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Leaders of Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterpart are currently meeting with the Federal Government.
Vanguard gathered that meeting is centered on the state of the nation, especially the petrol pricing and its consequences.
There're still Nigerians with integrity — Femi, who returned N21m worth of crypto coins to owner
According to sources, the meeting is taking place at the Secretary to the Government of the Federation, SGF, George Akume.
Details coming.
Nigeria’s external debt is the largest amongst all sub-Saharan African nations, despite the fact that it received debt waivers from the Paris Club, London Club or from Independent Creditors.
The arrears of this debt have accumulated inexorably, putting Nigeria in the bad books of international financial communities. Also, Nigeria’s huge debt profile has negatively affected its economy, hence, a big reason to worry.
Nigeria’s Vivid Debt History
The Pre-independence Debts
Nigeria’s public debt dates back to its colonial rule. The first recorded public borrowing was in 1923-24 when a loan of £5.7 million was taken by the Nigerian Protectorate at an annual interest rate of 2.5 percent and with a structured repayment time of 20 years. In 1927, another £1 million loan was taken from the Bank of England to finance the construction of the Lago-Port Harcourt Railway. This loan was guaranteed by the British Government and was repaid in 1938. In 1936, the Nigerian Protectorate took another loan of £4.89 million. From 1946 to 1948, it took additional loan of £5.74 million. In 1958, the Nigerian Protectorate took a loan of £28 million from the International Bank for Reconstruction and Development, IBRD, which is also known as the World Bank to finance the expansion of the Kainji Dam and the Ugheli Power Station. This was repaid in 1978.
By the end of the Colonial rule, Nigeria had a national debt of $31 million at an interest rate of 3.5 percent per annum and a repayment period spanning two decades.
Post Independence Debts
Following its independence in 1960, Nigeria continued incurring both domestic and external debt to finance its development needs. It borrowed from the World Bank, the International Development Association, the International Monetary Fund, the African Development Bank, the European Economic Community and bilateral creditors such as the United States, Britain, France, Germany, Japan and China.
The main sources of domestic loans are the Central Bank of Nigeria, the Nigerian Industrial Development Bank, the Nigerian Agricultural and Cooperative Bank, and the Nigerian Bank of Commerce and Industry.
- Debts under the First Republic
It is noteworthy that Nigeria took no external loan from 1963 to 1966 when Dr. Nnamdi Azikiwe was president. - Debts under the Military Rule from 1966 till 1979
Post independent. It was under the military that Nigeria started taking foreign loans.
a. Under the rule of General Yakubu Gowon from 1966 to 1975, Nigeria’s debt profile rose by $1.687 billion.
b. From 1975 to 1976 under the rule of General Murtala Mohammed, Nigeria’s debt dropped from $1.69 billion to $1.33 billion.
c. Under the rule of General Olusegun Obasanjo from 1976 to 1979, Nigeria’s debt increased by $4.90 billion. - Debts under the Second Republic: Nigeria’s debt increased by $11.33 billion from 1979 to 1983 under the democratic leadership of Alhaji Shehu Shagari
- Debts under the Military Rule from 1983 to 1993
a. Under the rule of General Muhammadu Buhari from 1983-1953, Nigeria’s debt increased by $1.078 billion.
b. Under the rule of General Ibrahim Babangida from 1985 to 1993, Nigeria’s debt increased by $12.04 billion. - There was no recorded debt under the Third Republic
- Debts under the military rule from 1993 to 1999
a. Under the rule of General Sani Abacha from 1993 to 1998 Nigeria’s external debt dropped from $30.7 billion to $30.31 billion.
b. Under the rule of General Abdulsalami Abubakar from 1998 to 1999, Nigeria’s debt dropped from $30.32 billion to $29.1 billion
- Debts under the Fourth Republic
a. Chief Olusegun Obasanjo met a foreign debt of $28.04 billion and domestic debt of N798 billion in 1999. Chief Obasanjo was worried about the foreign debts, hence he embarked on a world tour meeting with the Paris Club and other creditors of Nigeria and he pleaded for the forgiveness or reduction of Nigeria’s debts.
This led to a huge reduction of Nigeria’s external debt from $28.04 billion to $2.11 billion. Consequent upon his efforts and prudent management, he left the presidential office in 2007 with an external debt of $2.11 billion and domestic debt of N2.17 trillion. This was a total of 31.8% decrease in the Federal Government’s debt from N3.55 trillion to N2.42 trillion.
b. President Umaru Musa Yar’Adua ruled from 2007 to 2011. Within this time, domestic debt increased from N2.17 trillion to N5.62 trillion. Foreign debt increased from $2.11 billion to $3.5 billion. That is an increased debt from N2.4 trillion to N5.62 trillion in four years. Dr. Goodluck Ebele Jonathan completed President Yar’Adua’s tenure. In that one year, the Federal Government debt increased from N4.94 trillion to N6.17 trillion.
c. Dr. Goodluck Jonathan commenced his tenure in office in 2011 with a foreign debt of $3.5 billion and left with a debt of $7.3 billion. Domestic debt increased to N8.4 trillion by 2015. This translates to an increase in national debt from N6.17 trillion to N9.8 trillion.
d. President Muhammadu Buhari increased the domestic debt from to N8.4 trillion to N19.24 trillion and external debt from $7.3 billion to $33.62 billion.
e. On assumption of office, Asiwaju Bola Tinubu inherited a domestic debt of N19.24 trillion and external debt of $33.62 billion. By the end of the first quarter of 2024, Nigeria has domestic debt of N65.65 trillion and external debt of $42.12 billion, totalling N121.67 trillion. In addition to this, the states owe a total of N4.07 trillion.
IN 2020, DEBT SERVICE COSTS ACCOUNTED FOR A STAGGERING 83 PERCENT OF REVENUE. BY JANUARY 1, 2024, THE FEDERAL GOVERNMENT’S REVENUE WAS N449.7 BILLION WHILE IT SPENT N755.9 BILLION ON DEBT REPAYMENT. NIGERIA’S DEBT IS NOW 168% OF ITS REVENUE.
THE SAD REALITY IS THAT NIGERIA IS NOW REPAYING DEBTS WITH DEBTS, SINCE ITS REVENUE CAN NO LONGER PAY ITS DEBT.
It is therefore worrisome that Nigeria is reported to be taking more debts. In September 2024, the world bank approved a $1.57 billion loan for Nigeria to support its health and education sectors and help provide sustainable power. In June 2024, the World Bank approved $2.25 to be disbursed to Nigeria for Economic Stabilization. In the same year, Nigeria took $8.8 billion debt to be repaid with unexplored oil. This is a total of $12.62 billion in addition to already existing debt.
The questions are:
- What have we done with all these loans and what are we proposing to do with these additional loans?
- Where will the Federal Government draw the line on financing the Nigerian economy with debt?
- When are we repaying the loans?
- Where are we going to get the money to repay the loans?
The several trillions of Naira taken as loan has not reflected positively on the economy. Where are the projects on which we spent all these monies? Regrettably at 64 years post-independence, Nigeria still suffers from infrastructural decay, declining foreign investments, declining educational standards from infrastructural deficits, increase in the rate of poverty, unrivaled rates of inflation and an astronomical fall of the value of the Naira in international market.
NEWSPAPER REPORTS ABOUT EMBEZZLEMENT OF PUBLIC FUNDS, EXTRAVAGANT SPENDING, POOR INFRASTRUCTURES, NON-PAYMENT OF SALARIES AND PENSIONS, INFLATION, HUNGER AND POVERTY HAVE RESULTED IN LARGE “JAPA” SYNDROME.
A passionate plea to rescue Nigeria
The Nigerian debt burden has retarded internal development and hindered economic growth in Nigeria. Most government funds are diverted towards debt servicing rather than essential public services. Governments have also taken to financing their debts through other debts. All these have exacerbated the poverty rate in Nigeria leading to the conclusion that Nigeria urgently needs an economic rescue.
Recommendations
In view of the dire state of the economy of Nigeria, the Federal Government should:
- Adopt Chief Obasanjo’s laid down example by approaching the lenders for total forgiveness of the debts or reduction, and in any event the waiver of the payment of the interests on the debts.
- Set up committees to investigate and ascertain the actual amounts borrowed, the purposes for which they were borrowed, the accounts into which the monies were paid into and the projects for which the debts were utilised.
- Enquire into whether it is true or not that Nigeria’s unexplored crude oil was sold in advance. If so, what the money was spent on.
- Urgently revive national oil refineries to reduce the importation of refined oil in Nigeria. This will leave more monies in government coffers which can then be utilised in the repayment of our debts.
- Reduce the cost of governance by adopting the practice in the First Republic where law makers regarded their positions as opportunities to serve and only took sitting allowances.
- Place premium on infrastructural development and reduce recurrent expenditures on politics or governance.
- Use all recovered proceeds of corruption to service national and international debts.
- Encourage, promote and finance the development of the agricultural sector and discourage the mindset of Nigerians that politics is the only lucrative business in Nigeria.
All imaginable economic woes have visited Nigeria. However, there is still hope for our beloved nation. A hope that needs political will to thrive.
*Please send your comment/ contribution to This email address is being protected from spambots. You need JavaScript enabled to view it.
Chief Justice of Nigeria (CJN), Kudirat Kekere-Ekun, has cautioned that the Nigerian public will lose confidence in the judiciary if judges continue to delay case execution.
She made this statement during the third annual National Judicial Council (NJC) conference on judges’ performance evaluation in Abuja on Tuesday.
Expressing concern over the rising number of pending cases and the slow rate at which judges are resolving them, the CJN highlighted alarming statistics.
“As of the first quarter of 2024, we had a total of 243,253 cases pending in our superior courts of record, exclusive of the Supreme Court,” Kekere-Ekun said. These cases include 199,747 civil suits and 43,506 criminal cases.
The CJN expressed dissatisfaction with the low case disposal rates, noting that some judges had failed to deliver a single judgment over an entire quarter.
“This is simply unacceptable,” she remarked, urging the judiciary to take immediate action to address the situation.
To improve judicial efficiency, Kekere-Ekun called for the use of technology and case management innovations such as digital case management systems, virtual courtrooms, and e-filing.
She also advocated for alternative dispute resolution mechanisms like mediation and arbitration to ease the workload on courts.
“My Lords, ladies and gentlemen, we cannot wish away the growing backlog of cases or expect a different result when we continue to do things the same way,” she said, stressing that delayed justice equates to denied justice.
The CJN emphasized that timely and effective case resolutions are crucial to maintaining public trust in the judiciary, urging judicial officers to take full advantage of digital tools to enhance performance.
Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigerian businesses are strained due to taxes paid in foreign currency.
Speaking at the Nigerian Financial Intelligence Unit (NFIU) first revenue assurance summit, Oyedele said businesses are required to pay certain taxes in dollars, which amounts to an estimated $3.5 billion annually.
According to Oyedele, the practice not only strains local businesses but also contributes to the depreciation of the naira.
“We found that Nigerian businesses are being asked to pay some taxes in dollars — NIMASA, NPA, etc. which amounts to an estimated $3.5 billion a year,” the chairman said.
“We are crying that our naira is losing value; why wouldn’t it lose value when we impose unnecessary dollar demands?”
In his address, titled “The Importance of Revenue Assurance in Economic Stability,” Oyedele noted that revenue should be used to enhance the lives and livelihoods of citizens rather than simply serving as a financial target.
He called for a coherent policy environment that fosters investment and collaboration among federal and state agencies.
‘RELEASE DATA IN 48 HOURS OR FACE CONSEQUENCES’
Oyedele warned government agencies against withholding data from each other, noting that the data does not belong to them.
Giving an instance, Oyedele said the Joint Tax Board (JTB) was required to pay for data access from governmental sources.
He questioned how the government would generate revenue if the agencies were selling data.
To prevent government agencies from withholding data, Oyedele announced plans to draft legislation mandating the free provision of government-held data, with strict deadlines for compliance.
“Our economy must be designed to be conducive and investment friendly, our policy environment must be purposeful and coherent, let’s not be pulling in different directions, states versus federal or even within federal agencies.
“JTB (Joint Tax Bank) told me as part of the work we are doing, the number of agencies they were looking for data, you know they were commending the NFIU and we are grateful for the NFIU and the leadership… and they were asking them to come and pay for data.
“JTB was being asked to pay for data I couldn’t believe it. In the same Nigeria, government has data and government is selling data and we say government does not have revenue,” he said.
“How are we suppose to have revenue if we are selling data?
“So we drafted a law, it is not your data, it is our data, you will give it. In fact we will give you a deadline of 48 hours. If you don’t release the data, there will be consequences. We are criminalising it. Give the data.”
He further stressed the necessity of linking domestic data with international standards to ensure the integrity of information while making revenue collection processes efficient and transparent.
Oyedele said protocols are being developed to ensure data integrity and protection.
‘FOCUS ON PROBLEM-SOLVING RATHER THAN OBSTRUCTING EFFORTS’
Addressing misinformation surrounding his committee’s initiatives, Oyedele criticised unfounded claims about fiscal policies, particularly a recent report alleging the committee announced a 10 percent reduction in federal government allocations from the federal account allocation committee (FAAC).
On October 13, Oyedele denied proposing a reduction in the federal government’s share of revenue from FAAC.
He said his committee’s recommendation was explicitly in respect of the value-added tax (VAT) revenue.
Speaking on the issue, the chairman urged stakeholders to focus on problem-solving rather than obstructing efforts to improve the economy.
‘EFFECTIVE COLLECTION OF TAXES WILL INCREASE REVENUES WITHIN 3 YEARS’
Oyedele announced that the committee has proposed a synchronised tax system that includes eight key taxes across federal, state, and local levels.
He said the effective collection of the taxes could result in a four- to five-fold increase in revenues within two to three years.
Additionally, Oyedele proposed a national framework for subsidies aimed at alleviating financial pressures on businesses, expressing hope that political leaders will adopt the reforms while calling for unity among stakeholders in implementing the reforms.
In her remarks, Hafsat Bakari, chief executive officer (CEO) of the NFIU, said while the unit’s work on tax crimes initially focused on supporting the Federal Inland Revenue Service (FIRS), NFIU has now expanded its efforts to partner with sub-national counterparts.
Bakari said most tax evasion occurs at the state level and that financial transaction data held by the NFIU would greatly benefit state internal revenue services.
“While FIUs were created by international conventions to address criminal activity, the same international conventions and standards require that we put in place measures to protect the integrity of the information that we provide,” Bakari said.
“To this end, our approach to working with States is built on the establishment of a memorandum of understanding which sets out the principles, objectives and limitations of the intelligence provided.”
She also announced the creation of the crime records information management system (CRIMS), a secure platform for requesting and receiving intelligence from the agency.
Bakari said through CRIMS, paper records, which are prone to compromise, have been eliminated.
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11.
Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation.
The CBN governor said the country’s reserves stood at $34.70 billion at the end of June.
Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years.
Cardoso said the nation’s foreign exchange reserves have “grown significantly” with remittance flows currently representing 9.4 percent of total external reserves.
“The reserves rose by 12.74% to $39.12 billion as of October 11, 2024, from $34.70 billion at the end of June 2024,” he said.
The CBN governor said the foreign reserves are driven largely by foreign capital inflows, receipts from crude oil-related taxes and third-party.
“In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance,” he said.
“The current external reserves position can finance over 12 months of import of goods and services or 15 months of goods only.
“This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks.
“Regarding the foreign exchange market, the bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the willing buyer, willing Seller’ approach to enhance FX liquidity and financial market stability.
“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.
“This consolidation involved the implementation of new operational guidelines which included removing the international money transfer operators (IMTOs) quote cap.
“Additionally, the bank resumed the sales of FX at the NAFEM and Bureau De Change (BDC) segments, bolstered by an improved supply from foreign portfolio investors (FPIs).
“In the foreign exchange market, we have achieved increased transparency and improved overall supply. By allowing the foreign exchange rate to be determined by market demand and supply, the CBN has reduced arbitrage and speculative activities and eliminated the front-loading of FX demand.
“These policy measures have effectively narrowed the exchange rate disparities between the NAFEM and BDC segments which have largely led to the convergence of FX rates.
“Improved transparency in the market has restored market confidence leading to increased capital inflows which enabled the CBN to clear existing FX backlogs.
“The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence, and enhanced liquidity in the foreign exchange market.
“With improved investor confidence, foreign investments have increased as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.
“Collectively, these actions have contributed significantly to the stability of the financial system.”
‘INFLATION REMAINS A CONCERN’
Cardoso admitted that inflation remains a pressing concern, but said there are reasons for an optimistic outlook.
The latest data by the National Bureau of Statistics (NBS) indicate that the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.
The increase was the first in three months after the country’s inflation rate declined twice in July and August.
Cardoso said inflation has shown “gradual moderation,” indicating that the monetary policy measures are “becoming effective”.
“We anticipate steady moderation of inflationary pressures in the last quarter of 2024, supported by our monetary policy measures and the federal government’s recent initiatives such as tax incentives on businesses in the economy,” he said.
“To combat inflation, we have fully reverted to an orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.
“These include raising the policy rate by 850 basis points to 27.25%, increasing cash reserve ratios and normalising open market operations as our primary liquidity management tool.
“In addition, we have adopted an inflation-targeting (IT) monetary policy framework as part of the bank’s enterprise strategy (2024-2028).
“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.”
The CBN govenor said these measures are aimed at stabilising prices, optimising liquidity management, and engendering an effective monetary policy framework.
The Peoples Democratic Party, PDP has implored the Independent National Electoral Commission, INEC to conduct a free, fair and credible governorship election in Ondo State.
Governor Seyi Makinde of Oyo State, who is also the Leader of the party in the South-West Zone, made the appeal on Tuesday in Akure, during the official flag-off of the PDP governorship election campaign.
The governor said the party would not do what he termed a fraudulent election in Edo State, saying “We don’t want that in Ondo”.
Makinde also called for the removal of the INEC Resident Electoral Commissioner, REC in the state, Mrs Oluwatoyin Babalola, saying the party had no confidence in her to deliver a credible election.
The governor said the call for Babalola’s removal was to safeguard electoral integrity and ensure fairness and level playing ground for all parties in the forthcoming November 16 governorship election in the state.
“The last governorship election in Edo State was a fraud and we don’t want that in Ondo State.
“The current REC is from Ondo State, we don’t want her to conduct this election otherwise we will continue to protest. We will not condone injustice,” Makinde said.
Also speaking at the rally, Osun State Governor, Ademola Adeleke, who doubles as the Chairman, Ondo National Campaign Council, said the PDP governorship candidate in Ondo State, Agboola Ajayi was a tested hand.
The PDP National Chairman, Umar Damagun, who spoke on the last Edo State governorship election, claimed that the PDP candidate, Asue Ighodalo, was the legitimate winner of the election.
According to Damagun, the election in Edo did not meet the necessary democratic standards.
“We don’t want what happened in Edo State in Ondo State.
“We want free, fair and credible elections in Ondo State.
“Our governorship candidate, Agboola Ajayi, is a well-tested candidate that can deliver dividends of democracy to the good people of Ondo State,” he said.
Ajayi, the governorship candidate of the PDP, said that his seven-point agenda would definitely transform the future of the people in the state if voted for.
The Martin Amaewhule-led Rivers State House of Assembly and the faction loyal to Governor Siminalayi Fubara have initiated a fresh round of crisis in the state.
On Tuesday, the Amaewhule faction declared the seats of four of their colleagues loyal to Fubara vacant.
The Appeal Court in Abuja recently granted legality to the Amaewhule leadership of the Assembly.
In its reaction, the Victor Oko-Jumbo-led pro-Fubara lawmakers insisted Amaewhule and his group had ceased to be lawmakers in the state.
The group called on the Independent National Electoral Commission to conduct a by-election to fill the vacant seats.
The new power play followed the battle for the political control of the state between Fubara and the immediate-past governor of the state and the Minister of the Federal Capital Territory, Nyesom Wike.
Those whose seats were declared vacant by the lawmakers loyal to Wike were Edison Ehie, who is now the Chief of Staff to the Governor and three others, citing their absence from sittings for 56 days.
Amaewhule, who stated this while presiding over plenary in Port Harcourt on Tuesday, said Ehie did not properly write to inform the House of his new office, and as such, his seat had been declared vacant.
The resolution of the House followed a motion by its leader, Major Jack.
In a statement issued in Port Harcourt on Tuesday by the Special Assistant on Media to the Speaker, Martins Wachukwu, the assembly declared the seats of the three lawmakers vacant for absenteeism.
The statement read, “In compliance with the combined provisions Section of 109 (1)(e),(f) and Section 109 (2) of the 1999 Constitution as altered, the Rivers State House of Assembly, on Tuesday, at its 56th Legislative Sitting of the Second Session, declared vacant the seats of Hon Edison Ogerenye Ehie, Hon Victor Oko Jombo, Hon Adolphus Timothy Oruibienimigha and Hon Sokari Goodboy Sokari, representing Ahoada East II, Bonny, Opobo/Nkoro and Ahoada West Constituency respectively.
“Riding on the back of a motion moved by the House Leader, Hon Major Jack and co-sponsored by 25 other members, that the seats of these four members be declared vacant for their continued refusal or failure to attend and participate in legislative meetings of the House, without just cause for a period amounting in aggregate, to more than one-third of the total number of days the House met in the first session of the Tenth Assembly and for also being absent in the past 56 legislative sittings of the Second Session.”
Commenting on the motion, Amaewhule recalled that after the peace parley that was held at the instance of President Bola Tinubu, the House withdrew its impeachment notice on the governor and also recalled the four suspended members, yet they had obstinately refused to attend sittings of the House.
When the Speaker put the question, the House voted in the affirmative that the seats of the four members be declared vacant and the Independent National Electoral Commission be notified to conduct elections to fill the vacancies.
Amaewhule said that given the fact the Court of Appeal upheld all the injunctive orders given by the Federal High Court, the governor should present the 2024 Appropriation Bill to the House again.
However, the Oko-Jumbo-led faction of the assembly insisted that the legislative seats of Amaewhule and 24 others remained vacant following their defection from the Peoples Democratic Party to the All Progressives Congress.
It said the vacant seats must be filled through a bye-election conducted by the Independent National Electoral Commission.
The Assembly, in a statement signed by its Speaker, Oko-Jumbo, in Port Harcourt, said the 25 legislative seats were declared vacant on December 13, 2024, by the then legitimately recognised Speaker, Ehie, and regretted that the INEC had been foot-dragging on the conduct of bye-election to fill the vacant seats.
He said that the inability of INEC to do the needful since December 13, 2023, created room for unnecessary distractions from Amaewhule and his committee of friends.
Oko-Jumbo then called on the commission to discharge its constitutional responsibilities to the people of the State.
“Please, recall that on the 11th day of December, 2023, Martin Chike Amaewhule and 24 others defected from the Peoples Democratic Party that sponsored their election into the Rivers State House of Assembly to the All Progressives Congress. Their defection was headline news and widely reported in print and electronic media.
“On the 13th day of December 2023, the defection by Martin Chike Amaewhule and 26 others was further cemented in an affidavit deposed to by Martin Chike Amaewhule, when in Suit No. FHC/ABJ/CS/1681/2023, Martin Chike Amaewhule & 26 Ors v. INEC & 5 Ors. in paragraphs 15 thereof, he deposed as follows:‘That faced with the state of uncertainty and confusion in the 2nd defendant (Peoples Democratic Party) caused by division in the political party, the plaintiffs were forced by the state of affairs within the second defendant to defect and join the All Progressives Congress.
“On the 13th day of December, 2023, Rt. Hon Edison Ogerenye Ehie, as then Speaker, declared the seats of Martin Chike Amaewhule and 24 others in the Rivers State House of Assembly vacant and called on the Independent National Electoral Commission to conduct a bye-election to fill their vacant legislative seats. This has not been challenged and set aside by any court of law.
“Subsequently, I was elected as the Speaker of the Rivers State House of Assembly. Myself and the Members of the Rivers State House of Assembly have been piloting the affairs of the Rivers State House of Assembly, including passing resolutions and screening various eminent persons as commissioner-nominees and recommending them to His Excellency, the Governor of Rivers State, to be appointed and sworn in as commissioners, among others.
“Truth and facts are constant, sacrosanct and indelible. The fact of the defection by Martin Chike Amaewhule and 24 Ors cannot be erased by pretenders like Martin Chike Amaewhule and his committee of friends.
“Today, the 15th day of October 2024, Martin Chike Amaewhule & 24 Ors who ceased to be members of the Rivers State House of Assembly, on December 11, 2023, purportedly declared vacant the legislative seats of Rt. Hon Victor Oko-Jumbo and others as members of the Rivers State House of Assembly. They have no such powers. This is an exercise in futility. It is a joke taken too far.
“As the Rt. Honourable Speaker of the Rivers State House of Assembly, I call on INEC to immediately conduct a bye-election to fill the legislative seats declared vacant on December 13, 2023.
“I also call on Nigerians and the good people of Rivers State in particular to ignore the vituperations and ranting of Martin Chike Amaewhule and his committee of friends.
“They are not members of the Rivers State House of Assembly not to talk of having the powers to declare vacant the legislative seats of legitimate Assembly members, who have remained steadfast and did not defect like them,” he added.
The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.
This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.
As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.
The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.
The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.
“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.”
This situation has persisted despite some foreign exchange market reforms introduced by the Nigerian government, including the liberalization of the official exchange rate that began in June 2023.
However, these efforts have so far been insufficient to stabilize the currency.
The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.
The report also notes that the naira’s depreciation has contributed to higher domestic prices, particularly for imported goods, compounding the difficulties for Nigerian consumers.
In contrast, some African currencies that faced challenges in 2023, such as the Kenyan shilling and South African rand, have shown signs of recovery this year.
The Kenyan shilling, for instance, strengthened by 21 per cent year-to-date by the end of August 2024, marking it as one of the region’s top performers.
Despite this, foreign exchange shortages and exchange rate pressures remain a significant concern for many African economies.
The PUNCH, however, observed that the naira appreciated by 5.69 per cent against the dollar on Monday, according to data from the FMDQ Exchange.
The exchange rate improved from N1,641.27/$1 on Friday, October 11 to N1,552.92/$1 on Monday, October 14.
Despite the naira’s recovery, foreign exchange turnover plummeted by 44.27 per cent, falling from $616.73m to $343.71m over the same period.
In its report, the World Bank offers a cautious outlook for Nigeria’s economic growth, projecting that its Gross Domestic Product will expand by 3.3 per cent in 2024 and slightly accelerate to 3.6 per cent in 2025-2026.
The report read: “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August.”
It also noted that following the Nigerian government’s decision to remove fuel subsidies in mid-2023, gasoline prices surged dramatically, causing a ripple effect on inflation across the country. The report notes that this policy change, which saw gasoline prices triple initially, further increased by an additional 40-45 per cent in September 2024, driving up transportation and logistics costs for businesses and consumers alike.
In July 2024, inflation reached 34.2%, and although it showed signs of easing in August, the recent hike in gasoline prices is expected to reverse this trend and potentially push inflation higher in the coming months.
[STATE HOUSE PRESS STATEMENT] President Tinubu Welcomes The Safe Return Of The Super Eagles And Demands Swift Justice After Their Inhuman Treatment
Admin![[STATE HOUSE PRESS STATEMENT] President Tinubu Welcomes The Safe Return Of The Super Eagles And Demands Swift Justice After Their Inhuman Treatment](/media/k2/items/cache/ce100bdd2fed91acd4a65ab8abacb065_S.jpg)
President Bola Tinubu, deeply moved by the inhuman treatment endured by the Super Eagles of Nigeria at a Libyan airport, warmly welcomes their safe return to Nigeria.
The harrowing experience of the national football team at the hands of their hosts and the Libyan authorities prompted the Nigerian Football Federation to withdraw the Super Eagles from the scheduled match on Tuesday.
President Tinubu expects the Disciplinary Board of the Confederation of African Football (CAF) to conduct a thorough investigation and recommend appropriate action against those who wilfully violated the organisation’s Statutes and Regulations.
The President commends the proactive coordination between the Ministry of Foreign Affairs and the Federal Ministry of Sports Development in addressing the unfortunate episode and ensuring the safe return of our players.
President Tinubu applauds the players for keeping their spirit alive despite the excruciating ordeal in Libya.
The Nigerian leader recognises football's unifying power in bringing nations and people together and views the treatment of our citizens as unsportsmanlike and inhumane, a stark contrast to the spirit of the game he deeply appreciates.
He fervently calls on all lovers of the round-leather game and administrators to unite and work collaboratively to prevent and overcome such incidents in the future.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
October 14, 2024
At least 1,000 members of the All Progressives Congress (APC) in Kano State have defected to the New Nigeria Peoples Party (NNPP), aligning themselves with the Kwankwasiyya movement led by Senator Rabiu Musa Kwankwaso.
The defection took place in Tofa and Ghari Local Government Areas of the state.
They were welcomed by the state party chairman, Dr. Hashimu Suleiman Dungurawa, during a ceremony held at both locations.
Daily Trust reports that the event was marked by the flag-off of the NNPP’s chairmanship campaign ahead of the upcoming local government elections.
Among the notable attendees were the NNPP candidates for the elections, Yakubu Ibrahim Adis of Tofa and Hashimu Mai Sabulu of Ghari.
Both candidates voiced confidence in NNPP’s growing strength in the region, especially with the influx of new members.
The mass defection is seen as a significant boost for the party as it prepares for the elections, solidifying its foothold in Kano, a key base of Kwankwaso’s political influence.
[DailyTrust]
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The Divisional Police Officer of Agbarho Police Station in Ughelli North Local Government Area of Delta State was ambushed and killed on Sunday night.
The Delta Police Command confirmed the incident to The Nation on Monday morning.
Spokesman of the Command, SP Bright Edafe, said: “It is confirmed, the DPO Agbarho was killed and the Orerokpe DPO was injured. It was an ambush”.
The DPO was said to have resumed at the station just a few days ago.
According to sources, the DPO with his Orerokpe counterpart, CSP Paul and their men were ambushed around 1am at Owodokpokpo – the rail station axis of the town, while on their way for an operation.
It was learnt that the Orerokpe DPO was rushed to an undisclosed hospital in critical condition.
Several residents of the area who spoke with The Nation on Monday morning recounted their sleepless night as a result of the heavy sounds of gunshots.
[TheNation]
Nigeria’s oil marketers have said the director general of the Department of State Services, Adeola Ajayi has intervened in its complaints about the high price of Premium Motor Spirit(Petrol) by the Nigerian National Petroleum Company Limited and unpaid debts.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said this in an interview with DAILY POST at the weekend.
This comes after petroleum marketers and the DSS had a meeting on Wednesday amid the recent hike in petrol price to N1030 per liter by NNPC.
Giving details of the meeting, Ukadike said that the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed agreed to issue their members bulk purchase license to get petrol directly from Dangote Refinery.
He also said that the NMDPRA has pledged to release N10 billion to offset debts owed to marketers.
“The Director of the Department of State Security has intervened in our complaints about high petrol prices, debt owed to us, and challenges facing the oil and gas sector.
“The director intervened and said that we should be patient, and he also made some calls.
“The Executive Director of NDPRA said he would issue us a bulk purchase license to get petrol directly from Dangote Refinery.
“NNDPRA promised to release N10 billion to pay outstanding bills to petroleum marketers. We asked members to continue operations”, he told DAILY POST.
Recall that petroleum marketers had vowed to shut down operations over ex-depot price of N1,010 per liter by the NNPC which is higher than the N1030 per litre retail price.
Earlier, the oil marketers had raised alarm that NNPC owed them over N15 billion.
DAILY POST recalls that on September 15, 2024, Dangote Refinery commenced petrol distribution with NNPCL as the sole off-taker.
A former Governor of Ekiti State, Ayodele Fayose, has expressed his support for President Bola Tinubu’s administration, stating that it is making significant efforts to improve the conditions for Nigerians.
Despite acknowledging the current economic hardships the populace faces, Fayose remains optimistic about a turnaround shortly.
In his recent remarks, Fayose recognized the challenges many Nigerians are enduring but emphasized that the Tinubu administration is committed to implementing policies to enhance the economic landscape.
Fayose’s comments come when many citizens grapple with rising living costs and economic uncertainties.
The former governor said on Channels Television’s Sunday Politics, “It’s not been too easy, that is the truth for Nigerians, but I think that this government naturally, is given their best but their best still need to be upped.
“If you say they need time, people will begin to question to say, what time do they need? Yes, I agree that it has not been too easy for Nigerians, but I know that with little time things could get better; that is what I can say.”
He, however, noted that the current situation in the country is caused by long-term damage to the economy that won’t be repaired overnight.
Assessing governance in his home state of Ekiti, where he once held sway for two terms, Fayose heaped praises on the current governor, Biodun Oyebaji.
He said that even though he is a member of the opposition Peoples Democratic Party (PDP) and Oyebanji is in the All Progressives Congress (APC), it would be unfair not to acknowledge the governor’s good works.
“As at today I am a member of the PDP, the governor there is a member of the APC, but the meeting point is that I am a leader in Ekiti.
“Like I told you, it’s either we lie we die or we say the truth we die. Governor Oyebanji has done exceedingly well,” Fayose said.
He asserted that only a miracle will stop Governor Oyebanji from winning the election to complete a second term in 2026.
“I don’t know the miracle that will defeat him except something changes between now and that election.
“Forget the party, let us be realistic – the PDP is in bad crisis in Ekiti too, anybody can come here and deny I don’t care,” he said.
He said the governor has united all the leaders in the state irrespective of their political leanings.
The Independent Petroleum Marketers Association of Nigeria is poised for talks with Dangote Petroleum Refinery between Tuesday and Wednesday to finalise agreements on the cost and lifting of petrol from the plant.
It was learnt on Sunday that the Petroleum Retail Outlet Owners Association of Nigeria had been asked by the $20bn Lekki-based refinery to resend its request for petrol lifting.
This came as PETROAN expressed optimism that the cost of petrol might reduce in the coming days once the competition in the downstream oil sector sets in fully, as marketers load the commodity from the refinery.
Meanwhile, IPMAN described the planned agreement with the Dangote refinery as a crucial step in the association’s ongoing efforts to facilitate the lifting of petroleum products, thereby contributing to the stability and efficiency of the country’s fuel supply chain.
Last week, the Federal Government granted permission to petroleum marketers to lift petrol directly from the Dangote refinery without going through the Nigerian National Petroleum Company Limited.
The Minister of Finance and Chairman of the Naira-crude sale implementation committee, Wale Edun, had in a statement, said, “Moving forward, petroleum product marketers are now able to purchase PMS (petrol) directly from local refineries without the intermediary role of NNPC.
“Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”
Providing an update on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association hoped to meet with officials of the Dangote refinery for discussion as it is ready to commence a healthy business relationship with the refinery.
Ukadike, who spoke during an interview monitored by our correspondents on Arise TV, said the association had acquired tank farms to enhance its storage facilities, thus addressing a challenge that had previously hindered operations.
He said, “We hope to sit down with Dangote maybe Tuesday or Wednesday and if they give us a template or price, we will move to Dangote. I want to reassure you that we have all it takes to off-take whatever Dangote will give to us. I don’t know why they are dragging their legs to discuss with marketers, maybe it is politics.
“The more we take action in terms of distribution lines, the price will come down, we are not afraid of this competition, we have organised ourselves and are ready to compete because this is the survival of the fittest.
“The issue of not having tank farms is gone because we have addressed the issue and now have farm tanks and anywhere Dangote says they will give us our products, we will distribute them to our marketers.”
On his part, President PETROAN, Billy Gillis-Harry, told The PUNCH his group had been asked to resend their request to lift petrol from the plant.
“We have written to them (Dangote) several times and they are fully aware of what PETROAN has been doing. One of the executive directors there called me to say that they are going to set up a meeting with us, so we are waiting for that to happen. Hopefully, we can do that this week.
“We are willing to take products from all of them, NNPC, traders, importers, Dangote refinery, modular refineries, etc. So, we are in that pursuit. We have not received confirmation of the meeting with Dangote yet, but we have been told to resend our request, which we have done.
“And I think that is a positive response compared to before when they were just keeping quiet. So, any moment from now PETROAN members should start lifting products from the Dangote refinery and it is good news for us and everyone,” Gillis-Harry stated.
On whether the price of petrol would drop in the future, the PETROAN president added, “The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down.
“If we have massive supply and there is a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down.”
Meanwhile, Ukadike, the IPMAN spokesperson, stated that the Nigerian Midstream and Downstream Petroleum Regulatory Authority had issued a bulk purchase license for independent marketers so that they could off-take from Dangote refinery.
“The NMDPRA has issued a bulk purchase license for independent marketers so that we can offtake from the Dangote refinery. We want this to take effect immediately. We have also been promised an import license so that we can import. These are the factors of deregulation.
“When you implement it, you have put all the stakeholders in the same line so that the competition will be healthy. It is not putting some people before others. How can we buy products at N1,040 and say there is competition? It is designed to edge us out and make us dependent on NNPC and its sources.
“The NMDPRA boss told our national president that we would be issued an import license on Friday. But you know all these processes have bureaucratic procedures. Before we didn’t have this chance but today, the situation has improved,” he noted.
On the debt owed to oil dealers by the NNPC, Ukadike said, “The NNPC boss has agreed to load out all our tickets that are in their system and unlock the money. Sometimes we get these monies from bank loans and when it is locked up, we incur bank charges which also affect the price of fuel.
“They haven’t loaded us out as I speak to you now; they have also not revealed the new price. It is only when they do that, that we will look at the remittance we are going to pay but our president insisted that since this money has been locked up with them, they should give us at the old price so that we can use it to cushion the bank charges and other expenses we have incurred so far.
“By Monday or Tuesday, the new price will be out and I will announce it. We don’t want that impression that independent marketers are selling higher than NNPC.”
Continuing, IPMAN sought the government’s assistance in financing by creating an energy bank to assist marketers following the huge cost of interest rates affecting price increases.
“We are working with security agencies to ensure that products are not stolen out of this country, and products meant for independent marketers go to their stations. Also, we are working to ensure there is nothing like adulteration.”
He said independent marketers were on the verge of collapsing because of the huge amount invested in buying one truck of 45,000 litres of petrol.
“Before the subsidy removal, we bought products at N8.1m, but now we are buying it close to N50m. How many people can survive that?”