•FG to fund 360,000 farmers by 2025 

•Nigeria to attain 2nd largest economy by 2026 , at $400bn – Rewane

 

 

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday said that the economic reforms embarked upon by the present administration are yielding positive results as the country recorded a net inflow of $16.45 billion into its foreign reserve in the first seven months of the year.

The Minister disclosed this at the 2024 edition of the Access Bank Annual Corporate Forum themed: “Nigeria’s Economic Rebirth: Hopes and Implications”, in Lagos, saying that the federal government plans to fund 360,000 farmers as part of efforts to curtail the ravaging food inflation while giving the economy a rebirth.

Edun, among other things, stated: “Seventeen months or so, we rethink the reforms from the evidence, from the data, from the details that we have in our hands , the reforms are yielding fruits.

“The economy is beginning to turn a corner and I think we all are witnesses to the improved macroeconomic stability, stable exchange rates, increasing government revenue, positive and increasing trade balances, current account balances and the total reconfiguration and the revamping of government revenues as well as the greater emphasis on expenditure.

“We have relative currency stability, and of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

 

“On the fiscal side as well, government revenues are growing. And the key to government revenue is not so much that the government has revenue to compete with the private sector. It is the fundamentals, the social and the key infrastructure spending, the social safety net spending.

“And, historically, our figures are low. Our tax to GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent.”

Highlighting the various steps the government is taking to rebirth the country’s economy, he said that the government is working to ramp up crude oil production as a buffer for the fiscal revenues, adding that the country is on track to produce the targeted 2 million crude oil barrels per day (bpd) before the end of 2024.

On food security, Edun noted that the FG plans to fund 360,000 farmers with resources to cultivate on 360,000 hectares of land by January 2025.

“Apart from quickly ramping up oil production, one of the key areas is that in the agricultural sector, not just for raw output, but for putting us on the path to industrialisation, just as the way as put in as a step taken to have local refining of petroleum products what’s come back after so many decades is an important step in the road to industrialization in agriculture.

 

“The plan and the key target is for this dry season after a very successful dry season harvest earlier this year, there was disappointment in the wet season harvest and that’s the reason we have not completed and the result is a continued elevated level of food prices.

“So the plan this time around, and we must be determined in its succeeding, 360,000 farmers will be funded, assisted, mobilized and resourced to farm 360,000 hectares and from that we are estimating 1.4 million metric tons by next January, February when the harvest comes of maize, wheat, cassava and tubers.

“And that is a key success factor, a key indicator that we must hit as a target. And everybody has a role to play in producing food.”

On his part, Chief Executive Officer, Financial Derivative Company, Bismack Rewane, projected among other things, the country to move from the third position to the second largest economy in Sub-saharan Africa by 2026 at $400 billion from its present $368 billion.

He added: “Electricity tariff in our government will remain above $200 billion in bands A and B. Telecom tariffs will increase significantly to maintain that investment.

 

“There will be an efficient forex option system by 2026 and air-combact reserves will be at $20 billion.

“Inflation will continue to decline to anywhere between 19 percent and 22 percent and MPR, I think, will decline to 20 percent rather. I’m talking about June 2026.

“The Naira will appreciate from its current levels to anywhere between $1,450 and $1,500 at that time.

“‘Exchange rate will be aligned on the proper Forex system that is functioning in place due to one, integration funds, direct foreign investments and exchange rate adjustments. The trade balance will go up from $8 billion to $9 billion.

“The price of petrol will be stippled and this is at N900 per liter, the quality will be higher”.

Also speaking, Uche uwaleke, Professor of Finance and Capital Market at Nasarawa State University, said that deepening the capital requires raising the right mix of instruments.

He averred that the federal government has not been deploying the right instrument in its borrowings from the domestic capital market, saying more infrastructure bonds should be issued .

He also made a case for crypto assets adoption, arguing that youths who comprise over 70 percent of the population would find crypto assets more attractive and acceptable and hence would propel their participation in the capital market.

In his welcome remarks, Mr Roosevelt Ogbonna, Managing Director/CEO, Access Bank, said: “This is the   kind of forum that we have been having since this current administration came into service in May 2023. I think in many respects it signifies the challenges that we are having as a nation and the need for us to combat the rising economic headwinds that we are facing. At   least Nigeria is not isolated in this term. Many emerging markets and local markets are facing significant challenges”.

The Independent National Electoral Commission (INEC) has directed all political parties in Edo State to halt their campaign activities ahead of the upcoming governorship election on Saturday.

According to a statement from Sam Olumekun, INEC’s National Commissioner and Chairman of Information and Voter Education Committee, all campaigns must cease by midnight on Thursday, September 19, 2024.

INEC emphasized that any form of rally, procession, or media campaign after this deadline would be illegal.

The commission also reminded candidates, parties, and their supporters that they must not wear campaign outfits or carry promotional materials to the polling stations on election day.

The statement referenced Section 94(1) of the Electoral Act 2022 and item 12 of the Timetable and Schedule of Activities for the Edo State governorship election, warning of penalties for any violations as stipulated in Section 96 of the Electoral Act.

INEC noted, “It is illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight.

“The Commission wishes to remind political parties that in line with Section 94(1) of the Electoral Act 2022, and item 12 of the Timetable and Schedule of Activities for the 2024 Edo State Governorship election, all campaigns by political parties end at midnight today, Thursday 19th September 2024.

“It is therefore illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight today. These prohibitions, including sanctions, are provided for in Section 96 of the Electoral Act 2022.

“Similarly, on Election Day, Saturday 21st September 2024, parties, candidates and their supporters should not appear at the polling units in their campaign attires or carry any campaign materials with them.”

PZ Cussons Plc, the parent company of PZ Cussons Nigeria, says the company is planning to sell its African subsidiaries.

In its ‘Results for the year ended 31 May 2024,’ published on Wednesday, PZ Cussons said the company is looking at partial or full sale.

PZ Cussons said the sale will reduce the company’s exposure to naira fluctuations.

According to the consumer goods manufacturer, the board has received multiple interests in the sale of its African business.

 

“The Group is currently engaged in a process to sell its St Tropez brand and is exploring potential transactions that could lead to a partial or full sale of its Africa business, having received a number of expressions of interest,” PZ Cussons said.

“A partial or full sale of the Group’s Africa business could materially reduce the Group’s exposure to fluctuations in the Naira exchange rate.

“The Board has committed to using any proceeds from these transactions to first reduce gross borrowings, and consequently the level of the Group’s net interest cost.”

 

‘NIGERIANS ARE FACING UNPRECEDENTED ECONOMIC DIFFICULTIES’

Jonathan Myers, PZ Cussons’ chief executive officer (CEO), said Nigerians are facing unprecedented inflation and economic difficulties.

Myers said the naira devaluation has also significantly impacted the company’s financials.

“The period was marked by a 70% devaluation of the Nigerian Naira, which has had significant implications on our reported financials,” he said.

 

“We have worked hard to mitigate the impact of this on the Group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”

Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5 million “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the Naira, which fell by 70% from 31 May 2023 to 31 May 2024”.

In April, Myers said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.

He spoke a month after the Securities and Exchange Commission (SEC) rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary.

 

In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 percent minority shares in its Nigerian subsidiary, at a price of N21 per unit.

As of May 31, PZ Cussons holds a 73.27 percent stake in the Nigerian subsidiary, which represents 2.90 billion shares, worth N45.53 billion as of September 18.

The governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Asue Ighodalo, has officially declared his campaign activities closed in line with the electoral laws.

The Team Asue Media Organisation (TAMO), in a statement signed by Erhabor Emokpae, said that all campaign activities had ceased as of Sept. 19.

 

The statement reads, “We would like to inform the general public that the current campaign has been officially concluded Ighodalo and consequently directed that no activity in this regard should exceed midnight, Sept. 19.

“After this time, any publications, advertisements, jingles, or any other promotional materials made in respect of the subject matter have not the blessing, endorsement or authorisation of Ighodalo or all that is associated with him in respect of same.

“Please be advised, therefore, Ighodalo will not be liable or held responsible for any consequences arising from any further campaign or promotional activities or communications conducted after the campaign’s official closing time and date.

“Ighodalo expressed profound gratitude to the good people of Edo for their overwhelming support and participation throughout the campaign.”

He urged all voters to turn out in large numbers, exercise their civic duty and remain vigilant to protect and defend their votes on election day.

Ighodalo added, “As we close this chapter, we thank every supporter for embracing the message of ‘the pathway to prosperity for all.

“Together, let us ensure that our collective will is respected at the polls.”

The Inspector-General of Police, IGP Kayode Egbetokun has ordered the redeployments of the Commissioners of Police in charge of Rivers, Delta and the Federal Capital Territory Police Commands.

According to the directive, the CP Rivers State Command, CP Olatunji Disu has been redeployed as the new CP FCT; CP Delta State Command, CP Abaniwonda Olufemi has been moved to Rivers State Command as CP while CP FCT, CP Peter Opara has been redeployed as new Delta Command’s CP.

Force Public Relations Officer, ACP Olumuyiwa Adejobi, in a statement said in addition, following the approval of the Police Service Commission, the Inspector-General of Police has also deployed four CPs as Commissioners of Police for Abia, Lagos, Ebonyi, and Akwa-Ibom State Commands.

The deployments include the posting of CP Danladi Nda to Abia State Command; CP Olanrewaju Ishola Olawale to Lagos State Command; CP Anthonia Adaku Uche-Anya to Ebonyi State Command and CP Festus Eribo to Akwa-Ibom State Command.

He said, “The posting of these strategic managers reflects the mission of the Inspector-General of Police to strategically reposition the Police Force and ensure maximum utilization of human resources available to the Force.”

The IGP has, however, urged the new CPs of State Commands to ensure diligence in the discharge of their lawful duties and adopt innovations that could mitigate security challenges in their respective areas of responsibility.

 

He further charged them to key into the police reform plans, which will help the progress of the Nigeria Police Force and the growth of the country in general.

[Leadership]

 

Ahead of the Saturday gubernatorial election, the Edo State governor, Godwin Obaseki has disclosed that his party, the Peoples Democratic Party, PDP, will accept the outcome of a properly conducted election.

The governor stated this on Thursday in a post on his official X handle while sharing updates on his meeting with the Chief of Defence Staff, CDS, General Christopher Gwabin Musa.

Obaseki added that his major demand was for the Edo people to be allowed to freely go to the polls to elect the candidates of their choice.

 

“We are not asking for any favour but are stating that Edo citizens should be free to go to the polls to elect the candidates of their choice. We will accept the outcome of a properly conducted election.

“For eight years, the security forces in the state have been highly cooperative in helping us address security concerns. Together, we have established Forward Operating Bases and designed a digitised security architecture that has made Edo one of the safest states in the nation,” he posted.

Substandard products, including counterfeit pharmaceuticals and medical devices, with a total value of ₦43 billion, were recently set ablaze by the National Agency for Food and Drug Administration and Control (NAFDAC).

Naija News reports that NAFDAC destroyed the said items on Thursday at the Moniya dump site located in the Akinyele Local Government Area in Ibadan, the capital of Oyo State.

Representatives from various security agencies and the Oyo State Government monitored the exercise.

During the proceedings, NAFDAC’s Director-General, Professor Christiana Mojisola Adeyeye, who was represented by Pharm Shabba Mohammed, the Director of Investigation and Enforcement, indicated that the products were voluntarily surrendered to the agency by compliant companies, non-governmental organizations (NGOs), and trade unions.

Professor Adeyeye elaborated on the extensive measures that facilitated the confiscation of numerous registered and unregistered pharmaceutical products, highlighting a series of raids conducted in various locations.

The confiscated items encompassed aphrodisiacs, sex enhancement medications, over-the-counter drugs, and prescription-only pharmaceuticals.

“Over thirty different products were seized in total,” Adeyeye noted, highlighting that the confiscated items included banned substances such as codeine and narcotics, with a total value exceeding ₦48 million.

“The agency has been actively gathering intelligence on illegal warehousing, sale, and distribution of narcotics by pharmaceutical vendors in Lagos and other states.

“Recent raids conducted by the Investigation and Enforcement Directorate resulted in the confiscation of products worth over ₦700 million.

“In addition to counterfeit pharmaceuticals, the operation also targeted contraband items such as unregistered soaps, tomato paste, and counterfeit beverages,” the NAFDAC DG noted.

Adeyeye underscored the critical role of public participation in the fight against counterfeit medications and substandard food items.

She encouraged individuals to report illegal activities to the closest NAFDAC office for prompt investigation.

“Through these measures, NAFDAC seeks to safeguard public health and safety while fostering adherence to regulations within the pharmaceutical sector,” she remarked.

The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje, has firmly denied any involvement in a purported plan to remove the 16th Emir of Kano, Muhammad Sanusi II.

Naija News reports that this comes after a viral social media post alleged that Ganduje was leading a renewed effort to dethrone the emir, a claim the former Kano State governor has dismissed as baseless.


The controversy stems from a previous incident during Ganduje’s tenure as governor, when Emir Sanusi was removed from his position, a decision upheld by the courts.

Many at the time speculated that the ruling was influenced by the government of the day.

In a statement issued in Abuja, Ganduje, speaking through his Senior Special Assistant on Public Enlightenment, categorically distanced himself from any fresh moves against the Emir.

He stressed that since he no longer holds the office of governor or speaker of the state’s House of Assembly, he has no authority over such matters.

The statement also ridiculed the idea that Ganduje would be plotting to influence the emirate’s affairs, noting that his current focus is on leading the APC and ensuring the continued success of the party.

The statement read, “Ganduje has nothing to do with the present enthronement or dethronement of Emir Mohammad Sanusi in Kano. It should be noted that he is no longer the executive governor or the speaker of the House of Assembly and therefore cannot have anything to do further with the Emirship of Kano.

“It is laughable that Ganduje who has left office as governor for some years now would be accused of masterminding a fresh plot to remove or enthrone an Emir. He is now very busy with leading the APC. He is satisfied with the enormous contributions he made in terms of massive dividends of democracy, infrastructural developments, and the good governance he provided while he held sway as governor.

“Those who are behind this sinister move to malign the APC national chairman have revealed the clandestine and dangerous motive of the sponsors to create bad blood between Ganduje and the presidency.

“Let me reiterate here that he has great respect for the national leader of the party, President Bola Tinubu. The relationship has been very cordial and no amount of blackmail can destroy the solidity of the partnership.”

The National Examinations Council, NECO, has released the 2024 SSCE internal results.

This was disclosed on Thursday, September 19, by the NECO’s Registrar/Chief Executive, Professor Dantani Wushishi.

He briefed journalists in Minna during the release of the 2024 SSCE internal results.

 

Also, Wushishi said that NECO blacklisted 21 supervisors in 12 states. They also de-recognised one school in Ekiti state for mass cheating in three subjects.

How to check NECO 2024 results

Below are the easy steps to check your NECO 2024 results online:

1. Visit NECO portal at https://www.neco.gov.ng. This is the only official platform for accessing your results.

2. Select ‘NECO Results’: On the homepage, pick the ‘NECO Results’ option. Clicking this will take you to the result-checking section.

Click “Check “Results”.

Alternatively, just go straight to the result portal at https://results.neco.gov.ng/.

3. Enter your examination details: Provide your exam year (2024), exam type (June/July or Nov/Dec), and your unique examination number.

4. Input your token: You can buy it directly from the NECO website. Input the token in the appropriate field. 

Special notes

You can buy token from

a) Official NECO website, which remains the most secure and reliable source for purchasing tokens.

b) Authorised retailers: Ensure the third-party retailer is officially approved by NECO to avoid being scammed.

c) Result-checker token will only allow you to check a candidate’s result once. Five attempts at most. You cannot use another token to check the same result again.

Any further checks of the same result will require you to use the NECO E-Verify Result Verification Portal to verify or confirm such results. So do not exhaust your token’s access. 

Vanguard News

The Court of Appeal in Abuja on Thursday granted the request of the Federal Government and former Chief Justice of Nigeria, (CJN), Justice Walter Onnoghen, to settle out of court an appeal challenging his removal from office.

The decision of the court followed information that the two parties in the suit have intensified efforts to reach an amicable settlement of all issues in the dispute.

Former President Muhammadu Buhari had in 2019 removed Mr Onnoghen as the Chief Justice of Nigeria during the pendency of a charge against him at the Code of Conduct Tribunal.

However, at Thursday’s proceedings in the appeal, counsel to CJN, Dr Ogwu Onoja, SAN, informed a three-member panel of the Appeal Court that the two parties were involved in discussions on a peaceful resolution of the dispute.

 

Mr Onoja informed the court that the parties had an engagement up until Wednesday and expressed optimism that the discussion would bear fruitful results.

He subsequently appealed to the appellate court for a one-month adjournment for final settlement of the matter.

Counsel to federal government, Tijani Gazali confirmed the submission of Onoja and requested that the matter be shifted for a possible amicable settlement.

“My Lords, I wish to humbly confirm the information. It is our position to settle the matter out of court,” he said.

Justice J. O. Oyewole, who presided over the proceedings, directed them to file terms of settlement for adoption when eventually agreed upon.

Justice Oyewole held that the terms of settlement must be documented and filed before the adjourned date for the court to adopt as its judgement in the matter.

He subsequently adjourned until Nov. 4 as the return date for the two parties.

Mr Onnoghen was prosecuted in 2019 by the federal government on false declaration of assets at the Code of Conduct Tribunal(CCT) he was pronounced guilty and removed from office.

He was also made to forfeit the undeclared assets to the federal government.

Mr Onnoghen not satisfied with the judgment of CCT appealed, praying the Court to set aside the judgment that removed him from office and ordered the forfeiture of his five bank accounts.
NAN