Human rights activist and Senior Advocate of Nigeria, Femi Falana has sued the Federal Government (through the Attorney General of the Federation), the Minister of Education, the Universal Basic Education Commission (UBEC), and 36 states over the issue of out-of-school children in the country.

Falana filed the suit alongside an early childhood education specialist, Hauwa Mustapha, on behalf of the Alliance on Surviving COVID-19 and Beyond.


Their suit is over their failure to access N68bn Universal Basic Education Commission funds to provide free basic education for every Nigerian Child of school age.

The Attorneys General of the 36 states of the Federation and Minister of the Federal Capital Territory, Abuja were also listed as respondents in the suit which was filed through their lawyer, Senior Advocate of Nigeria, Mrs Funmi Falana.

The suit which was filed on Jan. 19th at the Federal High Court, Lagos, asks the court to determine:

“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.

“Whether the refusal or failure of the Respondents to contribute not less than 50% of the total cost of projects as its commitment to the execution of the free, compulsory education project for every Nigerian child of school age is illegal as it violates section 11(2) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004.

“Whether the Respondents are not under a legal obligation to provide free, compulsory and Universal basic education for every Nigerian child of school age by section 2(1) of the Compulsory, Free Universal Basic Education Act, LFN, 2004.”

In an affidavit sworn to by Femi Falana at the Federal High Court Registry in Lagos on January 26, 2024, the senior lawyer noted that a report made public by the United Nations Children’s Fund (UNICEF) recently estimated the total number of out-of-school children in Nigeria to be 20.2 million.

Falana noted that the report added that one in three children in the country is out of school and that the country has the highest number of out-of-school children in the world.


He said, “The 1st Respondent is the Minister of Justice and the Chief Law officer of the Federation to enforce law and order and ensure compliance with all orders granted by Nigerian courts.

“The 2nd Respondent is constitutionally responsible for the formulation of educational policies and ensuring quality control at all levels of education in Nigeria.

“The 3rd Respondent is the body created by the Universal Basic Education and Other Matters Act, 2004 (UBEA) responsible for the disbursement of the Federal Government Universal Basic Education grants to states and other stakeholders and the coordination of the implementation of the UBE programme throughout Nigeria.

“The 4th to 40th Respondents are the chief law officers of the 36 states of the Federation.

“That the Universal Basic Education and Other Matters Act, 2004 (UBEA) provides for compulsory, free universal basic education for all children of primary and junior secondary school age in Nigeria.”


The applicants are asking the court to grant the following orders in the interest of justice:

A declaration that by section 2(1) of the Compulsory, Free Universal Basic Education Act, Laws of the Federation of Nigeria, 2004, the Respondents are legally obligated to provide free, compulsory and Universal basic education for every Nigerian child of primary and junior secondary, school age.

A declaration that by section 11(1) of the Compulsory Free Universal Basic Education Act the Federal Government shall contribute a block grant of not less than 2% of its Consolidated Revenue Fund to the Universal Basic Education Fund on an annual basis.

A declaration that by section 11(2) of the Compulsory Free Universal Basic Education Act, each State of the Federation shall contribute not less than 50% of the total cost of projects as its commitment to the execution of the projects to qualify for the Federal Government block grant under subsection 1(1) of this section.

A declaration that the refusal or failure of the Respondents to access the sum of N68 billion for the universal basic education of children of school age in Nigeria is illegal as it violates section 1(2) of the Compulsory Free Universal Basic Education Act.

An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant of N68 billion in the account of the Universal Basic Education Fund and report compliance with the order within 30 days of the delivery of the judgment of the Honourable court.

An order directing the 4th-40th Respondents to pay the counterpart fund to access the matching grant in the Account of the Universal Basic Fund as at when due forthwith.

Last modified on Wednesday, 31 January 2024 14:27

International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 — down from a 3.1 percent projected in October 2023.

This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024.

The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open Path to Soft Landing’.

IMF also projected a 3.1 percent economic growth for Nigeria in 2025.

In the outlook, IMF also downgraded its forecast for sub-Saharan Africa from 4 percent to 3.8 percent for 2024.

“In sub-Saharan Africa, growth is projected to rise from an estimated 3.3 percent in 2023 to 3.8 percent in 2024 and 4.1 percent in 2025, as the negative effects of earlier weather shocks subside and supply issues gradually improve,” IMF said.

“The downward revision for 2024 of 0.2 percentage point from October 2023 mainly reflects a weaker projection for South Africa on account of increasing logistical constraints, including those in the transportation sector, on economic activity.”

Revealing further, the organisation increased global growth by 0.2 percent to 3.1 percent this year, before rising modestly to 3.2 percent in 2025.

IMF said: “Compared with that in the October 2023 WEO, the forecast for 2024 is about 0.2 percentage points higher, reflecting upgrades for China, the United States, and large emerging markets and developing economies.”

“Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 percent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.

“Advanced economies are expected to see growth decline slightly in 2024 before rising in 2025, with a recovery in the euro area from low growth in 2023 and a moderation of growth in the  United States. 

“In emerging market and developing economies, growth is expected to remain at 4.1 percent in 2024 and to rise to 4.2 percent in 2025. 

“An upward revision of 0.1 percentage point for 2024 since October 2023 reflects upgrades for several regions.”

IMF also said emerging markets and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.

On inflation, the outlook said global headline inflation is expected to fall from an estimated 6.8 percent in 2023 (annual average) to 5.8 percent in 2024 and 4.4 percent in 2025.

The organisation said advanced economies are “expected to see faster disinflation, with inflation falling by 2.0 percentage points in 2024 to 2.6 percent, than are emerging market and developing economies, where inflation is projected to decline by just 0.3 percentage point to 8.1 percent”. 

IMF, however, said inflation declines toward target levels across regions, adding that the near-term priority for central banks is to deliver a smooth landing, neither lowering rates prematurely nor delaying such lowering too much.

“With inflation drivers and dynamics differing across economies, policy needs for ensuring price stability are increasingly differentiated,” IMF said.

“At the same time, in many cases, amid rising debt and limited budgetary room to manoeuvre, and with inflation declining and economies better able to absorb effects of fiscal tightening, a renewed focus on fiscal consolidation is needed.”

IMF said intensifying supply-enhancing reforms would facilitate both inflation and debt reduction and enable a durable rise in living standards.

Former Vice President Atiku Abubakar has taken a swipe at President Bola Tinubu for embarking on a private trip abroad at a time when there are killings and kidnappings in the country.

The presidency in a swift response said Atiku’s statement accusing the president of fiddling amidst some security and economic challenges is “to say the least, reckless.”


The presidential candidate of the main opposition, the Peoples Democratic Party (PDP) has called on the president to step aside if he is overwhelmed by the office, noting that the country cannot afford another “Tourist-in-Chief.”

Atiku’s position is contained in a statement he posted on his verified X handle @atiku on Tuesday.

But in a swift response, the Presidency described the former vice president’s remark as reckless.


“Tinubu is playing fiddle while Nigeria is drowning in the ocean of insecurity. To imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90m ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians.

“If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another Tourist-in-Chief. The country needs 24/7 leadership to confront the pervasive insecurity and collapsing economy. -AA,” the former vice president posted.

In his response, Special Adviser to the President on Information and Strategy, Bayo Onanuga, assured that Tinubu is on top of the situation.

Onanuga said coming days after the former vice president made “an equally reckless allegation” against the President on the crude for loan deal for NNPC Limited, his latest statement fell short of what is expected from an elder statesman.

The statement added: “We like to believe that Alhaji Atiku is still not nursing the hangover of his electoral defeat and now latches on any issue to attack President Tinubu.


“President Tinubu did not travel without informing Nigerians of his whereabouts. He announced a private visit to France and announced a return date.

“While in France, President Tinubu has been following developments at home and he is on top of the situation in the country. Today’s inauguration of the Tripartite Committee on National Minimum wage bore his imprimatur.

“He is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.

“He has particularly ordered them to apprehend those criminals responsible for the murder of two monarchs in Ekiti State and the kidnapping of some pupils in the state.

“We are already seeing results with the arrest of over 139 kidnappers around Abuja, Kaduna and Benue States in the last one week. The police Special Intervention Squad (SIS) and DSS have also rescued 154 abducted persons in the last few days.

“Just last week President Tinubu approved N50billion as Special Fund to address some of the lingering security challenges in North East where Alhaji Atiku hails from. To cope with the kidnapping challenges in the FCT, President Tinubu also approved funds for the acquisition of equipment to track criminals.

“If Alhaji Atiku is really concerned about security issues and not playing cheap politics, he should have known that President Tinubu is on top of issues and working hard to restore peace to every part of our country.

“Our security agencies are working very hard to bring the security situation under control. President Tinubu is giving them all the necessary support they need to win the battle against criminal elements and secure every inch of our country.”

 

The Lagos State government, on Tuesday, gave a 30-day final notice to owners and occupiers of residential buildings illegally converted to religious houses, club houses, lounges and bars without approval for change of use, to revert to the original use of the structure.

The notice was issued by the General Manager of the Lagos State Building Control Agency (LASBCA), Gbolahan Oki.

The notice, Oki noted, is sequel to the distortion of the state master plan, especially residential areas by some people who in gross disregard to the regulatory provisions of the law turned residential areas to club houses and worship centers, thereby constituting a nuisance to the environment.

According to him, the removal notice became imperative following security concerns of citizens and repeated complaints of non-adherence to safety and security guidelines issued to the club owners.

Oki called on owners of buildings in residential areas that have been converted without the requisite approvals to evict such occupants before the expiration of the 30-day final notice, warning that the state will not give further notice of sealing but outright removal of such buildings at the cost of the owners.

“We are giving them one month’s final notice from today 29th of January to revert all properties converted to churches, mosques, clubs and bars to revert to the original plan or have such buildings removed at their expenses,” he warned, according to a statement by LASBCA.

Oki maintained that LASBCA had earlier identified the non – conforming structures and have served the statutory enforcement notices but regretted that those affected have either failed or refused to respond to the notices.

He advised property owners to take the notice with all seriousness it deserves, adding that nobody will be spared in the effort to sanitize the state in line with Africa’s model mega city status vision of the Governor Babajide Sanwo-Olu led administration.

The People’s Democratic Party (PDP) has cleared all the 10 aspirants who obtained its nomination form for the February 22 Edo State governorship primary.


The aspirants were screened on Monday by a panel headed by Plateau State Governor, Caleb Mutfwang.

Eleven aspirants obtained the party’s expression of interest form, but one, Balogun Egiele Sunday, according to the National Organising Secretary Capt. Umar Bature (rtd.), did not pay for the nomination form.

Bature who issued the aspirants provisional clearance certificate on Tuesday, however, denied that Asuerinme Ighodalo, who is believed to be the choice of Edo governor Godwin Obaseki for the PDP ticket, was chased out by other aspirants for allegedly being rude to the Deputy Governor Philip Shaibu.

Ighodalo was not among the aspirants presented with the provisional clearance certificate on Tuesday, which seemed to give credence to the rumour.

There was also rumour that he would be disqualified because he joined the PDP late last year, and has not spent the constitutional requirement of 12 months to qualify him to run for office on the PDP platform.

But Bature disclosed that Ighodalo was issued his own clearance certificate on Monday.

“No aspirant was disqualified. Ten aspirants obtained the nomination form and all of them were cleared. One person bought the expression of interest form but did not obtain the nomination form,” he explained.

Among the aspirants issued the clearance certificate on Tuesday were, Deputy Governor Philip Shaibu, a member of the House of Representatives, Omoregie Ogbedie Ihama, former Director General of the PDP Governors’ Forum Osaro Onaiwu, daughter of former Edo governor Omosede Igbinedion and former Chairman of PDP in Edo State, Anslem U. Ojezua.


Others are Felix E. Akhabue, Arthur Esene, Ambassador Martin Uhomoibh and Umoru Adizetu Hadizat.

The Nigerian Labour Congress said on Tuesday that the N200,000 minimum wage it earlier proposed to the Federal Government was no longer realistic, considering the country’s current economic situation.

The congress, which spoke through its National Vice President, Tommy Etim, was reacting to Tuesday’s inauguration of the Minimum Wage Committee by Vice President Kashim Shettima.

Etim, in an exclusive interview with The PUNCH on Tuesday, emphasised that the congress would base its national minimum wage negotiation on the current economic reality rather than what it earlier proposed.


He said, “You are aware that when we opted for the N200,000, the socio-economic challenges were not as biting as they are now. And when you now look at the exchange rate, it was not what it is now. The naira rate not been devalued as it is now. So, N200,000 is no longer tenable.”

When our correspondent asked whether there was a minimum figure the congress would take along to the committee, Etim said, “We are not going there with a fixed amount, but definitely not N200,000. By the time we get there, we will decide based on the socio-economic situation. That’s what we are going to base our national minimum wage discussion and negotiation on.”

The Federal Government had earlier charged the 37-man wage committee to hasten its deliberations and submit its recommendations promptly while directing the Ministry of Finance to ensure its adequate funding and calling for collective bargaining in good faith, emphasising contract adherence even as he urged committee members to consult outside their ranks.

With its membership cutting across federal and state governments, the private sector, and the organised labour, the panel is to recommend a new national minimum wage for the country.

To guarantee sustainability in all tiers of government, President Bola Tinubu said the committee must pay attention to the ability of all parties to pay the new wage, just as he asked the committee members to ensure the timely completion of their assignment.

Tinubu, represented by the Vice President, said this when he inaugurated the tripartite committee on the national minimum wage at the Council Chamber of the State House in Abuja.

“The committee is anticipated to conclude its deliberations promptly and submit its report and recommendations.

“This timely submission is crucial to initiate the necessary processes for implementing a new National Minimum Wage.

“The Honourable Minister of Finance and Coordinating Minister of the Economy has been instructed to allocate the essential funds and logistics to the Committee, facilitating the timely completion of its assigned task. I hereby inaugurate the Tripartite Committee on National Minimum Wage and extend my best wishes for fruitful deliberations,” declared the President.


Tuesday’s inauguration follows months of agitation from organised labour who expressed concerns over the FG’s failure to inaugurate the new national minimum wage committee as promised during negotiations last October.

In May 2017, the House of Representatives moved to amend the National Minimum Wage Act for a compulsory review of workers’ remuneration every five years.

Consequently, the Minimum Wage Act 2019, signed by former President Muhammadu Buhari, empowers the committee to deliberate and present an agreed wage to be ratified by the National Assembly after due legislative scrutiny.

Buhari also signed the Minimum Wage Act that approved N30,000 for federal and state workers in the same year. However, Tinubu announced the discontinuance of fuel subsidies on May 29, 2023, which triggered a sharp rise in the general cost of living.

Although the administration approved an additional N35,000 wage award for six months (starting September 2023) to alleviate the impact of the subsidy removal, the organised labour maintained that this was only a provisional solution and called for a complete review of the minimum wage in 2024.

The President said his administration hopes to surpass the basic Social Protection Floor for all Nigerian workers, considering the sustainable payment capacity of each tier of government and other employers or businesses.


He explained why: “I express this viewpoint because the minimum wage represents the least amount of compensation an employee should receive for their labour, and as such, it should be rooted in social justice and equity.”

“I hope that the results of your deliberations will be consensual and acceptable to all parties involved,” the President told members of the committee.

He reaffirmed his administration’s promise to improve the welfare of Nigerian workers and, by extension, the entire nation, saying, “The labour force stands as the cornerstone of the progress of every nation, and ours has been the enduring engine of our pursuit of development.”

Earlier in his opening remarks, the Secretary to the Government of the Federation, George Akume, urged the committee to give its best, noting that the task before it carried the hopes and aspirations of millions of Nigerian workers.

Akume said the new panel fulfilled the promise of the Tinubu administration to embark on a comprehensive review of the minimum wage for the average Nigerian worker.

On his part, the Chairman of the tripartite committee, Bukar Aji, assured the President that the committee would do justice to the task assigned to it.

“We shall, by God’s grace, carry out extensive consultations with key stakeholders to arrive at a new minimum wage that is fair, practical and implementable,” Aji, a former Head of Service of the Federation, said.

Meanwhile, Governor Mohammed Bago of Niger State, who is a member of the wage committee, told journalists that he foresaw no challenges in the next two months of the committee’s assignment.

“We don’t want to preempt the outcome of this meeting, but you need to understand that the sub-nationals also have challenges and that the Federal Government, in its own wisdom, has brought the sub-nationals into perspective and this discussion will be done together with the sub-national, so I’m not sure we’re going to foresee any challenge,” he said.

On his part, THE Vice President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Humphrey Ngonadi, argued that raising the minimum wage would make no difference if the prices of essential commodities kept soaring.

“I thank God for this initiative that the government is taking at this particular place, but I’m still worried. We may remember some time long ago, there was the Udoji Award and that was the first time salaries of workers were increased and immediately after the increment, the commodities in the market ran up to meet.

“So while we increase the salary of the workers, let the government work on bringing down the prices of commodities in the market.

“If a worker is paid N1m as the minimum wage and a bag of rice is N900,000, the N1m still has no meaning. So what I think is while we are thinking of minimum wage, to hike the salary of the worker, the government, on its side, has to think of how that money will have value,” Ngonadi argued.

The 37-man tripartite Committee has six Governors, some cabinet Ministers, representatives of the organised labour and the private sector among its members.

The governors include Bago of Niger State, representing the North Central; Bala Mohammed of Bauchi State, representing the North-East; Dikko Radda of Katsina State, representing the North-West; Charles Soludo of Anambra State, representing the South-East; Ademola Adeleke of Osun State, representing the South-West, and Otu Bassey of Cross River State, representing the South-South.


The ministers are the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Atiku Bagudu; the Head of the Civil Service of the Federation, Dr. (Mrs) Yemi Esan, and the Minister of State for Labour and Employment, Nkeiruka Onyejeocha.

Governor Seyi Makinde of Oyo State said the establishment of state police has become imperative to surmount the security challenges facing different parts of the country.

Makinde stated this when he received the Conference of Speakers of State Legislators, South-West Chapter, led by its chairman and Speaker of Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye on Tuesday.


The speakers paid a courtesy visit on the governor in his office in Ibadan over the January 16 explosion in Bodija.

The governor, who maintained that the refusal of the Federal Government to approve South-West Governors’ demand to establish state police a few years ago led to the establishment of the Western Nigeria Security Network Agency codenamed Amotekun, said it is important for the Federal Government to revisit the matter.

The governor maintained that there is a need for collaboration and cooperation between the executive arm of government and the legislators to deliver dividends of democracy and bring development to the people.

The governor said, “I want to observe that you need to all come together irrespective of the political party that brought you into office. This is a demonstration that the electioneering period is over and you need to have everybody pulling together to govern and deliver dividends of democracy to our people.”

Makinde maintained that the establishment of state police is an idea whose time has come and that the fears in some quarters that states would not be able to maintain state police are unfounded.

He cited the example of Oyo State where the payment of salaries and pensions has never been an issue despite the economic challenges in the country.

Makinde said, “A lot of people may not know that before we launched Amotekun in this state, some of us governors went to the Federal Government and we asked to be allowed to set up state police for our various states but we did not get that approval during the time of President Muhammadu Buhari.

“I disagreed at that particular time and still disagree to date that the states are not in the position to maintain state police. I have never seen where the Federal Government went to a particular state and gave the police everything they needed. So, the states are already maintaining the police.”


Makinde said that the police are on the exclusive list, but if that responsibility is split and states have to run their police system, they should have access to resources from the federation account to meet the responsibility of maintaining the police.

“So, the issue of being unable to maintain state police will not arise again. Give us the responsibility first and see if certain states will be able to maintain it or not.

“But since we could not get state police, we settled for Amotekun. All the state assemblies in the South West passed a common law for its establishment. So, we have to be pushing for state police, and you lawmakers have a role to play to make that a reality.”

The Ogun State Police Command on Tuesday paraded three police officers who had been subjected to orderly room trial for alleged involvement in armed robbery in Ijebu-Ode after which they were dismissed and would soon be charged to court.

The dismissed officers are Inspector Taiwo Kolawole with force number AP/No 341113, Inspector John Ogbe with force number AP/No 309292 and Cpl Idowu Sunday, with force number 513707. All the officers were attached to Ijebu-Ife in Ijebu East Local Government Area of the state.

This is just as a Library and Information Science student of Tai Solarin University of Education, Ijagun, and Abdul-Azeez Ibrahim, a suspected Black Axe cultist, were also paraded in connection with series of kidnapping and armed robbery in and around Ijebu Ode and its environs.

Ibrahim was said to have been arrested on Saturday, January 27 at Imaweje Ijebu in Odogbolu Local Government Area of the state.

He was said to have been found with seven assorted guns and charms all of which he was alleged to be using for his nefarious activities.

The Commissioner of Police, Abiodun Alamutu, disclosed this on Tuesday while briefing newsmen over the success of the state command in fighting crime and criminalities at its Eleweran headquarters, Abeokuta.

Speaking on the dismissal of the three police officers, Alamutu said that one Kashimao Emmanuel of Tai Solarin University of Education, Ijagun, Ogun State had on January 12 at about 8:45am reported how the three erstwhile police officers accosted him while driving and forced him to transfer from his account to an Opay account no. 9097829766.


Alamutu said, “On 12/01/2024, at about 0845hrs, one Kashimao Emmanuel ‘m’ of TASUED Ijebu-Ode , reported at the station that while he was driving in his Toyota Venza car, with Reg No. LSD 813 EX brown in colour, that he came across a gang of four armed men and one of them was putting on a police round neck camouflage, while three others were on mufti.

“They demanded his phone, which he calmly declined. In the process, one of them fired a shot into the air and that was when he complied.

“They entered into his car and took him away towards Sagamu Expressway. On getting to Ososa, they made a U-turn to Ijebu-Ode, where a sum of N312,000 was forcefully transferred from his account to an Opay account no. 9097829766.

“Upon the receipt of the report, the DPO quickly made a call to the Opay account number where it was discovered that the Opay account number belongs to a POS operator in Ijebu-Ode.

“The DPO then gave instruction that on no account should the POS operator give out the money transferred to him to anyone who comes for it. More so, the operator should tactically delay anyone who comes for the money pending his arrival.

“On getting to the POS shop at Ibadan garage, one Force No 513707 Cpl Idowu Sunday attached to Ijebu-Ife was met waiting to cash the money and was promptly arrested.

“While taking him to the station, he sighted his accomplices, namely AP/No 341113 Inspector Taiwo Kolawole, AP/No 309292 Inspector John Ogbe, both were attached Ijebu-Ife Division, and one civilian, Adesiyan Mathew, who happened to be the driver, was also arrested.


“In the course of investigation, two other complainants who were victims at various times came forward and identified them to have earlier robbed them of their belongings in the same manner.

“The three policemen have been tried in orderly room and dismissed. They will be charged to court soonest.”

The CP also disclosed that over 80 suspects were arrested for various criminal acts such as cultism, armed robbery, kidnapping among others.

The Central Bank of Nigeria (CBN) has announced the completion of payments for all verified claims by airlines, adding an additional $64.44 million to foreign aviation firms.

The disclosure came on Tuesday from Hakama Sidi-Ali, the acting director of corporate communications at the CBN.


According to Sidi-Ali, this latest payment brings the total verified sum disbursed to the aviation sector to a substantial $136.73 million.

According to Sidi-Ali, the CBN governor, Olayemi Cardoso and his team are committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors are cleared and confidence restored in the Nigerian FX market.

She also assured that the CBN is working with stakeholders to ensure liquidity improves within the forex market, thereby reducing pressure on the naira — Nigeria’s local currency.

While expressing optimism that the market would respond positively with the latest injection of over $64 million, she admonished actors in the FX market to guard against speculation as such actions could hurt the naira.

Siri-Ali, therefore, urged the public to support the reforms in the FX market, adding that the CBN would continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.

Foreign airlines have struggled to repatriate their revenues since July 2022, when the total amount hit $464 million.

In an attempt to recover the funds, Emirates Airlines suspended flight operations to Nigeria in November 2022.

British Airways (BA) also closed its inventory to Nigeria in the global distribution system (GDS) — an act that prevented local travel agencies from making bookings from their portals.

Following several meetings by the authorities aimed at addressing the impasse, the CBN released the sum of $265 million to foreign airlines operating in the country to settle outstanding ticket sales.

According to the International Air Transport Association (IATA), foreign airlines’ revenue blocked from repatriation by the Nigerian government increased to $743 million from $662 million in January 2023.

IATA, however, said the figure increased to $2.27 billion in April 2023, adding that Nigeria now has the highest amount of unrepatriated airlines’ funds worldwide.

The immediate past Governor of Kogi State, Yahaya Bello, has distanced himself from campaign posters claiming that he was running for the position of the national chairman of the ruling All Progressives Congress (APC).

Naija News had reported the campaign posters of the former governor were seen on major streets in the Federal Capital Territory (FCT), especially around the federal secretariat.


Also, the campaign posters, with the inscription, “APC Next Level. Alhaji Yahaya Bello as APC National Chairman. Leading the Change, Building a Stronger APC”, were pasted on walls and fences of structures around the APC National Secretariat along Blantyre Street, Wuse 2, Abuja.

But in a statement, he personally signed on Tuesday, Bello said he is not running for the APC chairmanship seat, adding that the insinuation of party chairmanship ambition through some posters in Abuja is infantile and false.

The former governor described the move as the antics of opposition leaders, mischief makers, and fifth columnists bent on creating confusion within the hierarchy of the party.

Bello said the APC is not in the process of conducting congresses or a convention, therefore, there is absolutely no basis for anyone to circulate any posters for party offices.

The former governor urged members of the public to disregard the false impression, saying that he never authorised anyone to circulate any posters on his behalf.

According to Bello, he remains a loyal party man who is committed to the leadership of the Abdullahi Ganduje-led National Working Committee (NWC).

Last modified on Wednesday, 31 January 2024 03:58