoya on setting a new world chess record and sounding the gong of Nigeria's resilience, self-belief, and ingenuity at the square of global acclaim.

Mr. Onakoya broke the Guinness World Record for the longest chess marathon on Saturday, after playing for over 58 hours and winning every match in tow.

President Tinubu celebrates the Nigerian Chess Champion and founder of Chess in Slums Africa for the rare feat, but especially for the reason driving this compelling demonstration of character, which is raising funds for African children to learn and find opportunity through chess.

The President states Mr. Onakoya has shown a streak customary among Nigeria's youth population, the audacity to make good change happen; to baffle impossibility, and propel innovations and solutions to the nation’s challenges, even from corners of disadvantage.

The President affirms that Nigeria's youths have demonstrated in all fields, including Afrobeats, Nollywood, the pulsating skit-making enterprise, education, science, and technology, that great exploits can truly come from small quarters.

President Tinubu commends the inclination of Nigerians - across artificial partitions - for unity, once again exemplified through their undiluted support for this epoch-making endeavour.

The President assures all citizens that his administration remains strongly committed to creating and expanding opportunities for the youth to explore and exercise their abilities and become the symbols of greatness our nation represents into the future.

 

Chief Ajuri Ngelale 

Special Adviser to the President 

(Media & Publicity)

 

April 20, 2024

Babajide Sanwo-Olu says Tunde Onakoya’s achievements show greatness can come from humble beginnings.

The governor, in a statement on Saturday, congratulated the young chess master for completing a 60-hour chess marathon in New York.

Tunde Onakoya is a Nigerian chess master, coach, and the founder of a non-profit initiative called Chess in Slums Africa.

He has organised several interventions for children across slums in Lagos state including Ikorodu, Makoko, and Oshodi.

The children are engaged in a two-week session to unlock their potential through chess while learning and acquiring literacy.

Onakoya would take on what became one of his most daring projects, opting to set a record for the longest chess marathon.

The Nigerian completed the Guinness World Record (GWR) attempt on Saturday after surpassing the previous mark of 56 hours.

GWR is typically expected to vet an attempt before confirming that a new record has been set on any task.

Sanwo-Olu said Onakoya’s achievement at Times Square New York captures “the true spirit of Lagos”.

“Your journey from Lagos, Nigeria to global recognition embodies the spirit of our great city,” he said of the young chess master.

“Tunde Onakoya continues to demonstrate that greatness can emerge from even the most humble beginnings.

“His remarkable story serves as a blueprint for all of us in Lagos city where his impact has been felt the most, showing that, with determination, dreams can indeed soar to monumental heights.

“Tunde’s entire journey was showcased on digital billboards and celebrated with watch parties, capturing the true spirit of Lagos. Despite enduring pain and fatigue, Tunde persevered, driven by his commitment to empower the children he champions.

“This is your moment, Tunde, and Lagos stands with you every step of the way.”

Onakoya learned to play chess at a barber’s shop in an Ikorodu Lagos slum where he grew up.

He got a diploma in computer science at Yaba College of Technology, representing the school in chess competitions.

Onakoya, aged 29, is a board member of the New York City-based non-profit The Gift of Chess.

The Nigerian Air Force (NAF) is expected to take delivery of six M-346 fighter aircraft before the end of 2024.

In November 2023, NAF struck a deal with Messrs Leonardo, an Italian defence company, for the supply of 24 M-346 fighter aircraft.

The deal is reportedly worth around €1.2 billion.

On Wednesday, Claudio Sabatino, the vice-president of the Italian company, visited NAF headquarters in Abuja and met with Hasan Abubakar, the chief of air staff.

In a statement by Edward Gabkwet, NAF spokesperson, Sabatino was quoted to have assured Abubakar of the timely delivery of the first batch of the aircraft.

Sabatino said further agreement between NAF and the company would be necessary to complete some aspects of the projects.

He added that after the final agreement, the maintenance of the aircraft fleet would not constitute a challenge as there is a binding agreement for the 25-year maintenance support.

Sabatino disclosed that the manufacturing of the aircraft fleet has reached an “appreciable state”.

On his part, Abubakar commended the company for the “assurance of long-term maintenance support” for the aircraft fleet.

The NAF chief urged the Italian company to set up a maintenance hub in Nigeria to serve the needs of its African clients.

“Reflecting on the journey thus far, Air Marshal Abubakar also acknowledged the challenges overcome and expressed optimism for the future trajectory of the partnership,” the statement reads.

“Envisioning the operational impact that the M-346 fighter aircraft, Air Marshal Abubakar underscored its dual role in bolstering training capabilities and augmenting operational effectiveness in diverse mission scenarios.

“Moreover, the prospect of close air support, air interdiction, and tactical reconnaissance as well as advanced pilot training capabilities inherent in the M-346 fighter aircraft heralded a new prospect for NAF’s operational versatility.”

The federal government says it will pin down Ways and Means advances to deal with the problem of too much liquidity in the system to stem inflation.

Wale Edun minister of finance and co-ordinating minister of the economy, spoke to journalists in Washington DC, United States, shortly after a meeting with investors at the on-going spring meetings of the International Monetary Fund (IMF) and the World Bank.

He told the global gathering that the current administration, led by President Bola Ahmed Tinubu, is fully determined to “pin down” Ways and Means to alleviate the pressure of the excess money in the system.

The minister said the fiscal and monetary authorities are also working towards bringing down inflation.

“The two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again,” Edun said.

“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”

Speaking on food security, Edun said the present administration is dealing with the problem in order to provide farmers’ with access to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

Edun added that agro clusters are being developed in collaboration with the African Development Bank (AfDB) to increase food production in the country.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN); Lydia Shehu Jafiya, permanent secretary, federal ministry of finance, and Zainab Ahmed, former minister of finance, were some of the top government officials who attended the meeting.

On February 9, Cardoso had said the CBN would halt its Ways and Means advances to the federal government.

He said the apex bank would no longer be a part of the Ways and Means agreement with the federal government until all outstanding debts are refunded.

Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.

According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.

However, he voluntarily decided to step down on April 20.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016.

Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).

Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).

Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

The naira reversed the appreciation trend at the parallel section of the foreign exchange market on Friday.

The local currency depreciated by 17.14 percent to N1,230 per dollar — from N1,050/$ on April 17.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,200 and the selling price at N1,230 — leaving a profit margin of N30.

“The price of the dollar against naira increased since yesterday, probably due to the fact that there has been an increased demand since yesterday,” Aliyu, a BDC operator, said.

Meanwhile, the decline ended the upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$.

At the official window, the naira depreciated to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ traded on April 18.

The local currency traded at a high of N1,236 and a low of N1,021, according to FMDQ Exchange, a platform that oversees official FX trading in Nigeria.

The development comes a day after the Central Bank of Nigeria (CBN) denied selling FX to BDC operators at the rate of N1,001/$1.

CBN, in a post on X on April 18, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”.

The apex bank urged Nigerians to always refer to its website for authentic information.

The Federation Account Allocation Committee (FAAC) distributed a substantial sum of ₦1.123 trillion from the March 2024 Federation Account revenue to the federal, state, and local government tiers on Friday.
Naija News reports that the allocation, as reported by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, reflects an uptick in several major revenue streams, including import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT).

According to a communique released after FAAC’s April meeting, the total distributable revenue consisted of ₦311.233 billion from distributable statutory revenue, ₦511.879 billion from distributable VAT revenue, ₦14.754 billion from Electronic Money Transfer Levy (EMTL), and ₦285.525 billion from exchange difference revenue.

The total available revenue for March was ₦1,867,808,000,000. Deductions for the cost of collection amounted to ₦69.537 billion, while transfers, interventions, and refunds totaled ₦674.880 billion.

March’s gross statutory revenue was ₦1.017 trillion, a decrease of ₦175.212 billion from February’s ₦1.192 trillion.

Conversely, the gross revenue available from VAT for the same period was ₦549.698 billion, marking an increase of ₦89.210 billion over the previous month.

The communique detailed that the Federal Government received ₦345.890 billion, state governments were allocated ₦398.689 billion, and local government councils received ₦288.688 billion. Additionally, mineral-producing states received ₦90.124 billion as a 13% derivation of mineral revenue.

From the ₦311.233 billion distributable statutory revenue, the Federal Government received ₦133.960 billion, state governments ₦67.946 billion, and local government councils ₦52.384 billion. A total of ₦56.943 billion was distributed as derivation revenue to the benefiting states.

For the distributable VAT revenue of ₦511.879 billion, the Federal Government received ₦76.782 billion, state governments ₦255.940 billion, and local government councils ₦179.158 billion.

The allocation of the ₦14.754 billion EMTL revenue saw the Federal Government receiving N2.213 billion, state governments ₦7.377 billion, and local government councils ₦5.164 billion.

Furthermore, from the ₦285.525 billion in exchange difference revenue, the Federal Government was allotted ₦132.935 billion, state governments ₦67.426 billion, and local government councils ₦51.983 billion, with an additional ₦33.181 billion shared as derivation revenue with the mineral-producing states.